The Pakistani rupee remained largely stable against the US dollar on Thursday, closing in a tight range-bound session in the interbank foreign exchange market.
(more…)Author: Mrs. Anjum Shahnawaz
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FBR issues fresh list of sectors allowed input tax adjustment
ISLAMABAD: Federal Board of Revenue (FBR) has issued fresh list of sectors to allow input adjustment by amending the Section 8B of Sales Tax Act, 1990.
The FBR issued SRO 1190(I)/2019 on Thursday in suppression of its previous SRO 647(I)/2007 dated June 27, 2007.
The following sectors have been allowed input adjustment and refunds:
01. Persons registered in electrical energy sector.
02. Oil marketing companies and petroleum refineries.
03. Fertilizers manufacturers.
04. Persons making zero-rated supplies, including exports, provided that value of such supplies exceeds 50 percent of value of all taxable supplies in a tax period.
05. Distributors.
06. Gas distribution companies.
07. Telecommunication services.
08. Pakistan Steel, Bin Qasim, Karachi.
09. Registered persons other than manufacturers, making supplies of items covered under the Third Schedule to the Sales tax Act, 1990, on which sales tax has been paid by the manufacturer or importer on retail price, provided that value of such supplies exceeds 80 percent of value of all taxable supplies in a tax period.
10. Commercial importers where value of import subject to 3 percent value addition as prescribed in Twelfth Schedule to the Act exceeds 50 percent of value of all taxable purchases, including imports, in a tax period.
Through the latest SRO the retailers also importing goods in bulk and operating chain stores have been allowed adjustment of input tax to the extent of 95 percent of the output tax for the tax period and the excess amount shall be carried forward to the next period.
The FBR further said that the first proviso of sub-section (1) and sub-section (2) and (3) of Section 8B of the Sales Tax Act, 1990, shall apply, mutatis mutandis, to the input tax to be adjusted or carried forward as provided in clause (b).
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NCCPL to collect capital gain tax on October 09
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has announced that it will collect Capital Gain Tax (CGT) on disposal of shares on October 09, 2019 for the period July and August.
Informing the Pakistan Stock Exchange (PSX), the NCCPL said that the aggregate amount of CGT arising on disposal of shares at PSX for the period July01, 2019 to August31, 2019, would be collected on Wednesday October 9, 2019 through respective settling banks of the Clearing Members.
All Clearing Members are hereby requested to ensure requisite amount in the irrespective settling bank’s account.
Necessary details and reports for the said period have already been made available in the CGT System.
Clearing Members have been asked to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, the NCCPL said.NCCPL collects advance tax from the members of Stock Exchange registered in Pakistan, margin financiers, trading financiers and lenders],in respect of margin financing in share business or providing of any margin financing, margin trading or securities lending under Securities (Leveraged Markets and Pledging) Rules, 2011 in share business] at the rate specified in Division IIB of Part IV of First Schedule.
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SRO to save customs officers in mega gold scam challenged before FBR policy board
ISLAMABAD: The Directorate General of Internal Audit (Customs) Lahore has challenged the issuance of SRO 1114(I)/2019 before the Policy Board of the Federal Board of Revenue (FBR) alleging the issuance of the notification was a bid to save senior customs officers in mega gold corruption cases.
In a compliant on October 02, 2019 made to Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue and Chairman FBR’s Policy Board and the other members of the FBR’s policy board that is constituted under Section 6 of the FBR Act, 2007, it has been alleged that the SRO has taken away from the Customs Internal Audit its capacity to detect customs officers’ corruption and resulting massive revenue loss.
The SRO has been called a device to liberate the customs officers’ corruption and revenue losses from the fear of subsequent internal audit’s detection.
According to the complainant i.e. Directorate General of Internal Audit (Customs) Lahore, the FBR has purported to act under certain provisions of Customs Act and Sales Tax Act which do not give the FBR any power to abolish any field formations.
It is alleged that these provisions confer on FBR only the power to appoint officers in field formations and to define their powers and functions.
It has been further alleged that two directorates of Internal Audit had been abolished in breach of FBR’s statutory obligations under FBR Act, 2007.
According to the complainant, Section 4(1)(d) of FBR Act requires FBR to improve productivity in its field formations. Section 4(1)(g) of FBR Act requires FBR to take appropriate measures including internal controls to combat corruption within its field formations.
Section 4(1)(j) of FBR Act requires FBR to introduce and maintain a system of accountability of performance, competence and conduct of its employees.
It has been alleged that abolition of two directorates of internal audit and over burdening of the single directorate of Islamabad with the responsibility of Customs Internal Audit throughout the country is a measure against FBR’s statutory obligation to improve productivity in field formations.
It is also a measure against the FBR’s statutory obligation to control corruption and to maintain a system of performance accountability of its officers and employees.
The complainant questioned that why FBR has conceived a unique SRO of its own kind which has the effect of sheltering corruption and revenue losses from the fear of detection.
It has been alleged in the complaint that the Directorate of Internal Audit Karachi has been abolished to shelter the customs officers posted in Karachi, who are normally responsible for 90 percent of the customs corruption and revenue losses which take place throughout the country in a year.
It has been further alleged that the Directorate of Internal Audit Lahore has been abolished for more than one reason, all meant to shelter revenue losses from detection and to save corrupt customs officers from accountability.
It has been alleged in the complaint that the struggle of Directorate of Internal Audit Lahore to recover a revenue loss of Rs60 billion in gold cases and the efforts of the Directorate to take gold cases against customs officers to a logical conclusion have resulted in its abolition just to serve the interests of senior customs officers involved in these cases.
The gold case made by Internal Audit took a new beginning when in response to a new story published on June 11, 2018, the Federal Tax Ombudsman took suo moto cognizance of these cases involving a revenue loss of Rs60 billion and recommended disciplinary and criminal proceedings against the customs officers responsible for causing the revenue loss.
The collector of five customs collectorates subsequently filed representations against FTO’s recommendations before the President of Pakistan. However, the Directorate of Internal Audit Lahore had pleaded the gold cases against the customs officers.
The directorate of internal audit Lahore requested the FBR Policy Board that the operation of SRO may be immediately held in abeyance till determination of its legality and proper evaluation of its pro corruption consequences.
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FBR says 48 companies integrated sales data
ISLAMABAD: At least 48 leading companies have integrated their sales data with the online system of the Federal Board of Revenue (FBR).
The FBR issued the list of these 48 companies which opted for integrating their retail point of sales (POS) with the FBR in order to get reduced rates of sales tax.
Following is the list of the companies:
SERVICE INDUSTRIES LTD
NISHAT (CHUNIAN) LIMITED
HOUSE OF ITTEHAD (PRIVATE) LIMITED
AL-KARAM TEXTILE MILLS (PRIVATE) LIMITED
GUL AHMED TEXTILE MILLS LIMITED
TRI-STAR POLYESTER LIMITED
BATA PAKISTAN LIMITED
LAKHANY SILK MILLS (PRIVATE) LIMITED
FIRHAJ FOOTWEARS (PRIVATE) LIMITED
SERVICE SALES CORPORATION (PVT) LIMITED
SHAPAR PVT LTD
BORJAN (PRIVATE) LIMITED
FAMOUS BRANDS (PRIVATE) LIMITED
URBAN SOLE
KHAWAJA TANNERIES (PRIVATE) LIMITED
SEFAM (PVT) LTD
THREE STARS HOSIERY MILLS (PRIVATE) LIMITED
NISHAT MILLS LIMITED
SHOE PLANET (PRIVATE) LIMITED
TIMES CLOTHING PVT LIMITED
CAMBRIDGE GARMENT INDUSTRIES (PRIVATE) LIMITED
GENERATION (PRIVATE) LIMITED
KAMAL LIMITED
NISHAT LINEN (PRIVATE) LIMITED
MISHA FASHIONS (PVT.) LIMITED
HUSSAIN MANUFACTURING (PVT.) LIMITED
RETAIL AVENUE (PVT.) LIMITED
M/S. AKAZ BRANDS (PVT.) LIMITED
LOFT COMMERCIALS LIMITED
NASEEM ENTERPRISES & TRADING (PRIVATE) LIMITED
AL-RAZZAQ FIBRES (PVT.) LIMITED
OUTFITTERS STORES
THE OAKS PAKISTAN PVT LTD
SAPPHIRE RETAIL LIMITED
SSFR (PVT.) LIMITED
KHAADI (SMC-PVT.) LIMITED
URBAN BRANDS
LEVI STRAUSS PAKISTAN (PRIVATE) LIMITED
RAFUM INDUSTRIES (PVT.) LIMITED
AMIR KAMAL
SHEIKHUPURA TEXTILE MILLS LIMITED
IBL IDENTITY (PRIVATE) LIMITED
SANAULLA TEXTILE MILLS
MRS FARNAZ AHMAD
SAID AHMED BRANDS (PRIVATE) LIMITED
HIGHPOINT VENTURES (PRIVATE) LIMITED
SANAULLA LONGFU TEXTILE (PVT.) LIMITED
S-LUXE (PRIVATE) LIMITED
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SECP revokes licenses of 22 not for profit companies; total cancellation tops 319
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has cancelled licenses of 22 Not for Profit Companies during first quarter of the current fiscal year. The regulator so far revoked licenses of 319 charitable and non-profit organizations (NPOs).
In a statement issued on Wednesday the SECP that the licenses were revoked for non-compliant of statutory requirements i.e. non-filing of financial statements and annual returns. Some of them were dormant since incorporation.
These companies licensed under section 42 of the Companies Act. Upon revocation of license, these companies have to follow the procedure for their winding up voluntarily and in case of having no assets and liabilities they shall apply for striking their names off the register of the companies in terms of section 43 of the Companies Act, 2017 read with the Associations with Charitable and Not for Profit Objects Regulations, 2018.
Sr.No. CRO Name Company Name Date of Revocation of License 1 Karachi ABDUL FOUNDATION 9-Jul-15 2 Lahore AGRO-FORESTRY FOUNDATION FOR POVERTY ALLEVIATION 1-Feb-16 3 Islamabad AKBAR ZUBAIDAH GHANI FOUNDATION 9-Jul-15 4 Lahore AKHTAR A. AWAN FOUNDATION 6-Apr-15 5 Quetta AL-KHALIQ FOUNDATION 6-Apr-15 6 Lahore ALL PAKISTAN KITE FLYING ASSOCIATION 9-Jul-15 7 Karachi ALLIED FOUNDATION 9-Jul-15 8 Islamabad ANSARI WELFARE FOUNDATION OF PAKISTAN 9-Jul-15 9 Islamabad ASIAN HUMAN RIGHTS DEVELOPMENT ORGANIZATION 6-Apr-15 10 Islamabad ASSOCIATION FOR FAIR TRADE IN PAKISTAN 6-Apr-15 11 Islamabad ASSOCIATION OF CHINESE ENTERPRISES IN PAKISTAN 6-Apr-15 12 Islamabad AVERROES FOUNDATION 6-Apr-15 13 Islamabad BILAWAL FOUNDATION 9-Jul-15 14 Islamabad CENTRE FOR POLICY ALTERNATIVES 9-Jul-15 15 Islamabad CHAUDHRI MOHAMMAD ALI FOUNDATION 9-Jul-15 16 Lahore CINEMA OWNERS FOUNDATION 6-Apr-15 17 Peshawar CITIZEN COMMUNITY COORDINATION FOR DEVELOPMENT 9-Jul-15 18 Lahore CLAY PIGEON SHOOTING ASSOCIATION OF PAKISTAN 9-Jul-15 19 Lahore CLIMAX FOUNDATION 6-Apr-15 20 Islamabad COMMUNITY LIFE NETWORK 6-Apr-15 21 Islamabad COMPREHENSIVE DISASTER RESPONSE SERVICES 6-Apr-15 22 Karachi CUPOLA CARES FOUNDATION 1-Feb-16 23 Peshawar DA RORR LASS 6-Apr-15 24 Lahore DAR-UL-ISLAM AL-KHAIRYIA FOUNDATION 6-Apr-15 25 Islamabad DEVELOPMENT ASSISTANCE NETWORK 6-Apr-15 26 Islamabad DHAI EDUCATION FOUNDATION 9-Jul-15 27 Peshawar DOSTI DEVELOPMENT FOUNDATION 6-Apr-15 28 Islamabad DR. SHAUKAT HAROON FOUNDATION 6-Apr-15 29 Lahore EARLSFIELD FOUNDATION 6-Apr-15 30 Islamabad EDUCACY FOUNDATION 9-Jul-15 31 Islamabad ENGINEERS’ FOUNDATION 9-Jul-15 32 Islamabad ENVIRONMENT WATCH 6-Apr-15 33 Islamabad FOCUS PAKISTAN FOUNDATION 29-Jan-16 34 Islamabad FOUNDATION FOR INTELLECTUAL PROPERTY, AWARENESS & RESEARCH 9-Jul-15 35 Islamabad FOUNDATION FOR SOCIOECONOMIC EMPOWERMENT AND DEVELOPMENT 9-Jul-15 36 Lahore FRIENDS HUMANITY TRUST 9-Jul-15 37 Islamabad FUNDS FOR INCLUSION OF PEOPLE WITH DISABILITIES 9-Jul-15 38 Peshawar GADOON AMAZAI RURAL AREA SUPPORT PROGRAM 6-Apr-15 39 Multan GLOBAL ORGANIZATION FOR HUMAN EMPOWERMENT AND RIGHTS 9-Jul-15 40 Islamabad GLOBAL RESEARCH FOUNDATION 6-Apr-15 41 Peshawar GLOBAL RESOURCES FOR SOCIAL DEVELOPMENT 6-Apr-15 42 Lahore GOLF PLAYERS ASSOCIATION 6-Apr-15 43 Karachi GREEN VIEW FOUNDATION 9-Jul-15 44 Karachi HABIB FOUNDATION 9-Jul-15 45 Lahore HAZRAT KHADIJAH SADIA EDUCATIONAL FOUNDATION 6-Apr-15 46 Lahore HELMS FOUNDATION 6-Apr-15 47 Islamabad HELPCOUNTS FOUNDATION 6-Apr-15 48 Islamabad HINA AND NAYHA DISASTER SERVICES, PAKISTAN 9-Jul-15 49 Lahore HOSPITAL WASTE MANAGEMENT 9-Jul-15 50 Lahore HUM LOGE 9-Jul-15 51 Islamabad HUMAN AID FOCUS 6-Apr-15 52 Islamabad HUMAN INFRASTRUCTURE DEVELOPMENT PROGRAM 6-Apr-15 53 Islamabad HUMAN RELIEF ORGANIZATION 29-Jan-16 54 Lahore HUMAN RIGHTS FOUNDATION 6-Apr-15 55 Sukkur HUMAN SAFETY FOUNDATION 9-Jul-15 56 Lahore HUMANITY CARE STIFTUNG 6-Apr-15 57 Islamabad HUM-QADAM FOUNDATION 6-Apr-15 58 Lahore IDARAH TAAMIR E MILLAT 6-Apr-15 59 Peshawar IDRAK 9-Jul-15 60 Islamabad IKI HUMAN WELFARE FOUNDATION 9-Jul-15 61 Karachi INSTITUTE OF CHARTERED SECRETARIES & MANAGERS 24-Aug-15 62 Karachi INSTITUTE OF MARKETING MANAGEMENT 24-Aug-15 63 Islamabad INSTITUTE OF SOCIAL ANALYSIS AND RESEARCH 9-Jul-15 64 Karachi INSTITUTE OF SURVEYORS AND LOSS ADJUSTORS OF PAKISTAN 29-Jan-16 65 Karachi INSTITUTE OF TAXATION MANAGEMENT 24-Aug-15 66 Lahore ISLAMIC WELFARE FOUNDATION 9-Jul-15 67 Islamabad JAMIL MALIK FOUNDATION 7-Sep-15 68 Islamabad JAVED TARIQ MEMORIAL TRUST 30-Dec-15 69 Karachi KARACHI CHAMBER HOSPITAL 9-Jul-15 70 Karachi KARACHI CRICKET ASSOCIATION 9-Jul-15 71 Karachi KASSIM DADA EDUCATION & WELFARE FOUNDATION 9-Jul-15 72 Peshawar KURRAM RURAL SUPPORT ORGANISATION 9-Jul-15 73 Multan LIVESTOCK BREEDERS & DAIRY FARMERS ASSOCIATION 9-Jul-15 74 Islamabad MANZIL FOUNDATION 6-Apr-15 75 Islamabad MASS DEVELOPMENT FOUNDATION 6-Apr-15 76 Faisalabad MCMANUS NARU TRUST 6-Apr-15 77 Islamabad METUPAK FOUNDATION 6-Apr-15 78 Lahore MIAN GHULAM NABI TRUST 6-Apr-15 79 Islamabad MISSION UNTO LIGHT 6-Apr-15 80 Islamabad MOHSIN FOUNDATION 6-Apr-15 81 Islamabad MOHTARMA CHANNABAI OF CHAKORA MEMORIAL (CHARITABLE) TRUST 6-Apr-15 82 Islamabad MULLACH FOREST AND COMMUNITY DEVELOPMENT ORGANIZATION 9-Jul-15 83 Islamabad NASEEM HIJAZI SOCIAL DEVELOPMENT NETWORK 9-Jul-15 84 Islamabad NATIONAL INSTITUTE OF WTO & INTERNATIONAL TRADE LAWS 6-Apr-15 85 Islamabad NAWAB FARID KHAN DEVELOPMENT FOUNDATION 6-Apr-15 86 Islamabad NAZARIYA PAKISTAN COUNCIL 9-Jul-15 87 Multan NISHTAR MEDICAL FOUNDATION 9-Jul-15 88 Islamabad NOOR-E-JAHAN 6-Apr-15 89 Lahore ORCO FOUNDATION 6-Apr-15 90 Islamabad ORGANIZATION FOR REHABILITATION OF DISABLED PERSONS 6-Apr-15 91 Peshawar PAKISTAN AGRO CULTURE AND ENVIRONMENT FOUNDATION 6-Apr-15 92 Islamabad PAKISTAN AIDS CONTROL FEDERATION 6-Apr-15 93 Islamabad PAKISTAN ASSOCIATION FOR FREE FLYING 6-Apr-15 94 Islamabad PAKISTAN COMPLIANCE INITIATIVE 6-Apr-15 95 Islamabad PAKISTAN CRICKET COUNCIL FOR THE BLIND 6-Apr-15 96 Islamabad PAKISTAN EDUCATION ALLIANCE 6-Apr-15 97 Lahore PAKISTAN HEART FOUNDATION 9-Jul-15 98 Lahore PAKISTAN HORSE BREEDERS ASSOCIATION 9-Jul-15 99 Islamabad PAKISTAN HORSE BREEDERS, EQUESTRIAN AND RACING FOUNDATION 29-Jan-16 100 Lahore PAKISTAN INSTITUTE OF FASHION AND DESIGN 9-Jul-15 101 Lahore PAKISTAN MARKAZI ANJUMAN RAJPUTAN 6-Apr-15 102 Karachi PAKISTAN POLAND BUSINESS FORUM 9-Jul-15 103 Islamabad PAKISTAN RURAL SUPPORT PROJECT 9-Jul-15 104 Karachi PAKISTAN SCRABBLERS ASSOCIATION 9-Jul-15 105 Lahore PARWAAZ FOUNDATION 6-Apr-15 106 Islamabad PEACE AND DEVELOPMENT FOUNDATION 9-Jul-15 107 Islamabad PEACE EDUCATION FOUNDATION 9-Jul-15 108 Lahore PEPSI FOUNDATION PAKISTAN 9-Jul-15 109 Islamabad PMKS FOUNDATION 9-Jul-15 110 Lahore PRESBYTERIAN PROPERTY TRUST IN PAKISTAN 6-Apr-15 111 Islamabad PSY FOUNDATION 6-Apr-15 112 Lahore PUNJTAN PAK WELFARE TRUST 6-Apr-15 113 Islamabad QUOMI WELFARE FOUNDATION 9-Jul-15 114 Lahore RAJPUT BHATTI ASSOCIATION OF PAKISTAN 9-Jul-15 115 Lahore RANA MOHAMMAD SARWAR KHAN TRUST 6-Apr-15 116 Faisalabad RASHIDA MUHAMMAD ALI FOUNDATION 9-Jul-15 117 Islamabad RAWALPINDI-ISLAMABAD CUSTOMS AGENTS ASSOCIATION 9-Jul-15 118 Islamabad RIFFAH FOUNDATION 6-Apr-15 119 Islamabad ROSHNI FOUNDATION 6-Apr-15 120 Islamabad SAFE HANDS 6-Apr-15 121 Islamabad SAFWAN FOUNDATION 6-Apr-15 122 Lahore SAIBAN COMMUNITY FOUNDATION 29-Jan-16 123 Faisalabad SARWAR FOUNDATION 9-Jul-15 124 Islamabad SHAHEED ZULFIKAR ALI BHUTTO FOUNDATION 9-Jul-15 125 Islamabad SOCIAL AND MORAL AWARENESS FOR YOUTH 9-Jul-15 126 Islamabad SPORTS DEVELOPMENT FOUNDATION 6-Apr-15 127 Lahore SUFNA FOUNDATION 9-Jul-15 128 Lahore SULTAN-UL-ARFEEN DEVELOPMENT NETWORK 6-Apr-15 129 Islamabad SUPPORT FOR HEALTH AND DEVELOPMENT ENDEAVOURS 9-Jul-15 130 Karachi SURVEYORS & ADJUSTERS ASSOCIATION OF PAKISTAN 9-Jul-15 131 Islamabad SYNERGY FOR HEALTH & EDUCATION 9-Jul-15 132 Karachi THE EDUCATION FOUNDATION 9-Jul-15 133 Islamabad THE GUL RANO FOUNDATION 6-Apr-15 134 Islamabad THE IQBAL INTERNATIONAL INSTITUTE FOR RESEARCH, EDUCATION AND DIALOGUE 6-Apr-15 135 Islamabad THE KARAM BAKHSH AWAN TRUST 6-Apr-15 136 Karachi ULTRASOUND SOCIETY OF PAKISTAN 9-Jul-15 137 Islamabad UMEED FOUNDATION 29-Jan-16 138 Islamabad WATAN FOUNDATION 6-Apr-15 139 Islamabad WILDLIFE REHABILITATION FOUNDATION 6-Apr-15 140 Islamabad WTR FOUNDATION 9-Jul-15 141 Karachi ZULFIQAR ALI BHUTTO SPORTS FOUNDATION 9-Jul-15 142 Lahore A.N.K RANA FOUNDATION 3-Sep-15 143 Islamabad AGRICULTURE & LIVESTOCK TRAINING FOUNDATION 9-May-16 144 Islamabad AL AMANAH FOUNDATION 10-May-16 145 Karachi AWAZ-E-DIL FOUNDATION 24-Mar-16 146 Islamabad CENTER FOR CHANGE 24-Mar-16 147 Islamabad CENTER FOR CULTURAL DIALOGUE & RESEARCH 9-May-16 148 Lahore CONSERVATION AND HUNTING ASSOCIATION OF PAKISTAN 9-May-16 149 Islamabad DARMAAN WELFARE FOUNDATION 25-May-16 150 Lahore FARZ FOUNDATION 25-May-16 151 Islamabad FIRST STEP FOUNDATION 24-Mar-16 152 Islamabad FOUNDATION FOR BETTER TOMORROW 1-Apr-16 153 Islamabad FOUNDATION FOR RESEARCH AND SOCIO – ECOLOGICAL HARMONY 10-May-16 154 Islamabad FURQAN EDUCATION FOUNDATION 14-Apr-16 155 Islamabad German Shepherd Dog Club Of Pakistan 29-Apr-16 156 Lahore GLOBAL FOUNDATION FOR SME CLUSTER DEVELOPMENT 24-Mar-16 157 Multan INSAN FOUNDATION 24-Mar-16 158 Islamabad KOHSAR PROGRESSIVE FOUNDATION 2-Jun-16 159 Islamabad LET’S SERVE HUMANITY 8-Jun-16 160 Karachi MADAD FOUNDATION 13-Jul-16 161 Islamabad NASRA SATTAR FOUNDATION 25-May-16 162 Lahore PAKISTAN INSTITUTE OF COST AND CONTRACTS 14-Apr-16 163 Islamabad PASSENGER WELFARE FOUNDATION 24-Mar-16 164 Islamabad PAVING PATHS FOUNDATION 9-May-16 165 Islamabad PEHCHAN 24-Mar-16 166 Karachi AL-RIAZ FOUNDATION 6-Apr-15 167 Karachi ANJUMAN-E-KAKEZAIAN KARACHI (PAK) 6-Apr-15 168 Islamabad ASIAN INSTITUTE OF TRADE AND DEVELOPMENT 9-Jul-15 169 Karachi ASSOCIATION OF ROAD USERS OF PAKISTAN 6-Apr-15 170 Karachi BALOCH WELFARE ASSOCIATION OF PAKISTAN 6-Apr-15 171 Karachi BSA FOUNDATION 6-Apr-15 172 Karachi CHIRAGH TAJ ASSOCIATION 6-Apr-15 173 Karachi CONSUMERS FOUNDATION 6-Apr-15 174 Karachi FEDERATION OF CHINIOT COMMUNITY 6-Apr-15 175 Karachi FRIENDS SANS FRONTIERS 6-Apr-15 176 Karachi GREY GROUP FOUNDATION 6-Apr-15 177 Karachi INTERNATIONAL CENTRE FOR SCIENCE TECHNOLOGY 6-Apr-15 178 Karachi KARASONS FOUNDATION 6-Apr-15 179 Karachi KASSIM FOUNDATION 6-Apr-15 180 Karachi MEDICAID FOUNDATION 6-Apr-15 181 Karachi MOHAMMED AHMED RANGOONWALA FOUNDATION 6-Apr-15 182 Karachi MOTAMAR FOUNDATION 6-Apr-15 183 Karachi MSJ RESEARCH INSTITUTE 6-Apr-15 184 Karachi MUSLIM INSTITUTE 6-Apr-15 185 Karachi NATIONAL LITERACY FOUNDATION 6-Apr-15 186 Karachi PAKISTAN ASSOCIATION OF CREDIT MANAGEMENT 6-Apr-15 187 Karachi PAKISTAN DEAF SPORTS COUNCIL 6-Apr-15 188 Karachi PAKISTAN EYE FOUNDATION 6-Apr-15 189 Karachi PAKISTAN GENERAL HAWKER’S UNION 6-Apr-15 190 Karachi PAKISTAN HONG KONG BUSINESS FORUM 9-Jul-15 191 Karachi PAKISTAN INSTITUTE OF CITY & REGIONAL PLANNING 6-Apr-15 192 Karachi PAKISTAN JOCKEYS ASSOCIATIONS LIMITED 6-Apr-15 193 Karachi PETROLEUM FOUNDATION 6-Apr-15 194 Karachi POLKA FOUNDATION 6-Apr-15 195 Karachi PROFESSIONAL EDUCATION FOUNDATION 6-Apr-15 196 Karachi SAFI QURESHEY FOUNDATION 6-Apr-15 197 Karachi SHARF-E-HAYAT FOUNDATION 6-Apr-15 198 Karachi SHIKARIS ASSOCIATION 6-Apr-15 199 Karachi SULTAN MOHAMMAD SHAH FOUNDATION 6-Apr-15 200 Karachi THE HAVEN FOUNDATION 6-Apr-15 201 Karachi THE SOLAR ENERGY AWARENESS SOCIETY 6-Apr-15 202 Karachi TRADE & TRANSPORT FACILITATION COUNCIL 6-Apr-15 203 Karachi UNITED RELIEF AND DEVELOPMENT FOUNDATION 6-Apr-15 204 Karachi VERA FOUNDATION 6-Apr-15 205 Karachi YADGARE HUSAINI COUNCIL 6-Apr-15 206 Karachi YAQEEN EDUCATION FOUNDATION 6-Apr-15 207 Karachi YOUNG MEN’S CHRISTIAN ASSOCIATION 6-Apr-15 208 Karachi ZAIDI ABID FOUNDATION 6-Apr-15 209 Peshawar PINE RURAL AREA DEVELOPMENT ORGANIZATION 14-Apr-16 210 Islamabad RADIO LIVESTOCK PAKISTAN 14-Apr-16 211 Islamabad ROOTS EDUCATION FOUNDATION 1-Apr-16 212 Islamabad SOHNI DHARTI FOUNDATION 24-Mar-16 213 Karachi TEACH FOR PAKISTAN 15-Jun-16 214 Islamabad UMEED-E-SAHER FOUNDATION 24-Mar-16 215 Islamabad WHITE CRESCENT FOUNDATION 8-Jun-16 216 Karachi ZAKRIA FOUNDATION 14-Apr-16 217 Islamabad MAIRAJ FOUNDATION 22-Jul-16 218 Islamabad PRIME MINISTER’S EDUCATION ENDOWMENT FUND FOR BALOCHISTAN 23-Aug-16 219 Sukkur GENCO EMPLOYEES HOUSING FOUNDATION 10-Nov-16 220 Islamabad FATA RURAL SUPPORT PROGRAMME 9-Jul-15 221 Islamabad ABDUL SATTAR FOUNDATION 1-Nov-16 222 Islamabad RADIANCE WELFARE FOUNDATION 1-Nov-16 223 Peshawar Malakand Welfare Foundation 26-Dec-16 224 Islamabad NAFEES FOUNDATION 26-Dec-16 225 Lahore RESEARCH INSTITUTE OF NATURAL RESOURCES OF PAKISTAN 30-Jan-17 226 Karachi BENAZIRABAD INDUSTRIAL ESTATE DEVELOPMENT AND MANAGEMENT COMPANY 30-Jan-17 227 Lahore AL-JEHAN WELFARE FOUNDATION 13-Feb-17 228 Lahore ASIAN SOCIETY OF NEUROLOGICAL SURGEONS 13-Feb-17 229 Islamabad PAKISTAN YOUTH ALLIANCE 13-Feb-17 230 Lahore THE INSTITUTE OF INTERNAL AUDITORS-PAKISTAN 4-Sep-15 231 Islamabad THE COMPETITIVENESS SUPPORT FUND (CSF) 25-Dec-13 232 Islamabad AASARA-E-ADAL O NOOR 3-Sep-15 233 Faisalabad Arshad Welfare Association 6-Aug-17 234 Islamabad CNFA Pakistan Center for Enterprise and Development. 12-May-17 235 Karachi Victim Assistance Foundation 6-Feb-17 236 Karachi THE MIND SPORTS ASSOCIATION OF PAKISTAN 8-Jul-17 237 Lahore BUKSH FOUNDATION 29-Jan-16 238 Karachi Computer Society of Pakistan 13-Sep-17 239 Islamabad INTERFAITH HARMONY INTERNATIONAL 12-Oct-17 240 Lahore Hum Pakistani Foundation 13-Oct-17 241 Peshawar ASSOCIATION FOR SUSTAINABLE INTEGRATED DEVELOPMENT 12-Oct-17 242 Karachi Sind Industrial Trading Estate Limited 12-Dec-17 243 Islamabad Social Development Enterprise 19-Mar-18 244 Karachi SLEEP RESEARCH FOUNDATION 27-Mar-18 245 Islamabad DEVELOPYST 27-Mar-18 246 Islamabad DEVELOPMENTAL INITIATIVE AND EMPOWERMENT AXIS 27-Mar-18 247 Islamabad DHAKA AHSANIA MISSION PAKISTAN 27-Mar-18 248 Islamabad SABA KHIDMAT FOUNDATION 27-Mar-18 249 Islamabad GOVERNANCE SUPPORT INITIATIVE 26-Mar-18 250 Islamabad Saba Orphanage Foundation 11-Mar-16 251 Islamabad Relief Pakistan 18-Apr-18 252 Multan ALFAUZ WELFARE FOUNDATION 10-May-16 253 Islamabad The One Foundation 8-May-18 254 Islamabad TVO SOCIAL LINK 8-May-18 255 Karachi Halaal Foundation 15-Jan-18 256 Islamabad PASHUMA HEALTH FOUNDATION 7-Feb-18 257 Islamabad HKS Foundation 15-Jan-18 258 Islamabad FEDERAL LIVER TRANSPLANT ENDOWMENT FUND 15-Jan-18 259 Islamabad Belous Foundation 15-Jan-18 260 Islamabad UROLOGY AND TRANSPLANTATION FOUNDATION 26-Mar-18 261 Islamabad A BETTER LIFE 29-Jun-18 262 Peshawar UMEED RURAL DEVELOPMENT ORGANISATION 29-Jun-18 263 Islamabad MISSAL FOUNDATION 29-Jun-18 264 Islamabad GUL-E-ARZU DEVELOPMENT ORGANIZATION 2-Jun-16 265 Islamabad My Biz Pakistan Foundation 7-Aug-18 266 Karachi AGA KHAN UNIVERSITY HOSPITAL 15-Sep-18 267 Karachi FOUNDATION FOR STRENGTHENING OF LOCAL PARTNERS 10-Sep-18 268 Islamabad HIMALAYAN CONSERVATION AND RURAL SUPPORT PROGRAMME (HCRSP) 10-Sep-18 269 Islamabad THE CARING SOCIETY 10-Sep-18 270 Lahore DASTAK FOUNDATION 10-Sep-18 271 Multan Emperor Foundation 10-Sep-18 272 Multan SATLUJ WELFARE FOUNDATION 10-Sep-18 273 Islamabad WATER AND SANITATION SUPPORT PROGRAM 10-Sep-18 274 Lahore INSTITUTE OF PROFESSIONAL LEARNING 27-Sep-18 275 Islamabad AFZAL & AFZAL LAW REFORMS INSTITUTE 5-Oct-18 276 Islamabad Silk Source 19-Oct-18 277 Islamabad PAKTURK EDUCATION FOUNDATION 1-Jan-19 278 Islamabad Akberia Foundation 2-Jan-19 279 Peshawar KHYBER PAKHTUNKHWA PRIMARY HEALTHCARE INITIATIVE 24-Jan-19 280 Islamabad ZTBL Foundation 20-Feb-19 281 Islamabad DONNA BOYD FOUNDATION 15-Feb-19 282 Lahore HEALTHCARE VOLUNTEER PAKISTAN 15-Feb-19 283 Islamabad Zoya Science Schools Network 20-Mar-19 284 Faisalabad GLOW FOUNDATION FOR HUMAN RIGHTS AND WOMEN LITERACY 25-Mar-19 285 Lahore Children’s Foundation of Pakistan 25-Mar-19 286 Islamabad VICTIM SUPPORT AND DEVELOPMENT FOUNDATION 4-Apr-19 287 Islamabad CARE WITHOUT BORDERS 4-Apr-19 288 Quetta Alhamd Foundation 4-Apr-19 289 Multan PIYAR FOUNDATION 4-Apr-19 290 Islamabad BRAC PAKISTAN 4-Apr-19 291 Islamabad SUPPORT WITH WORKING SOLUTIONS 19-Apr-19 292 Islamabad AMANUT HANDS 16-May-19 293 Islamabad ALFURQAN HUMANITARIAN RELIEF FOUNDATION 9-May-19 294 Islamabad COMSATS Technologies 28-May-19 295 Islamabad COMSIANS foundation 28-May-19 296 Islamabad COMSATS EMPLOYEES HOUSING FOUNDATION 28-May-19 297 Islamabad Maryam Foundation 21-Jun-19 298 Islamabad Babar Foundation 2-Jul-19 299 Islamabad AAP Ki Sehat 1-Jul-19 300 Islamabad TAKBEER FOUNDATION 22-Jul-19 301 Islamabad VISIONS AND ACTIONS 22-Jul-19 302 Lahore Polaris Leaders 2-Aug-19 303 Karachi FOUNDATION FOR FAIZAN AULIA PAKISTAN 5-Aug-19 304 Islamabad Al Mustafa Educational Network 9-Aug-19 305 Lahore Agrihealth Association 9-Aug-19 306 Karachi Malnutrition Care Foundation 9-Aug-19 307 Lahore Hopian Foundation 9-Aug-19 308 Islamabad Center for Sustainability and Governance 9-Aug-19 309 Islamabad Care Plus Welfare Organization 27-Aug-19 310 Islamabad A. Hakim Siddiqui Foundation 29-Aug-19 311 Islamabad Come Foundation 29-Aug-19 312 Islamabad RADIANT BUSINESSMEN FORUM 30-Aug-19 313 Islamabad GUL JAN WELFARE 30-Aug-19 314 Lahore Naymet Pakistan 30-Aug-19 315 Multan AAS DEVELOPMENT FOUNDATION 3-Sep-19 316 Sukkur Indus Crafts Foundation 12-Sep-12 317 Islamabad MOH 18-Sep-19 318 Islamabad CHILDREN’S LITERATURE FESTIVAL 16-Sep-19 319 Islamabad AKS FOUNDATION 26-Sep-19 -
Sindh Revenue Board collects Rs23 billion in first quarter
KARACHI: Sindh Revenue Board (SRB) has collected Rs23 billion during first quarter (July – September) of current fiscal year 2019/2020 as compared with Rs20.3 billion in the corresponding quarter of the last fiscal year, showing growth of 13.3 percent.
The success in achieving the growth in revenue during the first quarter of 2019/2020 has been made possible because of the continued trust and cooperation of SRB taxpayers, the continuous support by the government of Sindh and the restless efforts made by SRB employees, said a statement issued by the SRB on Wednesday.
The SRB said that during the month of September 2019 it collected Rs9 billion as compared to Rs7.5 billion during the same month of the last year, registering growth of 20 percent.
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Headline inflation increases by 11.4 percent in September
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 11.4 percent in the month of September 2019, said Pakistan Bureau of Statistics (PBS) on Wednesday.
It said that CPI inflation general with base year 2015-2016, increased by 11.4 percent on year-on-year basis in September 2019 as compared to an increase of 10.5 percent in the previous month and 5.4 percent in September 2018.
On month-on-month basis, it increased by 0.8 percent in September 2019 as compared to an increase of 1.6 percent in the previous month and 0.0 percent in September 2018.
CPI inflation Urban, increased by 11.6 percent on year-on-year basis in September 2019 as compared to an increase of 10.6 percent in the previous month and 5.6 percent in September 2018.
On month-on-month basis, it increased by 0.7 percent in September 2019 as compared to an increase of 1.5 percent in the previous month and a decrease of 0.1 percent in September 2018.
CPI inflation Rural, increased by 11.1 percent on year-on-year basis in September 2019 as compared to an increase of 10.3 percent in the previous month and 5.1 percent in September 2018.
On month-on-month basis, it increased by 0.8 percent in September 2019 as compared to an increase of 1.9 percent in the previous month and 0.0 percent in September 2018.
Sensitive Price Indicator (SPI) inflation on YoY increased by 14.7 percent in September 2019 as compared to an increase of 12.1 percent a month earlier and an increase of 0.4 percent in September 2018.
On MoM basis, it increased by 1.9 percent in September 2019 as compared to an increase of 2.7 percent a month earlier and a decrease of 0.4 percent in September 2018.
Wholesale Price Index (WPI) inflation on YoY basis increased by 15.9 percent in September 2019 as compared to an increase of 14.1 percent a month earlier and an increase of 14.6 percent in September 2018.
WPI inflation on MoM basis increased by 0.1 percent in September 2019 as compared to an increase of 1.2 percent a month earlier and a decrease of 1.5 percent in corresponding month of last year i.e. September 2018.
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Oil sales show continuous decline for 8th consecutive quarter
KARACHI: The oil sales witnessed continued downward trend in first quarter of fiscal year 2019/2020 for 8th consecutive quarter and posted fall of 13 percent Year on Year (YoY).
Major decline was witnessed in Furnace Oil (FO) and Hi Speed Diesel (HSD) to the extent of 29 percent and 16 percent YoY, respectively, analysts at Topline Securities.
Quarterly sales in absolute terms clocked in at 4.4 million tons during 1QFY20, lowest in last 26 quarters. Excluding FO, sales are lowest in last 14 quarter low.
Diesel sales continues to fall (down 16 percent YoY) for 6th consecutive quarter on the pretext of slowdown in economy, slower transportation activities and smuggling from Iranian border.FO sales fell by 29 percent YoY due to its lower requirement in power generation after availability of relatively cheaper fuels like RLNG/coal.
During Sep 2019, oil sales went down by 19 percent YoY. On MoM basis, volumes were up 16 percent due to Eid holidays in August 2019.
Among companies, PSO outperformed industry and peers by increasing its volumetric sales by 11 percent during 1QFY20 vs. fall of 13 percent YoY in industry sales.
The company has increased its market share from 37 percent in 1QFY19 to 47 percent in 1QFY20 (flat QoQ).
Hascol underperformed industry by posting decline of 68 percent YoY in oil sales during 1QFY20. Resultantly, market share of the company fell to 5% in outgoing quarter vs. 12 percent in 1QFY19.
In Key risks to the sector include 1) further slowdown in the economy, 2) increase in turnover tax, and 3) currency depreciation.
Key risks to the sector include 1) further slowdown in the economy, 2) increase in turnover tax, and 3) currency depreciation.
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Karachi Chamber expresses concerns over pathetic performance of new refund issuance module
KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has expressing deep concerns over the poor and pathetic performance of the recently launched Fully Automated Sales Tax e-Refunds (FASTER) module.
In a statement on Wednesday he stated that FBR claimed of processing payments of Sales Tax Refunds for the tax period July 2019 within 72 hours on September 2, 2019 through FASTER module but the ground reality was totally contrary to this claim as many exporters have not received anything and are running from pillar to post at various departments of FBR to get their claims processed and released.
Agha Shahab pointed out that many exporters from different parts of the country have not received outstanding refunds for July 2019 which was really worrisome and too disappointing for the Business and Industrial Community as the FASTER module was launched with a commitment to release refunds within 72 hours but it was not happening at all, which has intensified the hardships for exporters who are finding it almost impossible to stay afloat due to delays in release of refund claims and rescission of SRO 1125(I)/2011 dated 31.12.2011, which allowed zero-rating of inputs of five export-oriented sectors.
“It was a matter of grave concern that a system titled FASTER for processing refund claims within 72 hours, has actually made the entire process too messy and cumbersome while the FBR officers in Islamabad were also totally unaware and confused because of the so-called FASTER system hence, it should be remained as SLOWER”, he criticized.
President KCCI said that it has been a month since the first tranche was processed via FASTER module but many exporters have not received funds, creating severe liquidity crunch for the exporters from five export-oriented industries which clearly indicates that FASTER system has failed miserably to improve the situation in fact it has made the refunds process more cumbersome and slower.
While referring to Prime Minster’s recent meeting held to discuss economic issues and the problems being faced by business community, Agha Shahab requested PM Imran Khan, Advisor to Prime Minister Hafeez Shaikh, Minister of State for Revenue Hammad Azhar and Chairman Federal Board of Revenue Shabbar Zaidi to take notice of the hardships being faced by the perturbed exporters and issue strict directives for improving the performance of FASTER module in order to save the export oriented industries from further crises which, if not timely addressed, would certainly have a deep negative impact on Pakistan’s economy particularly in a situation when all out efforts were being made by the present government to somehow reduce the current account deficit.
He was fairly optimistic that keeping in view the government’s resolve towards ensuring the Ease of Doing Business, the decision makers would pay attention to this serious issue and order the concerned department to improve FASTER’s performance which would certainly be warmly welcomed not only by Karachi Chamber but also by all other stakeholders from across the country.