Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Stock market gains 39 points amid selling pressure

    Stock market gains 39 points amid selling pressure

    KARACHI: The stock market gained 39 points on Monday despite selling pressure seen in major scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,888 points as against 40,849 points showing an increase of 39 points.

    Analysts at Arif Habib Limited said that during the session market went up by 447 points, however, MoC saw erosion of all the gains and Index slipping by 33 points.

    Selling pressure was mainly observed in Banking and E&P sectors.

    Trading activity was mainly tilted towards year end closing activity, which propped up price of ENGRO, LUCK, HUBC and supported the index as well.

    Power Sector saw trading volumes of 24.7 million shares, followed by Banks (18.6 million) and Cement (17.3 million).

    Among scrips, KEL traded 19.1 million shares, followed by UNITY (10.7 million) and WTL (9.1 million).

    Sectors contributing to the performance include Fertilizer (+62 points), Power (+45 points), Cement (+34 points), O&GMCs (+20 points), Banks (-153 points) and E&P (-29 points).

    Volumes declined significantly from 237.6 million shares to 165.8 million shares. Average traded value also declined by 30 percent to reach US$ 42.8 million as against US$ 61.2 million.

    Stocks that contributed significantly to the volumes include KEL, UNITY, WTL, BOP and FFL, which formed 32 percent of total volumes.

    Stocks that contributed positively include ENGRO (+74 points), LUCK (+30 points), HUBC (+22 points), KEL (+18 points) and PSO (+12 points). Stocks that contributed negatively include HBL (-63 points), MCB (-35 points), FFC (-27 points), UBL (-23 points), and BAHL (-21 points).

  • FBR urged to resolve return filing issue of shopkeepers, paid taxes under amnesty

    FBR urged to resolve return filing issue of shopkeepers, paid taxes under amnesty

    KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue (FBR) to resolve return filing by shopkeepers and persons paid duty and taxes under amnesty scheme.

    The KTBA in a letter on Monday, urged the FBR to resolve the issues of retailers and small traders in filing their returns. Further, those persons are also in difficult state who had paid taxes under amnesty scheme but failed to file their returns.

    The KTBA previously submitted it observations on the issues through letters dated September 20 and October 02 and October 30, 2019 with reference to woes of Amnesty Filers and Shopkeepers/Traders in context of Return filing.

    The KTBA reiterated that their issues are still unresolved owing to which they cannot file their Tax Returns for TY 2019 despite repeated extensions.

    The same are being narrated hereunder briefly to invite your necessary attention yet once again.
    The KTBA said that it is critical to decide the fate of filers of the Assets Declaration Scheme of 2019 who could not submit their declarations due to untimely closure of the option on IRIS on July 03, 2019.

    Consequent to which, they could not revise their wealth statements for the Tax Year 2018, which you would appreciate is a necessary component for filing the return of income and wealth for the next year i.e. Tax Year 2019.

    It is apprehended that if they are not allowed to submit their declarations, which they have not been so far, in the last six (06) months, their right to timely file their returns of income for the Tax Year 2019 is systematically been jeopardized and mere extending date of filing wont resolve their problem.

    The group of taxpayers consisting of Shopkeepers and Traders of the country who still have to be given, inter alia, a final format of Return for their tax filing, which the FBR introduced vide its notification under Sections 99B and 9C of the Ordinance and committed that the same would be applicable right from the very Tax Year of 2019.

    The final notification, however, has not yet been issued by FBR either to confirm or to dispel their confusion owing to which, this large group of taxpayers have not yet been able to file their tax return.

    The KTBA said that the instant request should not be treated for further extension in return filing date.

    “It is, therefore, all befitting that the System for submitting Amnesty should be opened for those who paid their taxes on July 3rd and the final Notification for Shopkeepers/Traders is issued to enable them file their Tax returns.”

  • IR offices observe extended working hours for collection

    IR offices observe extended working hours for collection

    ISLAMABAD: The offices of Inland Revenue will observe extended working hours on December 30 and 31, 2019 to facilitate collection of duty and taxes.

    Federal Board of Revenue (FBR) issued instructions on Monday directing all Large Taxpayers Units (LTUs) and Regional Tax Offices (RTOs) to observe extended working hours on December 30 and 31, 2019 to facilitate taxpayers in payment of duty and taxes.

    Therefore, the IR offices will remain open till 8:00 pm on Monday December 30, 2019 and till 10:00pm on Tuesday December 31, 2019 to facilitate taxpayers.

    The tax offices will also help taxpayers in filing their annual income tax returns and statements of assets.

  • Rupee gains 13 paisas in early trade

    Rupee gains 13 paisas in early trade

    KARACHI: The Pak Rupee made significant recovery on Monday morning and gain 13 paisas against dollar owing to improved economic indicators.

    (more…)
  • IMF acknowledges Pakistan’s reform program on track: finance ministry

    IMF acknowledges Pakistan’s reform program on track: finance ministry

    ISLAMABAD: The ministry of finance has said that International Monetary Fund (IMF) has acknowledged Pakistan’s reform program on track and business and market confidence is returning.

    In a statement on Sunday, the finance ministry highlighted IMF Board Assessment key economic performance indicators.

    It said that on the completion of first review of Pakistan’s economic performance, IMF has acknowledged that Pakistan’s reform program is on track and already producing results.

    Decisive policy implementation has started to address the deep-seated problems of Pakistan’s economy and to reverse its large imbalances, preserving financial stability.

    The report acknowledges that the business climate has improved, and market confidence is returning.

    IMF further adds in its assessment that the Government recognizes that structural reforms, especially in SoE sector are key to revive economic activity and growth.

    IMF has released SDR 328 million (about $ 452.4 million), bringing total disbursements to SDR 1,044 million (approx $1.45 billion).

    The report has confirmed that End-September performance criteria (PCs) were observed with wide margins. These include

    — Zero budgetary borrowing from SBP

    — Primary budget deficit ceiling

    — Ceiling on government guarantees

    — Zero external public payment arrears

    — SBP net international reserves (NIR), net domestic assets (NDA), and swaps/forwards targets all met

    In addition to above, all structural benchmarks (SBs) for end-September, except the SB on AML/CFT, were completed.

    With regard to inflation outlook, IMF has lowered Inflation projection for FY20 to 11.8 percent, down from 13 percent earlier on account of this fact that the administrative and energy tariff adjustments are expected to offset the effects from weak domestic demand. Thereafter, inflation is expected to converge to 5-7 percent.

    The report confirms that inflation has been started to stabilize, along with core inflation, and the SBP stance is appropriate (no need for further rate hikes).

    However, we are of the view that we will do much better than IMF projection. As inflation during Jul-Nov was 10.8 percent and with measures taken we target to bring inflation down to 5 percent over the medium term.

    With regard to the external sector, significant improvement has been witnessed. Overall, Current Account Deficit (CAD) shrunk by almost two-thirds (74 percent) in the Q1 FY 20 compared to the same period of FY 2019. CAD is projected to decline to 2.4 percent of GDP in FY20 (4.9 percent), which is lower than earlier IMF forecasts of 2.6 percent.

    Total imports fell by 23 percent y-o-y in Q1 of FY2020, but imports of machinery and equipment were more resilient, rising about 2 percent y-o-y. Exports are showing some sign of recovery, up 2 percent y-o-y for the same period with 17 percent volume growth, mainly driven by food and textiles.

    The report states that transition to a market determined exchange rate has allowed the rupee to find its new equilibrium quickly, thereby, successfully correcting the ‘exchange rate overvaluation’ of the last 5 years.

    The report has also acknowledged strong Fiscal performance in the First Quarter of FY2020 while stating Primary surplus of 0.6 percent of GDP and an overall deficit of 0.6 percent of GDP, about 1 percent of GDP better than programmed.

    In addition, Tax revenue growth was in double-digits (net of refunds) even though customs receipts and other external sector related taxes have suffered due to import compression.

    Key Concessions won by Government includes:

    Ceiling on NDA of SBP (Performance benchmark) has been enhanced to Rs 9.1 trn (8.7), an increase of Rs 339 billion in FY20.

    This is positive for growth and will be utilized for concessional financing for the export industry

    Ceiling on government guarantees has been enhanced to Rs 1.8trn (1.6), an increase of Rs 252 billion in FY20

    This is positive for growth and will allow government to settle the outstanding stock of circular debt

    Floor on FBR tax collections for FY20 has been revised lower to Rs 5.2trn (5.5), due to strong improvement in non-tax revenue

    During H1 Fy20, government non tax revenue collection has hit Rs 878 billion which is 75 percent of full year budgeted collection of Rs 1.16 trn.

    This is positive for growth and will ease the burden on public and businesses

    The finance ministry highlighted Current Economic Performance:

    Pakistan economy has witnessed significant improvements in recent months as evidenced from the performance of key economic indicators mentioned below:

    Exchange rate is stable for 5 months, Rupee appreciated by 3.2 percent (Rs/$ 160.1 to 154.89)(20th Dec, 2019), Stock Exchange 100-Index up 20.1 percent since 1st July, 2019 (33,996) to 40,832(20th Dec, 2019) , SBP FX Reserves increase to $ 10.8 billion (13th Dec, 2019), from 7.2 billion (June 2019) , Ease of Doing index up by 28 points (108/190) and World Bank rank Pakistan in Top 10 improvers.

    After 4 years of outflow, total foreign portfolio investment up $ 1.2 billion during Jul-Nov FY20 (-330 million last year). FDI increased to 850 million (477.3 million last year)↑ 78.1 percent. Total foreign investment reached to $2 billion (last year 147 million).

    Similarly, Incorporation of Companies increased 25.8 percent (7,177 from 5,707) during Jul-Nov FY2020.

    FBR tax collection grew by 16.8 percent to Rs 1615.2 billion during July-November, FY2020 against Rs 1382.9 billion last year. Within total FBR tax collection Domestic tax collection grew up 21.5 percent and Import taxes down 2.6 percent (import compression)

    On external side, Exports increased by 4.7 percent to $10.31 billion during July-November, FY2020 against $9.85 billion in the same period last year, while Imports decreased by 21.1 percent to $18.31 billion during July-November, FY2020 against $23.22 billion in the same period last year.

    Consequently, Trade deficit decreased 40.1 percent to $8.002 billion during July-November, FY2020 against $13.36 billion in the comparable period of last year.

    Cement dispatches increased by5.8 percent to 20.462 million ton (15.4million ton). Cement export increased 21.5 percent to 3.608 million ton (2.4 million ton).

    Other Developments include:

    PSDP releases system is accelerated. In this regard ways & means and Finance Division endorsement is eliminated.

    As a major development, PSX becomes best performing market as per Bloomberg in last three months. PSX benchmark KSE 100-Index gained around 10,500 point in last three months.

    Similarly, the Moody’s Investors Service upgraded Pakistan’s credit rating outlook to stable from negative.

    On external front, in the month of November, 2019 Exports increased 11.23 percent to $2.110 billion against $1.897 billion in the same month last year while Imports decreased 13.18 percent to $3.648 billion as compared with $4.202 billion in the comparable period last year.

    In October 2019, on M-o-M, LSM registered a growth 4.01 percent (Sep 1.9 percent), indicating upward trajectory. Cement dispatches increased 10.6 percent in November to 4.35 million ton (3.9 million ton).

    Another important development is that Karkey renegotiated to save Pakistan $ 1.2 billion.

    Circular Debt:

    Monthly flow decreased from Rs 38 billion in July 2019 to about Rs 10 billion. Targeted to be zero next year.

    Strategy for dealing with the stock of debt being finalized.

    Protection for lower end consumers <300 from price rationalization.

    More effective recovery/detection of electricity theft (>50 million).

    Ministry of Energy will issue an additional Rs 250 billion Sukuks (with government guarantee) in FY2020 to retire the CPPA liabilities of the IPPs.

    Compact for Jobs & Growth

    Scale up Affordable Housing devised by Naya Pakistan Housing Authority

    Additional budgetary allocation of Rs 20 billion to 30 billion in FY2020 to cover the 10 percent down payment by beneficiaries of affordable housing. The total impact of this stimulus to the economy would be equivalent to Rs 200 billion to Rs 300 billion.

    Tax Credits equal to 10 percent of the amount of expense related to these projects including labour related costs will be allowed to the developer for the first two years

    Exporter’s package

    Additional credit of Rs 200 billion for exporters under the Export Finance Scheme (EFS) in FY2020

    The interest rate differential (between Kibor and EFS markup) will be paid by additional Rs 10 billion subsidy by the government in FY2020

    This will boost export sector and reduce their cost of doing business

    SBP will give additional Rs 100 billion worth of lending to the exporters, to be subsidized by government through SBP profits.

  • Convicted persons to display names at business places

    Convicted persons to display names at business places

    KARACHI: A person, who is convicted in an office of smuggling, is required to display notice of conviction for a period of three months.

    If the person fails to do so the he commits further offence.

    Under the updated Customs Act, 1969, the section 189 of the Act granted made it compulsory for a person who is convicted for the offence of smuggling to display the notice of conviction.

    Section 189: Notice of conviction to be displayed

    Sub-Section (1) Upon the conviction of any person for the offence of smuggling, the Federal Government may require him to exhibit in or outside, or both in and outside his place of business, if any, notices, of such number, size and lettering, and placed in such positions and containing such particulars relating to conviction as it may determine, and to keep them so exhibited continuously for a period not less than three months from the date of conviction; and, if he fails to comply fully with the requirement, he shall be deemed to have committed a further offence under this Act of the nature of the original offence for which he was convicted.

    Sub-Section (2): If any person so convicted refuses or fails to comply fully with any such requirement, any officer authorized in that behalf by an order of the Federal Government in writing may, without prejudice to any proceedings which may be brought in respect of any such refusal or failure, affix the notices in or outside, or both in and outside, the place of business of such person in accordance with the requirement of the Federal Government in pursuance of sub-section (1).

    Sub-Section (3): If, in any case, the Federal Government is satisfied that the exhibition of notices in accordance with the requirements of the provisions of sub-section (1) or sub-section (2) will not effectively bring the conviction to the notice of persons dealing with the convicted person, the Federal Government may, in lieu of, or in addition to any such requirement, require the convicted person to exhibit for such period, not being a period less than three months, on such stationery used in his business as may be specified in the requirement, a notice placed in such position and printed in type of such size and form and containing such particulars relating to the conviction as may be specified in the requirement; and, if he fails to comply fully with the requirement, he shall be deemed to have committed a further offence under this Act of the nature of the original offence for which he was convicted.

  • Commissioner empowered to make assessment of concealed income

    Commissioner empowered to make assessment of concealed income

    KARACHI: A commissioner of Inland Revenue has been empowered to make assessment of income detected as concealed income by Federal Board of Revenue (FBR) or any other agency.

    FBR officials said that under Section 123 of the Income Tax Ordinance, 2001, the commissioner has been authorized to make assessment of income on amount / assets identified as concealed or undeclared.

    The Section 123 of the Ordinance stated as follow:

    123.Provisional assessment in certain cases.—(1) Where a concealed asset of any person is impounded by any department or agency of the Federal Government or a Provincial Government, the Commissioner may, at any time before issuing any assessment order under section 121 or any amended assessment order under section 122, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the concealed asset.

    (1A) Where an offshore asset of any person, not declared earlier, is discovered by the Commissioner or any department or agency of the Federal Government or a Provincial Government, the Commissioner may at any time before issuing any assessment order under section 121 or amended assessment order under section 122, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the offshore asset discovered.

    (2)The Commissioner shall finalise a provisional assessment order or a provisional amended assessment order as soon as practicable.

    (3) In this section, “concealed asset” means any property or asset which, in the opinion of the Commissioner, was acquired from any income subject to tax under this Ordinance.

  • Text of National Accountability (Amendment) Ordinance, 2019

    Text of National Accountability (Amendment) Ordinance, 2019

    ISLAMABAD: A presidential ordinance has been promulgated to restrict National Accountability Bureau (NAB) to take action against matters of tax evasion and an act of government officials done in good faith.

    Following is the text of the amended ordinance

    ===================================================================

    BILL

         further to amend the National Accountability Ordinance, 1999

         WHEREAS it is expedient further to amend the National Accountability Ordinance, 1999 (No. XVIII of 1999), for the purposes hereinafter appearing.

    It is hereby enacted as follows: –

    1. Short title and commencement – This Act may be called the National Accountability (Amendment) Ordinance, 2019.

    (2)  It shall come into force at once.

    1. Amendment of section 4, Ordinance XVIII 1999 – In the National Accountability Ordinance, 1999 (No.XVIII of 1999), the current section 4 shall be substituted with the following provisions namely: –

    “4.  Application

    (1) This Ordinance extends to the whole of Pakistan.

    (2)  Notwithstanding anything contained in this Ordinance, except for the persons, transactions and matters specified in sub-Section (3) of this Section, the provisions of this Ordinance shall apply to all persons, including those persons who are or have been in the service of Pakistan, wherever they may be.

    (3)  The persons, transactions and matters to which the provisions of this Ordinance shall not apply will be as follows: –

    • transactions and matters pertaining to Federal or Provincial taxation, duties, levies or imposts, by whatever name called;

    Explanation

    • All pending inquiries and investigations which relate to matters pertaining to this clause (a) sub-Section (3) of Section 4 shall stand transferred to the respective authorities or departments which administer the relevant laws of taxation, levies or imposts in question by whatever name called;
    • All pending trials which relate to matters pertaining to this clause (a) sub-Section (3) of Section 4 shall stand transferred from the relevant Accountability Courts to the criminal Courts which deal with offences, if any, under the respective laws pertaining to taxations, levies or imposts in question by whatever name called;

    (b)  any private person or matter or transaction in relation to such private person, unless such private persons is alleged to: –

    • have given or offered to give or attempted to give any gratification, other than legal remuneration, or valuable thing or pecuniary advantage to a public officer holder in terms of clauses (i), (ii) and (iv) of Section 9(a) and there is corroborative evidence that the public office holder has materially benefitted by gaining any monetary benefit or asset disproportionate to his known sources of income or which cannot be reasonably accounted, from such private person; or
    • is directly or indirectly connected with the holder of public office as his dependent or benamidar;

    Explanation

    • However, this clause (b) of sub-Section (3) of Section 4 shall not apply in case of an offence falling under clauses (ix), (x) and (xi) of Section 9(a) and clause (xii) of Section 9(a) to the extent that it applies to clauses (ix), (x) and (xi) of Section 9(a).

    (c)  unless a holder of public office has materially benefitted by gaining any monetary benefit or asset disproportionate to his known sources of income or which cannot be reasonably accounted for by the holder of public and there is evidence to corroborate such material benefit, NAB shall not take cognizance of any offence under this Ordinance involving a procedural lapse including any offence specified in clause (vi) of Section 9(a);

    (d)  unless a holder of public office has materially benefitted by gaining any monetary benefit or asset disproportionate to his known sources of income or which cannot be reasonably accounted for, and there is evidence to corroborate such material benefit, NAB shall not take cognizance of any offence involving the rendition of an incorrect act, decision, advice, opinion or report;

    (e)  the valuation of immovable properties, for the purposes of assessing as to whether a holder of public office has assets disproportionate to his known sources of income, shall be reckoned either according to the actual price shown on the relevant title documents or the applicable rate prescribed by the District Collector or the Federal Board of Revenue, which is higher. No evidence contrary to the later shall be admissible.

    1. Amendment of Section 5, Ordinance XVIII 1999 – In the current Section 5 “Definitions” of the National Accountability Ordinance, 1999 (No.XVIII of 1999), after the definition of “PERSON” in clause (o) the following heading will be added namely: –

    “PRIVATE PERSON” shall mean any person other than the holder of public office.”

    1. In the National Accountability Ordinance, 1999 (No. XVIII of 1999), after clause (vi) of sub-section (a) of Section 9, Ordinance XVIII of 1999 the following proviso shall be added, namely: –

    “Provided that an act done in good faith and in discharge of duties and performance of official function shall not, unless there is corroborative evidence of accumulation by the public office holder of any monetary benefit or asset which is disproportionate to the known sources of income or which cannot be reasonably accounted for, constitute an offence under this clause.”

    1. In the National Accountability Ordinance, 1999 (No. XVIII of 1999), after clause (vii) of sub-section (a) of Section 9, Ordinance XVIII of 1999 the following proviso shall be added, namely: –

    “Provided that an act done in good faith and in discharge of duties and performance of official function shall not, unless there is corroborative evidence of accumulation by the public office holder of any monetary benefit or asset which is disproportionate to the known sources of income or which cannot be reasonably accounted for, constitute an offence under this clause.”

    PRESIDENT OF PAKISTAN

  • FBR issues fresh jurisdictions of commissioner appeals

    FBR issues fresh jurisdictions of commissioner appeals

    ISLAMABAD: Federal Board of Revenue (FBR) has issued fresh jurisdictions of commissioner appeals.

    The FBR issued following jurisdiction order with effective from December 18, 2019.

    01. Commissioner Inland Revenue (Appeals-I), Karachi

    Jurisdiction
    All Cases of taxpayers falling under the jurisdiction of Large Taxpayers Unit Karachi with their names starting with alphabets from A to L along with their directors/partners.
    Further, he will also continue to exercise jurisdiction over the cases which are already specially assigned by the Board.

    02. Commissioner Inland Revenue (Appeals-II), Karachi

    Jurisdiction
    All cases of taxpayers falling under the jurisdiction of Large Taxpayers Unit Karachi with their names starting with alphabets from M to Z along with their directors/partners.
    Further, he will also continue to exercise jurisdiction over the cases which are already specially assigned by the Board.

    03. Commissioner Inland Revenue (Appeals-III), Karachi.
    Jurisdiction
    All cases of taxpayers falling under the jurisdiction of Corporate Regional Tax Office, Karachi.

    04. Commissioner Inland Revenue (Appeals-IV), Karachi
    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Large Taxpayers Unit-II Karachi and Regional Tax Office-II, Karachi.

    05. Commissioner Inland Revenue (Appeals-V), Karachi.
    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office-III, Karachi.

    06. Commissioner Inland Revenue (Appeals), Hyderabad.
    Jurisdiction
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Hyderabad.

    07. Commissioner Inland Revenue (Appeals), Sukkur.

    Jurisdiction
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Sukkur.

    08. Commissioner Inland Revenue (Appeals), Quetta

    Jurisdiction
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Quetta.

    09. Commissioner Inland Revenue (Appeals-I), Lahore.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-I, II, & AEOI of Large Taxpayers Unit, Lahore.

    10. Commissioner Inland Revenue (Appeals-II), Lahore.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-I, II, III, & IV of Corporate Regional Tax Office Lahore.

    11. Commissioner Inland Revenue (Appeals-III), Lahore.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-I, II, III of Regional Tax Office-II Lahore and RTO Sahiwal.

    12. Commissioner Inland Revenue (Appeals-IV), Lahore.

    Jurisdiction.
    All cases specially assigned by the Board time to time. Further, he will also continue to exercise jurisdiction over the cases which are already specially assigned by the Board.

    13. Commissioner Inland Revenue (Appeals-V), Lahore.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-III & IV of Large Taxpayers Unit Lahore.

    14. Commissioner Inland Revenue (Appeals-VI), Lahore

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-V, VI & VII of Corporate Regional Tax Office Lahore.

    15. Commissioner Inland Revenue (Appeals-VII), Lahore.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Zone-IV, V & WHT Zone of Regional Tax Office-II Lahore.

    16. Commissioner Inland Revenue (Appeals-I), Islamabad.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Large Taxpayers Unit, Islamabad.

    17. Commissioner Inland Revenue (Appeals-II), Islamabad.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Islamabad and Regional Tax Office, Abbottabad.

    18. Commissioner Inland Revenue (Appeals-III), Islamabad.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Rawalpindi.

    19. Commissioner Inland Revenue (Appeals-IV), Islamabad.

    Jurisdiction.
    All cases specially assigned by the Board from time to time. Further, the CIR (Appeals-IV), Islamabad will also continue to exercise jurisdiction over the cases which are already specially assigned by the Board.

    20. Commissioner Inland Revenue (Appeals), Peshawar.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Peshawar.

    21. Commissioner Inland Revenue (Appeals), Multan.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Multan.

    22. Commissioner Inland Revenue (Appeals), Bahawalpur.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Bahawalpur.

    23. Commissioner Inland Revenue (Appeals), Gujranwala.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Gujranwala.

    24. Commissioner Inland Revenue (Appeals), Sialkot.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Sialkot.

    25. Commissioner Inland Revenue (Appeals-I). Faisalabad.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Corporate Zone and Withholding Zone of Regional Tax Office Faisalabad.

    26. Commissioner Inland Revenue (Appeals-II), Faisalabad.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Lyalpur Zone, Chenab Zone and Jhang Zone of Regional Tax Office Faisalabad.

    27. Commissioner Inland Revenue (Appeals), Sarghoda.

    Jurisdiction.
    All cases of taxpayers falling under the jurisdiction of Regional Tax Office, Sargodha.

  • KCCI assures support to newly elected FPCCI president, successful candidates of BMP

    KCCI assures support to newly elected FPCCI president, successful candidates of BMP

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has assured full support to newly elected president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and successful candidates nominated by BMP panel.

    Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli has congratulated Chairman Businessmen Panel and the newly elected President FPCCI Mian Anjum Nisar, Senior Vice Chairman BMP Mian Zahid Hussain, Shaukat Ahmed, Zakaria Usman and others on BMP’s impressive victory in FPCCI’s elections.

    In a statement issued, Siraj Teli said that as BMP, under the leadership of Mian Anjum Nisar, has been struggling really hard since many years and this year they succeeded in overthrowing almost all their opponents, the business & industrial community hopes that the newly elected leadership at FPCCI would take practical steps to improve FPCCI’s functioning and make it a vibrant platform.

    Siraj Teli opined that setting the FPCCI free from the clutches of UBG, which remained in power for five consecutive years, was not an easy task but due to hard work and sincere efforts along with BMG’s full support, BMP candidates outshined in FPCCI’s elections and they all deserve to be appreciated.

    He was of the opinion that the new leadership at FPCCI will have to revisit all the policies, completely replace the existing mechanism and devise effective strategies in consultation with all stakeholders to improve FPCCI’s image and make it the leading voice of the entire business and industrial community at the national level.

    Siraj Teli stressed that FPCCI, as a national institution will have to focus on getting the national issues resolved while the newly elected leadership must fulfill their commitments made to the business community during the election campaign. “Every step taken by BMP leadership to improve FPCCI’s performance and in the larger interest of the country will be fully supported by the Karachi Chamber and Businessmen Group as we firmly believe that we all can play the lead role in dealing with the ongoing economic crises if we make collective efforts”, he added.