Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • 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.

    Related Stories

    Rupee gains one paisa amid dollar demand for import payment

  • Provinces collect Rs7.03 billion as property tax

    Provinces collect Rs7.03 billion as property tax

    ISLAMABAD: The province have collected Rs7.03 billion as property tax during fiscal year 2018/2019 as compared with Rs5.55 billion in the preceding fiscal year, showing growth of 26.57 percent, according to details issued by the federal finance ministry.

    The collection of property tax is provincial jurisdiction and the provinces collected the tax on rental of immovable property. The sources said that the increase in tax revenue under this head was due to revision in valuation of rents on immovable properties by the provinces.

    The break-up shows that the province of Punjab collected Rs2.816 billion as property tax during fiscal year 2018/2019, which is 23.6 percent higher when compared with Rs2.278 billion in the preceding fiscal year.

    Sindh collected Rs2.85 billion as property tax during the last fiscal year, showing 41.2 percent growth when compared with collection of Rs2.016 billion in the preceding fiscal year.

    Khyber Pakhtunkhwa also collected Rs1.15 billion during the fiscal year 2018/2019 as compared with Rs1.13 billion in the preceding fiscal year.

    Baluchistan collected property tax to the tune of Rs213 million in the last fiscal year as compared with Rs122 million in the preceding fiscal year.

  • Hascol Petroleum gets license for lube oil blending plant operation

    Hascol Petroleum gets license for lube oil blending plant operation

    KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday.

    Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited.

    The company said that the blending plant is built on a state of the art technology with a capacity of 40,000 Metric Ton per annum.

    The blending plant is powered by ABB Blending System (French origin) which is considered as one of the best in the world along with the Comaco Filing Machines (Italian Origin), said a company notice sent to Pakistan Stock Exchange (PSX).

    The blending plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.

    “The company expects that the commencement of the commercial operations of the blending plant will have a positive financial impact on its profitability and will also improve the existing volumes of the company’s lubricants business.”

  • FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

    FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

    ISLAMABAD: Federal Board of Revenue (FBR) has launched monitoring of sales tax and federal excise duty following huge gap detected in indirect revenue collection.

    “There appear to be a big gap between actual collection of sales tax / federal excise and its true potential,” the FBR said in a communication sent to all Chief Commissioners of Inland Revenue.

    The FBR said that in order to bridge the gap numerous amendments were made in Sales Tax Act, 1990 and Federal Excise Act, 2005 through Finance Act, 2019.

    Now administrative measures are required to be strengthened / implement the policy corrections/

    The FBR directed the field formations to adopt the following steps in addition to their regular actions:

    01. Immediate action on non-files of July and August 2019, especially where the registered persons have filed their sales tax returns for the tax periods of May and June 2019. In addition, desk audit of the registered persons who filed returns for the month of July and August 2019 to be conducted especially those who were previously included in five reduced / zero rated sectors.

    02. Monitoring of registered persons paying sales tax under Eighth Schedule of the Sales Tax Act, 1990 especially in those cases where registered persons are supplying at reduced rate.

    03. Sectoral analysis/reports must be made by the field formations having jurisdiction over a specific sector, and these reports should be shared with the FBR as well as other field formations having jurisdiction over same sectors. Any success stories be identified.

    04. The registered persons dealing in third schedule items should be specifically monitored to ensure the sales tax is being paid on the retail price.

    05. Printing of retail price has to be ensured and price lists of all such products have to be obtained from the manufactured/importers filing in Third Schedule to compared with the printed prices of products supplied in market.

    06. Monitoring of stock position as on June 30, 2019 filed by the manufacturers/importers of goods which have been included in Third Schedule to ensure that supply is made and tax is charged on retail price.

    07. Timely filing of sales tax/federal excise returns along with all the annexure should be ensured. It has been observed that the registered persons do intentionally skip some annexures while filing the returns.

    08. Analysis of Annexure J showing the sale, production and stock must be at regular basis.

    09. Special focus should be made on those cases which have piled up massive carry forward and are only paying sales tax under Section 8B of the Sales Tax Act, 1990.

    10. FBR instructions / SOP for revision of the Sales Tax Returns should be followed in letter and spirit.

  • KCCI’s president, other office bearers elected unopposed

    KCCI’s president, other office bearers elected unopposed

    KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) notified on Tuesday that all three candidates for the post of Office bearers from Businessmen Group (BMG) namely Agha Shahab Khan, Arshad Islam and Shahid Ismail have been elected unopposed as President, Senior Vice President and Vice President respectively for the year 2019-2020.

    Expressing gratitude to Almighty Allah, Chairman BMG and Former President KCCI Siraj Kassam thanked the Business & Industrial community of Karachi for reposing confidence and trust on BMG’s policies.

    Siraj Teli said, “By the grace of Almighty Allah, BMG has been winning all the elections without losing a single seat for the last 22 years and after terribly defeating the opponents in last year’s election with double the votes, BMGIANs have been blessed with yet another unopposed victory.”

    He said that 22 years of success is an acknowledgement of the public service by the Businessmen Group which also testifies that overwhelming majority of Business & Industrial Community endorses the policies of BMG because they understand and believe that BMGians are serving them selflessly for their betterment.

    BMG Chairman hoped that the newly elected BMGians will make all out efforts in espousing the cause of Business & Industrial Community and to further enhance the status of public service which is the motto of BMG.

    As the Office Bearers have been elected unopposed, hence the Managing Committee meeting to elect the Office Bearers will not be held on Thursday, September 26, 2019.

    The final results of the elections of members of Executive Committee and Office Bearers shall be officially announced at Annual General Meeting on Saturday, September 28, 2019 in which the outgoing office bearers will formally hand over the charge to incoming Office Bearers for the year 2019-20.

  • Complete record of destruction of banknotes available: SBP

    Complete record of destruction of banknotes available: SBP

    KARACHI: State Bank of Pakistan (SBP) on Tuesday said it has all the records related to destructed old design Rs500 banknotes. The central bank also denied media report about record missing of such banknotes.

    In a statement, the SBP said that apropos news item appearing in a section of media regarding unavailability of record pertaining to destruction of old design Rs.500 banknotes.

    “The SBP categorically denies and rejects the media reports regarding unavailability of the record of old design Rs.500 banknotes demonetized in Oct 2012.”

    The destruction of banknotes is an ongoing activity and is carried out across the country at field offices of SBPBSC, the record for the same is available in respective field offices.

    “The Audit team however, just visited SBPBSC Karachi and assumed that the record available at Karachi is the total record available with the SBP, which is factually incorrect,” the SBP said.

    “The complete record of banknote’s destruction is available at SBPBSC field offices located in 16 cities across the country,” it added.

  • Hajj, Umrah: Saudi Arabia advises biometric confirmation locally

    Hajj, Umrah: Saudi Arabia advises biometric confirmation locally

    KARACHI: The ministry of Hajj and Umrah of Saudi Arabia has issued instructions for pilgrims in countries with Biometric enrollment centres for Hajj & Umrah must consider completing the mandatory biometric registration locally after obtaining Hajj or Umrah visa.

    The ministry said that registering biometric information before arriving at the entry ports of the Kingdom is recommended to save waiting time at the airports and to facilitate a smooth entrance to KSA.

    Reportedly, hundreds of visitors to the country were rejected recently an entry and sent back from the airport due to not following the correct visa procedures.

    To avoid such unfortunate incidents, pilgrims must apply the right category of visa through the travel agents registered with the country’s Hajj and Umrah Committees.

    It is important to note that the newly introduced tourist e-visa cannot be used to enter the Kingdom of Saudi Arabia to perform Hajj or Umrah. It only allows tourist to attend concerts and sporting events happening in the Kingdom.

    Without the right visa and documentations, pilgrims will encounter fines and/or deportation to the home country.

    Saudi officials said that is mandatory to provide biometric information to enter Kingdom of Saudi Arabia.

    Pilgrims face a risk of deportation if proper visa procedures are not followed. Once entire visa formality is completed including enrollment of biometric information, pilgrims can travel with a peace of mind fully focusing on the holy journey ahead of them.

    It takes about 10 minutes to register biometrics at the local visa service center with a pre-booked appointment, whereas the time spent at the airport upon arrival may be longer depending on the long queues at the airports.

    Once the biometric collection is completed in the country of origin, pilgrims will only be required to clear customs and have their passports stamped at the immigration upon entering Saudi Arabia.

    Biometrics in the country of origin are only collected by the visa service center authorized by the Ministry of Foreign Affairs, Kingdom of Saudi Arabia, using a secure and quick process that captures a facial image with a digital camera and a 10-digit fingerprint scan with a digital finger scanner.

    Biometric enrollment can be completed locally before travelling, or upon arrival at the King Abdulaziz International Airport or at the Prince Mohammed Bin Abdulaziz International Airport.

  • FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

    FPCCI recommends dedicated accounts to stop fraud in sales tax refunds

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has recommended dedicated accounts for prevent fraud in sales tax refunds.

    Engr. Daroo Khan Achakzai, President, FPCCI while commenting on SRO 981(I)/2019 of dated August 07, 2019 with special reference to Chapter V-A said that there is need of dedicated Head of Accounts sector-wise for creating transparency.

    He further stated though Rs22 Billion have been released to exporters against RPOs issued as of August 31, 2019 but new RPOs have been stopped which creating shortage of liquidity crunch.

    The new refund system promised to issue refund within 72 hours still not implemented under new rules that have some lacunas.

    The new refund rules which are not very clear and has many lacunas and refunds promised to exporters within 72 Hours still not implemented.

    The exporters are confused as the new system does not release pending refunds since 2008.

    The new system is full of Errors and the Exporters are facing lot of issues and they cannot file the returns of Refunds.

    Unless the new system is perfectly tested it should not be applied.

    FBR has already collected approximately Rs.48 Billion (on the basis of last year data as current year data still not available) for textile exporters. In the month of July nothing has been refunded.

    The exporters should be informed how much amount of Sales Tax refund is outstanding as of August 31, 2019.

    Engr. Daroo Khan Achakzai urged FBR to take remedial measure immediately to solve exporters problems.