Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR decides to publish customs valuation rulings

    FBR decides to publish customs valuation rulings

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to publish all prevailing valuation rulings to its official website in order to make customs clearance transparent and ease of doing business.

    The FBR in a statement on Thursday said that the chairman Syed Shabbar Zaidi, had issued special instructions to publish all Customs Valuation Rulings on the Website of FBR so that Rulings are easily accessible to the general public.

    The Instructions have been issued to further promote transparency and ease of doing business. The Chairman has requested the business community to assist FBR in identifying cases of under-valuation so that remedial action should be taken.

  • Foreign exchange reserves increase by $115 million

    Foreign exchange reserves increase by $115 million

    KARACHI: The liquid foreign exchange of the country increased by $115 million by the week ended November 22, 2019, the State Bank of Pakistan (SBP) said on Thursday.

    The total foreign exchange reserves increased by $115 million to $15.577 billion by week ended November 22, 2019 as compared with $15.462 billion a week ago.

    The foreign exchange reserves held by the central bank increased by $240 million to $8.682 billion by week ended under review as compared with $8.442 billion a week ago.

    The foreign exchange reserves held by commercial banks fell by $125 million to $6.895 billion by week ended November 22, 2019 as compared with $7.020 billion a week ago.

  • Electric vehicles to reduce 60pc fuel cost: Amin Aslam

    Electric vehicles to reduce 60pc fuel cost: Amin Aslam

    KARACHI: The use of electric vehicles will reduce fuel cost by 60 percent and it will also resolve environmental issues caused by pollution, Malik Amin Aslam, Advisor to Prime Minister for Climate Change, said on Thursday.

    Addressing at a press conference, Amin Aslam said that the government had approved first ever Electric Vehicle Policy and the industry would start working soon.

    “The owners of motor cycles, three-wheelers and buses can reduce their monthly fuel cost by 60 percent with uses of electric vehicle technology,” he said.

    He said that on Saturday he would meet the Prime Minister and after that meeting the electric motor vehicle industry would start operation.

    The modern technology will help the country to save around $2 billion foreign exchange, which are being spent on oil import.

    He said that the country had facing environmental issues. He said that such projects would be successful for clean environment such as in Lahore city.

    He said that the electricity generation in the country had improved.

    The country is facing large import bill especially for oil import bill. He said in case 30 percent vehicles converted to electric mechanism than the country will able to save around $2 billion.

  • 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.

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  • 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.