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Author: Mrs. Anjum Shahnawaz

  • Rupee eases by two paisas on higher corporate payments

    Rupee eases by two paisas on higher corporate payments

    KARACHI: The Pak Rupee eased by two paisas against dollar on Thursday owing to higher demand for import and corporate payments.

    The rupee ended Rs156.19 to the dollar from previous day’s closing of Rs156.17 in interbank foreign exchange market.

    Currency experts said that due the quarter ending the foreign companies were repatriating profits to their parent organizations. Similarly, oil and other import payments have also escalated demand for dollar.

    The foreign currency market was opened in the range of Rs156.15 and Rs156.22. The market recorded day high of Rs156.26 and low of Rs156.18 and closed at Rs156.19.

    The exchange rate in open market also witnessed depreciation in local currency. The buying and selling of dollar was recorded at Rs155.80/Rs156.30 from previous day’s closing of Rs155.70/Rs156.20 in cash ready market.

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  • Banks to observe extended working hours on Sept 30 for tax collection: SBP

    Banks to observe extended working hours on Sept 30 for tax collection: SBP

    KARACHI: The State Bank of Pakistan (SBP) on Thursday said the banks will observe extended working hours on September 30, 2019 to facilitate collection of duty and taxes on the last day of first quarter of current fiscal year

    In order to facilitate the collection of Government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) as well as field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours upto 9:00 P.M. on September 30, 2019 (Monday), the SBP said.

    Accordingly, NBP branches will settle their transactions with respective SBP-BSC field offices on the same day i.e. September 30, 2019 for which purpose a special clearing has been arranged at 7:00 P.M. by the NIFT, it added.

    All banks are, therefore, advised to keep their concerned branches open on September 30, 2019 (Monday) till such time that is necessary to facilitate the special clearing for Government transactions.

  • FBR urges taxpayers for return filing by due date to get ATL status

    FBR urges taxpayers for return filing by due date to get ATL status

    KARACHI: Federal Board of Revenue (FBR) on Thursday urged individuals/companies to file their annual returns by due date in order to get their names into Active Taxpayers List (ATL).

    According to recent changes to Income Tax Ordinance, 2001 only return filers by due date are eligible to get their names into the ATL. The last date for filing income tax returns for tax year 2019 is September 30, 2019 for all taxpayers, other than companies having financial year between July to June.

    The FBR said that the following are liable to submit income tax return:

    — All registered taxpayers having National Tax Number (NTN).

    — Anyone charged to tax in the last two years.

    — Persons (salaried, businessmen and others) with annual income of Rs400,000 or more.

    — All companies (whose tax period ends between July 1 to December 31).

    — Owners of Land (500 square yards or more) or flat within municipal limits, cantonment or Islamabad Capital Territory.

    — Owners of Land (500 square yard or more) or flat (with covered area of 2000 square feet or more) in urban area.

    — Commercial or industrial electricity connection holders with annual bill over Rs0.5 million.

    — Owners of vehicles (1,000CC and above)

    — Welfare institutions or Non-Profit Organizations (NPOs) defined in Section 2(36) of Income Tax Ordinance, 2001.

    — Members of Chambers of Commerce and Industry or any trade or business association of any market committee or any professional body.

    –Resident individuals with foreign income of US $ 10,000 or more/having foreign assets of US$100,000 ore more.

    The FBR said that in order to facilitate salaried persons it had already launched a mobile phone application. The salaried persons can file their returns through mobile application in few easy steps.

  • K-Electric awards contract to set up 900MW power plant

    K-Electric awards contract to set up 900MW power plant

    KARACHI: K-Electric – power generation, transmission and distribution company – has awarded a contract to establish 900MW power plant with estimated cost of around $425 million, an announcement said on Thursday.

    According to information shared with Pakistan Stock Exchange (PSX) the power company said that the board of directors at its emergent meeting held on September 25, 2019 approved award of EPC contract to Siemens – Harbin consortium to establish 900MW combined cycle power plant at Bin Qasim.

    The estimated contract value would be around $425 million.

    The project will be executed on fast track and additional power will be available in summer 2021.

    The project will positively contribute to bridge electricity demand-supply deficit in KE service area, the company said.

  • Transfer of funds through misdeclaration included into punishable offences

    Transfer of funds through misdeclaration included into punishable offences

    KARACHI: Federal Board of Revenue (FBR) has included illegal transfer of funds through mis-declaration into the list of punishable offences.

    The FBR issued Customs Act, 1969 updated June 30, 2019 incorporating changes brought through Finance Act, 2019.

    The customs officials said that a new section 32C was introduced to Customs Act, 1969 through Finance Act, 2019 for including misdeclaration of value for illegal transfer of funds into or out of Pakistan as punishable offence under the customs law.

    Section 32C: Mis-declaration of Value for illegal transfer of funds into or out of Pakistan.

    (1) Without prejudice to any action that may be taken under this Act or any other law for the time being in force, if any person overstates the value of imported goods or understates the value of exported goods or vice versa, or using other means including short-shipment, over-shipment, with a view to illegally transferring funds into or out of Pakistan, such person shall be served with a notice to show cause within a period of two years from the date of detection of such mis-declaration as to why penal action shall not be initiated:

    Provided that if goods have not been cleared from customs, such goods shall also be liable to be seized:

    Provided further that a team consisting of Additional Collector, duly assisted by an expert in the relevant field and an officer of State Bank of Pakistan (SBP) as specified, shall submit a report in writing with evidence for the Chief Collector. The said report shall also be furnished to the SBP for action, if any, under the law regulated by SBP.

    (2) Any proceedings under this section, shall not be initiated, without the explicit approval of Board.

    The customs officials said that if any person commits offence under this section then such person shall be liable to penalty not exceeding two hundred thousand rupees or three times the value of goods in respect of which such offence is committed whichever is greater; and such goods shall be liable to confiscation.

    Further, upon conviction by a special judge the offender shall be liable to imprisonment for a term not exceeding five years and to a fine which may extend up to one million rupees.

  • Resident having foreign income above $10,000 required to file return, wealth statement

    Resident having foreign income above $10,000 required to file return, wealth statement

    KARACHI: A resident person having foreign income of above $10,000 is required to income tax return and wealth statement from tax year 2019 and onwards.

    According to officials of Federal Board of Revenue (FBR) the income tax return and wealth statement filing had been made mandatory for a Pakistani individual having foreign income above $10,000 or having foreign assets above $100,000.

    The officials said that the law was introduced through Finance Act, 2018 and from tax year 2019 such persons are required to file their income tax returns.

    Through Finance Act, 2018, Section 116A was inserted to Income Tax Ordinance, 2001, which stated:

    Section 116A: Foreign income and assets statement.

    (1) Every resident taxpayer being an individual having foreign income of not less than ten thousand United States dollars or having foreign assets with a value of not less than one hundred thousand United States dollars shall furnish a statement, hereinafter referred to as the foreign income and assets statement, in the prescribed form and verified in the prescribed manner giving particulars of—

    (a) the person’s total foreign assets and liabilities as on the last day of the tax year;

    (b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and

    (c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.

    (2) The Commissioner may by a notice in writing require any person being an individual who, in the opinion of the Commissioner on the basis of reasons to be recorded in writing, was required to furnish a foreign income and assets statement under sub-section (1) but who has failed to do so to furnish the foreign income and assets statement on the date specified in the notice.

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  • FATC Cell established at FBR Chairman office

    FATC Cell established at FBR Chairman office

    ISLAMABAD: A cell of Financial Action Task Force (FATF) has been established at the office of Chairman, Federal Board of Revenue (FBR) Headquarter, Islamabad to ensure timely completion of FATF related issues, a notification said on Wednesday.

    The FATF CELL will serve as focal point for all activities related to FBR’s compliance to FATF issues.

    The FATF Cell shall:

    i. Make periodical reports/papers/briefs for discussion in the FATF related meetings.

    ii. Coordinate with FATF Cell at Intelligence and Investigation (I&I) FBR, Islamabad and all other agencies related to FATF action plan.

    iii. Conduct research and compile reports for effective improvement of the FATF Cell working in FBR HQ.

    iv. Any other task assigned from time to time.

    The FBR further said that the following officers have been transferred / posted at FATF Cell with immediate effect and until further orders:

    01. Syed Asad Raza Rizvi, Pakistan Customs Service (PCS) BS-20 has been transferred to Chief, FATF Cell, FBR Headquarters, Islamabad from the post of Director, Directorate of Intelligence and Investigation-FBR, Multan.

    02. Muhammad Waqas Hanif, Inland Revenue IRS/BS-19 has been transferred and posted as Secretary, FATF Cell, FBR, HQ, Islamabad from the post of Additional Director, Directorate General of I&I, IR, Islamabad.

    03. Muhammad Asif (PCS/BS-19) has been transferred and posted as Secretary, FATF Cell, FBR, HQ, Islamabad from the post of Additional Director, FATF Cell, Directorate General of Intelligence and Investigation, FBR, Islamabd.

  • Customs Preventive announces auction of used cars on September 26

    Customs Preventive announces auction of used cars on September 26

    KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of used vehicles on September 26, 2019 to be held at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi.

    Following used vehicles to be presented for auction:

    01. Toyota Lexus Car, Reg No. US-868, Model 2006, Chassis No. JTHBG963905034702

    02. Toyota Harrier Jeep 2999CC, Reg. No. JAA-454, Model 1998, Chassis No. MCU-10-0013510

    03. Toyota Mark-II Saloon Car 1800HP/ Reg. No. BBL-708, Model 2000, Chassis No. JZX110-6000922

    04. Toyota AXIO-X Car 1496CC, Reg. NO. BFE-068, Model 2007, Chassis No. NZE-141-6028039

    05. Toyota Land Cruiser Jeep 3400CC, Reg. No. BG1131, Model 1989, Chassis No. BJ60-023765

    06. Mercedes Benz Saloon Car, Reg No. BFF-014, Model 2007, Chassis No. WDD2193222A117436

    07. Toyota Land Crusier Jeep 4663 CC, Reg. No. BF-2237 ( Sindh), Model 1999, Chassis No. UZJ100-0081129

    08. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF2237 (Sindh), Model 1999, Chassis No. VZJ95-0070909

    09. Toyota Surf Jeep, Reg. No. BF-9252, Model 1998, Chassis No. RZN185-9019896

    10. Toyota Hilux Surf Jeep 2446CC, Reg. No. CJ-4242 (Sindh), Model 1990, Chassis No. LN130-0026273

    11. Nissan-X Trail 5 Door Jeep, Reg. No. GR-621, Model 2005, Chassis No. NT30-100374

    12. Toyota Mark-X Car 2499CC, Reg. No. BFB-837, Model 2005, Chassis No. GRX 120-3007142

    13. Toyota Land Cruiser Jeep 4476CC, Reg. No. BF-5933, Model 1995, Chassis No. FZJ 80-0109507

    14. Honda Civic Hybrid Car 1339CC, Reg. No. AND-312, Model 2008, Chassis No. FD 3-1203642

    15. Toyota PASSO Car 996CC, Reg. No. GS-6996, Model 2010, Chassis No. KGC 30-0044392

    16. Toyota AIXO Car 1496CC, Reg. No. KCH-434, Model 2006, Chassis No. NZE141-6003694

    17. Toyota Mark-X Car 2499CC, Reg. No. QG-966, Model 2005, Chassis No. GRZ120-1004220

    18. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF-8507, Model 1998, Chassis No. VZJ90-0003998

  • Stock market remains traded in narrow range; ends down by 264 points

    Stock market remains traded in narrow range; ends down by 264 points

    KARACHI: The stock market ended down by 264 points on Wednesday as market continued trading in narrow range.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,565 points as against 31.829 points showing a decline of 264 points.

    Analysts at Arif Habib Limited said that the market continued trading in a narrow range between +39 points and -357 points and closed the session -264 points.

    International crude posted losses and the same had negative impact on local oil & gas listed chain from E&P to OMCs.

    PSO and PPL also had financial results today, which were mostly in line or better than expectation, however, near term risks kept pressure on both the scrips till end, although PPL saw price jacking up post result announcement after an initial drop.

    Power sector led the volumes table with 16.9 million shares, followed by Technology (15.7 million) and O&GMCs (13.1 million).

    Scrip wise activity shows KEL leading the volumes with 14.9 million shares, followed by WTL (12.4 million and PSO (6.9 million).

    Sectors contributing to the performance include Banks (-108 points), Power (-48 points), E&P (-34 points), Fertilizer (-29 points) and Food (-12 points).

    Volumes increased from 88.8 million shares to 952 million shares (+7 percent DoD). Average traded value also increased by 6 percent to reach US$ 26.3 million as against US$ 24.9 million.

    Stocks that contributed significantly to the volumes include WTL, PSO, MLCF, KEL and HASCOL, which formed 39 percent of total volumes.

    Stocks that contributed positively include ABL (+9 points), FABL (+6 points), ICI (+6 points), JLICL (+5 points) and EFUG (+5 points).

    Stocks that contributed negatively include HUBC (-46 points), UBL (-36 points), HBL (-36 points), OGDC (-27 points), and ENGRO (-14 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 Rs156.17 to the dollar from previous day’s closing of Rs156.16 in interbank foreign exchange market.

    Currency experts said that the rupee was remained stable during the day as no significant demand was seen for the greenback by importers or corporate side.

    The foreign currency market was initiated in the range of Rs156.16 and Rs156.21. The market recorded day high of Rs156.19 and low of Rs156.12 in interbank foreign exchange market.

    The exchange rate witnessed stable rupee value in open market. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s level, in cash ready market.

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