ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified amendments to Income Tax Rules, 2002 under which withholding agents are required to file withholding statements biannually instead monthly.
(more…)Author: Mrs. Anjum Shahnawaz
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IRS cadre strength increases to 1,254
ISLAMABAD: Federal Board of Revenue (FBR) is working with 1,254 officers of Inland Revenue Service (IRS) of BS-17 to BS-22, according to a notification issued on Wednesday.
The FBR said that consequent upon the approval of the Prime Minister of Pakistan for the creation of additional posts in Inland Revenue Service conveyed vide letter dated June 29, 2019, cadre strength of IRS under administrative control of FBR with effect from June 29, 2019 will be as under:
BS-22: 05
BS-21: 51
BS-20: 177
BS-19: 256
BS-18: 383
BS-17: 382
The prime minister approved creation of 25 additional posts in IRS including BS-21 07, BS21 07, BS-19 01, BS-18 06 and BS-17 04.
The FBR also sent a communication to Accountant General of Pakistan for arranging financial expenditures for such posts.
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Comparison of new and old FBR valuations of immovable properties in Karachi
ISLAMABAD: Federal Board of Revenue (FBR) has revised valuation of immovable properties for various cities of the country in order to boost revenue collection.
The FBR announced significant increase in valuation of immovable properties in Karachi. In order to calculate the changes in old and new valuation for the purpose of withholding tax rate following are the valuation tables:
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Stock market ends down by 315 points on heavy selling
KARACHI: The stock market ended down by 315 points on Wednesday owing to heavy selling pressure.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,401 points as against 32,716 points showing a decline of 315 points.
Analysts at Arif Habib Limited said that although market opened +10 points and went up by 49 points during the session, the index bore heavy selling pressure with a slide of 315 points by end of session.
E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day.
Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results.
Investor sentiment remained at low ebb anticipating poor results from listed entities.
Another important indicator for market would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term.
Sectors contributing to the performance include E&P (-70 points), Fertilizer (-63 points), Banks (-52 points), Power (-49 points) and O&GMCs (-21 points).
Volumes declined from 97 million shares to 84.2 million shares (-13 percent DoD). Average traded value declined by 4 percent to reach US$ 21 million as against US$ 21.8 million.
Stocks that contributed significantly to the volumes include UNITY, MLCF, DGKC, PAEL and TRG, which formed 37 percent of total volumes.
Stocks that contributed positively include MCB (+17 points), INDU (+8 points), DGKC (+7 points), IGIHL (+4 points) and AGP (+4 points). Stocks that contributed negatively include ENGRO (-41 points), HUBC (-35 points), HBL (-33 points), PPL (-28 points) and FFC (-18 points).
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Rupee falls by 19 paisas in interbank market
KARACHI: The Pak Rupee fell by 19 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.
The rupee ended at Rs160.78 to the dollar from previous day’s closing of Rs160.59 in interbank foreign exchange market.
The foreign currency market was initiated in the range of Rs160.50 and Rs160.75. The market recorded day high of Rs160.90 and low of Rs160.75 and ended at Rs160.78 in interbank foreign exchange market.
Currency experts said that the rupee was under pressure due to higher corporate demands as multinational companies were set to announce their financial results and repatriate their profit in dollar term.
The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs159.90/Rs160.90 from previous day’s closing of Rs159.60/Rs160.60 in cash ready market.
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SBP asks banks to provide shipment details in advance payment cases
KARACHI: State Bank of Pakistan (SBP) has directed banks to provide details of shipments made against advance payments during a month.
The SBP has made changes in the existing International Transactions Reporting System (ITRS) that will be reported by the authorized dealers.
The SBP said that a new schedule A-4/O-4 has been introduced in ITRS for capturing utilization against advance payments recorded on Advance Payment Vouchers (APV) and reported through ITRS schedule A- 2/O-2.
The banks will use this schedule for reporting shipments made during the reference month against advance payments received earlier, the SBP said.
Purpose of Schedule A-1/O-1 has been revised to capture all post-shipment export proceeds including final/full as well as part payments other than advance payments.
Purpose of Schedule A-2/O-2 has also been revised to capture only APVs. Part payments will be reported on schedule A-1/O-1, the SBP said.
Two variables have been added in schedule E-4/P-4 for reporting reference of refund on M-form against exports proceeds realized earlier.
CNIC has been made mandatory for non-business transactions in schedule E-4/P-4
Updated ITRS client application for banks / Authorized Dealers has been placed on Knowledge Centre of SBP Data Acquisition Portal (DAP).
The central bank advised the authorized dealers to use revised format for reporting data pertaining to Jul 2019 onwards.
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FBR decides to promote data entry operators
ISLAMABAD: Federal Board of Revenue (FBR) has decided to promote Data Entry Operators (DEOs) BS-12 to Management Information System (MIS) Officers BS-16 in the upcoming meeting of departmental promotion committee (DPC).
In this regard the FBR on Tuesday directed 1 to 150 DEOs in final seniority list to complete their PERs for the last five years up to June 30, 2019, which should be submitted to the FBR by July 31, 2019.
Besides, following information/documents should also be furnished in respect to the concerned DEOs, the FBR said in an office order addressing to heads of departments of Inland Revenue.
The FBR required following details from the heads of departments:
Certificate to the effect that no disciplinary / criminal case is pending against the official and that he is not the beneficiary of NRO 2007.
Details of disciplinary proceedings in progress/pending, if any.
Details of penalties imposed upon the official, if any, during last five years.
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SRB suspends sales tax registration of stock broker firm
The Sindh Revenue Board (SRB) has taken stringent action against a stock broker firm M/s. Reliance Securities Limited, suspending its sales tax registration due to a failure to fulfill tax payment obligations and non-compliance with filing monthly returns.
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FBR issues revised valuation of immovable properties for 20 cities
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued notifications for implementing enhanced valuation of immovable properties in 20 major cities.
The new valuations will be applicable from July 24, 2019.
Following are the new valuation for 20 cities:
(1) Abbottabad SRO 829(I)/2019
(2) Bahawalpur SRO 830(I)/2019
(3) Faisalabad SRO 831(I)/2019
(4) Gujranwala SRO 846(I)/2019
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Share market gains 131 points in mixed trading sessions
KARACHI: The stock market gained 131 points on Tuesday amid mixed trading activity during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,716 points as against 32,585 points showing an increase of 131 points.
Analysts at Arif Habib Limited said that the market opened on a positive note with +17 points but faced selling pressure that took the index down by 129 points.
Prime Minister’s ongoing visit to USA was well received by the media and political analysts, but failed to garner the support as anticipated by stock traders.
By the end of session, cement and steel sector scrips saw better price performance and stocks like DGKC, MLCF, ISL were seen traded at upper circuits.
Much of this activity is attributed to short covering by investors, which have been selling bearish on these sectors due to anticipation of poor results. Overall volumes reached close to 100 million today, mainly led by Cement Sector with ~24 million shares (contributed by MLCF (13 million)) and followed by Technology (13 million) contributed by WTL’s 8 million.
Sectors contributing to the performance include Cement (+43 points), Fertilizer (+27 points), Banks (+18 points), E&P (+17 points) and Pharma (+16 points).
Volumes more than doubled from 44.5mn shares to 96.9 million shares (+117 percent DoD). Average traded value also increased by 75 percent to reach US$ 21.7 million as against US$ 12.4 million.
Stocks that contributed significantly to the volumes include MLCF, UNITY, WTL, FFL and PAEL, which formed 44 percent of total volumes.
Stocks that contributed positively include FFC (+26 points), EFERT (+14 points), HBL (+13 points), UBL (+11 points) and FCCL (+10 points).
Stocks that contributed negatively include NESTLE (-16 points), ENGRO (-11 points), HUBC (-7 points), NATF (-6 points) and IGIHL (-6 points).
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