Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • PIA constitutes five-member committee to review fake degree cases

    PIA constitutes five-member committee to review fake degree cases

    KARACHI: A five-member committee has been constituted by the management of Pakistan International Airlines (PIA) to review, examine and recommend action in the fake degrees cases.

    Air Vice Marshal Noor Abbas, advisor to the Chief Executive Office (CEO) will be chairman of this committee, sources said on Friday. Other four members are included: Agha Dur Muhammad Tarique, GM Legal Services; Col. Zahid Hamid, Chief Instructor PTC; Amir Bashir, GM Flight Services; and Rizwan Ahmed Awan.

    The PIA management formed this committee to review the fake degrees cases and the penalties awarded.

    PIA sources said that the review committee had been formed with the approval of the CEO.

    The PIA management granted dismissal from service to over 400 employees for submitting fake educational degrees. However, around 200 employees moved the superior courts seeking relief against the decision. The court referred back the case to PIA management to review the cases as per law.

    Related Posts

    PIA implements business plan to improve financial health

  • Pakistan Customs deploys staff for round the clock operation at Torkham border

    Pakistan Customs deploys staff for round the clock operation at Torkham border

    ISLAMABAD: Pakistan Customs has deployed additional staff at Torkham border to activate round the clock operation to facilitate trade, a statement said on Friday.

    It said that in compliance with the directions of Prime Minister of Pakistan, the Pakistan Customs has deputed additional staff at Torkham border to facilitate trade and expedite clearance of baggage and cargo.

    In this regard, the Advisor to the Prime Minister on Establishment matters Arbab Shezad had convened meetings to address the matter on war footing, accordingly Dr. Jawwad Uwais Agha, Member Customs (Operations), Federal Board of Revenue, Islamabad has deployed a large number of customs personnel to cater to the urgent requirements at Torkham Customs.

    While elaborating FBR’s seriousness, Chairman FBR Syed Shabbar Zaidi said that the exports and Transit to Afghanistan bear much promise for expansion of the customs operations at Torkham and the customs department being the premier agency has put its teams in place to brace upto this situation.

    Chairman further informed that around 12 thousand passengers traverse across this border station daily and their facilitation and baggage clearance is an area being addressed by Customs, besides around 300 empty containers (after offloading their cargo in Afghanistan) are also sent back daily from the Afghan side.

    To implement the directions, 54 customs personnel consisting of Superintendents, Appraisers, Inspectors and other supporting staff have been withdrawn from other formations and deployed at Model Customs Collectorate of Appraisement Peshawar for Torkham.

    Although the customs formations are badly short in strength and request for creation of different posts is under consideration of Finance Department, however in order to give compliance to the directions of Prime Ministers Advisor on Establishment and the urgent need for expansion of the operations at Torkham, the Member (Customs Operations) has made all efforts and withdrawn customs staff for deployment in order to facilitate and expand the trade at Torkham.

    The customs clearance will be managed through three shifts. The day and night customs clearance operations will greatly facilitate the import and export at Torkham leading to significant reduction of transport charges and fast movement of trade.

    As a prelude the customs operations have already been expanded starting from 7.00 A.M. in the morning till 9.00 pm, since the past two months. The senior Customs Operations hierarchy have paid visit to Torkham to ensure launch of these operations in the coming days.

    The connecting requirements for equipments and support apparatus are being placed on ground through the cooperation of Khyber Pakhtunkhwa government.

    The said operations for round the clock are going to be started shortly for which formal ceremony will also take place in the presence of federal government high ups and FBR administration.

  • SBP revises refinance scheme for renewable energy

    SBP revises refinance scheme for renewable energy

    The State Bank of Pakistan (SBP) on Friday announced a revised refinancing scheme aimed at boosting renewable energy projects. The new scheme sets a maximum loan amount of Rs6 billion for individual projects up to 50 megawatts.

    (more…)
  • Share market falls by 343 points trend on continuous selling pressure

    Share market falls by 343 points trend on continuous selling pressure

    KARACHI: The share market continued falling trend on Friday and lost another 343 points on heavy selling.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,103 points as against 32,446 points showing a decline of 343 points.

    Analysts at Arif Habib Limited said that the market continue slide down today, where the index saw erosion of 414 points in total, and ended the session -343 points.

    E&P, Refinery, Cement, Autos, Steel and O&GMCs contributed to selling pressure. Only small and mid cap Banks remained unscathed, where BOP topped the chart with ~24 million shares out of a total of 26.5 million shares in Banking sector.

    Technology Sector followed Banks, in terms of volumes with 11.6 million shares. Cement Sector lagged behind Technology with 8.2 million shares, with DGKC at lower circuit and MLCF trading mostly in red zone.

    Sectors contributing to the performance include Fertilizer (-46 points), Power (-40 points), Cement (-38 points), E&P (-31 points) and O&GMCs (-30 points).

    Volumes increased from 63.8mn shares to 86.6mn shares (+36 percent DoD).

    Average traded value, on the contrary, decline by 18 percent to reach US$ 12.1 million as against US$ 14.6 million.

    Stocks that contributed significantly to the volumes include BOP, WTL, PAEL, MLCF and KEL, which formed 50 percent of total volumes.

    Stocks that contributed positively include HMB (+6 points), BOP (+4 points), FABL (+3 points), SYS (+2 points) and SHEL (+1pt). Stocks that contributed negatively include HUBC (-31 points), PAKT (-27 points), FFC (-20 points), OGDC (-18 points) and NESTLE (-15 points).

    Related Posts

    KSE-100 index ends flat amid selling pressure

  • Rupee ends down by 14 paisas in interbank market

    Rupee ends down by 14 paisas in interbank market

    KARACHI: The Pak Rupee ended down by 14 paisas against dollar on Friday owing to advance payments ahead of weekly holidays.

    The rupee closed at Rs160.59 to the dollar from previous day’s closing of Rs160.45 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs160.50 and Rs160.60. The market recorded day high of Rs160.60 and low of Rs160.50 and closed at Rs160.59 in interbank foreign exchange market.

    Currency experts said that the rupee was under pressure due to higher demand for import and corporate payments ahead of two weekly holidays.

    The exchange rate in open market, however, witnessed gain in rupee value. The buying and selling of dollar was recorded at Rs160.00/Rs160.50 from previous day’s closing of Rs160.20/Rs160.70 in cash ready market.

    Related Posts

    Rupee gains 33 paisas in interbank market

  • FBR notifies transfers, postings of BS-20 IRS officers

    FBR notifies transfers, postings of BS-20 IRS officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfers and postings of BS-20 officers of Inland Revenue Service (IRS) with immediate effect and until further orders.

    The FBR notified transfers and postings of following officers:

    01. Syed Syedain Raza Zaidi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-III) Karachi from the post of Commissioner, (Zone-V) Corporate Regional Tax Office, Karachi. He will assume charge of post of Commissioner, Appeal-III, Karachi on proceeding of Hyder Ali Dharejo to NMC.

    02. Javaid Iqbal (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appesls-III) Islamabad from the post of Commissioner, Inland Revenue (Appeals-I), Islamabad.

    03. Sajjad Akbar Khan (Inland Revenue Service/BS-20) is currently posted as Commissioner, Inland Revenue (Appeals-I), Karachi. He will hold additional Charge of post of CIR (Appeals-II), Karachi in addition to his own duties.

    04. Muhammad Javaid Badar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals) Faisalabad from the post of Commissioner, (Rahimyar Khan Zone) Regional Tax Office, Bahawalpur.

    05. Rafique-ur-Rehman Memon (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-IV) Karachi from the post of Director, Directorate of Immovable Property (South), Karachi. He will assume the charge of post of Commissioner Appeals-IV, Karachi on proceeding of Dr. Tauqeer Irtiza to NMC.

    06. Dr. Muhammad Idrees (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals) Sargodha from the post of Commissioner, (Zone-II) Regional Tax Office, Sargodha.

    07. Muhammad Faisal Mushtaq Dar (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Appeals-I) Islamabad from the post of Commissioner, (WHT Zone) Regional Tax Office, Sargodha.

    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.

  • FBR issues withholding tax rates on commercial, industrial electricity consumers

    FBR issues withholding tax rates on commercial, industrial electricity consumers

    KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates to be collected from electricity consumers of commercial and industrial.

    According to Withholding Tax Card for tax year 2020 applicable from July 01, 2019, the power utility preparing electricity bills shall collect withholding tax under Section 235 of Income Tax Ordinance, 2001 from commercial and industrial consumers along with payment of electricity consumption on charges.

    The FBR issued following withholding tax rates on electricity consumption by commercial and industrial consumers”

    If monthly bill does not exceeds Rs400 the rate of withholding tax shall be zero.

    Exceeds Rs. 400 but does not exceed Rs. 600 the rate of withholding tax shall be Rs80.

    Exceeds Rs. 600 but does not exceed Rs. 800 the rate of withholding tax shall be Rs100.

    Exceeds Rs. 800 but does not exceed Rs. 1000 the rate of withholding tax shall be Rs160.

    Exceeds Rs. 1000 but does not exceed Rs. 1500 the rate of withholding tax shall be Rs300.

    Exceeds Rs. 1500 but does not exceed Rs. 3000 the rate of withholding tax shall be Rs350.

    Exceeds Rs. 3000 but does not exceed Rs. 4,500 the rate of withholding tax shall be Rs450.

    Exceeds Rs. 4500 but does not exceed Rs. 6000 the rate of withholding tax shall be Rs500.

    Exceeds Rs. 6000 but does not exceed Rs. 10000 the rate of withholding tax shall be Rs650.

    Exceeds Rs. 10000 but does not exceed Rs. 15000 the rate of withholding tax shall be Rs1000.

    Exceeds Rs. 15000 but does not exceed Rs. 20000 the rate of withholding tax shall be Rs1500.

    Exceeds Rs20000:

    (i) The tax shall be at the rate of 12 percent for commercial consumers;

    (ii) The tax shall be at the rate of 5 percent for industrial consumers.

    The FBR said that the tax shall:

    (i) Adjustable In case of company.

    (ii) In case of other than company tax collected on Rs, 360000 amount of annual bill will be minimum tax.

    (iii) in case other than company tax collected on amount over and above Rs 30000/- of monthly bill will be adjustable

    (i) Minimum Tax for CNG Stations.

    The FBR said that power utilities are required to collect adjustable withholding tax under Section 235A from domestic consumers along with payment of electricity consumption on charges.

    The tax shall be collected at 7.5 percent if the amount of monthly bill is Rs75,000 ore more. However, tax shall not be collected if the amount of monthly bill is less than Rs75,000.

  • No tax imposed on motorcycles, auto rickshaws: FBR

    No tax imposed on motorcycles, auto rickshaws: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that it has not imposed any tax on motorcycles and auto rickshaws.

    “The new circulating about imposition of tax on motorcycle and auto rickshaws by FBR is baseless and false, the FBR clarified and strongly refuted this baseless news.

    The FBR clarified that no change or increase in tax has been levied on motor vehicles under section 231B and 234 of Income Tax Ordinance-2001.

    Further, there is no suggestion under consideration to levy tax on Motorcycle and Auto Rickshaws.

    “The tax is levied only on cars as per Income Tax Ordinance-2001,” the FBR said.

    The government is working to provide facilities to the less income segment of the society.

  • FBR establishes FATF cell

    FBR establishes FATF cell

    The Federal Board of Revenue (FBR) has established a dedicated cell to oversee compliance with actions mandated by the Financial Action Task Force (FATF).

    (more…)
  • FBR issues withholding tax rates on registration of motor vehicles

    FBR issues withholding tax rates on registration of motor vehicles

    ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax rates on registration of new motor vehicles effective from July 01, 2019.

    The FBR said that motor vehicle registration authorities are required to collect/deduct advance tax on private motor vehicles under Section 231B of Income Tax Ordinance, 2001 at the time of registration of new motor vehicles from persons getting new locally manufactured motor vehicles in their name.

    Following are the withholding tax rates for registration of new motor vehicles under Section 231B(1):

    Engine capacityTax RatePersons not appearing on ATL*
    Up to 850CCRs7,500Rs15,000
    851CC to 1000CCRs15,000Rs30,000
    1001CC to 1300CCRs25,000Rs50,000
    1301CC to 1600CCRs50,000Rs100,000
    1601CC to 1800CCRs75,000Rs150,000
    1801CC to 2000CCRs100,000Rs200,000
    2001CC to 2500CCRs150,000Rs300,000
    2501CC to 3000CCRs200,000Rs400,000
    Above 3000CCRs250,000Rs500,000

    ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.

    The FBR said that under Section 231B(1A) every leasing company, scheduled bank, investment bank, development finance institution, Modarba (Sharia Compliant or under conventional mode) shall collect four percent of the value of motor vehicles at the time of lease from persons not appearing in the ATL.

    The FBR said that under Section 231B(2) the motor vehicle registration authority shall collect withholding tax from person transferring the ownership/registration at the time of transfer:

    Engine capacityTax RatePersons not appearing on ATL*
    Up to 850CCRs0Rs0
    851CC to 1000CCRs5,000Rs10,000
    1001CC to 1300CCRs7,500Rs15,000
    1301CC to 1600CCRs12,500Rs25,000
    1601CC to 1800CCRs18,750Rs37,500
    1801CC to 2000CCRs25,000Rs50,000
    2001CC to 2500CCRs37,500Rs75,000
    2501CC to 3000CCRs50,000Rs100,000
    Above 3000CCRs62,500Rs125,000

    ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.

    The FBR said that under Section 231B(3) every manufacturer of motor vehicle shall collect withholding tax from purchaser at the time of sale of vehicle at the following tax rates:

    Engine capacityTax RatePersons not appearing on ATL*
    Up to 850CCRs7,500Rs15,000
    851CC to 1000CCRs15,000Rs30,000
    1001CC to 1300CCRs25,000Rs50,000
    1301CC to 1600CCRs50,000Rs100,000
    1601CC to 1800CCRs75,000Rs150,000
    1801CC to 2000CCRs100,000Rs200,000
    2001CC to 2500CCRs150,000Rs300,000
    2501CC to 3000CCRs200,000Rs400,000
    Above 3000CCRs250,000Rs500,000

    ** Persons not appearing in the Active Taxpayers List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule of the Income Tax Ordinance, 2001.