Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Stock market gains 584 points on improved sentiments

    Stock market gains 584 points on improved sentiments

    KARACHI: The stock exchange gained 584 points on Thursday on buying activities and improved sentiments.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,706 points as against 38,123 points showing an increase of 584 points.

    Analysts at Arif Habib Limited said that expectation of resolution of the controversy regarding COAS extension in Service helped Index recover, as Investors (largely Individuals and Corporates) have been buying the dips since last week.

    Market opened on a positive note and reached +724 points. Activity was observed across the board with major activity being observed in Cement and Banks.

    Profit booking was also seen during the day which brought the index down to +584 points and closed the session at that.

    Auto sector has generally been rallying on the back of upcoming Auto Industrial Development Policy, where shares were seen hitting upper circuit in today’s session.

    Cement sector led the volumes with 48.8 million shares, followed by Banks (40 million) and Engineering (36.5 million).

    Among scrips, UNITY again topped the charts with 20.4 million shares, followed by PAEL (19.7 million) and TRG (15.8 million).

    Sectors contributing to the performance include Banks (+91 points), Power (+75 points), Cement (+59 points), E&P (+48 points) and O&GMCs (+46 points).

    Volumes staged a strong comeback with 348.2 million shares against 228.4 million the other day (+52 percent DoD).

    Average traded value also increased by 52 percent to reach US$ 78.1 million as against US$ 51.5 million.

    Stocks that contributed significantly to the volumes include UNITY, PAEL, TRG, BIPL and FFL, which formed 24 percent of total volumes.

    Stocks that contributed positively include HUBC (+68 points), PSO (+31 points), MCB (+30 points), LUCK (+29 points) and NBP (+23 points). Stocks that contributed negatively include SHFA (-7 points), HBL (-5 points), BAFL (-4 points), PMPK (-3 points), and PKGS (-3 points).

  • Rupee ends unchanged in range bound activities

    Rupee ends unchanged in range bound activities

    KARACHI: The Pak Rupee ended unchanged against dollar on Thursday owing to range bound trading activities.

    The rupee ended Rs155.33 to the dollar, the same previous day’s level in interbank foreign exchange market.

    The currency experts said that the lower demand for dollar from importers and corporate sector helped the rupee to maintain level. Besides, the market also witnessed no significant inflows of export receipts and workers remittances.

    The foreign currency market was initiated in the range of Rs155.30 and Rs155.35. The market recorded day high of Rs155.34 and low of Rs155.30 and closed at Rs155.33.

    The exchange rate in open market also witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs155.40/Rs155.70, the same previous day’s closing, in cash ready market.

  • ECC approves Rs30bn for redemption of sales tax refund bonds

    ECC approves Rs30bn for redemption of sales tax refund bonds

    ISLAMABAD: The government has approved Rs30 billion for redemption of sales tax refund bonds issued by the Federal Board of Revenue (FBR).

    The Economic Coordination Committee (ECC) of the Senate in a meeting yesterday took up a proposal by FBR and approved a technical supplementary grant to the tune of Rs 30 billion for the redemption of bonds issued by the “FBR Refund Settlement Company Limited” to the tune of Rs 30 billion, and payment of sales tax refunds by FBR in the form of cheques in accordance with the prescribed rules.

    The ECC also approved a proposal by the Commerce Division for declaration of the erstwhile zero-rated sectors, namely Textiles (including jute), carpets, leather, sports and surgical goods as “Export Oriented Sectors, which includes Textiles, Carpets, Leather, Sports and Surgical Goods”.

    On another proposal by the Ministry of Information Technology & Telecommunication for exemption of 8 percent minimum Income Tax for National Telecommunication Corporation, the ECC constituted a body comprising Minister for Economic Affairs Division Muhammad Hammad Azhar, Minister for Information Technology & Telecommunication Khalid Maqbool Siddiqui, Chairman Board of Investment and a representative from FBR to review the proposal and present suitable recommendations to ECC.

  • CNIC condition to document transactions above Rs50,000: FBR chairman

    CNIC condition to document transactions above Rs50,000: FBR chairman

    KARACHI: Syed Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) has said that the condition of Computerized National Identity Card (CNIC) has been made mandatory in order to document transactions above Rs50,000.

    (more…)
  • Late filers to get ATL status only after surcharge payment

    Late filers to get ATL status only after surcharge payment

    KARACHI: Late filers will only get their names on the Active Taxpayers List (ATL) after payment of penalty or surcharge.

    It has been observed that many taxpayers were filing their income tax returns for tax year after the last date of August 09, 2019 but they could not get their name on the ATL.

    The taxpayers noticed that their returns were filed and shown on the completed task but their names were not appeared on the ATL.

    However, this issued was resolved when they deposited penal amount to the Federal Board of Revenue (FBR).

    Officials at the FBR said that the late filers of Income Tax Return for Tax Year 2018 can pay “Surcharge for ATL” as defined under section 182(A) of Income Tax Ordinance 2001 by clicking on Tax Payment Nature “Misc” head in the PSID.

    “Only after the payment of surcharge will the name of the late filer become part of ATL.”

    In order to make normal payment through electronic mode, the officials said that in the e-Payments tab, a person will access Create Payment and then select Income Tax Annual Return option.

    The resulting selection will lead you to Income Tax e-Payment page. On this page a payment slip (PSID) will be created by:

    Selecting the relevant Tax Year

    Typing the Tax amount due

    Selecting the mode of payment

    Clicking the create button on the bottom of the page Confirm the e-Payment created. This will successfully create the e-Payment slip.

    The e-Payment slip can be deposited in any National Bank (NBP)/State Bank (SBP) branch. Select the nearest city where a taxpayer wants to deposit the payment slip from the drop down list.

    Click the print button to download the PSID on your computer. Deposit the PSID in any of the available branches of the city of your choice.

  • SRB suspends sales tax registration of Burshane Petroleum

    SRB suspends sales tax registration of Burshane Petroleum

    KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Burshane Petroleum Private Limited for defaulting payments for eight months and non-compliance of return filing for the same period.

    The SRB in a notice of suspension, said that short declaration of sales and non-payment of sales tax on services is contravention of Sales Tax on Services Act, 2011.

    The board said that record of the company revealed that it had M/s. Hascol Petroleum Limited declared purchases of Rs310.95 million including sales tax of Rs40.42 million from Burshane Petroleum Pvt. Ltd during February 2019 to September 2019, and had also paid sales tax on services amount of Rs32.339 million to M/s. Burshane Petroleum Pvt Limited for onward payment to SRB.

    However, Burshane Petroleum Pvt Limited have not filed their monthly sales tax return during February 2019 to September 2019 leading to sales suppression of Rs310.95 million and short payment of sales tax of Rs32.34 million.

    The SRB said that the suspension would only be revoked if the company takes following remedial action by November 28, 2019:

    To declare all sales and discharge all Sindh sales tax dues along with default surcharge.

    To e-file the true and correct monthly Sindh sales tax return for the tax periods.

    Further, the company has been directed to submit summary list along with copies of all invoices issued during January 2019 up to September 2019, copies of sales tax returns filed with other provincial sales tax authorities and copies of withholding certificates alongwith payment proofs.

    The SRB warned that in case of non-satisfactory response for failure to take remedial measures on or before November 28, 2019, further necessary action would be taken as envisaged under the Act.

  • Overseas Pakistanis to be allowed bring duty-free hybrid vehicles

    Overseas Pakistanis to be allowed bring duty-free hybrid vehicles

    ISLAMABAD: In order to recognize the services of overseas Pakistanis, the government is considering to allow bringing duty-free hybrid vehicles into the country.

    A statement said that the Ministry of Overseas Pakistan has proposed a major reward for Overseas Pakistanis in recognition of their services for the country and for their enduring convenience abroad.

    The ministry is currently in the process of developing a list of major concessions and privileges to be given to Overseas Pakistanis for which all stakeholders and various departments have been requested to offer their concessional proposals.

    It is for this reason; the Commerce Division has been requested to give their opinion on allowing Overseas Pakistanis, who remit one hundred thousand dollars to Pakistan in two years’ time, to bring one hybrid vehicle up to 3000cc without any duty.

    The Commerce Division has proposed sending the same to the Ministry of Industry and Production/Engineering Development Board (EDB) to obtain their opinion.

    The departments have been requested to submit their comments on the proposal as soon as possible so that the Ministry of Overseas Pakistanis can prepare this list within a stipulated time as advised by the Prime Minister’s office.

    Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development (OPHRD) and Chairman National Tourism Coordination Board (NTCB) Syed Zulfiqar Bukhari, announced his full support for the move, reiterating that the project would not only reward overseas Pakistanis for contributing to the national treasury, but would also curtail Hundi and Hawala culture.

    PM’s advisor Zulfi Bukhari is currently on a three-day tour to Doha, Qatar where he is meeting with Qatar Officials to promote tourism and investment in Pakistan.

  • Inflation cannot be controlled through high policy rate: FPCCI

    Inflation cannot be controlled through high policy rate: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday said that inflation in Pakistan is cost push and it cannot be controlled through tight monetary policy stance.

    (more…)
  • Only return filers allowed to claim income tax refunds

    Only return filers allowed to claim income tax refunds

    KARACHI: Only those taxpayers have been allowed to claim income tax refunds, who filed their income tax returns electronically, officials at Federal Board of Revenue (FBR) said.

    Refund can be only claimed if the person has filed their income tax return electronically.

    A manual Return does not entitle you to a refund, the officials said.

    The refund amount should be clearly reflected in the taxpayers’ income tax returns filed on FBR’s portal i.e. Iris.

    Refund resulting from the income tax return can be claimed by filing a separate application in Iris.

    To check the status of application, the taxpayers can visit relevant Regional Tax Office (RTO).

    The refund can also be claimed later on after submitting the income tax return, but within two years from the date of filling of return (date of assessment) or from the date on which the tax was paid, whichever is later.

    However, persons filing tax return for tax year after the specified due date will not be entitled to refund during the period the person is not included in ATL and income tax authorities will not incur any liability of compensation for delayed refund for the period the person is not appearing in ATL and such period shall not be counted for the purpose of computing additional payment for delayed refund.

  • Stock market gains 328 points as court proceedings on extension continue

    Stock market gains 328 points as court proceedings on extension continue

    KARACHI: The stock market gained 328 points on Wednesday despite ongoing court proceedings related to tenure extension of the army chief.

    The benchmark KSE-100 index closed at 38,123 points as against 37,795 points showing an increase of +328 points.

    Analysts at Arif Habib Limited said that the political uncertainty took center stage since yesterday, when SC took notice of Army Chief’s extension.

    Considering this issue to be a procedural issue, which will be resolved by the government, market took a positive view of the situation and partly recovered points lost in yesterday’s trading.

    All in all, the index gained 311 points during the session, and closed the session at +328 points.

    Session did saw a loss of 123 points as the remarks by SC judges came in public, denting investor sentiment for a while.

    Buying activity was largely observed in Steel and Cement sectors, wherein Steel and Auto sector scrips hit upper circuits.

    Cement sector led the volumes with 49.7 million shares, followed by Vanaspati (24 million) and Food (23.5 million) repeating yesterday’s performance.

    Among scrips, 2 of the top volume leaders were UNITY (24 million) and FFL (19.9 million) followed by MLCF (15.3 million) which closed at upper circuit.

    Sectors contributing to the performance include Banks (+132 points), Power (+31 points), Tobacco (+31 points), Fertilizer (+22 points), and Autos (+14 points).

    Volumes declined significantly by 53 percent to reach 228.1 million shares against 488.7 million shares. Average traded value also declined by 57 percent to reach US$ 51.5 million as against US$ 118.5 million.

    Stocks that contributed significantly to the volumes include UNITY, FFL, MLCF, MLCFR1 and PAEL, which formed 37 percent of total volumes.

    Stocks that contributed positively include MCB (+53 points), FFC (+39 points), PAKT (+32 points), HUBC (+30 points) and HBL (+28 points). Stocks that contributed negatively include ENGRO (-19 points), PPL (-13 points), MARI (-12 points), COLG (-9 points), and EFERT (-4 points).