Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR takes action against non-compliant return filers owned immovable properties

    FBR takes action against non-compliant return filers owned immovable properties

    ISLAMABAD: Federal Board of Revenue (FBR) shall take penal action against persons who owned immovable property and remained non-compliant with filing of income tax returns.

    Officials at the FBR said that date for filing income tax returns had expired on February 28, 2020. However, individuals and companies still can file their returns by paying penal amount besides late filing payment to appear on Active Taxpayers List (ATL) 2019.

    The officials said that tax offices would scrutinize cases of persons who owned immovable properties during tax year 2019 i.e. July 01, 2018 to June 30, 2019.

    They said that as per Section 114 of Income Tax Ordinance, 2001 every individual requires to file annual income tax returns, who owns immovable property with a land area of two hundred and fifty square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government Laws in the provinces; or areas in a Cantonment; or in Islamabad Capital Territory.

    Besides, those individuals also require to file annual returns, who own immovable properties with a land area of five hundred square yards or more located in a rating area.

    Further person, who owns flat, having covered area of two thousand square feet or more located in a rating area.

    The FBR officials said that reportedly the real estate sector of the economy was known to be parking area for black money and money laundering. They said that the FBR had already launched aggressive drive to eliminate incidence of black money.

    They said that persons who filed their income tax returns for tax year 2018 but not filed their returns for tax year 2019 and purchase immovable properties during tax year 2019 would be screened.

    The tax authorities have obtained record of sales and purchase information from provincial registrars of immovable properties.

    They said that those persons, who concealed their money used for purchase of immovable properties, would face action.

  • FBR offers jobs to primary, matriculation pass individuals

    FBR offers jobs to primary, matriculation pass individuals

    ISLAMABAD: Federal Board of Revenue (FBR) has offered jobs for primary and matriculation passed persons in BS-01 and BS-05 for the post of Naib Qasid and Sepoy.

    The FBR said that vacancies shall ordinarily be filled on local basis (Islamabad/Rawalpindi) through balloting.

    The revenue body said that intending candidates may submit applications within 15 days of the announcement.

    According to general information and instructions, the FBR said that the scrutiny committee shall scrutinize the eligibility of candidates in terms of recruitment rules of the posts concerned read with recruitment policy of the federal government and prepare a panel of shortlisted candidates for each post.

    For the post of sepoy, physical fitness of the candidate is a pre-requisite for which the candidate shall have to meet the laid down physical standards before the scrutiny committee prior to inclusion of name in the balloting process.

    The department selection committee shall consider the candidates shortlisted by the scrutiny and ensure that names of all eligible / shortlisted candidates have been included in the balloting and ballot paper of each candidate is included in the ballot box.

    A list shall be prepared in sequence of draw of names of candidates. The candidate whose names is drawn first shall rank senior to the candidate whose name is subsequently drawn.

    Three names shall be drawn against each vacancy. Where there are, for example, three vacancies, the first three names drawn shall be the principal candidates and in case the first principal candidate fails to join the service, the first alternate candidate i.e. the fourth name drawn, shall be offered the post from amongst the list of alternate candidates.

    The FBR said that a selected candidate has to submit medical fitness certificate as required under Rule 17 of the Civil Servants (Appointment, Promotion and Transfer) Rules, 1973 and in case a candidate is declared medically unfit the alternate candidate shall be offered the post.

  • Sindh shuts schools till March 13 on Coronavirus fear

    Sindh shuts schools till March 13 on Coronavirus fear

    KARACHI: Sindh government has decided to further extend the closure of schools between March 01 and March 13, 2020 owing to coronavirus threat.

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  • FBR launches new Active Taxpayers List; return filing grows by 58%

    FBR launches new Active Taxpayers List; return filing grows by 58%

    ISLAMABAD: Federal Board of Revenue (FBR) on Sunday launched the new Active Taxpayers List (ATL) for Tax Year 2019 enabling taxpayers to avail reduced rate of withholding tax till March 2021.

    According to the new ATL around 2.53 million persons and companies filed their returns till February 29, 2020. The FBR issues the new ATL on March 01 every year on the basis of income tax returns filed for the preceding tax year.

    The income tax return filing has increased by over 58 percent when compared with 1.6 million returns filed as per the ATL issued on March 01, 2019.

    The return filers including salaried persons, business individuals, Association of Persons (AOPs) and companies can check their names on the ATL by visiting How to check ATL status?

    The filing of income tax return is mandatory for persons driving taxable income or specified under Section 114 of Income Tax Ordinance, 2001.

    The appearance of names on the ATL is only possible after filing income tax returns within due date. In case persons are not on the ATL then the rate of withholding tax shall be increased by 100 percent on various transactions.

    Persons fail to file their returns by due date but file after the date will also not qualify to enlist their name on the ATL until fine is not paid to the Federal Board of Revenue (FBR).

    Currently the ATL is in applicable on the basis of income tax returns filed for tax year 2018. The FBR will issue new ATL on the basis of returns filed for tax year 2019 on March 01, 2020.

    The last date for filing of income tax returns for tax year 2019 is February 28, 2020. The new ATL shall carry the names of those taxpayers who filed their income tax returns up to February 28, 2020.

    A taxpayer should check his/her status on the ATL before making transactions in order to avail reduced rate of tax rates.

  • SRB suspends sales tax registration of shipping company

    SRB suspends sales tax registration of shipping company

    KARACHI: The Sindh Revenue Board (SRB) has taken decisive action by suspending the sales tax registration of M/s. Adam Shipping (Private) Limited, a shipping company, due to default in payment and failure to file monthly returns.

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  • Petroleum prices reduced up to Rs7 per liter

    Petroleum prices reduced up to Rs7 per liter

    ISLAMABAD: The government has reduced prices of petroleum products up to Rs7 per liters for the month of March 2020, a notification said on Saturday.

    The notification issued by Finance Division stated that the government decided to decrease the prices of petroleum products to provide relief to the consumers.

    The government is committed to extend relief to the public whenever fiscal space becomes available.

    As per the notification following prices will be effective from March 01, 2010:

    The price of petrol has been reduced by Rs5 per liter to Rs111.60 from Rs116.60.

    The price of high speed diesel has been reduced by Rs5 per liter to Rs122.26 from Rs127.26,

    The price of kerosene oil has been reduced by Rs7 per liter to Rs92.45 from Rs99.45.

    The price of light diesel oil has been reduced by Rs7 per liter to Rs77.51 from Rs84.51.

  • Port Qasim advised to ensure environmental compliance in unloading soybean cargo

    Port Qasim advised to ensure environmental compliance in unloading soybean cargo

    KARACHI: Sindh Environmental Protection Agency (SEPA) has asked Port Qasim Authority (PQA) to ensure environmental compliance while unloading soybean cargo, officials said on Saturday.

    In a letter sent to PQA, the SEPA said that an incident was occurred on February 16, 2020 at Kemari and in the vicinity of Karachi Port Trust regarding deterioration of Air Quality due to dust emission.

    “As reported by the office of Commissioner Karachi on February 19, 2020 regarding the said incident that 10 persons died and 300 persons were affected in the area.”

    The SEPA further said that International Centre of Chemical and Biological University of Karachi has reported that soybean dust containing allergies were released from the ship was the main cause of said incident. It is now learnt through reliable sources that the same ship is intended to shift to Port Qasim for its further unloading.

    In this context, “it must be ensured that the dust emission expected to be emitted from the ship should be controlled for protection of human health and life.”

    “All precautionary measures must be ensured, so that adverse impact does not arise to the labors working at port and the population residing in the surroundings.”

    The SEPA also advised that PQA must submit plan to carryout Ambient Air Quality monitoring regularly thereby installation of Ambient Air Quality monitoring stations on permanent basis within the jurisdiction, mainly due to handling of coal and other air pollution sources including power plant and industries, as well as construction of projects.

    The agency asked the PQA to ensure the environmental compliance due to port operation and other installation/industries, in true spirit for improvement of air quality within the jurisdiction of Port Qasim.

  • Dealers demand reviewing policy for used cars import

    Dealers demand reviewing policy for used cars import

    KARACHI: Car dealers have said that due to restrictions on import of used vehicles the business of car sales has suffered terribly and many showroom owners have shut down their businesses.

    Chairman of Automotive Traders & Importers Association Karachi (ATIAK) Muhammad Kamran Khan and President ATIAK Ch. Aamir Ali Khan have requested the Karachi Chamber of Commerce & Industry (KCCI) to support the car dealers.

    They said that due to severe curbs imposed on the imports of used cars particularly the amendment in the Import Policy Order 2016 in which clearance of cars through foreign exchange has been made mandatory, the car sale business has suffered terribly and dozens of car dealers in various localities have shut down their businesses.

    They also sought help of the KCCI in getting their parking issue resolved as not a single vehicle belonging either to showroom owners or walk-in customers was being allowed to get parked outside any showroom which terribly affects their businesses.

    Chairman ATIAK Muhammad Kamran Khan pointed out that the situation has created a lot of problems not only for the car dealers but also for many other allied businesses including the denting and painting workshops and mechanics etc., rendering thousands of people jobless.

    Chairman ATIAK stated that the importers of used cars pay billions of rupees each other in shape of taxes and custom duties but the restrictions on imported cars have brought many businesses on the verge of complete collapse whereas the government was also losing billions of rupees being generated through custom duties and registration of imported vehicles.

    “The entire strategy needs to be reviewed and relief has to be provided hence, KCCI, being the premier trade body, must come forward to help out and save car dealers”, he added.

    Speaking at a meeting during the visit of ATIAK delegation to KCCI, Chairman and President ATIAK said that relocating showrooms outside Karachi was not a feasible option as not a single customer will come all the way out of city beyond Sohrab Goth to buy cars mainly due to security concerns hence, the relevant authorities will have to come up with some other feasible option in which relief has to be ensured for perturbed showroom owners.

    Earlier President KCCI Agha Shahab Ahmed Khan, while welcoming the ATIAK delegation, said that under Businessmen Group’s policy of Public Service, the Karachi Chamber has not only been serving the entire business & industrial community without any discrimination but also all other citizens of Karachi who have been facing hardships and climb the Chamber’s stairs to seek assistance.

    He assured the ATIAK delegation members of KCCI’s full support and cooperation so that numerous issues being faced by the car importers and dealers could be resolved as per aspiration of the stakeholders. “We are available for any kind of assistance 24/7 to the entire business and industrial community of Karachi without any discrimination of cast, creed, color or even size of the business”, he added.

    Referring to concerns by ATIAK delegates over parking issue, Agha Shahab Ahmed assured that DIG Traffic will be invited so that the parking issue being faced by car dealers could be particularly discussed and resolved.

    He was of the view that instead of imposing parking restrictions and creating other problems for showroom owners, the authorities should devise some kind of an effective strategy and come up with a permanent solution in consultation with all stakeholders as the car dealers also contribute billions of rupees every year to the national exchequer in shape of taxes and duties hence, they must get an enabling business environment in return.

    Speaking on the occasion, Chairman KCCI’s Special Committee for Small Traders Majeed Memon advised the ATIAK delegates to maintain close liaison with Karachi Chamber, become members of numerous subcommittees and participate in subcommittees’ meetings in order to actively highlight and bring issues to KCCI’s notice so that the same could timely be taken up with relevant authorities and amicably resolved.

  • Weekly Review: Market to remain under pressure on coronavirus threat

    Weekly Review: Market to remain under pressure on coronavirus threat

    KARACHI: Coronavirus fear to haunt the local bourses during next week as it has already dented the market badly in the outgoing week.

    Analysts at Arif Habib Limited said that with the extension of global panic over coronavirus and its spill-over on markets, currencies and commodities alike, pressure on the benchmark KSE-100 index to sustain.

    Albeit, topsy-turvy trend of the market on last day of the week suggests that recent correction has opened up valuations and select sectors may come under limelight.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.6x (2020) compared to Asia Pac regional average of 11.4x and while offering DY of ~7.2 percent versus ~2.9 percent offered by the region.

    Given the outbreak of Coronavirus across 40-odd countries with no signs of containment in sight, global equities and commodities (such as Oil) were quick to witness a rout.

    Moreover, Moody’s report signaling an adverse impact on local Banks post Pakistan’s inclusion in the FATF’s Grey List, further eroded sentiments.

    That said, Pakistan and IMF’s staff-level agreement on the second review under the $6 billion Extended Fund Facility (EFF) provided respite to the market.

    The local equity bourse shed 2,266points (5.6 percent WoW) to close at 37,984 points, depicting the biggest weekly decline since 16th Jun 2017 in points.

    Sector-wise negative contributions came from i) E&P (575 points) led by weakness in International oil prices, ii) Commercial Banks (531 points), iii) Fertilizer (278 points), iv) Power Generation & Distribution (233 points), and v) Oil and Gas Marketing Companies (191 points). Scrip-wise negative contributions were led by PPL (256 points), OGDC (194 points), HUBC (170 points), HBL (152 points), and ENGRO (103 points).

    Foreign selling continued this week clocking-in at USD 22.5mn compared to a net sell of USD 8.6 million last week.

    Selling was witnessed in Commercial Banks (USD 7.6 million) and E&P (USD 4.8 million). On the domestic front, major buying was reported by Insurance Companies (USD 25.3 million) and Banks / DFIs (USD 7.8 million).

    Average Volumes settled at 174 million shares (up by 63 percent WoW) while average value traded clocked-in at USD 48 million (up by 54 percent WoW).

  • NBP announces 21% decline in after tax profit

    NBP announces 21% decline in after tax profit

    KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.

    According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.

    The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.

    The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.

    The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.

    The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.