Author: Mrs. Anjum Shahnawaz

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.

September 13, 2019
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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September 13, 2019
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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September 13, 2019
Rupee ends flat amid higher import demand

The Pakistani Rupee remained stable against the US Dollar on Friday, closing at Rs156.19 compared to the previous day’s rate of Rs156.18 in the interbank foreign exchange market. The currency maintained its position despite increased demand for the dollar due to impending weekly holidays, dealers said.
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September 13, 2019
Govt plans issuance of Eurobond, Sukuk in international capital markets; intends to hire consortia

ISLAMABAD: The government has planned to set up a Medium Term Note (MTN) Program for issuance of US Dollar denominated Eurobonds and Sukuk in the international capital markets.

The program shall initially cover a period of one year, said ministry of finance on Friday.

For the purpose, finance division plans to engaged two consortia, each consisting of five financial institutions, for issuance of Eurobonds and Sukuk under the program. “The selected consortia are expected to guide, advise, manage, coordinate and execute the whole range of activities associated with the program,” the ministry said.

It further said that Consortium – 1 shall consist of five conventional financial institutions and shall assist in issuance of Eurobonds. Consortium-2 shall consist of five financial institutions, including at least two Islamic financial institutions, and shall assist in issuance of international Sukuk.

Explaining the selection criteria for Consortium-1, the ministry said that the financial institution ranked first shall be selected. The financial institutional ranked second shall be given the option to match the lowest evaluated financial proposal. “If it chooses so, it shall be selected as part of the consortium, otherwise it shall be rejected.”

The process shall continue in this manner till five consortium members are selected. In case of a tie, the financial institution having secured higher technical score shall be given the option to become part of the consortium.

Regarding selection of members of Consortium-2, the ministry said that the same process as in case of Consortium – 1 shall be followed except that at least two Islamic financial institutions shall be selected as members of Consortium-2.

The ministry invited proposals for the program to be submitted by October 14, 2019.

September 13, 2019
ABAD, CDC sign MoU for digitalization of land record

KARACHI: Association of Builders and Developers of Pakistan (ABAD) and Central Depository Company Pvt Limited (CDC) on Thursday signed an historic Memorandum of Understanding (MoU) for the digitalization of land records through Land Repository System, which will be the first ever system of Pakistan and it will cater the need of Electronic Registration of Land and Land Titles.

The signing ceremony was held at ABAD House here on Thursday.

Vice Chairman ABAD Abdul Kareem Adhia and Badiuddin Akber CEO of CDC signed the MoU witnessed by Chairman ABAD Muhammad Hassan Bakshi, Chairman CDC Moin M Fudda, Senior Vice Chairman ABAD Anwar Dawood, Chairman Southern Region Ibrahim Habib, senior officials of CDC and members of ABAD were present on this occasion.

Addressing the ceremony, Moin M Fudda congratulated ABAD for initiating such a gigantic work. He said that electronic registration of land documents will help abolish possibilities of fraud and corruption.

He said that this system will help not only to purchaser of property but will help grow national economy as it will abolish corruption being witnessed in offices of Registrars at present. He said that almost 60 percent of all cases in various courts are of fraud in lands.

He pointed out that every third person in Sindh is victim of land fraud and the new Electronic Registration System- Land Repository System will help remove any fraud.

Chairman ABAD Muhammad Hassan Bakshi said that ABAD is working for the legal and bona fide construction activities in Pakistan and some people are accusing that builders are cheating people but 98 percent of ABAD members are doing their legitimate business. He lamented that ABAD members are wrongly accused of illegal construction activities as more than 5000 buildings are being constructed illegally and without any approval of competent authority while all members of ABAD are getting approvals before starting construction of their buildings.

He said that Advisor to Sindh Chief Minister Murtaza Wahab has promised to land full support for the legislation of this new system.

Addressing the ceremony CEO CDC highlighted main points of Land Repository System. Zaigham Rizvi, Chairman Prime Minister’s Task Force for Housing also spoke on this occasion. Vice Chairman ABAD Abdul Kareem Adhia thanked all guests.

September 13, 2019
Total SECP registered companies increases to 104,030 by August

ISLAMABAD: The total registered companies with Securities and Exchange Commission of Pakistan (SECP) has reached to 104,030 by end of August 2019, a statement said on Thursday.

The SECP registered 1,187 new companies in August 2019, out of which 94 percent companies were registered online through eService and 52 percent within same day.

The increasing trend in registration of new companies is due to simplified and hassle free procedures of company incorporation, the SECP said.

The SECP has recently undertaken series of reforms for providing ease of business registration. Following reforms, a company can be registered in SECP within four hours through eService.

The SECP has recently combined the process for name reservation and incorporation to introduce a single application form for company incorporation. Moreover, the company incorporation and other regulatory fee has been reduced significantly and facility provided for payment of fee through mobile and internet banking.

“To facilitate and guide people, the SECP has also established facilitation desks at company registration offices of Islamabad, Karachi and Lahore,” the statement said.

The most significant development is the integration of SECP’s eServices with Federal Board of Revenue (FBR), Employees Old-Age Benefits Institution (EOBI) and business registration portals of Punjab and Sindh. Resultantly, SECP eServices is offering a one window facility for company incorporation, NTN registration and registration with EOBI, provincial social security institution, excise and taxation department and labor department of Punjab and Sindh.

The SECP said that the new companies registered in August 2019, include 71 percent private limited companies, 26 percent single member companies and three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and Limited Liability Partnership (LLP).

Trading sector took the lead with 192 companies followed by, services with 148, construction with 132 and IT with 120.

The SECP said that 595 companies were registered in tourism, real estate development, education, food and beverages, engineering, corporate agricultural farming, marketing and development, chemical, mining and quarrying, textile, pharmaceutical, transport, fuel and energy, and healthcare, auto and allied, and communication, logging, power generation etc.

The SECP said that foreign investment has been reported in 38 new companies. These companies have foreign investors from China, Denmark, Ireland, Italy, Korea South, Mauritius, Norway, Saudi Arabia, Switzerland, the UK and the US.

The highest numbers of companies, i.e. 434 were registered in Islamabad, followed by 316 and 189 companies registered in Lahore and Karachi respectively.

The CRO in Peshawar, Multan, Gilgit Baltistan, Faisalabad, Quetta and Sukkur registered 81, 56, 47, 45, 13 and six companies respectively.

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September 13, 2019
FBR launches mobile app for filing salary returns

ISLAMABAD: Federal Board of Revenue (FBR) will launch a mobile application today (September 13, 2019) for filing annual income tax returns by salaried persons.

“FBR will tomorrow launch a ‘Mobile App’ for filing return of income for salaried persons,” said Syed Shabbar Zaidi, Chairman, FBR in a tweet on Thursday.

“Now return of income for such persons, including payment of tax, can be made using smart phones,” he said.

“This is a step towards complete digitalisation of processes in taxation system,” he added.

The last date for filing income tax returns for tax year 2019 by salaried persons is September 30, 2019.

September 13, 2019
FBR transfers 12 Commissioners Inland Revenue

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday transferred 12 Commissioners of Inland Revenue with immediate effect and until further orders.

The FBR notified the transfers and posting of following Commissioners in BS-19-20:

01. Muhammad Irfan Raza (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-VI) Corporate Regional Tax Office, Lahore from the post of Commissioner, (Zone-I) Large Taxpayers Unit, Lahore.

02. Sahibzada Abdul Mateen (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (IP/TFD/HRM) Large Taxpayers Unit, Karachi from the post of Commissioner, (Zone-I) Regional Tax Office, Quetta.

03. Muhammad Khalid Malik (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Lyallpur Zone) Regional Tax Office, Faisalabad from the post of Commissioner, (Zone-II) Regional Tax Office, Sargodha.

04. Ms. Sumbal Agha (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Large Taxpayers Unit, Lahore from the post of Commissioner, (Zone-VI) Corporate Regional Tax Office, Lahore.

05. Ms. Irum Sarwar (Inland Revenue Service/BS-20) has been trasferred and posted as Commissioner Inland Revenue (HRM) Large Taxpayers Unit, Lahore from the post of Commissioner, (Chenab Zone) Regional Tax Office, Faisalabad.

06. Hazoor Bux Laghari (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Quetta from the post of Commissioner, (Zone-II) Regional Tax Office, Quetta.

07. Muhammad Abid (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Regional Tax Office, Gujranwala from the post of Commissioner, (Okara Zone) Regional Tax Office, Sahiwal.

08. Faisal Rauf Memon (Inland Revenue Service/BS-20) has been trasnferred and posted as Commissioner Inland Revenue (Zone-V) Large Taxpayers Unit, Karachi from the post of Commissioner, (Zone-I) Large Taxpayers Unit-II, Karachi.

09. Ms. Yasmeen Fatima (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-VII) Corporate Regional Tax Office, Lahore from the post of Commissioner, (BTB) Regional Tax Office II, Lahore.

10. Abdul Hafeez Nizamani (Inland Revenue Service/BS-20) has been trasferred and posted as Commissioner Inland Revenue (Zone-II) Regional Tax Office, Sukkur from the post of Commissioner, Inland revenue (Appeals), Sukkur.

11. Zulfiqar Ali Syed (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Zone-I) Large Taxpayers Unit-II, Karachi from the post of Commissioner, (Zone-II) Regional Tax Office, Hyderabad.

12. Naeem Babar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner Inland Revenue (OPS) (Chenab Zone) Regional Tax Office, Faisalabad from the post of Commissioner, (OPS) (Lyallpur Zone) Regional Tax Office, Faisalabad.

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.

September 12, 2019
Pakistan’s forex reserves increase by $132 million

KARACHI: The liquid foreign exchange reserves of the country have increased by $132 million to $15.751 billion by week ended September 06, 2019, State Bank of Pakistan (SBP) said on Thursday.

The reserves held by SBP increased by $182 million to $8.462 billion by week ended September 06, 2019 as compared with $8.28 billion a week ago. The SBP attributed the increase to official inflows during the week.

The reserves held by commercial banks, however, declined by $50 million to $7.289 billion as compared with $7.339 billion a week ago.

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September 12, 2019