Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Method for determination of input sales tax

    Method for determination of input sales tax

    KARACHI: Sales tax rules have defined method for determination of input tax claimed by registered persons.

    According to rule 25 of Sales Tax Rules 2006, input tax paid on raw materials relating wholly to the taxable supplies shall be admissible under the law.

    Input tax paid on raw materials relating wholly to exempt supplies shall not be admissible.

    The amount of input tax incurred for making both exempt and taxable supplies shall be apportioned according to the following formula, namely:–

    Residual input tax credit on taxable supplies =

    Value of taxable supplies
    —————————————————- x Residual input tax
    (Value of taxable + exempt supplies)

    Monthly adjustment of input tax claimed by a registered person under this Chapter shall be treated as provisional adjustment and at the end of each financial year, the registered person shall make final adjustment on the basis of taxable and exempt supplies made during the course of that year.

    Any input tax adjustment claimed wrongfully on account of incorrect application of formula set out in sub-rule (3) shall be punishable under the respective provisions of law irrespective of the fact that the claim was provisional.

    Federal Board of Revenue (FBR) said that this shall apply to the registered persons who make taxable and exempt supplies simultaneously.

  • SBP gives deadline to banks for IFRS-9 implementation

    SBP gives deadline to banks for IFRS-9 implementation

    KARACHI: State Bank of Pakistan (SBP) on Wednesday directed banks to implement International Financial Reporting Standard on Financial Instruments i.e. IFRS 9 from January 01, 2021.

    The International Accounting Standards Board (IASB) issued International Financial Reporting Standard on Financial Instruments i.e. IFRS 9 effective from January 1, 2018.

    IFRS 9 has introduced an expected credit loss approach, which bring major changes in the way the financial institutions (FIs) will assess the impairments of financial instruments.

    The banking industry has been representing to the State Bank of Pakistan(SBP) about the difficulties being faced in the implementation of this Standard and has been requesting to defer its implementation till December 31, 2020.

    Keeping in view of the importance of the Standard, the SBP advised the banking industry to carry out a quantitative impact assessment of IFRS 9 on their financials along with the assessment of their readiness of its implementation.

    In view of the impact assessment and stakeholders’ representation, it has been decided that the effective date of IFRS 9 implementation is January 1, 2021 for banks/DFIs/MFBs.

    Meanwhile, they are advised to ensure meticulous compliance of the following instructions:

    (a) Prepare separate pro forma Statement of Financial Position, Profit and Loss Account, Statement of Comprehensive Income and Statement of Changes in Equity based on the requirements of IFRS 9 along with the detailed notes on Advances, Investments, Provisions, Write offs and any other notes which may have material impact. The FIs are required to prepare aforesaid financials for the year-end 2019 and submit the same to BPRD-SBP within the time mentioned in the below table. These financial statements should also comply with the requirements stated in the Annexure-I of the Circular.

    (b) Perform parallel run of IFRS 9 implementation starting from Jan 1, 2020 to test the IFRS 9 outcomes. The FIs shall submit quarterly reports on the status of IFRS 9 implementation to the SBP, after review by the Board Committee responsible for oversight of the IFRS 9 implementation. Such reports should be submitted to the SBP within 14 working days of the Board of Directors (BOD) meeting at which the financial statements are approved.

    (c) Review internal systems and procedures and put in place required governance structures, processes and systems for implementation of the Standard before the effective date of IFRS 9 implementation.

    (d) The BOD of FIs are required to play an active role in the oversight of the implementation process of IFRS 9 either by establishing a separate subcommittee for this purpose or assigning the same to an existing subcommittee. The BOD are required to discuss the progress of IFRS 9 implementation in their periodic meetings. The specific responsibilities of the BOD for the implementation of IFRS 9 are mentioned in Annexure-II of the Circular.

    (e) Form a management level IFRS 9 Project Steering Committee, which will be responsible for managing the implementation process of IFRS 9, as mentioned in Annexure-II of the Circular. The Project Steering Committee should at least include the members from the Risk Management, Finance and IT departments.

    (f) The process of implementing IFRS 9 is required to be completed within the following time period:

    Sr#ParticularsTimeline
    1.Forming of a Board Committee and a Project Steering CommitteeJan 31, 2020
    2.Preparation of IFRS 9 compatible pro forma Financial Statements for year-ended 2019Apr 30, 2020
    3.Parallel Run of IFRS 9Periods beginning Jan 1, 2020
    4.Directors Review Reports for Parallel Run PeriodsWithin 14 working days from BOD meeting
    5.Effective Date of IFRS 9 implementationJan 1, 2021

    All banks/DFIs/MFBs are advised to ensure that the transition to IFRS 9 will be achieved in a planned manner and within the timeline stipulated above. Any violation of these instructions may attract punitive actions under the relevant provisions of the Banking Companies Ordinance 1962.

  • Lack of banking channel hindering Pak-Iran trade potential: Iranian envoy

    Lack of banking channel hindering Pak-Iran trade potential: Iranian envoy

    KARACHI: Consul General of Iran Ahmad Mohammadi has said that there is a huge potential to enhance bilateral trade and economic relations between Iran and Pakistan in a variety of subjects but there are also some difficulties hindering smooth trade between the two brotherly countries that need to be addressed, of which the lack of proper banking channel remains at the top.

    Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), the Iranian Consul General, while acknowledging the official trade volume highlighted by President KCCI, said that all these trade figures were correct but the actual trade volume was much higher as a lot of indirect trade was going on between the two countries because of lack of banking channel.

    “We, at the Iranian Consulate, are very serious towards resolving all the issues so that the bilateral trade and economic relations could be strengthened”, he added.

    General Secretary Businessmen Group AQ Khalil, President KCCI Agha Shahab Ahmed Khan, Senior Vice President Arshad Islam, Vice President Shahid Ismail and KCCI Managing Committee Members along with Commercial Attaché Mehmood Haji Yousufi Pour and Commercial Counsellor Amir Mehdi Amir Jaffary attended the meeting.

    Iranian Consul General further stated that one of the most important action for increasing the existing bilateral trade was business communities’ participation in numerous exhibitions being staged either in Iran or Pakistan.

    “Almost two-and-a-half years ago, we staged Iran’s Solo Trade Exhibition here in Karachi which was very successful, bringing the business communities more close to each other. More such exhibitions must take place either in Karachi or in Tehran or any other city of Iran that would surely pave way for much improved trade ties”, he added.

    Referring to Prime Minister Imran Khan’s visits to Iran particularly his meeting with the Iranian President, Ahmad Mohammadi stated that both leaders have expressed their intention to further improve trade and economic ties between the two brotherly countries hence, the trade volume was likely to increase in the days to come.

    He informed that the Iranian Consulate will be receiving two separate delegations in near future from Iran Chamber of Commerce which will be attending an event in Karachi being organized by Islamic Chamber of Commerce & Industry while another delegation from Tehran Chamber of Commerce will also be here to attend the Build Asia Exhibition.

    “We are trying to receive more delegations from Tehran Chamber so that they could hold negotiations with their Pakistani brothers to seek ways and means of how to improve bilateral relations.”

    While congratulating the new team at KCCI, Iranian Consul General hoped that during their tenure, KCCI Office Bearers will make efforts to improve trade relations with Iran by sending delegations and participating in numerous exhibitions in Iran. “The Iranian Consulate and KCCI have continuously maintained good relations. I and my colleagues firmly believe that KCCI is our second home in Karachi”, he added.

    Earlier, President KCCI Agha Shahab Ahmed Khan, while welcoming the Iranian Consul General, stated that despite being brotherly countries, trade remains low hence, Pakistan and Iran must make collective efforts to explore new avenues. It has always been KCCI’s struggle to promote bilateral trade and the Chamber has a very positive approach towards improving trade ties particularly with neighboring countries.

    He pointed out that the bilateral trade between Pakistan and Iran was much less than the potential as Pakistan exports stood at a mere $330.2 million while the imports were around $1.247 billion during 2018.

    Agha Shahab noted that the negotiations on Free Trade Agreement (FTA) are underway as both the countries have shared their desire of upgrading Preferential Trade Agreement (PTA) into Free Trade Agreement (FTA) for which initial drafts have already been shared while the State Bank of Pakistan has also shared draft of Memorandum of Understanding (MoU) for signing its Banking Paying Arrangement (BPA) with Iran’s Iranian Bank Markazi Jomhouri. Both countries have already signed MoU through which channels would be opened in the central banks of both the countries for trade transactions that would reduce the usage of dollar account for Letter of Credit (LC) clearance.

    He hoped that the desperately needed proper banking channel between Pakistan and Iran becomes a reality soon which would surely boost the existing trade ties.

    He was of the opinion that abundant opportunities were available in the Iranian dairy, livestock, meat and beverages sectors for Pakistani traders and investors while Pakistan can also take benefit of Iran’s petrochemical sector.

    Agha Shahab underscored the need to sort out infrastructural constraints to enhance bilateral trade via Quetta-Taftan land route whereas regular operation of ECO container train will lend impetus to cargo and transit facilities between the two countries.

    While underscoring the need for a realistic approach, President KCCI said that KCCI was keen to strengthen trade ties with their counterparts in Iran.

    “We want to strengthen ties and establish strong connection with Tehran Chamber of Commerce & Industry by signing a Memorandum of Understanding with a view to improve cooperation between both Chambers. We would also like to send a trade delegation to explore new avenues for enhancing trade and investment ties between the two brotherly countries”, he added.

  • Stock market gains 241 points on political tension ease

    Stock market gains 241 points on political tension ease

    KARACHI: The stock market gained 241 points on Wednesday after ease in tension on political front.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,440 points as against 33,199 points showing an increase of 241 points.

    Analysts at Arif Habib Limited said that the market responded positively to an earlier rumor of rapprochement between Government and JUI (F) on protest and long march. The rumor became news by the end of the session.

    Prior to MoC, the index realized an upside of 441 points and during MoC sustained loss of approx. 150 points due to selling pressure in leading Cement sector scrips. DGKC, LUCK and MLCF saw selling pressure on the back of expectation of loss in the upcoming quarterly financials, due to be announced in the coming days.

    E&P Sector responded positively to the increase in international crude prices, witnessed in the morning and maintained the levels, although crude prices went down later during the day.

    Besides, banking sector also retained interest from investors, which helped the index trade at elevated levels.

    Technology sector led the volumes table with 176 million shares, followed by Cement (11.5 million) and Chemical (10.2 million).

    Among scrips, WTL registered 12.6 million shares, followed by LOTCHEM (6.7 million) and QUICE (6.6 million).

    Sectors contributing to the performance include E&P (+96 points), Fertilizer (+52 points), Banks (+44 points), Food (+20 points), Transport (+12 points) and Miscellaneous (-17 points).

    Volumes increased from 83.6 million shares to 116.9 million shares (+40 percent DoD). Average traded value also increased by 13 percent to reach US$ 23 million as against US$ 20.5 million.

    Stocks that contributed significantly to the volumes include WTL, LOTCHEM, QUICE, UNITY and BOP, which formed 30 percent of total volumes.

    Stocks that contributed positively include ENGRO (+42 points), OGDC (+30 points), MCB (+28 points), POL (+27 points) and PPL (+24 points). Stocks that contributed negatively include PSEL (-17 points), LUCK (-9 points), DAWH (-8 points), KAPCO (-7 points), and KTML (-5 points).

  • Rupee ends flat in range bound activity

    Rupee ends flat in range bound activity

    KARACHI: The Pak Rupee ended flat against dollar on Wednesday in range bound trading activity.

    The rupee ended Rs155.89 to the dollar from previous day’s closing of Rs155.88 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs155.88 and Rs155.90. The market recorded day high of Rs155.93 and low of Rs155.89 and closed at Rs155.89.

    Currency experts said that flat demand for import and corporate payments helped the rupee to maintain the levels.

    The exchange rate in open market witnessed stable rupee value. The buying and selling of dollar was recorded at Rs155.50/Rs156.00, the same previous day’s level, in cash ready market.

  • PSX announces 15.76 percent increase in after tax profit

    PSX announces 15.76 percent increase in after tax profit

    KARACHI: The Pakistan Stock Exchange (PSX) has announced 15.76 percent growth in net profit for the three month period ended September 30, 2019.

    According to financial result announced by the PSX, the profit after taxation of the stock market grew to Rs31.46 million for the quarter ended September 30, 2019 as compared with Rs27.178 million in the corresponding period of the last year.

    The revenue of the stock market under the head of licensing fee increased to Rs99.82 million for the quarter as compared with Rs91.46 million in the corresponding quarter of the last year.

    However, income from exchange operation fell to Rs78.2 million as compared with Rs91 million.

    The total revenue grew nominally to Rs229.33 million as compared with Rs224.46 million in the last year.

    However, operation cost fell to Rs272 million as against Rs289 million.

    The profit before taxation of the stock exchange increased to Rs32.248 million for the quarter ended September 30, 2019 as compared with Rs28.46 million in the corresponding quarter of the last year.

  • Preventive Quetta announces auction of 88 confiscated vehicles

    Preventive Quetta announces auction of 88 confiscated vehicles

    KARACHI: Model Customs Collectorate (Preventive) Quetta has announced auction of huge number of confiscated vehicles mostly impounded during current year to be held on October 17, 22 & 28, 2019.

    The collectorate has scheduled to auction of 88 vehicles at various places. Following is the list of vehicles:

    1 Toyota Fielder car Chassis No.NZE121-0293306 Engine Type 1NZFE Model 2004 1500CC MTO

    2 Toyota Royal Saloon Crown Car, Reg No. Nil, Engine Type. 3GR-FSE, Chassis No. GRS182-5010431, Model. March 2004 (As per seat belt), Engine Capacity. 2994 ml (V6 Enigne), Color. Pearl White Noshki

    3 Toyota Fielder Car, Chassis No. NZE121-0264920, Engine No. 1NZ-FE, Model. 2003, Color. White, 1500cc Lakpass

    4 Toyota Corolla X Car F/origin, Registration No. ATY-563 (Fake), Chassis No. NZE121-3356759, Eng Type. 1NZ-FE, Horse Power. 1496cc, Model. 2005 (As per seat belt), Color Code. 040 (Pearl White) Darakshan

    5 Toyota Land Cruiser V8, Chassis No. UZJ100-0145566, Engine Type: 2VZ, Model 2003, Colour Pearl White Lakpass

    6 Toyota Land cruiser V8, Chassis No. UZJ100-0135705, Engine Type: 2UZFE, Model 2001, 4663-CC, Colour Pearl White Baleli

    7 BMW Jeep Crossover, Chassis NO. WBAFB32040LN86779, Engine No. NTA, 4400-CC Model 2003, Colour White Lakpass

    8 Toyota X-Corolla Car, Reg No. AXV-791 (Fake), Chassis No. NZE121-3023514, Eng Code. 1NZFE, Model. 2000 as per web, Color. White 1500cc Baleli

    9 Mercedez Benz (Axor) Daimler AG 06 Wheeler, Chassis No. WDB9440331K967730, Engine NO. NTA, Model 2004, Colour White Taftan

    10 Toyota Mark X, Chassis NO. GRX121-1001408, Engine Type: 3GR-FSE, Model 2004, 3000-CC, Colour White Sheela Bagh

    23 Nissan Car (Automatic), Chassis No. QG10-011435, Engine NO. DG18-347228, Model 2000 Sheela Bagh

    24 Kawasaki Motorcycle, Chassis No. 8945A-1, Engine No. ZRT00DEO14545, Model 2007, HP 1000-CC Colour Black FC

    25 DX Corolla Binjo Chassis NO. CE107-0006474, Engine NO. NTA, Model 2000 Colour Silver Manikhawa

    26 Toyota Litace, Chassis No. CM30-0012463, Engine No. 2CT-080945, Model 1987 Lakpass

    27 Car Saracha (RHD), Chassis No. AE100-0197878, Engine No. SHC194187, Model 1996 Colour Trim Dalbandin

    28 Toyota Land Cruiser, Chassis No. HD61-009730, Engine NO. NTA, Model 1986 Chaman

    29 Saracha Car, Chassis No. GT196-0005336, Engine Type: NTA Chaman

    30 Toyota Crona Car Chassis No.TT141-4015451 Model 1983 UNHCR

    31 Toyota Vitz Car Chassis No.SCP13-0042185 Engine Type 2SZFE 1300CC Model 2003 Manikhawa

    32 Honda Civic Reborn Hybrid Chassis No.JHMFD36209s200169 1300cc Model 2009 Lakpass

    33 Toyota Pickup Single Cabin (LHD) Chassis No.YN57-0020059 Model 1984 Taftan

    34 Toyota Corolla Fielder X Chassis No.NZE121-0288952 Engine Type 1NZFE 1500CC Model 2004 Manikhawa

    35 Toyota Corolla Fielder X Chassis No.NZE121-0250807 Engine Type 1NZFE 1500CC Model 2003 Manikhawa

    36 Toyota Corolla X Car, Reg No. BFG-672 sindh(fake), Chassis No. NZE121-0391788, Eng Code.1NZ-FE, Model. 2006 as per web, Color.Pearl White Baleli

    37 Toyota Vitz Car, Reg No. CT-880 (Fake), Chassis No. SCP13-0047978, Eng Code. 2SZFE, Model. 2004 as per web, Color. Pearl White 1300cc Baleli

    38 Toyota Corolla G Car (F/origin), Reg No. ASS-651, Chassis No. NZE121-3327146, Engine No. 1NZ-FE, H/p. 1496cc, Model. 2005 as per seat belt, Color Code. 073 (Pearl White) Darakshan

    39 Toyota Corolla X Car F/origin, Registration No. ACF-474 (Fake), Chassis No. NZE121-3377816, Eng Type. 1NZ-FE, Horse Power. 1496cc, Model. 2006 (As per seat belt), Color Code. 073 (Pearl White) Darakshan

    40 Toyota Corolla X Car (F/origin), Reg No. APL-2018 (Fake), Chassis No. NZE121-3384299, Engine No. 1NZFE, H/p. 1496cc, Model. 2006 as per seat belt, Color Code. 073 (Pearl White) Darakshan

    41 Toyota Indus Corolla Car (F/origin), Reg No. AZV-855 (Fake), Chassis No. AE100-3298914, Engine No. 5A-FE, H/p. 1498cc, Model. 1995 as per seat belt, Color Code. 040 (White) Darakshan

    42 Toyota Premio Car, Reg No. ABH-271 (Fake), Chassis No. ZZT240-0141747, Eng Code. 1ZZFE, Model. 2007 as per web, Color. Pearl White Baleli

    43 Toyota G-Corolla Car, bearing Reg Plate No. BGJ-855, (Sindh) Fake, Chassis No.NZE121-3329102, Engine Code. 1NZFE, Model 2005 as per web, Color White, 1496cc Baleli

    44 Toyota Axio Fielder, Reg No. AFT-454, Chassis No. NZE141-9048261, Eng No. 1NZFE, Model. 2007 as per web, Color. White, 1496cc Baleli

    45 Toyota Hilux Surf F/O Chassis No.TRN215-0018391 Engine No.2TR-FE Model 2007 2700CC Color Black Kolpur

    46 Toyota Mark X, Chassis NO. GRX120-0003526, Engine NO. NTA, Model 2004, Colour White, 2500-CC Kolpur

    47 Toyota X Corolla Car, Reg Plate No. AGK-767 (FAKE), Chassis No. NZE121-3308718, Eng Code. 1NZFE, Model. 2005 as per web, Color. Pearl White, (1496cc) Baleli

    48 Toyota Corolla X Car F/origin, Registration No. ASV-428 (Fake), Chassis No. NZE121-3351500, Eng Type. 1NZ-FE, Horse Power. 1496cc, Model. 2005 (As per seat belt), Color Code. 073 (Pearl White) Darakshan

    49 Toyota Corolla (X) Car, Reg No. Nil, Chassis No. NZE121-3366821, Eng No. 1NZFE, Model. 2006 as per web, Color. Pearl White, 1496cc Baleli

    50 Toyota Fielder Car chassis No.NZE121-3332887 Model 2005 Lakpass

    51 Toyota Premio Car (F/origin), Reg No. QBA-9998 (Fake), Chassis No. ZZT240-0115354, Eng No. 1ZZ-FE, Horse Power. 1794cc, Model. 2006 (As per seat belt), Color Code. 073 (Pearl White) Darakshan

    52 Toyota Premio X Car (F/origin), Reg No. AVY-765 (FAKE), Chassis No. ZZT240-0109563, Engine No. 1ZZ-FE, H/p. 1794cc, Model. 2005 as per seat belt, Color Code. 073 (Pearl White) Darakshan

    53 Toyota X-Corolla Car, Bearing Reg No. ARP-865 (Sindh), Chassis No. NZE121-3332514, Eng No. 1NZ-FE, Model. 2005 as per web, (1498cc), Color. Golden Baleli

    54 Toyota Premio X Car (F/origin), Reg No. Nill, Chassis No. ZZT240-0142249, Engine No. 1ZZ-FE, H/p. 1794cc, Model. 2007cc as per seat belt, Color Code. 073 (Pearl White) Darakshan

    55 Toyota Premio X Car (F/origin), Reg No. AVL-756 (Fake), Chassis No. ZZT240-0126271, Eng No. 1ZZ-FE, Horse Power. 1794cc, Model. 2006 (As per seat belt), Color Code. 073 (Pearl White) Darakshan

    56 Wrangler jeep Chassis No.1J4FY49SXWP712752 MTO

    57 Toyota X Corolla Car, Reg Plate no. BF-9986 (FAKE), Chassis No. NZE121-3369768, Eng Code. 1NZFE, Model. 2006 as per web, Color. Silver, (1496cc) Baleli

    58 Toyota X Fielder Chassis No.NZE121-0321152 1NZ-FE Model 2004 Yaroo

    59 Toyota Corola Axio G Car Chassis No.NZE141-6004738 Model 2007 Engine No.1NZFE 1500 CC Baleli

    60 Toyota X Corolla Chassis No.NZE121-3304599 Engine type 1NZFE 1500CC Model 2005 Lakpass

    61 Toyota Premio G Car, Reg No. KP-461, Chassis No. ZRT261-3012522, Engine No. 3ZR-A419083, Model. 2009, Color. Black, (2000cc) Manikhawa

    62 Toyota X Corolla Chassis No.NZE121-3031239 Model 2001 Engine No.1NZFE 1500 CC Lakpass

    63 Toyota G Corolla Car Chassis No.NZE121-3232925 Model 2003 Engnie No.1ZEFE Manikhawa

    64 Toyota Vitz Car Chassis No.SCP13-0013973 Model 2003 Engine No.2SZFE 1300 CC Manikhawa

    65 Toyota Corolla G Chassis No.NZE121-0199501 Model 2003 1500 CC Baleli

    66 Toyota Premio Chassis No.ZZT240-5047221 Model 2005 Engine No.1ZZFE 1800 CC Baleli

    67 Toyota Corolla G Car (F/origin), Reg No. AVC-334 (Fake), Chassis No. NZE121-3282582, Eng No. 1NZ-FE, Horse Power. 1496cc, Model. 2004 (As per seat belt), Color Code. 073 (Pearl White) Darakshan

    68 Toyota Premio Car Chassis No.ZZT240-0139308 Engine Type 1ZZFE 1797 CC Model 2007 Pearl White Baleli

    69 Toyota Corolla Fielder X Car, Reg No. Nil, Chassis No. NZE121-0375408, Eng No. 1NZFE, Model. 2005, Color. Black, (1500cc) Manikhawa

    70 Toyota X Fielder Chassis No.NZE121-0220554 Model 2003 Engine No.1NZFE 1500CC Manikhawa

    71 Toyota Fielder Car Chassis No.NZE121-3347406 Model 2005 Engine No.1NZFE 1500 CC Baleli

    72 Toyota Vitz Car Chssis No.SCP13-0020230 Model 2003 Engine No.2SZFE 1300 CC Darakshan

    73 Toyota Vitz Chassis No.SCP90-5086229 Model 2008 Engine No.2SZ-FE 1300 CC Lakpass

    74 Toyota Vitz Chassis No.SCP13-0020301 Model 2003 Engine No.2SZ-FE 1300 CC Manikhawa

    75 Toyota Vitz Car (NCP), Reg No. Nil, Chassis No. KSP90-5005349, Eng No. 1KR0292759, Model. 2005 as per seat belt, Color. Silver, H/p. 1000cc as per trim plate Yaroo

    76 Toyota Vitz Chassis No.SCP90-0027236 Model 2006 Engine No.2SZ-FE 1300 CC Yaroo

    77 Toyota Probox Car, Reg No. AZA-229 (FAKE), Chassis No. NCP58-0035251, Eng No. 1RZ8358229, Model. 2004 as per seat belt, Color. Silver, H/p. 1500cc as per trim plate Yaroo

    78 Suzuki Every Chassis No.DA64V-144956 Model 2006 Engine No.K6A 660 CC Lakpass

    79 Toyota Altis Chassis No.MRO53ZEE106113129 Model 2008 Engine No. 3ZZFE 1600 CC Lakpass

    80 Toyota G Corolla, Chassis No. NZE121-3273747, Engine No. 1NZ-FE, Model. 2004, Color. L/Blue, 1500cc Lakpass

    81 Toyota G Corolla, Chassis No. NZE121-3322763, Engine No. 1NZ-FE, Model. 2005, Color. Pearl White, 1500cc Lakpass

    82 Toyota X Corolla, Chassis No. NZE121-0284113, Engine No. 1NZ-FE, Model. 2004, Color. Silver, 1500cc Lakpass

    83 Toyota G Corolla, Chassis No. NZE121-0092964, Engine No. 1NZ-FE, Model. 2001, Color. Silver, 1500cc Lakpass

    84 Toyota Vitz Car Chassis No.NSP130-2015441 Model 2011 Engine No.1NR-FE 1300 CC Lakpass

    85 Toyota Vitz Car Chassis No.SCP13–0030085 Model 2004 Engine No.2SZFE 1300 CC Lakpass

    86 Toyota Hilux Pickup Single Cabin Chassis No.JT731LN8609007959 Model 1995 Engine 3L 2800 CC Yaroo

    87 Toyota Hilux Pickup Single Cabin Chassis No.JT731LN8609002551 Model 1992 Engine 3L 2800 CC Yaroo

    88 Suzuki Alto Car, Reg No. Nil, Chassis No. HA25S-701632, Eng No. K6A, Model. 2009, Color. Silver , 657cc Yaroo

  • Post refund divisions to be set up at RTOs/LTUs to audit claims

    Post refund divisions to be set up at RTOs/LTUs to audit claims

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs).

    According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division and posting of officers.

    The FBR said that a CSTRO would be established under the Board for centralized payment of all refund amounts as due under the Act.

    Further a Refund Division will be established, which will be headed by an officer, not below the rank of Assistant Commissioner, herein after referred to as officer-in-charge, duly supported by audit staff referred to as processing officers, to examine, process and settle the refund claims filed under these rules.

    Further Post Refund Division in each RTO or LTU shall be established, which will be headed by an officer not below the rank of an Assistant Commissioner to audit the refund claims processed and sanctioned by the Refund Division.

    The FBR said that that scrutiny of the refund claims processed or sanctioned after the June 30, 2014 shall be carried out on the basis of risk-based selection through computerized Post Refund Scrutiny (PRS):

    Provided that where the Commissioner Inland Revenue has reasons to believe that a registered person, whose refund claim was processed or sanctioned, has been paid refund which was not admissible to him, he may direct through order in writing to conduct computerized Post Refund Scrutiny (PRS) of such claim.

    Post refund audit of refund claims process through RMS will be the responsibility of the audit Divisions of respective RTO/LTU.

    The registered person claiming refund under these rules shall maintain and keep all the paper documents relating to the refund claim, such as invoices, credit notes, debit notes, goods declarations, bank credit advice, etc. in his office.

  • Pakistan Customs’ travel guide for passengers

    Pakistan Customs’ travel guide for passengers

    KARACHI: Pakistan Customs has issued travel guide for persons departing to or arriving from abroad regarding clearance of goods under prevailing laws.

    GREEN CHANNEL

    Green Channel, as the color signifies, means freely passing without any Customs formalities. This is for the passengers who do not posses articles or goods that are restricted or in excess of the admissible duty-free allowance, if any.

    Customs officials are authorized to randomly request the passengers availing the facility of Green Channel to allow scanning of their luggage and if necessary to allow physical examination by opening the luggage. This is normal custom procedure adopted world wide to counter misuse of Green Channel facility.

    If you are so requested by a custom official, please understand that you have been picked up either randomly or on the basis of certain risk parameters and you are expected to cooperate with the customs officials.

    Passengers passing through the Green channel with articles or goods that are prohibited, restricted or dutiable are liable to prosecution, penalty as well as confiscation of the articles or goods.

    RED CHANNEL

    Red Channel, as the color signifies, means passing after completion of customs formalities. This is for the passengers having restricted or dutiable articles or goods.

    REGULATION ON ARTICLES OR GOODS

    Articles or goods brought in commercial quantities are released only on payment of fine equal to 30% of the value of articles or goods or in addition to the applicable duty and taxes.

    COMMERCIAL QUANTITY

    A quantity of goods imported prima facie for trading or pecuniary gain and not for personal use or gift.

    PROHIBITED ARTICLES OR GOODS

    Are those which cannot be imported in to or exported from Pakistan under any circumstances being prohibited or banned to protect society, health and the environment.

    RESTRICTED ARTICLES OR GOODS

    Are those which can be imported to or exported from Pakistan subject to certain certifications, conditions, licenses, permissions or restrictions.

    Some of the most common prohibited and restricted articles or goods that cannot be imported to or exported from Pakistan, are listed in the baggage rules brochure.

    RE-IMPORT OF ARTICLES OR GOODS

    Re-import of articles or goods earlier taken out of Pakistan can be brought back free of custom duty and other taxes. Passengers intending to re-import articles or goods are advised to obtain export certificate or an endorsement on the passport, as to the exact description of the articles or goods, and distinguishable marks thereof certified by the Assistant Collector of Customs at the time of passenger’s departure from Pakistan.

    Duty free re-import of articles or goods is not allowed in the absence of the export certificate or endorsement on the passport.

    FOREIGN CURRENCY REGULATION

    Bringing in of foreign currencies is permitted without any limit. A passenger can bring any amount of any foreign currency to Pakistan. Taking out foreign currencies is permitted up to US $ 10,000 un-conditionally.

    Taking out Pakistan currency exceeding Rs. 3,000 is not permitted and in case of departing for India a maximum of Rs. 500 is permitted.

    DUTY FREE ALLOWANCE

    Regulations related to duty free allowance for Pakistani nationals are laid out in the baggage rules brochure.

    TRANSFER OF RESIDENCE

    The concept of Transfer of Residence means return of Pakistani national after staying abroad for a period of two (2) years or more. It also includes the transfer of residence by a foreign national coming to Pakistan for a period of not less than two (2) years.

  • FBR grants performance allowance to officials of MCC Preventive Peshawar

    FBR grants performance allowance to officials of MCC Preventive Peshawar

    ISLAMABAD: Federal Board of Revenue (FBR) has granted performance allowance equivalent to 100 percent of minimum of basic pay to Customs officials posted at Model Customs Collectorate (Preventive) Peshawar.

    In a notification issued on Tuesday, the FBR granted following inspectors of BS-16 of MCC Preventive Peshawar, who have been selected through the process of internal job posting, performance allowance equal to 100 percent of minimum of their basic pay (in pay scale 2011) with effect from October 07, 2019:

    01. Ilyas Iqbal

    02. Shahroz Khaliq

    03. Shah Fahad Khan

    04. Zia-ur-Rehman

    Grant of Performance Allowance will be governed through the terms and conditions laid down vide Circular No. 6(96)S(BIC)/2013-14 dated 06.03.2015 to be read with Para-10 of Finance Division’s O.M.No.1(3)/Imp/2015-360 dated 07.07.2015. The allowance will be discontinued in case prescribed terms and conditions are not fulfilled within one month from the date of issuance of this notification.