Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Stock market gains 109 points in narrow range trading

    Stock market gains 109 points in narrow range trading

    KARACHI: The stock market ended with gain of 109 points on Wednesday while trading in a narrow range activity.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,363 points as against 32,254 points showing an increase of 109 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow range between +134 points and -74 points, closing the session at +130 points. Oil, as usual, had a field day with international crude prices on the decline.

    Refinery and OMCs remained unaffected from decline in oil prices. Cement sector stayed in the limelight on the back of potential increase in cement price in North Region that had investors buying cement scrips consecutively.

    By the end of session, WTL announced intention to acquire more than 30 percent shares by Elko Broadband Inc that gave perspective to consistently high volumes in WTL.

    On the whole, Cement sector led the volumes table with 46.2 million shares, followed by Technology (21.7 million) and Vanaspati (15.9 million). MLCF topped the charts with 16.3 million shares, followed by UNITY (15.9 million) and WTL (13.5 million).

    Sectors contributing to the performance include Banks (+99 points), Cement (+47 points), O&GMCs (+18 points), E&P (-45 points), Fertilizer (-19 points).

    Volumes maintained the level seen yesterday with 181.3 million shares against 180.7 million shares (+0.3 percent DoD). Average traded value increase by 8 percent to reach US$ 34.7 million as against US$ 32 million.

    Stocks that contributed significantly to the volumes include MLCF, UNITY, WTL, KEL and FCCL, which formed 36 percent of total volumes.

    Stocks that contributed positively include HBL (+82 points), UBL (+20 points), NBP (+12 points), DGKC (+12 points) and BAFL (+11 points). Stocks that contributed negatively include OGDC (-20 points), DAWH (-18 points), MCB (-17 points), PPL (-13 points), and POL (-12 points).

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    KARACHI: The Pak Rupee ended firmer against dollar on Wednesday amid lackluster demand for the foreign currency against import and corporate payments.

    The rupee ended Rs156.35 to the dollar from previous day’s closing of Rs156.36 in interbank foreign exchange market.

    Currency dealers said that the foreign currency witnessed lower demand for import and corporate payment.

    The foreign currency market was opened in the range of Rs156.33 and Rs156.38. The market recorded day high of Rs156.38 and low of Rs156.24 and closed at Rs156.35.

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

  • Karachi Chamber demands complete ban on car imports

    Karachi Chamber demands complete ban on car imports

    KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has demanded complete ban on import of luxury cars and those goods, which are already available in Pakistan.

    (more…)
  • WTO sharply downgrades global trade growth forecast

    WTO sharply downgrades global trade growth forecast

    KARACHI: World Trade Organization (WTO) has sharply downgraded the global trade growth forecast for 2019 and 2020.

    “World merchandise trade volumes are now expected to rise by only 1.2 percent in 2019, substantially slower than the 2.6 percent growth forecast in April,” the WTO said in a press release on Tuesday.

    The projected increase in 2020 is now 2.7 percent, down from 3.0 percent previously.

    “The economists caution that downside risks remain high and that the 2020 projection depends on a return to more normal trade relations,” it added.

    “The darkening outlook for trade is discouraging but not unexpected. Beyond their direct effects, trade conflicts heighten uncertainty, which is leading some businesses to delay the productivity-enhancing investments that are essential to raising living standards,” said WTO Director-General Roberto Azevêdo.

    “Job creation may also be hampered as firms employ fewer workers to produce goods and services for export.”

    “Resolving trade disagreements would allow WTO members to avoid such costs,” the WTO Director-General added.

    “The multilateral trading system remains the most important global forum for settling differences and providing solutions for the challenges of the 21st century global economy. Members should work together in a spirit of cooperation to reform the WTO and make it even stronger and more effective.”

    The updated trade forecast is based on consensus estimates of world GDP growth of 2.3 percent at market exchange rates for both 2019 and 2020, down from 2.6 percent previously.

    Slowing economic growth is partly due to rising trade tensions but also reflects country-specific cyclical and structural factors, including the shifting monetary policy stance in developed economies and Brexit-related uncertainty in the European Union.

    Macroeconomic risks are firmly tilted to the downside.

    Due to the high degree of uncertainty associated with trade forecasts under current conditions, the estimated growth rate for world trade in 2019 is placed within a range of 0.5 percent to 1.6 percent.

    Trade growth could fall below this range if trade tensions continue to build, or outperform it if they start to recede.

    The range of likely values is wider for 2020, ranging from 1.7 percent to 3.7 percent, with better outcomes depending on an easing of trade tensions.

    Risks to the forecast are heavily weighted to the downside and dominated by trade policy. Further rounds of tariffs and retaliation could produce a destructive cycle of recrimination. Shifting monetary and fiscal policies could destabilize volatile financial markets.

    A sharper slowing of the global economy could produce an even bigger downturn in trade. Finally, a disorderly Brexit could have a significant regional impact, mostly confined to Europe.

  • FBR eyes 5 million return filers

    FBR eyes 5 million return filers

    ISLAMABAD: Federal Board of Revenue (FBR) is eyeing five million return filers during next two years after achieving 2.6 million return filers for tax year 2018.

    The FBR attributed the high number of return filers to its helpline, which is facilitating the taxpayers in filing their returns.

    “The success of FBR Helpline can be gauged from the fact that number of tax return filers increased to 2.6 million from 1.9 million in one year which is expected to be increased to 5 million in next two years.”

    FBR’s Helpline is a free, fast & reliable service that is committed to provide the very best service to the public.

    FBR’s Helpline not only educates the public but also provides them a forum through which the public can put forward their queries and seek resolution to most of their issues via phone, email or website.

    Helpline team has been at the forefront in resolving issues that come up from time to time such as payment of Surcharge for ATL, guidance for newly launched Online Sales Tax Registration application, guidance for newly launched Biannual Income Tax Withholding Statement, guidance for ST Returns launched for the new financial year.

    The Helpline is providing services to the public in two shifts but provided 24/7 facilitation during the Asset Declaration Scheme.

    Furthermore, the Helpline representatives are providing all possible support to the Taxpayers in ensuring that they are easily able to navigate various Transactional portals such as Income Tax portal (Iris) etc.

    FBR Helpline utilizes international standard Customer Relationship Management (CRM) System, which ensures availability of three (3) tier support lines ensuring that FBR Helpline promptly resolves Taxpayer issues.

    Taxpayers are provided a case number for each complaint lodged and resolution of the case is ensured within 24 hours of the complaint lodged. Cases of complex nature which require legal and technological modification in the system are resolved within 3 days of the lodged complaint.

    The success of FBR Helpline can be gauged from the fact that number of tax return filers increased to 2.6 million from 1.9 million in one year which is expected to be increased to 5 million in next two years.

    Federal Board of Revenue (FBR) is committed towards bringing about a Service Oriented Culture – geared towards resolving challenges faced by investors and taxpayers, helping to improve the Ease of Doing Business (EoDB). FBR understands its responsibilities as a Partner in Progress – where its sole responsibility isn’t just to collect taxes but also ensure that it provides the very best service; ushering in a tax compliant culture while providing the necessary tools for economic growth.

    Nothing epitomizes FBR’s commitment towards a Service Oriented Culture like FBR’s Helpline.

  • Stock market gains 175 points as buying seen in many scrips

    Stock market gains 175 points as buying seen in many scrips

    The Pakistan stock market witnessed a positive session on Tuesday, with the benchmark KSE-100 index gaining 175 points. The index closed at 32,254 points, up from the previous close of 32,079 points, driven by buying interest in several key sectors.

    (more…)
  • Rupee ends flat amid inflows

    Rupee ends flat amid inflows

    KARACHI: The Pak Rupee ended flat against dollar on Tuesday despite inflows of remittances and export receipts.

    The rupee ended Rs156.36 to the dollar from previous day’s closing of Rs156.37 in interbank foreign exchange market.

    Currency dealers said that the foreign inflows appreciated the rupee value during the day. However, the higher demand offset the gains in the rupee value.

    The foreign currency market was opened in the range of Rs156.20 and Rs156.30. The market recorded day high of Rs156.40 and low of Rs156.28 and closed at Rs156.36.

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

  • KCAA’s new office bearers, MC members assume charge

    KCAA’s new office bearers, MC members assume charge

    KARACHI: The newly elected unopposed office bearers and members of Managing Committee (MC) of Karachi Customs Agents Association (KCAA) for the term 2019-2020 have assumed the charge of the association in its 12th Annual General Body Meeting held on Monday, September 30, 2019.

    The list of the newly inducted Office Bearers and Members Managing Committee is as follows:

    Office Bearers:

    Yahya Mohammad, President

    Mahmood ul Hasan Awan, Senior Vice President

    Rashid Khurshid, Vice President

    Mirza Ather Baig, Vice President

    Akhter Ali Sherwani Vice President

    Tariq Rasheed Khan, Vice President

    Sheikh Waqas Anjum, Vice President

    Gulzar Shah, Vice President

    Mohammad Aamir, General Secretary

    Zahid Bashir Choudhry, Joint Secretary

    Khawaja Zeeshan lqbal, Information Secretary

    Rana Zahid Farooq, Finance Secretary

    Members managing committee:

    Amir Butt

    Faraz Ahmed Tanoli

    Fida Hussain Tanoli

    Junaid Mqhmood

    Mirza Abdul Hannan Baig

    Moez Tahir Sheikh

    Mohammad Asif

    Mohammad Basharat

    Muhammad Bashir

    Mohammad Naeem Malik

    Mohammad Naveed Bashir

    Mohammad Sohail

    Mohammad Yousuf Akhund

    Rizwan Ali

    Sajid Hussain

    Sohail Siddiq

    Taha Hussain Khan

    Tariq Mehmood

  • FBR collects Rs960 billion in first quarter: Shabbar Zaidi

    FBR collects Rs960 billion in first quarter: Shabbar Zaidi

    ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs960 billion in the first quarter of current fiscal year 2019/2020, which is about 90 percent of the target for the quarter, Syed Shabbar Zaidi, Chairman, FBR said on Monday.

    In a message on social media, he said that tax collection up to 90 percent of highly aggressive target for quarter ended September 30, 2019 has been achieved.

    “Collection is Rs 960 billion. Some more positive adjustment is expected. Furthermore this amount excludes refunds of past years of Rs15 billion,” the chairman said.

    The chairman said that collection from domestic sources had been increased by 25 percent. He said that the imports had been contracted by $3 billion during the period.

    He said that the contraction of import had impacted the revenue by Rs125 billion. The chairman said that if this amount added the revenue collection then the target would have been met.

  • FBR extends return filing date up to October 31

    FBR extends return filing date up to October 31

    ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing income tax returns and wealth statements for tax year 2019 up to October 31, 2019, according to a notification issued on Monday.

    The FBR issued Circular No. 14/2019 to extend the last date for filing income tax returns from September 30, 2019 to October 31, 2019.

    The FBR said that the individuals and association of persons who were required to file their income tax returns and statements of final taxation for the tax year 2019, which were due on September 30, 2019, but failed to file their income tax returns / statements, are hereby allowed to file their returns/statements by October 31, 2019.

    The FBR further said that the companies which were required to file returns of total income/statements of final taxation for the tax year 2019, which were due on September 30, 2019 but failed to file their income tax returns/statements, though have paid 90 percent of the admitted tax liability, are hereby allowed to file their returns/statements by October 31, 2019.