Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • MCC Appraisement West announces auction of old, fresh vehicles on Sept 16

    MCC Appraisement West announces auction of old, fresh vehicles on Sept 16

    KARACHI: Model Customs Collectorate (MCC) Appraisement West announced auction of used vehicles on September 16, 2019 to be held at Al-Hamd International Container Terminal (AICT).

    The collectorate to offer following vehicles for auction:

    01. Toyota Hilux 3000CC Model 2009

    02. Toyota Land Cruiser VX (V8) Armored 2779CC Model 2000

    03. Toyota Hilux Pickup Double Cabin 2779CC Model 2008

    04. Volkswagen AG Car 999CC Model 2013

    05. Toyota Aqua Hybrid Car 1496CC Model 2014

    06. Toyota Ambulance 3378CC, Model 2004

    07. Toyota Ambulance 4WD full time 3378CC, Model 2005

    08. Mitsubishi EK Space Customs Car Model 2017

    09. Nissan Dayz Car Model 2017

    10. Toyota Aqua Hybrid Car 1496ml, Model 2017

    11. Toyota Hiace 1988CC Model 2016

    12. Cast Daihatsu Car 658CC Model 2017

    13. Mira 658CC Model 2017

    14. Nissan Dayz ROOX 658CC Model 2016

    15. Nissan Dayz Car, Model 2016

    16. Honda N-Wagon Model 2016

    17. Suzuki Swift RS Car Model 2017

    18. Daihatsu Mira ES Car 658CC Model 2017

    19. Nissan Dayz Car, Model 2016 (02 pc bumper extra)

    20. Nissan Dayz Car, Model 2016

    21. Suzuki Wagon-R Stingray Model 2016

    22. Honda N-WGN Model 2016

    23. Passo Car (MODA) 996CC, Model 2016

    24. Toyota NOAH Hybrid Van 1797 mL, Model 2015

    25. Toyota AQUA Hybrid 1496mL, Model 2015

    26. Suzuki Every, Model 2014

    27. Toyota AQUA Hybrid Car 1496mL, Model 2016

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  • Traders criticizes FBR for early implementation of CNIC condition

    Traders criticizes FBR for early implementation of CNIC condition

    KARACHI: Traders have strongly criticized Federal Board of Revenue (FBR) for applying condition of Computerized National Identity Card (CNIC) for sales tax invoices much before its promised date of September 30, 2019.

    Javed Shams, President, Anjuman e Tajiran, Sindh, Karachi Division urged the FBR to allow sales tax transactions without the condition of CNIC till September 30, 2019.

    He said that in a meeting on August 07, 2019 with FBR chairman Shabbar Zaidi it was agreed that retailers would not asked for CNIC from its customers. Besides it was also agreed that company and distributors would also not demand for CNIC from their customers.

    Javed Shams further said that it was agreed that the transactions would not be documented till FBR and traders associations were not reached on an agreement. Instead the FBR portal is not accepting sales tax return for the month of August 2019 without CNIC.

    He urged the FBR to withdraw the condition till September 30, 2019 and allow taxpayers to file their returns for the month of August without condition of CNIC.

    He said that such steps of the FBR would not augur well for the economy.

  • Salary persons should obtain withholding income tax deduction certificates to get refund/adjustment

    Salary persons should obtain withholding income tax deduction certificates to get refund/adjustment

    KARACHI: Salary persons having above threshold income for tax year 2019 should obtain certificates of withholding tax in order to get refund / adjustment after filing annual income tax returns.

    There are many provisions of withholding taxes under Income Tax Ordinance, 2001 where withholding agents deduct tax, which are adjustable against tax liability of taxpayers.

    In those cases where salaried persons driving income less than threshold income are also required to file income tax returns to claim their refunds against tax deducted under withholding provisions.

    For tax year 2019 the income tax return filing date is due on September 30, 2019 for salaried persons, business individuals and association of persons.

    The salaried persons driving income above threshold income i.e. above Rs400,000 are required to file income tax return electronically.

    For the tax year 2019, the total tax amount is Rs1,000 for full year where the taxable income exceeds Rs400,000 but does not exceed Rs800,000.

    Similarly, the tax amount is Rs2,000 for full year where the taxable income exceeds Rs800,000 but does not exceed Rs1,200,000.

    The FBR also prescribed tax rate for other slabs of income of salaried persons.

    The FBR collect withholding tax through withholding tax agents from persons filing or not filing income tax returns. However, tax rates higher for persons those are not filing income tax returns. But in case a person is non-filer paid higher amount as withholding tax can claim refund or adjustment after filing income tax return for the tax year in which the deduction was made.

    The FBR collects billions of rupees as adjustable withholding tax and it deposited in national kitty as taxpayers do not bother to claim.

    A taxpayer can claim all those tax deduction, which are adjustable, but after filing annual income tax return.

    A person can claim refund / adjustment on tax deducted under major provisions of Income Tax Ordinance, 2001:

    Section 155: tax paid made on account of rent of immovable property.

    Section 156B: tax paid on withdrawal of balance under pension fund.

    Section 231A: tax paid on cash withdrawal from banks

    Section 231B: advance tax paid on purchase or lease of motor vehicles.

    Section 235A: tax paid on electricity consumption by domestic consumers

    Section 236: advance tax paid to phone company or internet service provider

    Section 236B: advance tax paid on purchase of domestic air ticket.

    Section 236C: advance tax paid at the time of sale of immovable property.

    Section 236D: advance tax paid on organizing function or gathering.

    Section 236I: advance tax paid while paying fee to educational institutions.

    Section 236K: advance tax paid on purchase of immovable property.

    Section 236L: Advance tax on purchase of international air ticket.

    Section 236P: Non-filer who paid tax on non-cash banking transactions can avail adjustment on filing income tax return.

    Section 236R – advance tax paid on education related expenses remitted abroad.

    Section 236U – advance tax on insurance premium

    Section 236 Y – Advance tax on persons remitting amount abroad through payment of debit or credit card.

  • Weekly Review: market to move on policy rate decision, IMF visit

    Weekly Review: market to move on policy rate decision, IMF visit

    KARACHI: The stock market will move with the outcome of monetary policy announcement scheduled for Monday September 16, 2019 and expected visit of a delegation of International Monetary Fund (IMF) next week.

    Analysts at Arif Habib Limited said that the monetary policy committee is scheduled to convene on Monday September 16, 2019 and it is expected that the State Bank of Pakistan (SBP) to announce a 25 basis points cut which should relieve levered sectors such as Cements, Steel and select Automobile and Oil Marketing Companies.

    In addition, the staff-level delegation of the IMF is expected to visit Pakistan next week to review the county’s economic performance and any development in this regard will have implications for the stock market.

    Whereas, Prime Minister Imran Khan is scheduled to travel to Saudi Arabia on September 19, 2019 to discuss the Indo-Pak tensions over Kashmir.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.6x (2020) compared to Asia Pac regional average of 13.1x and while offering DY of ~9.8 percent versus ~2.4 percent offered by the region.

    The analysts said that the incumbent government adopted a stringent monetary policy in the past year to fix external imbalances but with good, comes the bad; this also dampened domestic demand and added to the companies’ financial woes.

    Albeit, the market demonstrated a stunning rally in the outgoing week with market participants anticipating a cut in the State Bank of Pakistan’s benchmark policy rate, post rebasing of CPI.

    Moreover, buying by certain provincial funds also garnered positivity at the index. The market closed at 31,481 points (up by 1,014 points / 3.3 percent WoW).

    Sector-wise positive contributions came from i) Commercial Banks (270 points), ii) Oil & Gas Exploration Companies (213 points), iii) Fertilizers (196 points), iv) Power Generation & Distribution (95 points), and v) Cement (86 points). Scrip-wise positive contributions were led by PPL (122 points), OGDC (89 points), LUCK (84 points), UBL (75 points) and FFC (72 points).

    Foreign buying was witnessed this week clocking-in at USD 1.01 million compared to a net sell of USD 5.32 million last week. Buying was witnessed in E&P (USD 1.4 million) and Cement (USD 1.0 million).

    On the domestic front, major selling was reported by Individuals (USD 4.8 million) and Banks / DFIs (USD 4.5 million). Average Volumes settled at 130 million shares (up by 39 percent WoW) while average value traded clocked-in at USD 38 million (up by 70 percent WoW).

  • FBR to retest shorthand, typing speed of officials; gives 60 days deadline

    FBR to retest shorthand, typing speed of officials; gives 60 days deadline

    ISLAMABAD: Federal Board of Revenue (FBR) has observed that lethargy of officials working as assistant private secretaries and steno typists is causing problems in speedy and efficient disposal of work.

    The FBR said that during a drive to check the efficiency of Assistant Private Secretaries (BS-16) and Steno typists (BS-14), working in Inland Revenue field formation it had been observed that shorthand and typing speed had declined far below the prescribed standard threshold.

    “This lethargy on part of the officials is causing problems in speedy and efficient disposal of official work,” the FBR said.

    An official memorandum sent to all the heads of IR offices, said that in terms of recruitment rules for the said posts following criteria was laid down for shorthand and typing:

    Assistant private secretary – minimum shorthand speed 100 words per minute (WPM) and minimum typing speed 50 WPM.

    Steno typists – minimum shorthand speed 80 WPM and minimum typing speed 40 WPM.

    Considering the present situation, the FBR has decided that all assistant private secretaries / steno typists Inland Revenue field formations will undergo the shorthand and typing speed test to be conducted by all the heads of Inland Revenue field formation after 60 days from issuance of this memo i.e. August 30, 2019.

    The FBR further said that the results of the test would be shared with the board which would be incorporated in the personal dossiers of the respective officials and would also have a bearing on the performance allowance.

  • Deposits of Islamic banks grow by 18.8 percent to Rs2,415 billion

    Deposits of Islamic banks grow by 18.8 percent to Rs2,415 billion

    KARACHI: Deposits of Islamic banking system has increased by 18.8 percent to Rs2,415 billion by end-June 2019 as compared with Rs2,033 billion a year ago, State Bank of Pakistan (SBP) said on Friday.

    The SBP in its Islamic Banking Bulletin said that the market share of Islamic banking systems in terms of deposits in overall banking industry increased to 15.9 percent by June 2019 as compared with 14.8 percent a year ago.

    The net assets of Islamic banks registered 20.6 percent growth to Rs2,992 billion by June 2019 as compared with Rs2,482 billion by June 2018. The market share of Islamic banks in terms of assets in overall banking industry grew by 14.4 percent by June 2019 as compared with 12.9 percent in June 2018.

    Number of banks by June 2019 increased to 22 as compared 21 a year ago. However, number of Islamic banking branches increased to 2,913 from 2,685 as of June 2018.

    The SBP said that the network of Islamic banking industry consisted of 22 Islamic banking institutions; 5 full-fledged Islamic banks (IBs) and 17 conventional banks having standalone Islamic banking branches (IBBs) by end June, 2019.

    Branch network of Islamic banking industry was recorded at 2,913 (spread across 113 districts) by end June, 2019. More than 77 percent of the branches were concentrated in Punjab and Sindh.

    The number of Islamic banking windows operated by conventional banks having standalone Islamic banking branches stood at 1,348.

    Investments (net) of Islamic banking industry were recorded at Rs. 606 billion by end June, 2019 compared to Rs. 617 billion in the previous quarter.

    During the period under review, investments (net) of both IBs and IBBs witnessed slight attrition of 0.8 percent and 3.3 percent, respectively. This can be mainly attributed to non-issuance of sovereign sukuk during the period.

    Profit before tax of Islamic banking industry was recorded at Rs. 32 billion by end June, 2019 compared to Rs. 15 billion in the same quarter last year.

    Profitability ratios like return on assets (ROA) and return on equity (ROE) before tax were recorded at 2.3 percent and 35.3 percent, respectively by end June, 2019.

    During the period under review, operating expense to gross income ratio witnessed further improvement and was recorded at 52.6 percent, compared to 54.7 percent in the previous quarter.

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  • FBR allows refund, adjustment under abolished sales tax special procedure

    FBR allows refund, adjustment under abolished sales tax special procedure

    ISLAMABAD: Federal Board of Revenue (FBR) has allowed refund and adjustment that are stuck up as sales tax special procedure was abolished through Finance Act, 2019.

    The FBR on Friday issued Sales Tax General Order (STGO) No. 105 for allowing adjustment / refund of sales tax paid under special procedures.

    The FBR said that through the budgetary measures for the financial year 2019-20, special procedures and other treatments for various sectors have been abolished and instead standard sales tax regime with right to input tax adjustment have been prescribed with effect from 1st July, 2019.

    It has been pointed out that the goods on which sales tax has been paid under special procedures prior to 1st July, 2019, were in stock on 30th June, 2019, and the same would be supplied after the said date, thus attracting sales tax under standard regime at applicable rate, subjecting the goods to double / increased incidence of tax.

    It has been further pointed out that under special procedures, input tax adjustment was not allowed. However, if such input goods, or finished goods made from these inputs, are supplied after 30th June, 2019, the right of input tax is created. The taxpayers have requested to provide a mechanism to avail such adjustment or for refund of tax paid in excess.

    Acknowledging the position as highlighted, the Board intends to resolve the issue as under:

    Steel Sector: Melters:

    Adjustment against GDs of re-meltable scrap imported prior to 1st July, 2019, which remained in stocks or the finished goods made therefrom remained in stock on 30th June, 2019, shall be made available to the extent of that consumed in supplies made in July and August 2019, provided no adjustment of tax paid on such GDs was made against sales tax on electricity bill as was provided under the Sales Tax Special Procedures Rules, 2007.

    However, such adjustment shall be made available, on case-to-case basis, if the Commissioner concerned verifies the stock position on 30th June, 2019, as declared online by such steel melters.

    The verification may be done by working back from current physical stocks and production and sales of intervening period after ensuring that the declared production is not below one metric ton per 800 units of electricity consumed during the intervening period. The adjustment to be allowed shall not exceed the stock as so verified or the stock as declared online, whichever is lower.

    Oil and Ghee Mills:

    Adjustment shall be available in respect of 16 percent FED against imports made in June, 2019, as available in stock on 30th June, 2019, in the same form or in the form of finished goods, as consumed in sales made during July and August, 2019. Adjustment shall be made to the extent of sales actually made in each month.

    Refund of Rs. 1 / kg paid on inputs:

    If inputs on which Rs. 1 / kg FED was paid on import or local purchase and the same, or the finished goods made therefrom, remained in stock on 30th June, 2019, such Rs. 1 / kg becomes payment in excess if such finished goods are supplied after 30th June, 2019, with payment of due tax / FED at 17 percent. The refund of such Rs. 1 / kg, so paid in excess, may be allowed by the field formations, under section 66, after due scrutiny and as per law, after ensuring that the finished goods produced from such inputs have been supplied and FED payable at 17 percent has been duly accounted for in the relevant return.

    Extra Tax Items as specified in Chapter XI of rescinded Sales Tax Special Procedures Rules, 2007:

    Adjustment shall be available against invoices showing 17 percent input tax on purchases of specified goods during June, 2019, which were in stock on 30th June, 2019, and were sold in July and August 2019. These invoices as declared in June, 2019 return shall be made available for adjustment. Adjustment shall be made to the extent of sales actually made in each month.

    Refund of 2 percent extra tax:

    If purchases of specified goods inputs on which 2 percent extra tax was paid, remained in stock on 30th June, 2019, such 2 percent extra tax becomes payment in excess if such finished goods are supplied after 30th June, 2019, with payment of due sales tax at 17 percent. The refund of extra tax, so paid in excess, may be allowed by the field formations, under section 66, after due scrutiny and as per law, after ensuring that the goods involved supplied and sales tax at 17 percent has been duly accounted for in the relevant return.

    General Guidelines:

    There shall be only one adjustment of input tax against a particular GD or invoice. In case part input tax is adjustable against a particular GD or invoice, the inadmissible amount may be reflected in Column 7 of the return. Field formations shall monitor input tax adjustments as provided herein and ensure that the same have been rightfully made.

    The adjustment shall be made against stocks on 30th June, 2019, as declared on FBR’s website. In case of any mis-declaration of such stocks, or adjustments in excess of amount of tax involved in actual stocks shall be recovered under law Adjustment / refund shall only be made in respect of suppliesas already made on payment of tax due.

  • FBR notifies transfers, postings of BS-17-19 customs officers

    FBR notifies transfers, postings of BS-17-19 customs officers

    KARACHI: Federal Board of Revenue (FBR) on Friday announced transfers and postings of Pakistan Customs Service (PCS) officers in BS-17-19 with immediate effect until further orders.

    The FBR notified transfers and postings of following officers:

    01. Muhammad Nayyar Shafiq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (AIIA), Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    02. Muhammad Irfan Wahid (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Intelligence & Investigation,FBR, Islamabad from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    03. Engr. Habib Ahmad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    04. Ms. Mehreen Naseem (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate of Intelligence & Investigation,FBR, Lahore.

    05. Muhammad Ahsan Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement, Peshawar.

    06. Muhammad Raza (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (AIIA), Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    07. Adnan Iqbal Sawati (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    08. Haroon Waqar Malik (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    09. Rizwan Bashir (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    10. Ms. Dr. Kaukab Farooq (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate General of Intelligence & Investigation,FBR, Islamabad.

    11. Mushtaq Ali Shahani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    12. Afzaal Ahmed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    13. Ms. Tahira Javed (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Preventive, Lahore.

    14. Asad Ullah Larik (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Collectorate of Customs (Adjudication-II), Karachi.

    15. Ali Raza Turabi (Pakistan Customs Service/BS-18) has been transferred and posted as Second Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi.

    16. Moeen Afzal Ali (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    17. Mrs. Saher Yasir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of IPR Enforcement (North), Islamabad from the post of Second Secretary, Federal Board of Revenue (Hq), Islamabad.

    18. Ubaidullah (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate of Post Clearance Audit, Islamabad from the post of Deputy Collector, (OPS) Model Customs Collectorate, Peshawar.

    19. Syeda Sadaf Ali Shah (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Assistant Collector, Model Customs Collectorate, Peshawar.

    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.

  • Remittances decline by 8.37pc to $3.73 billion in July – August

    Remittances decline by 8.37pc to $3.73 billion in July – August

    KARACHI: The inflows of workers’ remittances have declined by 8.37 percent to $3.73 billion during first two months (July – August) 2019/2020 as compared with $4.071 billion in the same months of the last fiscal year, State Bank of Pakistan (SBP) said on Friday.

    The central bank said that overseas Pakistani workers remitted US$ 1,690.9 million in the August 2019 as compared with US$ 2039.3 million received during July 2019. This showed a decline of US$ of 348.4 million on month-on-month basis, reflecting the usual one-off post Eid-ul-Azha effect.

    The country wise details for the month of August 2019 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US$ 377.58 million, US$ 348.51 million, US$ 297.41 million, US$ 250.20 million, US$ 158.60 million and US$ 58.14 million respectively compared with the inflow of US$ 465.53 million, US$ 473.11 million, US$ 330.40 million, US$ 294.90 million, US$ 193.17 million and US$ 59.69 million respectively in August 2018.

    Remittances received from Malaysia Norway, Switzerland, Australia, Canada, Japan and other countries during August 2019 amounted to US$ 200.42 million together as against US$ 272.62 million received in August 2018.

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  • Stok market falls by 65 points in narrow trading

    Stok market falls by 65 points in narrow trading

    KARACHI: The stock market ended down by 65 points on Friday in a narrow range trading of 86 points and -267 points with total volume of 103 million shares.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX)closed at 31,481 points as against 31,546 points showing a decline of 65 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range today between +83 points and -267 points with a total volume of 103 million shares.

    Mixed trend was witnessed in E&P scrips that brought the index in red zone. Cement and Steel sector scrips also made positive moves with ASTL and MUGHAL hitting upper circuits.

    Stocks that contributed to selling pressure mainly included HUBC, HBL and MLCF. Cement sector led the volumes table with 18.7 million shares followed by E&P (7.1 million) and Engineering (8.2 million). Among scrips, MLCF ranked top with 7.5 million shares followed by UNITY (7.1 million) and OGDC (6.8 million).

    Sectors contributing to the performance include Cement (+43 points), Fertilizer (+16 points), Insurance (+11 points), Banks (-116 points), Autos (-23 points), Power (-23 points).

    Volumes declined from 185.8 million shares to 103 million shares (-45 percent DoD). Average traded value also declined by 43 percent to reach US$ 29.9 million as against US$ 52 million.

    Stocks that contributed significantly to the volumes include MLCF, UNITY, OGDC, PAEL and LOTCHEM, which formed 30 percent of total volumes.

    Stocks that contributed positively include LUCK (+47 points), EFERT (+15 points), KAPCO (+15 points), PPL (+14 points) and UBL (+10 points). Stocks that contributed negatively include HBL (-69 points), HUBC (-35 points), MCB (-34 points), MARI (-17 points), and BAHL (-17 points).

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