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Author: Mrs. Anjum Shahnawaz

  • Customs intelligence official awarded ‘dismissal from service’ on corruption charges

    Customs intelligence official awarded ‘dismissal from service’ on corruption charges

    ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon customs intelligence official on the charges of corruption, misconduct and inefficiency.

    In a notification issued on Wednesday, the FBR said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Muhammad Afzal, Superintendent (BS-16) (Time Scale BS-17) (under suspension), Directorate of Intelligence & Investigation-Customs, Karachi vide Charge Sheet No.2(90)/2012-Cus-III dated 20.04.2017.

    Ms. Saadia Sheeraz, the then Additional Director, Directorate of Customs Valuation, Karachi was appointed as Inquiry Officer to conduct inquiry on account of various acts of omission and commission committed by the accused officer constituting “Inefficiency”, “Misconduct” and “Corruption”.

    The Inquiry Officer submitted inquiry report dated 05.06.2018, according to which the charges of “Inefficiency”, “Misconduct” and “Corruption” were established against the accused officer.

    A Show Cause Notice dated 19.06.2018 was issued to the accused officer and in response, he submitted his defence reply. After considering the inquiry report, reply of the accused to the Show Cause Notice and his oral submissions during the personal hearing with the Authorized Officer on 01.08.2018, the accused officer has been found guilty of “Inefficiency”, “Misconduct” and “Corruption” under rule 3(a),(b)&(c) of the Government Servants (E&D) Rules, 1973.

    The Member (Admn), being the Authority in this case, after having considered all aspects of the case and the recommendations of the Authorized Officer has, therefore, imposed the major penalty of “Dismissal from service” upon Muhammad Afzal, Superintendent under rule 4(1)(b)(iv) of the Govt. Servants (Efficiency & Discipline) Rules, 1973 with immediate effect.

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  • FBR promotes 57 officials to post of superintendents (BS-16)

    FBR promotes 57 officials to post of superintendents (BS-16)

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday promoted 57 officials including superintends, inspectors, intelligence officers of customs department to the post of Superintendent (BS-16) and notified their transfer and postings with immediate effect and until further orders.

    Following officers have been promoted and posted to new places:

    01. Atique Ahmed Deputy Superintendent posted at the same place Regional Tax Office (RTO) III Karachi.

    02. Asad Mirza, Deputy Superintendent posted to Model Customs Collectorate (Preventive) Quetta from MCC Appraisement Quetta.

    03. Nawabzada Javed Haider, Inspector posted to Directorate of Transit Trade, Karachi from MCC Hyderabad.

    04. Shuja Salam, inspector posted to Directorate of Transit Trade, Karachi from MCC Hyderabad.

    05. Saudal Hasan, Inspector posted to Directorate of Transit Trade, Quetta from MCC Hyderabad.

    06. Ghulam Muhammad, intelligence officer posted to Intelligence and Investigation, FBR, Hyderabad from Intelligence and Investigation, FBR Karachi.

    07. Younis Ata, inspector posted to same place MCC Preventive Quetta.

    08. Ehtasham-ul-Haq, inspector posted to same place MCC Faisalabad.

    09. Saleem Shah, Inspector posted to same place MCC Preventive Quetta.

    10. Tariq Sultan, inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    11. Arshad Zubair, inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    12. Muhammad Asif Zaman, Inspector posted to same place MCC Preventive Quetta.

    13. Faisal Siddique, Inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    14. Maqsood Ahmed Jafri, inspector posted to same place Corporate RTO Karachi.

    15. Habib-ur-Rehman, Inspector posted to same place RTO III Karachi.

    16. Malik Muhammad Aslam, Inspector posted to same place Large Taxpayers Unit (LTU), Lahore.

    17. Riasat Ali Javed, inspector posted to same place MCC Preventive Lahore.

    18. Younus Qadri, intelligence officer posted to same place Intelligence and Investigation Lahore.

    19. Muhammad Ashraf Bhatti, inspector posted to same place CRTO Lahore.

    20. Malik Muhammad Ashraf, Inspector posted to same place MCC Preventive Karachi.

    21. Tariq Mehmood Butt, inspector posted to same place RTO Gujranwala,

    22. Naveed Ijaz Bajwa, inspector posted to MCC Preventive Lahore from MCC Sialkot.

    23. Muhamamd Aslam, Inspector, posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    24. Zahid Habib Ansari, Inspector posted to same place MCC Faisalabad.

    25. Mir Zaman, inspector posted MCC Preventive Peshawar from MCC Appraisement Peshawar.

    26. Syed Muhamamd Ali, inspector posted to same place MCC Appraisement Lahore.

    27. Muhammad Aslam Makhdoom, inspector posted MCC Preventive Quetta from MCC Appraisement Quetta.

    28. Irfan Mumtaz, Inspector posted to same place MCC Faisalabad.

    29. Mansab Ali Dogar, inspector posted to same place MCC Multan.

    30. Mumtaz Ali Nizamani, inspector posted to same place RTO-III Karachi.

    31. Masood Sadiq Tarar, inspector posted to same place MCC Multan.

    32. Sadaqatum Nazar Ali, inspector posted to MCC Preventive Lahore from MCC Appraisement Lahore.

    33. Muhammad Zahid Nadeem, Inspector posted to same place Directorate of Internal Audit (Customs), Lahore.

    34. Syed Mahmood Pervez, inspector posted to same place CRTO Lahore.

    35. Rai Waqar Ahmad, inspector posted to same place MCC Preventive Lahore.

    36. Zafar Ullah Khan Niazi, inspector posted to MCC Preventive Lahore from Internal Audit (Customs) Lahore.

    37. Saleem Raza, inspector posted to same place MCC Preventive Lahore.

    38. Sohail Iqbal, inspector posted to MCC Preventive Lahore from MCC Appraisement Lahore.

    39. Qaiser Ehsan Rao, inspector posted to same place MCC Preventive Lahore.

    40. Mazhar Elahi, inspector posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    41. Seikh Mudassar Ahmad, inspector posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    42. Rai Khalid Javed, inspector posted to same pace MCC Multan.

    43. Tariq Hussain Bhutto, inspector posted to Directorate of Transit Trade Quetta from MCC Hyderabad.

    44. Shahid Naseem Joiya posted to MCC Preventive Lahore from Directorate of IPR Enforcement (Central) Lahore.

    45. Ibrar Hussain, Inspector posted to same place MCC Preventive Lahore.

    46. Ashfaq Ahmad, inspector posted to same place MCC Multan.

    47. Mirza Iqbal Hussain, inspector posted to same place MCC Preventive Lahore.

    48. Muhammad Saeed, inspector posted to same place MCC Preventive Lahore.

    49. Muhammad Mahmood Anwar, inspector posted to same place MCC Preventive Lahore.

    50. Abdul Qayyum, inspector posted to same place MCC Preventive Peshawar.

    51. Babar Rehman, inspector posted to same place MCC Multan.

    52. Naseem Mahmood Cheema, inspector, posted to same place MCC Preventive Lahore.

    53. Malik Sher Afzal, inspector posted to same place MCC Gilgit Baltistan.

    54. Syed Shahid Abbas, inspector posted to same place MCC Appraisement Lahore.

    55. Haleem Ullah, inspector posted to Intelligence and Investigation, FBR, Islamabad from MCC Gilgit Baltistan.

    56. Khawaja Hur Abbas, inspector posted to same place MCC Preventive Lahore.

    57. Anjum Sheraz, Inspector posted to MCC Multan from MCC Appraisement Lahore.

    FBR said that the promotions of above mentioned officials would take effect from the date of their joining / charge assumption, subject to the condition that no disciplinary proceedings were pending against them.

    They will be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall deem to be held until further order.

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  • FBR allows retail price printing relaxation on imported consumer items

    FBR allows retail price printing relaxation on imported consumer items

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended relaxation on mandatory printing of retail prices on imported consumer items after receiving several representations from stakeholders.

    On the basis of representations, the FBR granted relaxation by issuing sales tax notification.

    The FBR said that for the imports from North and South America, if bill of lading date is prior to June 30, 2019, the condition of printing retail price is relaxed up to August 31, 2019, subject to the condition that the importer declares retail price for each of the imported items in terms of Section 2(27) of the Sales Tax Act, 1990, and that the goods are assessed for sales tax on such declared retail price.

    FBR said that the retail price, if not printed at import stage, can be printed at the port of import in the prescribed manner.

    If that is also not possible, the importer shall undertake to print the retail price after clearance of goods and shall pay sales tax on retail rice which shall not be less than 130 percent of the customs value increased by assessed customs duties, excise duty and other applicable taxes and charges excluding sales tax.

    The FBR said that if the phrase ‘in retail packing’ appears against any item/entry in the Third Schedule, the retail price taxation thereon shall not apply if such items are not in retail packing at the time of import.

    All other items shall be charged to sales tax on the basis of retail price even if not in retail packing.

    Under existing law, the goods being raw materials or intermediary goods, with customs duty rate below 16 percent are excluded from purview of value addition tax under the Twelfth Schedule.

    Such items, if imported by a commercial importer, are in such form that the same can be sold to the customer without further manufacturing process, such as tea, spices etc. the same shall be subject to value addition tax.

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  • KIA launches sportage vehicle in Pakistan

    KIA launches sportage vehicle in Pakistan

    KARACHI: KIA Lucky Motors on Wednesday launched Pakistan’s first all-wheel 2000 CC SUV. KIA Sportage is Pakistan’s first all-wheel drive car with 100,000 km or 4 years warranty.

    KIA Sportage comes in two models- top of the line being an All-Wheel Drive (AWD) version, which is a first of its kind in Pakistan among locally manufactured vehicles.

    “We promised that we will introduce high-tech specifications and innovation and we have started setting the benchmark for the industry already, said confident looking CEO of Kia Lucky Motors,” Asif Rizvi while addressing the media at a press briefing.

    Asif Rizvi said that KLM has invested $175 million on setting up a new state of the art Auto plant having a capacity of 50,000 units per year.

    KIA has the Power to Surprise and the 4 year or 100,000 KM warranty has come like a pleasant surprise for Pakistani consumers and the response to Sportage booking is a promising sign for KIA.

    “We have received an overwhelming response to the KIA Sportage from our customers,” he said.

    KIA Sportage limited quantity which was introduced at introductory prices, was completely sold out in just 10 days. Apart from being the first All-Wheel Drive locally assembled vehicle, KIA Sportage will have panoramic sunroof and several smarts features that Pakistani consumers will enjoy for the first time in any locally produced vehicle.

    Asif Rizvi informed that currently KLM has 15 dealers across Pakistan and KIA has a 3-year program to expand its dealers’ network in all major cities of the country.

    Asif Rizvi said that earlier, Pakistani consumers had limited choices of brands and models. There were long waiting periods and some consumers even had to pay premium to get their vehicles delivered early, but after the new entrants come in the market, consumers will not have to pay any premium nor will they have to wait months for delivery of vehicles.

    With the introduction of the New Entrants in the local auto sector, customer satisfaction will also improve and we are confident that overall the consumers will benefit, in terms of warranty period and improvement in service quality.

    “We want to increase the Pakistani consumers’ confidence on locally produced vehicles and KIA will make sure that its products and services attract the consumers to buy locally produced KIA vehicles,” Asif added.

    KIA vehicles will have Euro II engines as per the fuel options available in Pakistan. Talking about the tax concession for New Entrants, Asif Rizvi said that the concessions have been given to attract new investment in the Auto sector and thus increase the choices and options of locally produced vehicles for the Pakistani buyers.

    The existing players have a huge localization advantage over the new comers in this sector. He said it would take any New Entrant at least 5 years to achieve similar levels of localization, hence the tax concession given by the Government to ensure level playing field for all auto players.

    Asif Rizvi He said that KIA Lucky Motors has entered into the Pakistani market with a long-term commitment.

    Since inception, KIA has introduced Painting Robots at its plant to give a superior quality paint experience to its customers. KIA has also equipped its plant with full body Coordinate Measuring Machine (CMM) and a very well designed Test Track mirroring Pakistan’s actual road conditions, all to ensure the best quality and ultimate Customer Satisfaction.

    Talking about the global ranking and quality of KIA vehicles, Asif Rizvi informed that for five consecutive years, KIA has been ranked as No 1 mass produced car in the JD Power’s Initial Quality Survey which is based on their own internal inspection processes (JD Power is an American company that ranks vehicles).

  • Stock market plunges by 723 points on weak financial results

    Stock market plunges by 723 points on weak financial results

    KARACHI: The share market plunged by 723 points on Wednesday due to poor financial results of major scrips and confrontation between Pakistan and India on Kashmir issue.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,277 points as against 31,001 points showing a decline of 723 points.

    Analysts at Arif Habib Limited said the index was declined due to host of factors including weak economy, confrontation between Pakistan and India on Kashmir issue and poor results.

    Redemption at mutual funds kept the flow of selling across the board. Apparently better financial results of MCB & UBL unable to help stock prices of both the banks in place and just prior to result announcement UBL touched lower circuit.

    Cement sector led the volumes with 11.9 million shares, followed by banks (8.5 million) and power (7.3 million).

    KEL topped the chart at 4.6 million shares, followed by MLCF (4.4 million) and LOTCHEM (2.8 million).

    Sectors contributing to the performance include Banks (-200 points), E&P (-176 points), Fertilizer (-89 points), Power (-68 points), O&GMCs (-51 points).

    Volumes increased from 54mn shares to 65 million shares (+20 percent DoD). Average traded value increased by 3 percent to reach US$ 17.4 million as against US$ 16.8 million.

    Stocks that contributed significantly to the volumes include KEL, MLCF, LOTCHEM, TRG and HASCOL, which formed 27 percent of total volumes.

    Stocks that contributed positively include DAWH (+9 points), SHFA (+5 points), KTML (+3 points), FFBL (+3 points) and SRVI (+2 points). Stocks that contributed negatively include OGDC (-70 points), UBL (-55 points), HUBC (-51 points), PPL (-51 points) and ENGRO (-45 points).

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  • Rupee continues to make gain against dollar on eighth consecutive trading day

    Rupee continues to make gain against dollar on eighth consecutive trading day

    KARACHI: The Pak Rupee continued to make gain against dollar for eighth consecutive day on Wednesday owing to improved inflows of home remittances related to Eid-ul-Azha.

    The rupee gained 40 paisas to end Rs158.25 to the dollar from previous day’s closing of Rs158.65 in interbank foreign exchange market.

    Currency dealers said that the rupee was improving as overseas Pakistanis are sending foreign exchange to their relatives for Eid related expenses.

    The foreign currency market was initiated in the range of Rs158.55 and Rs158.65. The market recorded day high of Rs158.55 and low at Rs158.25 and closed at Rs158.25.

    The rupee started recovery against the dollar during the last week and continued so far. The rupee has gained around Rs2.28 to the dollar during the past eight consecutive sessions.

    The exchange rate in open market also witness appreciation in rupee value. The buying and selling of dollar was recorded at Rs157.50/Rs158.50 as compared with last day’s closing of Rs157.70/Rs158.70 in cash ready market.

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  • MCB Bank declares Rs10.67 billion net profit for first half

    MCB Bank declares Rs10.67 billion net profit for first half

    KARACHI: MCB Bank has declared Rs10.67 billion net profit for first half (January – June) 2019 as compared with the profit of Rs9.76 billion in the same half of the last year.

    According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX) on Wednesday, the bank declared 11 percent growth in net profit for the first half of the current fiscal as compared with the corresponding half of the last year.

    The bank announced earnings per share at Rs9.01 as compared with Rs8.24.

    The profit before tax of the bank also grew to Rs18.24 billion during the period under review as compared with Rs15.99 billion in the same period of the last year.

    Total income of the bank for the period was stood at Rs35.75 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs27.8 billion. Non-mark-up income of the bank was recorded at Rs7.9 billion.

    The expenses of the bank were recorded at Rs16.75 billion as compared with Rs17.51 billion. The provision for write-offs was at Rs759 million.

  • UBL announces 52 percent increase in net profit in first half

    UBL announces 52 percent increase in net profit in first half

    KARACHI: United Bank Limited (UBL) has recorded 52 percent growth in its net profit for first half ended June 30, 2019.

    According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX), the bank announced Rs9.54 billion profit after tax for the first half ended June 30, 2019 as compared with Rs6.27 billion in the same half of the last year.

    The bank announced earnings per share at Rs7.8 as compared with Rs5.12.

    The profit before tax of the bank also grew to Rs18 billion during the period under review as compared with Rs10.6 billion in the same period of the last year.

    Total income of the bank for the period was stood at Rs42 billion for the first half ended June 30, 2019. Net mark-up income / interest income of the bank was recorded at Rs29.9 billion. Non-mark-up income of the bank was recorded at Rs12.14 billion.

    The expenses of the bank were recorded at Rs19.568 billion as compared with Rs18.8 billion. The provision for write-offs was at Rs4.49 billion.

    The rise in profitability was mainly no provision for pension liability this year as the bank paid Rs8.4 billion in the first half of the last year.

  • 2019/2020: FBR explains withholding tax on profit on debt

    2019/2020: FBR explains withholding tax on profit on debt

    ISLAMABAD: Federal Board of Revenue (FBR) has explained levy of withholding tax on profit on debt for tax year 2019/2020 applicable from July 01, 2019.

    The FBR said that every person, other than a company, receiving profit on debt from persons mentioned in clause (a) to (d) of sub-section (1) of Section 151 are separately taxed at the rates provided in Division IIIA of Part I of the First Schedule.

    The section 151 explains:

    151. Profit on debt. — (1) Where –

    (a) a person pays yield on an account, deposit or a certificate under the National Savings Scheme or Post Office Savings Account;

    (b) a banking company or financial institution pays any profit on a debt, being an account or deposit maintained with the company or institution;

    (c) the Federal Government, a Provincial Government or a Local Government pays to any person profit on any security other than that referred to in clause (a) issued by such Government or authority; or

    (d) a banking company, a financial institution, a company referred to in sub-clauses (i) and (ii) of clause (b) of sub-section (2) of section 80, or a finance society pays any profit on any bond, certificate, debenture, security or instrument of any kind (other than a loan agreement between a borrower and a banking company or a development finance institution) to any person other than financial institution.

    The FBR said that prior to the Finance Act, 2019, the rates were 10 percent where profit on debt was up to Rs5 million, 15 percent where profit on debt was more than Rs5 million but not more than Rs25 million and 15 percent where profit of debt exceeding Rs25 million.

    Through Finance Act, 2019, the rates of imposition of tax under Section 7B mentioned in Division IIIA, Part I of the First Schedule have been enhanced as:

    01. Where profit on debt does not exceed Rs5 million, the tax rate shall be 15 percent;

    02. Where profit on debt exceeds Rs5 million but does not exceed Rs25 million, the tax rate shall be 17.5 percent; and

    03. Where profit on debt exceeds Rs25 million but does not exceed Rs36 million, the tax rate shall be 20 percent.

    The FBR said that where the profit on debt exceeds Rs36 million in a tax year, section 7B will not be applicable and the profit on debt will not be separately taxed for persons other than companies.

    In such cases, profit on debt will be chargeable to tax under the head ‘income from other sources’ under section 39 and tax shall be imposed at the rates specified in paragraph (1) or (2), as the case may be, of Division I, Part I of the First Schedule.

  • Customs agents express concerns over delay in grounding of containers

    Customs agents express concerns over delay in grounding of containers

    KARACHI: The Karachi Customs Agents Association (KCAA) has expressed concerns over the delay in grounding of containers at Karachi International Container Terminal Ltd. (KICTL) and said it may result in choking of the terminal.

    In a letter sent to KICTL management on Tuesday, the KCAA pointed out the issue regarding delay in grounding of containers at the terminal.

    The KCAA has been informed by its members that they are facing unnecessary delays in clearance of their consignments within time from KICTL due to delay in grounding of containers marked for the examination.

    It has been observed that since last two to three weeks backlog of the containers is increasing day by day and still there is a backlog of 8 to 10 days.

    If the situation remains unresolved, there is no doubt that the terminal will be choked, due to this reason the trade will be affected very badly and will also bear heavy financial losses in shape of container detention and port demurrage charges, consequently the cost of doing business will increase.

    Furthermore, in view of the forthcoming Eid-ul-Azha holidays the impact of container backlog will increase significantly.

    It is pertinent to mention here that shortage of cargo handling equipments / machinery at KICTL is observed. While any new vessel is berthed all equipments / machinery are shifted towards for unloading of cargo from that vessel, thus the containers grounding process is delayed.

    The KCAA suggested that in order to facilitate the trade the grounding of containers should be on first priority and thereafter the process of unloading the cargo from vessel be carried out after completion of grounding work.

    Further, it is also observed that while the members are approaching to KICTL for deliveries of their consignments within the free days period but unfortunately, KICT staff informed that the container still remain on vessel so that they are unable to give the delivery, which is one the cause for delay and unnecessary demurrage being accumulated on the goods without fault of our members.

    “In this context, we have come to know through our reliable members that Free Days period is being calculated by the KICTL from the date of vessel berth whereas the free days must be started when the container is unloaded from the vessel,” the KCAA said.