Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • PTBA asks FBR to allow amnesty declaration filing on already paid tax

    PTBA asks FBR to allow amnesty declaration filing on already paid tax

    LAHORE: Pakistan Tax Bar Association (PTBA) has said that those persons who had made payment for availing tax amnesty scheme but failed to file their returns should be given an opportunity for compliance.

    In a letter to Syed Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) on Friday, the PTBA requested for filing of declaration under Asset Declaration Act, 2019 of persons who made payment of tax prior to deadline.

    The PTBA referred to its letter sent to the chairman on September 18, 2019 on the same issue.

    The tax bar said that in this regard the desired independent legal opinion was also forwarded as given by Makhdoom Ali Khan, Senior Advocate Supreme Court of Pakistan with the previous letter.

    The legal opinion concluded as under:

    The FBR should allow the taxpayers to file their declaration after July 03, 2019 considering –

    That the scheme of the Act 2019 foresees the possibility of the late filing of declaration.

    That the deadline under Section 3 is a directory provision.

    That filing late return cannot be penalized if tax has been paid.

    And that factually the issue arose due to a technical failure of FBR’s online system.

    The FBR’s online portal should be reopened at the very least for filing of declaration of those persons who deposited the tax under the Act 2019 on or before June 03, 2019.

    The PTBA said that the taxpayers, who had paid due tax under this Act, should have been allowed to file their declaration as the basic purpose of the said scheme was to facilitate the taxpayers in order to achieve the objective of documentation of economy and revival of taxation system within the country by bringing more and more people into tax net.

    “Needless to say that, the taxpayers also cannot be suffer from the technical failure of the FBR system.”

    The tax bar once again urged the FBR to allow the taxpayers, who had already paid due tax in this regard, to file their declaration under the Asset Declaration Act, 2019 through their e-portals.

  • PSX signs agreement with Shenzhen Stock Exchange for trading, surveillance system

    PSX signs agreement with Shenzhen Stock Exchange for trading, surveillance system

    KARACHI: Pakistan Stock Exchange (PSX) has signed an agreement with Shenzhen Stock Exchange (SZSE) for the acquisition of a Trading and Surveillance Systems, to bring PSX at par with other international stock exchanges.

    The PSX, in its Board Meeting held on September 26, 2019, took the decision and approved the execution of the contract, said a statement on Friday.

    The formal signing ceremony took place in a grand and colorful event in Shenzhen, China, earlier this week.

    The PSX delegation was headed by the Chairman PSX, Sulaiman S. Mehdi. The Chinese side was represented by the Chief Executive Officer of Shenzhen Stock Exchange, Wang Jianjun.

    The Trading and Surveillance System offered by SZSE is state-of-the-art, robust system. The additional benefits of the SZSE Trading System would be built-in Risk management, Market access, Market data dissemination, Market control, Real-time trading system, Disaster Recovery & System operation, monitoring and management, Growth Enterprise Market (so far known as Small and Medium enterprise trading), Bonds/Term Finance Certificate trading, Single stock option trading, Index option trading and Real time fault-tolerant system. A further additional interface is China Connect which can give PSX access to the other Exchanges that SZSE is connected to i.e. Shanghai and Hong Kong etc.

    This would open up the Asian market to PSX and Pakistan for business opportunities. Additionally, the improved data quality will compound PSX data vending potential and capability immensely.

    The surveillance system consists of features, such as Real-time monitoring, Ex-post investigation, Trade replay, Data query and reporting, Case management, Surveillance task management, Security and audit, and Job Schedule system. These features are world class stock market surveillance tools and PSX stakeholders of the Capital Market will be direct beneficiaries.

    “In today’s fast changing technological world, a reliable, secure and efficient Trading system is a basic requirement for PSX. Further, a robust and state-of-the art Surveillance System, is also an essential requisite as PSX is the only National Exchange and the front line Regulator,” said PSX Chairman Sulaiman Mehdi while speaking at a Media briefing session.

    He further added, “We have received immense support and applause from the Capital Market stakeholders, from the brokerage industry as well as the listed corporates as they all stand to benefit from the efficient operations, new product possibilities and surveillance capabilities that this system will bring.”

    The PSX is confident on the quality of the system which is currently used by the Shenzhen Stock Exchange itself without any lapses. SZSE is the world’s third largest Exchange in terms of trading value which shows the robustness of the trading & surveillance system. SZSE has assured continuous technical support to PSX as a strategic partner post-installation of this system.

    Both PSX and SZSE reaffirmed their commitment to technological cooperation which would be helpful in elevating the image and standing of PSX vis a vis other developed exchanges around the world.

  • Bashirullah Khan posted as Director General Intelligence, Investigation

    Bashirullah Khan posted as Director General Intelligence, Investigation

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified posting of Dr. Bashirullah Khan as Director General, Directorate General of Intelligence and Investigation (Inland Revenue) with immediate effect.

    Dr. Basirullah Khan, a BS-21 officer of Inland Revenue Service (IRS) has been transferred from the post of Chief Commissioner, Regional Tax Office (RTO), Rawalpindi.

    Qaiser Iqbal, BS-21 officer of IRS, has been transferred and posted as Chief Commissioner IR, RTO, Rawalpindi from the post of Director General, Directorate General of Intelligence and Investigation (Inland Revenue), Islamabad.

  • Income tax return filing date extended to December 16

    Income tax return filing date extended to December 16

    In a significant relief for taxpayers, the Federal Board of Revenue (FBR) has once again extended the deadline for filing income tax returns and wealth statements for the tax year 2019. According to FBR’s latest notification – Circular No. 16/2019 – the new date for submission has been set as December 16, 2019, offering individuals and companies a final opportunity to comply with their tax obligations.

    (more…)
  • FBR, PBA agree on sharing account holders information; banks to withdraw court cases

    FBR, PBA agree on sharing account holders information; banks to withdraw court cases

    KARACHI: Federal Board of Revenue (FBR) has made major breakthrough regarding obtaining information of bank account holders ahead of FATF review.

    The FBR and commercial banks agreed on sharing information of financial transactions by account holders, which was remained under litigation since 2013.

    The FBR sources said that it would help the tax machinery to identify the movement of black economy and also ensure compliance to FATF conditions regarding prevention of money laundering and other fiscal crimes.

    The FATF next review is scheduled in February 2020 to decide Pakistan status, as the country is presently in the grey list.

    FBR chairman Syed Shabbar Zaidi in a tweet message on Friday said: “On behalf of FBR, I thank Pakistan Bank Association and Presidents of all the banks for agreeing to withdraw pending litigation on the matter of furnishing of certain information. This positivity has been achieved by mutual consultation. A way forward of cooperation has opened.”

    In a meeting held on November 27, 2019 at the Large Taxpayers Unit (LTU) Karachi which was chaired by FBR Chairman and attended by members of Pakistan Banks Association (PBA).

    The meeting discussed the issued regarding information to be provided by the banks under Section 165A of the Income Tax Ordinance, 2001.

    The chairman emphasized that the Section 165A had been amended on the specific request of the PBA in 2014, 2018, and recently through Supplementary Finance Amendment Act, 2019.

    Therefore, members should have no objection to the withdrawal of petition in the higher courts, the chairman said.

    After detailed deliberations, the meeting decided that the PBA would withdraw their petitions from the higher courts and provide information under Section 165A after mutual consultation with the FBR.

    The participants of the meeting besides FBR chairman Syed Shabbar Zaidi, included Muhammad Aurangzeb, President/CEO, Habib Bank Limited, Chairman, PBA and Imran Maqbool, President/CEO, MCB Bank limited, Vice Chairman, PBA.

    Representatives of banks who are also executive members of PBA were also present at the meeting.

  • Stock market gains 581 points despite buying activities

    Stock market gains 581 points despite buying activities

    KARACHI: The stock market gained 581 points on Friday despite buying activities in major scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,288 points as against 38,706 points showing an increase of 581 points.

    Analysts at Arif Habib Limited said that the aarket went up again by +746 points during today’s sessions, following the resolution of General Bajwa’s extension, however, the market closed with +581 points.

    Market saw brisk buying activity with major contribution from Banks.

    Though E&P remained positive, even better performance was seen in Refinery and OMCs sectors.

    Banks realized trading volume of 86 million shares, mainly contributed by BOP (51.8 million) and BIPL (12.8 million).

    Chemical and Cement sectors trailed Banks with 37.7 million and 35.5 million shares respectively. Among scrips, BOP was followed by PAEL (20.1 million) and KEL (16.4 million).

    Sectors contributing to the performance include Banks (+277 points), Power (+45 points), Cement (+31 points), Autos (+26 points) and Insurance (+25 points).

    Volumes increased further from 348.5 million shares to 428.9 million shares (+23 percent DoD).

    Average traded value also increased by 18 percent to reach US$ 92.6 million as against US$ 78.2 million.

    Stocks that contributed significantly to the volumes include BOP, PAEL, KEL, BIPL and PIBTL, which formed 26 percent of total volumes.

    Stocks that contributed positively include HBL (+97 points), UBL (+76 points), HUBC (+37 points), BAHL (+17 points) and BAFL (+17 points). Stocks that contributed negatively include SNGP (-7 points), MARI (-7 points), EFERT (-6 points), INIL (-4 points), and OGDC (-4 points).

  • FBR auditor awarded dismissal from service for availing NAB plea bargain

    FBR auditor awarded dismissal from service for availing NAB plea bargain

    ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty on a senior auditor (BS-18) for making money through corruption and avail plea bargain of National Accountability Bureau (NAB).

    In a notification issued on Friday, the FBR said that Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi had availed the benefits of plea bargain in terms of section 25 (b) of National Accountability Ordinance, 1999 as per Accountability Court-III, Sindh, Karachi judgement dated May 23, 2019.

    The competent authority i.e. Secretary Revenue Division, after examining the case in light of provisions contained in Rule 8 of the Government Servants (Efficiency & Discipline) Rules 1973 has imposed major penalty of “Dismissal from Service” under Rule 4 (1)(b)(iv) with effect from the date of conviction i.e. May 23, 2019.

    In light of the above, major penalty of dismissal from service is imposed upon Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi under Rule 4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973 with effect from the date of conviction i.e. 23.05.2019.

    Ali Akbar Tunio, Assistant Director (Audit) ( BS-18), Regional Tax Office-II, Karachi shall have a right to file an appeal to Appellate Authority under Civil Servants (Appeal) Rules, 1977 within a period of 30 days from the date of communication.

  • Rupee makes gain against dollar on inflows

    Rupee makes gain against dollar on inflows

    KARACHI: The Pak Rupee gained against dollar on Friday owing to improved inflows of export receipts and workers’ remittances.

    The rupee ended Rs155.24 to the dollar from previous day’s closing of Rs155.33 in interbank foreign exchange market.

    Currency dealers said that the rupee made early day gain and maintained the values in the remaining sessions.

    The foreign currency market was initiated in the range of Rs155.25 and Rs155.30. The market recorded day high of Rs155.27 and low of Rs155.23 and closed at Rs155.24.

    The exchange rate in open market witnessed unchanged value of the rupee. The buying and selling of the dollar recorded at Rs155.40/Rs155.70, the same previous day’s closing, in cash ready market.

  • FBR publishes valuation rulings to facilitate trade

    FBR publishes valuation rulings to facilitate trade

    KARACHI: Federal Board of Revenue (FBR) on Thursday published customs valuations on its official portal to facilitate trade and for ease of doing business.

    A day earlier FBR Chairman directed the authorities to ensure availability of valuation rulings in order to trade facilitation and ease of doing business.

    The FBR published following valuation rulings at its website:

    1429/2019: Determination of Customs Values of Frequency Inverters under Pct Heading (8504.4090) under Section 25-A of the Customs Act, 1969 11/26/2019

    1430/2019: Determination of Customs Values of Skimmed Milk Powder & Instant Milk Powder under Section 25-A of the Customs Act, 1969 11/26/2019

    1427/2019: Determination of Customs Values of Base Cap for Bulbs PCT (8539.9020) under Section 25-A of the Customs Act, 1969 11/19/2019

    1428/2019: Determination of Customs Values of Uncoated Offset Paper for Writing, Printing and Photocopy under Section 25-A of the Customs Act, 1969 11/19/2019

    1426/2019: Determination of Customs Values of LED Decoration Strip Lights/Christmas/Rice/Festival/Madni/Larris Lights PCT (9405.3000) under Section 25-A of the Customs Act, 1969 11/8/2019

    1409/2019: Determination of Customs Values of Latex Rubber Threads under Section 25-A of the Customs Act, 1969 11/8/2019

    1425/2019: Determination of Customs Values of Printed Circuit Board PCT (8534.0000) under Section 25-A of the Customs Act, 1969 11/6/2019

    1424/2019: Determination of Customs Values of Tractors Parts under Section 25-A of the Customs Act, 1969 11/5/2019

    1420/2019: Determination of Customs Values of Hair Brushes/Cleaning/Washing/Sweeping Dusting and Similar kind of Brushes and Feeder Brushes under Section 25-A of the Customs Act, 1969 11/4/2019

    1421/2019: Determination of Customs Values of Replacement Wheel Rim (Alloy/Other than Alloy) under Section 25-A of the Customs Act, 1969 11/2/2019

    1422/2019: Determination of Customs Values of Motor Cycle Parts under Section 25-A of the Customs Act, 1969 11/2/2019

    1423/2019: Determination of Customs Values of Wall Papers under Section 25-A of the Customs Act, 1969 11/2/2019

    1407/2019: Determination of Customs Values of Stationer Items under Section 25-A of the Customs Act, 1969 11/2/2019

    1417/2019: Determination of Customs Values of Waist Belts (Artificial Leather Low-eng Brands), under Section 25-A of the Customs Act, 1969 11/2/2019

    1418/2019: Determination of Customs Values of Circuit Breakers PCT (8526.2010, 8536.2090, 8536.9090) under Section 25-A of the Customs Act, 1969 11/2/2019

    1419/2019: Determination of Customs Values of Hot & Cold Water Dispenser and Parts under Section 25-A of the Customs Act, 1969 11/2/2019

    1408/2019: Determination of Customs Values of Ball, Taper,Needle,Roller,Spherical,Cylindrical Bearings PCT (8482.1000, 8482.2000, 8482.3000 8482.4000, 8482.5000, 8482.6000, 8482.7000, 8482.8000) and Parts/Components of Bearings PCT (8482.9100, 8482.9910, 8482.9990) under Section 25-A of the Customs Act, 1969 11/1/2019

    1410/2019: Determination of Customs Values of Toiletries/Face/Talcum Powder,Face and Skin Creams/Lotions, Tooth Paste, After Shave, Shaving Cream/Gel/Foam, Soap in ot her Forms and Facial Wash under Section 25-A of the Customs Act, 1969 11/1/2019

    1411/2019: Determination of Customs Values of Hair Care Products/Shampoos/Conditionsers and Hair Spray/Gel/Wax/Cream/Colour/Oil/Coat/Aqua/Hydrogen Peroxide Liquid/Develor/Accelerator under Section 25-A of the Customs Act, 1969 11/1/2019

    1412/2019: Determination of Customs Values of PVC Trunking Duct Patti under Section 25-A of the Customs Act, 1969 11/1/2019

    1413/2019: Determination of Customs Values of Used Photocopier Machine under Section 25-A of the Customs Act, 1969 11/1/2019

    1414/2019: Determination of Customs Values of File Covers, File Folder, Pouches and Envelopes made of plastic under Section 25-A of the Customs Act, 1969 11/1/2019

    1415/2019: Determination of Customs Values of Aluminium Radiators under Section 25-A of the Customs Act, 1969 11/1/2019

    1416/2019: Determination of Customs Values of Iron Pad Locks PCT (8301.1000) under Section 25-A of the Customs Act, 1969 11/1/2019

    1406/2019: Determination of Customs Values of Medium Density Fiber (MDF) Board under Section 25-A of the Customs Act, 1969 11/1/2019

    1405/2019: Determination of Customs Values of Low-End Brands Shoes, Slippers, Sandals,Chappals and Joggers under Section 25-A of the Customs Act, 1969 10/31/2019

    1400/2019: Determination of Customs Values of Engine Parts (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

    1401/2019: Determination of Customs Values of Cam Shaft, Crank Shaft, Spark Plugs, Lamps Light Lenses, Sealed Beam and Rubber Parts (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

    1402/2019: Determination of Customs Values of Water Pumps, Oil Pumps, Fuel Pumps, Oil Filers, Fuel Filters and Air Filters (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

    1403/2019: Determination of Customs Values of Transmission Group, Brake Assembly, Steering & Suspension and Body Parts Group (Replacement Auto Parts) under Section 25-A of the Customs Act, 1969 10/30/2019

    1404/2019: Determination of Customs Values of Colour Cosmetics under Section 25-A of the Customs Act, 1969 10/30/2019

    1397/2019: Determination of Customs Values of Children Garments (Baby/Baba) Garments of Low End Brands of China Vietnam,Indonesia, Thailand Malaysia, UAE,sri Lanka & Other Origins under Section 25-A of the Customs Act, 1969 10/28/2019

    1398/2019: Determination of Customs Values of Children Garments of Low End Brands of China,Indonesia,Malaysia,UAE,Bangladesh,sri Lanka,Thailand,Vietnam & Other Origins under Section 25-A of the Customs Act, 1969 10/28/2019

    1395/2019: Determination of Customs Values of Mobile Phone LCD Screens (HS Code 8517.7000) under Section 25-A of the Customs Act, 1969 10/25/2019

    1396/2019: Determination of Customs Values of White Oil, under Section 25-A of the Customs Act, 1969 10/25/2019

    1394/2019: Determination of Customs Values of Non-carbon releasing paper, Art Card/Coated Board/Paper and Light Weight Coated Papers under Section 25-A of the Customs Act, 1969 10/17/2019

    1393/2019: Determination of Customs Values of Chandeliers,Pendants & Others Hanging Lights and Parts Thereof under Section 25-A of the Customs Act, 1969 10/16/2019

    1392/2019: Determination of Customs Values of (1) Perfumes (2) Eau De Toilet Perfumes (3) Eau De Toilt (4) Eau De Cologne (5) Body Spray (6) Personal Deodorants (7) Roll-on (8) Anti-Perspirant (9) Body Deo (10) Deo Stick under Section 25-A of the Customs Act, 1969 10/15/2019

    1391/2019: Determination of Customs Values of Aerosol Spray Paints under section 25-A of the Customs Act, 1969 10/3/2019

    1390/2019: Determination of Customs Values of Ginger and Garlic under section 25-A of the Customs Act, 1969 9/24/2019

    1388/2019: Determination of Customs Values of Thermal Paper/Fax Machine Paper in Roll under section 25-A of the Customs Act, 1969 9/5/2019

    1387/2019: Determination of Customs Values of Polyester Filament Yarn under section 25-A of the Customs Act, 1969 9/3/2019

    1386/2019: Determination of Customs Value of Ball Bearings and Taper Bearings under Section 25-A of the Customs Act, 1969 7/25/2019

    1385/2019: Determination of Customs Values of Printed Polyester Microfiber Fabric for Bed Sheets under Section 25-A of the Customs Act, 169 7/18/2019

    1384/2019: Determination of Customs Values of Non-Dairy Topping/Whipping Cream Under Section 25-A of the Customs Act, 1969 7/17/2019

    1382/2019: Determination of Customs Values of PVC Electric Insulation Tape Under Section 25-A of the Customs Act, 1969 7/15/2019

    1383/2019: Determination of Customs Values of Water Based Acrylic Type Self Adhesive Tape (BOPP/OPP) and Hot Melt Rubber Based Self Adhesive Tape in Jumbo/Log Rolls or in Retail Packing Under Section 25-A of the Customs Act, 1969 7/15/2019

    1381/2019: Determination of Customs Values of Aseptic Packaging Material for Liquid Food/Beverages Under Section 25-A of the Customs Act, 1969 7/12/2019

    1380/2019: Determination of Customs Values of Aerosoft & Similar Brands of Footwear of Thailand Origin Under Section 25-A of the Customs Act, 1969 7/9/2019

    1378/2019: Determination of Customs Value of Three wheelers Cargo Loaders in CKD/SKD conditions and Parts/Components thereof under Section 25-A of the Customs Act, 1969 6/27/2019

    1377/2019: Determination of Customs Value of Refrigeration Gases (in Retail Packing and ISO Tanks/Drums) under Section 25-A of the Customs Act, 1969 6/12/2019

    1376/2019: Determination of Customs Value of Artificial Imitation Jewellery under Section 25-A of the Customs Act, 1969 5/30/2019

    1375/2019: Determination of Customs Value of Food Supplements/Multivitamis/Mineral Supplements and Whey Protein under Section 25-A of the Customs Act, 1969 5/24/2019

    1373/2019: Determination of Customs Value of Branded Milk (Lacnor, Almariai, Soyafresh, etc.) under Section 25-A of the Customs Act, 1969 5/15/2019

    1372/2019: Determination of Customs Value of Aluminum Beverage Cans under Section 25-A of the Customs Act, 1969 5/14/2019

    1371/2019: Determination of Customs Value of Hydrogen Peroxide 50% under Section 25-A of the Customs Act, 1969 5/9/2019

    1369/2019: Determination of Customs Value of Toner Powder Black/Coloured in Bulkfor Photocopiers and Printers under Section 25-A of the Customs Act, 1969 5/6/2019

    1370/2019: Determination of Customs Value of Butter (Derived From Milk/Dairy) under Section 25-A of the Customs Act, 1969 5/6/2019

    1366/2019: Determination of Customs Value of Sauces / Salad Dressing / Mayonnaise / Mustard and Tomato Ketchup under Section 25-A of the Customs Act, 1969 4/30/2019

    1367/2019: Determination of Customs Value of Formic Acid under Section 25-A of the Customs Act, 1969 4/30/2019

    1368/2019: Determination of Customs Value of Dry Coconut/Dry Copra under Section 25-A of the Customs Act, 1969 4/30/2019

    The Valuation Rulings can be downloaded here.

  • Listing of TPL Trakker announced through IPO

    Listing of TPL Trakker announced through IPO

    KARACHI: TPL Corp on Friday formally announced the listing of its subsidiary TPL Trakker Limited at Pakistan Stock Exchange (PSX) through an Initial Public Offering (IPO).

    In a notice to PSX, the company said that the board of directors of TPL Trakker Limited (TPLT), a wholly owned subsidiary of TPL Corp Limited, had accorded its approval to TPLT for listing at the PSX.

    The board also granted approval to submit its listing applications before the PSX and SECP as per the applicable rules and regulations.

    TPLT will be offering around 115.72 million ordinary shares of the face value of Rs10 each, at a price of Rs12 aggregating up to Rs1.4 billion by way of an IPO at a fixed price in accordance with the Public Regulations, 2017.

    Earlier, TPL Corp Limited (TPL) held a Corporate Briefing on November 18, 2019 to discuss the financial results of FY19 and future outlook of the company.

    In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4 billion.

    Moreover, the company is in talks with two foreign strategic investment partners for equity injection.

    TPL Group includes TPL Trakker Limited, TPL Insurance, TPL Properties, TPL Life, TPL Maps, TPL Security Services Private and TPL Rupiya.