Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Finance ministry urges careful media reporting over ebb

    Finance ministry urges careful media reporting over ebb

    ISLAMABAD: The ministry of finance on Tuesday urged the media for careful reporting over the ebb and flows of Pakistan Stock Exchange (PSX).

    “Yesterday as being unfortunate as such reports highlighting sharp volatility in the market damage the interest of the small investors and create uncertainty in the market,” a statement said.

    “The role of the media in reporting the ebb and flow in the market needs to be carefully analyzed particularly in the wake of rumors spread by a section of the media regarding alleged changes in the government’s economic team which sent wrong signal to the market and damaged the interest of small investors and hurt overall sentiment in the market,” says it added.

    The Ministry of Finance has noted that it is natural for the market to see a correction after rising sharply by over 50 percent.

    “Yesterday, the market fell 846 points. Today the market gained 417 points. These ebbs and flows of the market are driven by sentiments, whereas the fundamentals remain strong and continue to improve.”

    The Ministry of Finance also pointed out that after rising by 50 percent from August 2019 to January 2020, the KSE 100 index had already been named as the top performing market in the world by Bloomberg in December 2019.

    The improved investor confidence was based on corrective measures taken by the government to reduce the twin deficits.

    These measures were also strongly endorsed by Moody’s Investor Services in December 2019 with an upgrade in outlook to ‘stable’ from ‘negative’.

    Foreign portfolio investment in the stock market during the first 6 months of the current fiscal year has also stood at US$ 18.8 million after 4 years of heavy selling by foreign investors.

  • Stock market recovers 418 points

    Stock market recovers 418 points

    KARACHI: The stock market gained 418 points on Tuesday as market made recovery of past days losses.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,714 points as against 39,296 points showing a make of 418 points.

    Analysts at Topline Securities said that the market opened on a positive note in line with regional and international markets, but lost momentum and traded sideways for most part of the day.

    However, in eleventh hour aggressive buying was observed by investors, as index gained to close at 39,714 level (up by 1.05 percent).

    Late buying was witnessed in the cement sector, as MLCF and PIOC from the sector gained to close on their respective upper circuits.

    Investor participation continue to be limited, as traded volume and value for the day stood at 161 million shares and Rs.6 billion respectively.

    HASCOL which was today`s volume leader with 12.8 million shares gained to close on its upper circuit.

  • Car sales decline by 45% in seven months

    Car sales decline by 45% in seven months

    KARACHI – The car sales in Pakistan witnessed a significant decline during the first seven months (July–January) of the fiscal year 2019–2020, as total sales of locally assembled vehicles fell by 45 percent.

    (more…)
  • PTCL declares 14.5% decline in annual net profit

    PTCL declares 14.5% decline in annual net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared 14.5 percent decline in net profit for the year 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company announced net profit of Rs6.347 billion for the calendar year ended December 31, 2019 as compared with Rs7.422 billion profit in the preceding year.

    The earnings per share for the year of the company also came at Rs1.24 as compared with the EPS of Rs1.46 declared in the last year.

    A final cash dividend for the year ended December 31, 2019 was at Re0.50 per share i.e. 5 percent. This is in addition to the interim dividend already paid at Re0.5 per share i.e. 5 percent.

    The gross profit of PTCL was recorded at Rs16.98 billion for the year 2019 as compared with Rs53.53 billion in the previous year.

    Administrative and general expenses of the company was at Rs6.76 billion in 2019 as compared with Rs6.257 billion in the preceding year.

    PTCL declared operating profit at Rs4.94 billion as compared with Rs6.51 billion.

    The profit before tax was recorded at Rs9.33 billion for the year 2019 as compared with Rs10.757 billion in the preceding year.

  • FBR notifies transfer, postings of BS-20 Customs officers

    FBR notifies transfer, postings of BS-20 Customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified transfers and postings of Pakistan Customs Service (PCS) officers in BS-20 with immediate effect and until further orders.

    Following officers have been transferred and posted:

    01. Abdul Qadir Memon (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Karachi from the post of Chief, Federal Board of Revenue (HQ), Islamabad.

    02. Ms. Seema Raza Bokhari (Pakistan Customs Service/BS-20), who is currently posted as Collector, Model Customs Collectorate, Islamabad has been given look after charge of Collector, Model Customs Collectorate of Gilgit-Baltistan in addition to her own duties.

    03. Muhammad Junaid Jalil Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Collectorate of Customs, (Appeals), Islamabad from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    04. Dr. Tahir Qureshi (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate, Gwadar from the post of Collector, Model Customs Collectorate, Gilgit-Baltistan.

    05. Muhammad Jamil Nasir Khan (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate of Appraisement and Facilitation (West), Karachi from the post of Chief, Federal Board of Revenue (Hq), Islamabad.

    06. Imran Ahmad Ch. (Pakistan Customs Service/BS-20) is currently posted as Director, Directorate of Post Clearance Audit(North), Islamabad. The officer will also look after the charge of Director, Directorate of Internal Audit-North (Customs), Islamabad.

    07. Ms. Azmat Tahira (Pakistan Customs Service/BS-20) has been transferred and posted as Collector, Model Customs Collectorate (AIIA), Lahore from the post of Director, Directorate of Internal Audit-North (customs), Islamabad.

    08. Basit Maqsood Abbasi (Pakistan Customs Service/BS-20 has been transferred and posted as Collector Model Customs Collectorate of Enforcement and Compliance, Lahore from the post of Collector, Model Customs Collectorate (AIIA), Lahore.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • Rupee makes slight gain amid high dollar demand

    Rupee makes slight gain amid high dollar demand

    The Pakistani Rupee made a slight gain against the US Dollar on Tuesday, closing at Rs154.42 compared to the previous day’s rate of Rs154.43 in the interbank foreign exchange market. This modest increase comes amid significant demand for the greenback for import and corporate payments, according to market dealers.

    (more…)
  • Pulses prices fall up to Rs20/kg in wholesale market

    Pulses prices fall up to Rs20/kg in wholesale market

    KARACHI: Prices of pulses have come down up to Rs20 per kilogram in wholesale market due to lower demand and improved supply, market sources said.

    Anis Majeed, patron in chief, Karachi Wholesale Grocer’s Association (KWGA) and Malik Zulfiqar Ali, chairman, in a statement on Tuesday, said pulses prices have decreased in the market by 10 to 20 rupees per kg.

    KWGA Leaders said due to low demand and huge supply of pulses, Dal Chana price has reduced by 20 rupees from Rs150 per kg to Rs130.

    Similarly, the price of Dal Masoor has reduced by 15 rupees from Rs. 115 to Rs. 100 per kg, dal mash price has reduced by 20 rupees from Rs.185 to 165 rupees per kg, dal moong price has reduced by 10 rupees from Rs.220 to 210 rupees per kg and white chana price has reduced by 10 rupees from Rs.110 to 100 rupees per kg.

    Anis Majeed and Malik Zulfiqar Ali have asked retailers to cut down on retail prices and benefit consumers by providing relief to the masses in the recent inflation and prove that they are a responsible trader.

  • FBR starts enforcing NTN displaying at business premises

    FBR starts enforcing NTN displaying at business premises

    KARACHI: Federal Board of Revenue (FBR) has started enforcement dive to ensure displaying National Tax Number (NTN) at place of business.

    Sources in FBR said on Tuesday that the tax offices had started campaign to ensure displaying of NTN at place of the business.

    The tax authorities will imposed penalty of around Rs5000 on persons who fail to display the NTN at the place of business as required under Income Tax Ordinance, 2001.

    Section 181C of Income Tax Ordinance, 2001 explains the displaying of National Tax Number.

    Every person deriving income from business chargeable to tax, who has been issued a National Tax Number, shall display his National Tax Number at a conspicuous place at every place of his business.

  • FBR, Iranian customs sign agreement for electronic data exchange

    FBR, Iranian customs sign agreement for electronic data exchange

    ISLAMABAD: Federal Board of Revenue (FBR) and Iranian Customs authorities on Monday signed an agreement for Electronic Exchange of Data.

    The signing ceremony was chaired by Member (Customs-Policy/Operation), FBR Muhammad Javed Ghani, and subsequently presided over by the acting Chairperson, FBR, Nausheen Javaid Amjad.

    The Customs Mutual Assistance Agreement was signed between the Government of the Islamic Republic of Iran and the Islamic Republic of Pakistan on March 04, 2004.

    In light of the said agreement, it was felt imperative by FBR to make progress on a number of important areas for protecting economic interests of Pakistan involved in bilateral trade between Iran and Pakistan.

    Under the agreement, it was decided to finalize of the MoU on Electronic Data Exchange between Pakistan Customs and Iran Customs.

    It was also emphasized to exchange values or documents on real time basis in case of the goods to be imported or exported and to roll-out a fully automated clearance system having advance information about goods and passengers at Taftan – Mirjaveh Border stations (as a pilot project) and at other border stations in a phased manner.

    To this effect, the Iranian customs authorities were approached and meetings were held on February 18-20, 2019 and October 16-17, 2019.

    In the last meeting, on October 16-17, 2019 milestones were achieved and consensus was developed on the areas as listed in above Para.

    In furtherance of the subject matter, the Islamic Republic of Iran Customs Administration (IRICA) nominated, the Director General of Information Technology Department Mrs. Haideh Bagheripour to come over to Pakistan for signing the MoU on behalf of her Customs Administration.

    While welcoming the distinguished guests from Iran Customs, the Chairperson, FBR, Nausheen Javaid Amjad stated that implementation of this MoU will have a number of benefits for both Iran Customs and Federal Board of Revenue such as availability of advance information about values, descriptions and quality of the goods to be imported into Pakistan from Iran and reduced costs on clearance of goods at the borders. Moreover, accurate valuation of the imported goods will lead to realization of greater revenues, she said.

    Member (Customs-Policy), Muhammad Javed Ghani, while speaking on the occasion, warmly welcomed the esteemed guests from Iran Customs on their visit to Pakistan.

    He said the proposed cooperation through the Memorandum of Understanding would go a long way in fostering a long-term relationship between both customs administrations and would enable them to successfully cope with the challenges that they were facing.

    According to him, implementation of this MoU would ensure optimum trade facilitation through quick examination /assessment of the imported goods and more transparency and lesser human interface.

    He assured Iran customs of full cooperation from Pakistan Customs on any area pertaining to mutual assistance and collaboration.

    Ambassador of Iran in Pakistan, Mohammad Ali Hosseini, was also present on the occasion.
    He has conveyed felicitations to all the present officers of Federal Board of Revenue and appreciated both customs administrations for working untiringly to reach the consensus on the provisions of MoU and, finally, converging to sign it.

    He expressed his pleasure over the fact that there were a number of important areas wherein both customs administrations could work together in the best interests of Iran and Pakistan.

    After signing of MoU, the instrument was exchanged between relevant officers of Iran Customs and Federal Board of Revenue.

  • SRB probes foreign transactions of goods carrier, suspends sales tax registration

    SRB probes foreign transactions of goods carrier, suspends sales tax registration

    KARACHI: Sindh Revenue Board (SRB) has launched investigation into identifying source of foreign transactions by a goods carrier company. Further the SRB suspended the sales tax registration of the company for filing untrue monthly statement.

    The SRB on Monday said that it had suspended sales tax registration of M/s. 3 Unicorns Private Limited for concealing facts in its monthly statements.

    The SRB said that available records of the company revealed that it had declared foreign income of around Rs37 million (in its income tax return) for the tax periods from July 2016 to June 2017, and has received consideration of Rs109 million for the tax periods from July 2016 up to February 2019 in his business bank account maintained under the title of ‘3 Unicorns Pvt Ltd’ in Bank Al Habib Limited, as declared in his registration profile.

    Furthermore, the official website of the company revealed that the registered person also provides customs brokerage and customs clearance services and transportation services from Karachi to Afghanistan.

    However, t is observed that the registered person has continuously filed Null sales tax return with the SRB during the aforementioned tax periods i.e. July 2016 to February 2019 despite receiving aforementioned huge consideration in his bank account which was voluntarily declared in registration form.

    “The registered person has failed to justify the aforesaid Null declarations and has failed to provide details of sales and purchases till date which shows mala fide intention on part of the registered person towards short payment of SST and violation of Section 8, 9 and 30 of the Act.”

    The SRB said that non-payment of Sindh sales tax and non-filing of true and correct sales tax return within the time and manner prescribed under the law is contravention of provisions of the Act and rules made thereunder.

    Therefore, this notice is being issued under Section 25 of the Act, 2011 to the effect that registration status of M/s. 3 Unicorns Pvt Ltd is hereby temporary suspended with immediate effect, which shall be revoked if he takes remedial actions by February 14, 2020.

    The SRB directed the company to submit copies of complete annual accounts statement for the financial year 2016/2017, 2017/2018 and 2018/2019 with details of sales and purchases.

    The company has been asked to provide details of transactions with sources of amounts received for the tax periods from July 2016 up to January 2020.

    Reconcile all Sindh sales tax dues of the aforementioned tax periods and deposit along with default surcharge. Further, the company also has been directed to provide copies of rent agreements for the periods.

    “In case of non-satisfactory response or failure to take remedial measures as suggested above on or before aforementioned date, further necessary action shall be taken as envisaged under the Act,” the SRB said.