Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR transfers 78 IRS officers in major reshuffle

    FBR transfers 78 IRS officers in major reshuffle

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced major reshuffle in Inland Revenue Service (IRS) and transferred 78 officials of BS-17 to BS-20 with immediate effect and until further orders.

    The FBR announced transfers and postings of following IRS officers:

    01. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-IV) Large Taxpayers Unit-II, Karachi from the post of Commissioner, (IP/TFD/HRM) Large Taxpayers Unit, Karachi.

    02. Zahoor Ahmad Panwar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD) Corporate Regional Tax Office, Karachi from the post of Commissioner, (Zone-IV) Large Taxpayers Unit-II, Karachi.

    03. Muhammad Farrukh Majid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (HRM) Corporate Regional Tax Office, Lahore from the post of Commissioner, Inland Revenue (Appeals), Multan.

    04. Hasnain Brohi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (HRM) Corporate Regional Tax Office, Karachi from the post of Commissioner, Regional Tax Office III, Karachi.

    05. Muhammad Naveed Akhtar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-V) Regional Tax Office II, Lahore from the post of Commissioner, Large Taxpayers Unit, Lahore.

    0.6 Ms. Tajamal Bilquis (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Additional Commissioner, Regional Tax Office, Islamabad.

    07. Ms. Uzma Munir (Inland Revenue Service/BS-19) has been transferred and posted as Secretary, (International Taxes) Federal Board of Revenue (Hq), Islamabad from the post of Secretary, (Taxpayers Audit Wing) Federal Board of Revenue (Hq), Islamabad.

    08. Basit Saleem Shah (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation (Inland Revenue), Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    09. Muhammad Arshad (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Multan from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    10. Mian Muhammad Majid Hayat (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Director, Directorate General of Training & Research (Inland Revenue), Lahore.

    11. Ms. Bushra Fatima (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Additional Director, Directorate of Internal Audit (Inland Revenue), Lahore.

    12. Tasawwar Iqbal (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Additional Commissioner, Regional Tax Office, Sukkur.

    13. Atif Bashir (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    14. Kashif Azhar (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office II, Lahore.

    15. Naveed Dost Chandio (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office III, Karachi from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    16. Abid Aziz Memon (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Hyderabad from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    17. Abdul Rehman Khilji (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Additional Commissioner, Regional Tax Office II, Karachi.

    18. Muhammad Aslam Jamro (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office III, Karachi.

    19. Ms. Nawal Sheikh (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    20. Mumtaz Ali Bohio (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office III, Karachi.

    21. Ejaz Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Additional Commissioner, Regional Tax Office II, Karachi.

    22. Muhammad Asif Rafique (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Multan from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    23. Amanat Ali Shar (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Additional Commissioner, Large Taxpayers Unit-II, Karachi.

    24. Ms. Kehkshan Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Additional Commissioner, Large Taxpayers Unit, Lahore.

    25. Mazhar Irshad Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Peshawar from the post of Additional Commissioner, Large Taxpayers Unit, Islamabad.

    26. Qadeerullah (Inland Revenue Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Secretary, (Law Procedure & Exemption) Federal Board of Revenue (Hq), Islamabad.

    27. Fayaz Hussain Abro (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Additional Commissioner, Regional Tax Office, Hyderabad.

    28. Bilal Ahmed (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Additional Commissioner, Regional Tax Office, Faisalabad.

    29. Amanullah Virk (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    30. Rehmatullah (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Large Taxpayers Unit, Islamabad from the post of Assistant Director (Audit), Federal Board of Revenue (Hq), Islamabad.

    31. Azhar Jehangir (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office II, Lahore.

    32. Muhammad Masood Ahmed Gorsi (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Additional Commissioner, Corporate Regional Tax Office, Karachi.

    33. Ms. Yasmin Sadaf (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    34. Muhammad Sarim Bhatti (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    35. Shehryar Akram Awan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    36. Ms. Bela Tariq (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue (AEOI Zone) Large Taxpayers Unit, Lahore from the post of Deputy Director, Directorate of
    Internal Audit (Inland Revenue), Lahore.

    37. Khalid Sultan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Second Secretary, (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad.

    38. Haider Abbas Abbasi (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    39. Rehan Khalid (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Assistant Director (Audit), Large Taxpayers Unit, Islamabad.

    40. Qadeer Ullah (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Regional Tax Office, Peshawar from the post of Assistant Director (Audit), Regional Tax Office, Sialkot.

    41. Ms. Mona Baqir (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Training & Research (Inland Revenue), Islamabad from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    42. Abdul Hameed Magsi (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    43. Muhammad Asif Nadeem (SAST/BS-18) has been transferred and posted as Assistant Director (Audit), Regional Tax Office, Multan from the post of Assistant Director (Audit), Federal Board of Revenue (Hq), Islamabad.

    44. Sajjad Hussain (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    45. Aijaz Ali (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    46. Riaz Ahmed (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office II, Karachi from the post of Deputy Commissioner, Regional Tax Office III, Karachi.

    47. Ms. Mahak Mansoor (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue (AEOI Zone) Large Taxpayers Unit, Lahore from the post of Deputy Director, Directorate of Special Initiative-IR, Lahore.

    48. Ali Saleh Hayat Kalyar (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Sargodha.

    49. Ejaz Shabbir Malik (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Rawalpindi from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    50. Mrs. Mahwish Khan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    51. Muhammad Waqas Maqsood (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    52. Muhammad Irfan Haider (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Faisalabad from the post of Deputy Commissioner, Regional Tax Office, Bahawalpur.

    53. Suhail Abbas (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    54. Muhammad Asim Qadir Haye (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Internal Audit (Inland Revenue), Islamabad from the post of Second Secretary, (HRM Wing) Federal Board of Revenue (Hq), Islamabad.

    55. Mrs. Farva Abid (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, (IR) Large Taxpayers Unit, Karachi.

    56. Mansoor Wisal (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    57. Ms. Misbah Noreen (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    58. Umair Akbar Soomro (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    59. Amjad Hussain Janvri (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    60. Ms. Romana Alam (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Islamabad from the post of Second Secretary, (Inland Revenue Policy Wing) Federal Board of Revenue (Hq), Islamabad.

    61. Mujeeb Ahmed Nasir (SAST/BS-18) has been transferred and posted as Assistant Director (Audit), Directorate of Intelligence & Investigation (Inland Revenue), Karachi from the post of Assistant Director (Audit), Regional Tax Office II, Karachi.

    62. Ms. Sana Ghous (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Director, Directorate of Special Initiative-IR, Lahore from the post of Deputy Commissioner, Corporate Regional Tax Office, Lahore.

    63. Ms. Romesa Tahir (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Rawalpindi.

    64. Gulfam Afzal (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Regional Tax Office, Rawalpindi from the post of Deputy Director, Directorate of Internal Audit (Inland Revenue), Islamabad.

    65. Saad Khan (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Islamabad.

    66. Tariq Hussain Matlo (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Regional Tax Office II, Karachi.

    67. Rosheen Hussain Syed (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Lahore from the post of Deputy Commissioner, Large Taxpayers Unit, Islamabad.

    68. Ms. Shahida Nazeer (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Assistant Commissioner, Corporate Regional Tax Office, Karachi.

    69. Usama Amin (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner, Regional Tax Office, Sialkot.

    70. Ali Raza Gilani (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Regional Tax Office II, Lahore from the post of Assistant Commissioner, Regional Tax Office, Gujranwala.

    71. Saad Ali Siddique (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    72. Ms. Zinnia Hussain (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Director, Directorate General of Training & Research (Inland Revenue), Lahore from the post of Assistant Commissioner (Prob), Regional Tax Office II, Lahore.

    73. Muhammad Adeel Quddusi (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    74. Ms. Naushaba (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office II, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office III, Karachi.

    75. Baqar Ali (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner (Prob), Regional Tax Office, Hyderabad.

    76. Suhbat Ali Sahto (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Corporate Regional Tax Office, Karachi from the post of Assistant Commissioner, Regional Tax Office II, Karachi.

    77. Zulfiqar Ali Memon (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Assistant Commissioner, Regional Tax Office III, Karachi.

    78. Abdul Waheed Awan (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Assistant Commissioner, Regional Tax Office III, Karachi.

    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.

  • Stock market sheds 105 points on financial results

    Stock market sheds 105 points on financial results

    KARACHI: The stock market ended down by 105 points on Friday mainly responded to financial results. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,657 points as against 33,762 points showing a decrease of 105 points.

    (more…)
  • FPCCI hopes improved ease of doing business to encourage foreign investment

    FPCCI hopes improved ease of doing business to encourage foreign investment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) hoped that improvement in ease of doing business in Pakistan will encourage foreign investment into the country.

    Engr. Daroo Khan Achakzai, President FPCCI in a statement issued on Friday congratulated Prime Minister of Pakistan Imran Khan and his team for improvement of Pakistan’s ranking from 136 to 108 in Ease of Doing Business 2020 report issued by World Bank.

    The report indicated that the World Bank and others institutions has started recognition of Pakistan’s Business reforms.

    He added that the improving of Pakistan in Ease of Doing Business will definitely pave the way in encouraging the international investors to make substantial investment in Pakistan as most of the international investors make decisions of investment on the basis of this report.

    The President FPCCI said that the Present Government has achieved another milestone of their manifesto i.e. to bring Pakistan into top investment destinations.

    He hoped that the continuous reforms of the Government will bring Pakistan into top 80 countries next year. He added that Pakistan’s ranking had improved in six indicators i.e. starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders which made Pakistan in top ten business reformer countries.

    This will also facilitate the other countries to investment in CPEC related projects which will connect South Asia with Central Asia and Europe.

    He suggested the government to make similar incentives/reforms in Baluchistan and KPK as the World Bank report has only covered two main provinces Punjab and Sindh.

    Inclusion of these provinces will help in their economic development.

    He further added that improvement in ranking will improve the business environment and overall economy become visible because of the reforms introduced by the government which will focus on the mandate of ensuring well being of masses and providing quality education and health to all segment of society.

  • Banks disburse Rs26.76 billion business loans to youth

    Banks disburse Rs26.76 billion business loans to youth

    KARACHI: Banks have disbursed an amount of Rs26.76 billion under Prime Minister’s Youth Business Loans (PMYBL) till June 30, 2019 as against the amount of Rs25.13 billion disbursed till June 30, 2019.

    The number of borrowers has been increased to 26,679 by end June 2019 as compared with 25,128 borrowers by end June 2018, State Bank of Pakistan (SBP) said on Friday.

    The government, being cognizant of the important role played by youth and small businesses in the economic development, introduced Prime Minister’s Youth Business Loans (PMYBL) Scheme in 2013 with the aim of providing youth the opportunities of financial independence through self-employment.

    Under the Scheme, small businesses are provided loans up to Rs 2,000,000/- at a service charge of 6 percent p.a.

    Total number of applications received by the Executing Agencies (EAs) under PMYBL Scheme as of June 30, 2019 stood at 101,938. Of the total applications received so far under the scheme, 88 percent were from male applicants.

    Moreover, since launch of the scheme, number of sanctioned applications stood at 33,145 as on June 30, 2019, while cumulative disbursements of Rs 26,760 million had been made to 26,679 beneficiaries till June 30, 2019.

    The SBP said that small businesses have potential to revitalize economic activity by creating employment opportunities, reducing poverty and providing economic linkages and services to the corporate sector.

    The growth of small businesses and their access to formal finance is imperative for the development of economy.

    However, despite their strong potential, the small businesses, particularly of young entrepreneurs, have traditionally remained credit constrained due to high risk perception of banks towards them.

    The government introduced Prime Minister’s Youth Business Loans (PMYBL) Scheme in 2013 for providing the opportunities of financial independence to youth through self-employment.

    Under the scheme, unemployed youth are extended loans upto Rs 2,000,000/- at a service charge of 6 percent p.a. for setting up new business or strengthening existing business.

    The rate of return for lending banks is one year KIBOR+500 bps. Difference of banks’ rate and borrowers’ rate is being absorbed by the federal government in the form of subsidy.

    As a further incentive to the banks, GOP also shares 5 percent of credit losses of total outstanding loan portfolio of the banks under the scheme.

    Currently, eighteen banks are participating in the scheme, of which three are public sector banks (NBP, FWBL and Sindh Bank Limited) while the remaining fifteen are private sector banks.

  • Meezan Bank declares net profit of Rs11 billion for nine months

    Meezan Bank declares net profit of Rs11 billion for nine months

    KARACHI: Meezan Bank has declared around Rs11 billion net profit (profit after tax) for the 11-month period ended September 30, 2019. The Board of Directors of Meezan Bank Limited, in its meeting, held October 24, 2019 approved the condensed interim unconsolidated financial statements of the bank and its consolidated financial statements for the nine months period ended September 30, 2019, a statement said on Friday.

    (more…)
  • Rupee ends unchanged in interbank

    Rupee ends unchanged in interbank

    KARACHI: The Pak Rupee ended unchanged against dollar on Friday amid lackluster demand for import and corporate payments.

    The rupee ended Rs155.89 to the dollar, the same previous day’s level, in interbank foreign exchange market.

    The market was initiated in the range of Rs155.88 and Rs155.89. The market recorded day high of Rs155.89 and low of Rs155.86 and closed at Rs155.89.

    Currency experts said that the rupee was remained stable in foreign currency market ahead of weekly holidays.

    The exchange rate in open market was also witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.80/Rs156.10, the same previous day’s level, in cash ready market.

  • FBR criticized for delaying sales tax refunds under FASTER module

    FBR criticized for delaying sales tax refunds under FASTER module

    KARACHI: Business community has criticized Federal Board of Revenue (FBR) for delaying release of sales tax refunds under newly launched Fully Automated Sales Tax e-Refunds (FASTER) module.

    Suleman Chawla, President of SITE Association of Industry, while expressing deep concerns over the poor performance of the recently launched Fully Automated Sales Tax e-Refunds (FASTER) module, stated on Friday that FBR claimed of processing payments of Sales Tax Refunds within 72 hours through FASTER module but the ground reality was totally contrary to this claim as many exporters have not received anything.

    He pointed out that many exporters have not received outstanding refunds for July 2019 which was really worrisome and too disappointing for the Business and Industrial Community as the FASTER module was launched with a commitment to release refunds within 72 hours but it was not happening at all, which has intensified the hardships for exporters who are finding it almost impossible to stay afloat due to delays in release of refund claims and rescission of SRO 1125(I)/2011 dated 31.12.2011, which allowed zero-rating of inputs of five export-oriented sectors.

    “It was a matter of grave concern that a system titled FASTER for processing refund claims within 72 hours, has actually made the entire process too messy and cumbersome while the FBR officers in Islamabad were also totally unaware and confused because of the so-called FASTER system hence, it should be remained as SLOWER”, he criticized.

    President SAI said that it has been a month since the first tranche was processed via FASTER module but many exporters have not received funds, creating severe liquidity crunch for the exporters from five export-oriented industries which clearly indicates that FASTER system has failed miserably to improve the situation in fact it has made the refunds process more cumbersome and slower.

    He was fairly optimistic that keeping in view the government’s resolve towards ensuring the Ease of Doing Business, the decision makers would pay attention to this serious issue and order the concerned department to improve FASTER’s performance which would certainly be warmly welcomed by business community of Karachi but also by all other stakeholders from across the country.

    He appealed to the Federal Minister for Finance, Revenue and Economic Affairs, adviser to the Prime Minister on Finance and Chairman, FBR to personally intervene for immediate release of pending claims so that exporters could meet their export contracts.

  • FBR nominates 22 customs officers BS-18 for mandatory training course

    FBR nominates 22 customs officers BS-18 for mandatory training course

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday nominated 22 officers of BS-18 Pakistan Customs Service (PCS) for training course, which is mandatory for promotion to next scale.

    The FBR nominated the officers for 29th Mid Career Management Course (MCMC) that is commencing from February 03, 2020 to May 08, 2020 at National Institute of Management (NIM), Lahore, Karachi, Peshawar and Quetta.

    The FBR directed all officers nominated to complete their performance evaluation reports (PERs) up to June 30, 2019 and submit their latest annual medical examination report to FBR by November 11, 2019. The FBR warned that in case any officer fails to do so next in order of seniority will be nominated/communicated to Establishment Division.

    The training course is important because it is mandatory for promotion. If an officer is selected for mandatory training, declines to proceed on training for two consecutive training course, he/she would forfeit the right to be considered for promotion, provided that the Prime Minister may dispense with this provision (in any case) in public interest.

    Following is the list of PCS/BS-18 officers for 29th MCMC:

    01. Tauqeer Ahmed Dar, Deputy Collector, Model Customs Collectorate (MCC) Preventive, Lahore.

    02. Muhammad Ali Asad Khan, Deputy Collector, Office of the Chief Collector Customs (Central), Lahore.

    03. Tayyab Bukhari, Deputy Collector, MCC Appraisement, Lahore.

    04. Asma Bashir, Deputy Collector, MCC AIIA Lahore.

    05. Khaidun Ul Haq, Deputy Collector, MCC Gilgit-Baltistan.

    06. Syed Babar Ali Shah, Deputy Collector, MCC Sialkot.

    07. Fazil Shakoor, Deputy Director, Directorate of Intelligence and Investigation, FBR, Quetta.

    08. Muhammad Faisal, Deputy Director, Directorate of Reforms and Automation (Customs), Karachi.

    09. Zehra Tahir Naqvi, Deputy Collector, MCC Exports, Custom House, Karachi.

    10. Shoukat Hayat, Deputy Director, Directorate General of Transit Trade, Karachi.

    11. Shams-ur-Rehman, Deputy Collector, Model Customs Collectorate of Appraisement, Quetta.

    12. Falik Shair, Deputy Collector, MCC Gwadar.

    13. Ammar Ahmad Mir, Deputy Director, Directorate General of Training and Research (Customs), Karachi.

    14. Yawar Nawaz, Deputy Collector, MCC Preventive, Peshawar.

    15. Nausheen Riaz Khan, Deputy Director, Directorate of Risk Management, Karachi.

    16. Mahwish Shah, Deputy Director, Directorate of Post Clearance Audit, Karachi.

    17. Amna Naeem, Deputy Collector, MCC Preventive, Karachi.

    18. Shah Faisal, Deputy Collector, MCC Appraisement, Quetta.

    19. Abdul Mueed, Deputy Collector, Collectorate of Customs (Adjudication), Faisalabad.

    20. Muhammad Rehan Akram, Deputy Collector, MCC Appraisement, Lahore.

    21. Palwasha Syed, Deputy Collector, Collectorate of Customs (Adjudication), Lahore.

    22. Syed Kareem Adil, Deputy Collector, MCC Hyderabad.

  • List of transactions where 100 percent higher withholding tax not to apply

    List of transactions where 100 percent higher withholding tax not to apply

    KARACHI: Federal Board of Revenue (FBR) said that various transactions will not be liable to 100 percent higher withholding tax under Tenth Schedule of Income Tax Ordinance, 2001.

    The FBR imposed 100 percent higher withholding tax from July 01, 2019 on those persons not appearing on Active Taxpayers List (ATL).

    According to the Tenth Schedule of the Ordinance the provisions of this Schedule would not apply on tax collectible or deductible in case of the following sections:-

    (a) Salary: tax deducted under section 149

    (b) Payments to non-residents: tax deducted under section 152 other than sub-section (1), (1AA), (2), (2A)(b) and (2A)(c) of section 152

    (c) Exports: tax collected or deducted under section 154

    (d) Income from Property: tax deducted under section 155;

    (e) Withdrawal of Pension Fund: tax deducted under section 156B;

    (f) Cash Withdrawal from bank: tax deducted under section 231A;

    (g) Advance Tax on transactions in bank: tax deducted under section 231AA;

    (h)Collection of tax by NCCPL: tax deducted under section 233AA;

    (i) Electricity Consumption: tax deducted under section 235;

    (j) Domestic Electricity Consumption: tax deducted under section 235A;

    (k) Tax on steel melters and composite units: tax collected under section 235B;

    (l) Telephone and internet users: tax collected under section 236;

    (m) Advance tax on purchase of air ticket: tax collected under section 236B;

    (n) Advance tax on functions and gatherings: tax collected under section 236D;

    (o) Advance tax on cable operators and other electronic media: tax collected under section 236F;

    (p) Collection of advance tax by educational institutions: tax collected under section 236I;

    (q) Advance tax on dealers, commission agents and arhatis etc.: tax collected under section 236J;

    (r) Advance tax on purchase of international air ticket: tax collected under section 236L;

    (s) Advance tax on banking transactions otherwise than through cash: tax collected under section 236P;

    (t) Payment to residents for use of machinery and equipment: tax collected under section 236Q;

    (u) Collection of advance tax on education related expenses remitted abroad: tax collected under section 236R;

    (v) Advance tax on insurance premium: tax collected under section 236U;

    (w) Advance tax on extraction of minerals: tax collected under section 236V;

    (x) Advance tax on tobacco: tax collected under section 236X.

  • Customs intelligence recovers huge quantity of liquor from diplomatic consignments

    Customs intelligence recovers huge quantity of liquor from diplomatic consignments

    KARACHI: Directorate of Customs Intelligence and Investigation, Karachi has recovered huge quantity of liquor from consignments brought in Pakistan under the garb of diplomatic goods.

    In an official note, the customs intelligence on Thursday said that it had recovered 480 bottles of foreign whisky from consignment declared to contain food stuff imported by Embassy of Lebanon, Islamabad.

    It said that pursuant to credible information regarding smuggling of liquor in the garb of diplomatic goods, the directorate blocked a number of consignments in March 2019 imported by the Embassy of Indonesia, Syria, Algeria and Lebanon after clearance from the relevant Model Customs Collectorate.

    The directorate’s headquarters has been requested to approach the ministry of affairs for nominating its representative for conducting joint examination.

    The ministry through a letter dated May 22, 2019 only nominated its representative for joint examination of Indonesian Embassy consignment imported on March 16, 2019.

    It resulted in recovery of 480 whisky ‘Black Label’ which did not contain any food stuff at all.

    The headquarter was once again requested on October 10, 2019 to approach the ministry of foreign affairs to sent representatives of respective embassies during the examination on October 22, 2019 as considerable time has lapsed and the matter cannot be left pending indefinitely.

    The consignment imported by Embassy of Lebanon, Islamabad dated March 16, 2019 was blocked by the Directorate on Information of comprising contraband goods.

    The consignment was said to contain food stuff. However, examination conducted on October 22, 2019 at BOML Terminal, West Wharf, Karachi resulted in recovery of 480 bottles of blended Scotch Whisky (Johny Walker Black Label) in one wooden box valuing Rs4.32 million.

    It did not contain any food stuff at all. Accordingly, the consignment being liable to confiscation has been seized and further proceedings under way.