Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • KSE-100 gains 340 points on improved sentiments

    KSE-100 gains 340 points on improved sentiments

    KARACHI: The stock market gained 340 points on Thursday on improved sentiments.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,996 points as against 34,656 points showing an increase of 340 points.

    Analysts at Arif Habib Limited said that market moved up today after sustaining losses for the past three sessions. E&P sector took cue from rising crude prices and were further helped by Iran’s taking down of US drone.

    Besides the positivity in E&P sector, Cement stocks also increased on the back of recent price hikes in cement price / bag. Total volumes hit around 163 million shares, however, most of it came from Summit Bank (19 million), WTL (17 million), JSCL (10 million) and PAEL (10 million).

    Technology sector led the volumes table with 29 million shares, followed by Banks (24 million) and Cement (22 million).

    Sectors contributing to the performance include Fertilizer (+69 points), Banks (+62 points), E&P (+44 points), Cement (+44 points) and Autos (+25 points).

    Volumes increased significantly from 99.4 million shares to 163 million shares (+64 percent DoD). Average traded value also increased by 31 percent to reach US$ 28.8 million as against US$ 21.9 million.

    Stocks that contributed significantly to the volumes include SMBL, WTL, JSCL, PAEL and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively include FFC (+21 points), EFERT (+21 points), ENGRO (+20 points), POL (+20 points) and HUBC (+19 points). Stocks that contributed negatively include NESTLE (-14 points), PAKT (-11 points), NCPL (-3 points), JLICL (-2 points) and KAPCO (-2 points).

  • Rupee ends flat against dollar

    Rupee ends flat against dollar

    KARACHI: The Pakistani Rupee held steady against the US Dollar on Thursday, closing at Rs156.96 in the interbank foreign exchange market, a marginal change from the previous day’s close of Rs156.97.

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  • List of transactions not to attract 100 percent increased withholding tax

    List of transactions not to attract 100 percent increased withholding tax

    KARACHI: The Finance Bill 2019 has proposed a new schedule related to compliance with 100 percent increased withholding tax rates to persons not appearing on Active Taxpayers List (ATL).

    Deloitte Yousuf Adil, Chartered Accountants in their budget commentary said that the increased withholding tax rates specified under this schedule are inapplicable with respect to following payments and related withholding tax provisions in the case of Person not appearing in the Active Taxpayer list:

    Salary under section 149 of Income Tax Ordinance, 2001

    Export under section 154 of Income Tax Ordinance, 2001

    Income from Property under section 154 of Income Tax Ordinance, 2001

    Withdrawal of Balance under Pension Fund under section 156B of Income Tax Ordinance, 2001

    Cash withdrawal from Bank under section 231A of Income Tax Ordinance, 2001

    Advance Tax on Transactions in Bank under section 231AA of Income Tax Ordinance, 2001

    Collection of Tax by NCCPL under section 233AA of Income Tax Ordinance, 2001

    Electricity Consumption under section 235 of Income Tax Ordinance, 2001

    Domestic Electricity Consumption under section 235A of Income Tax Ordinance, 2001

    Tax on Steel Melters, Re-Rollers etc under section 235B of Income Tax Ordinance, 2001

    Advance Tax on Purchase of Air Tickets under section 236B of Income Tax Ordinance, 2001

    Advance Tax on Functions and Gatherings under section 236D of Income Tax Ordinance, 2001

    Advance Tax on Cable Operators and Other Electronic Media under section 236F of Income Tax Ordinance, 2001

    Collection of Advance Tax by Educational Institutions under section 236I of Income Tax Ordinance, 2001

    Advance Tax on Dealers, Commission Agents and Arthis etc under section 236J of Income Tax Ordinance, 2001

    Advance Tax on Purchase of International Air Tickets under section 236L of Income Tax Ordinance, 2001

    Advance Tax on Banking Transactions otherwise than through Cross Cheque under section 236P of Income Tax Ordinance, 2001

    Payment to residents for use of machinery and equipment under section 236Q of Income Tax Ordinance, 2001

    Collection of advance tax on education related expenses remitted abroad under section 236R of Income Tax Ordinance, 2001

    Advance Tax on Insurance Premium under section 236U of Income Tax Ordinance, 2001

    Advance Tax on extraction of minerals under section 236V of Income Tax Ordinance, 2001

    Advance Tax on Tobacco under section 236X of Income Tax Ordinance, 2001

  • Customs duty concessions allowed on 1650 raw materials

    Customs duty concessions allowed on 1650 raw materials

    KARACHI: The government has allowed customs duty concessions on import of 1650 raw materials through Finance Bill 2019.

    According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill proposed to introduce concession of Customs Duty on import of 1650 raw materials/industrial inputs.

    Major items are listed as follows:


     

    PCT codeDescriptionRate
    2710.1911Kerosene0
    2710.1913J.P.40
    2710.1998Spin finish oil0
    2711.1200Propane0
    2711.1300Butanes0
    2711.1400Ethylene, propylene, butylene and butadiene0
    2711.1910L.P.G.0
    2711.1990Other0
    2711.2100Natural gas0
    2711.2900Other0
    2805.1200Calcium0
    2805.1900Other0
    2805.4000Mercury0
    2808.0010Nitric acid0
    2808.0090Sulphonitric acids0
    2809.1000Diphosphorus pentaoxide0
    2809.2010Phosphoric acid0
    2814.1000Anhydrous ammonia0
    2814.2000Ammonia in auqeous solution0
    2817.0000Zinc oxide; zinc peroxide.0
    2818.3000Aluminium hydroxide0
    2819.1000Chromium trioxide0
    2819.9010Chromium oxide0
    2819.9020Chromium hydroxide0
    2936.2100Vitamins A and their derivatives0
    2936.2200Vitamin B1 and its derivatives0
    2936.2300Vitamin B2 and its derivatives0
    2936.2400D- or DL-Pantothenic acid (Vitamin B3 or Vitamin B5) and its derivatives0
    2936.2500Vitamin B6 and its derivatives0
    2936.2600Vitamin B12 and its derivatives0
    2936.2700Vitamin C and its derivatives0
    PCT codeDescriptionRate
    2936.2800Vitamin E and its derivatives0
    2937.1200Insulin and its salts0
    3002.9010Human blood0
    3002.9020Animal blood0
    3105.2000Mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium0
    8427.1000Self- propelled trucks powered by an electric motor0
    8433.6000Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce0
    8436.8000Other machinery0
    8444.0000Machines for extruding, drawing, texturing or cutting man- made textile materials.0
    8530.1000Equipment for railways or tramways0
  • Small traders decide to strongly resist FBR’s raids

    Small traders decide to strongly resist FBR’s raids

    KARACHI: Small traders have decided to resist strongly any move of the Federal Board of Revenue (FBR) to raid markets and business premises.

    An emergent meeting of All Karachi Tajir Ittehad on Wednesday rejected enforcement plan of the tax machinery to raid markets and shopping centers for identifying new taxpayers.

    “The trade community will resist strongly against any raids and all such places will be made ‘no go areas’ for FBR officials,” it is decided at the meeting.

    Atiq Mir, leader of the trade community, said that the tax system of the country cannot be changed overnight.

    He said that the trade community would strongly protest against the corrupt officials of the FBR. “The government is not using tax money for development but it is used for debt repayment and interest payment,” he added.

    Other participants have suggested reforms in the present tax system. The present tax system is promoting corruption and giving further discretionary powers to tax officials would make the tax system more complicated.

    The traders suggested that the tax exempt income should be increased from Rs400,000 to Rs1.5 million. Further the turnover for sales tax registration requirement should be enhanced from Rs5 million to Rs50 million.

    The e-filing of returns should be restricted to limited companies. They said that the random audit was promoting corruption, which should be either abolished or replaced with a better system.

    They suggested that essential items should be exempted from sales tax.

    The traders assured the government that if their demands are accepted then not only revenue would increase but around one million return filers would also come into tax net.

  • Karachi Chamber opposes CNIC condition on supplies

    Karachi Chamber opposes CNIC condition on supplies

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has opposed the requirement of Computerized National Identity Card (CNIC) details to be provided by suppliers of unregistered buyers.

    In a statement issued on Wednesday, the KCCI said that through an amendment to Section 8 (Sub-Sec.1, Clause M) of Sales Tax Act 1990, it is now mandatory for the supplier of goods to provide CNIC number of unregistered buyer of raw materials and finished products, effectively placing the responsibility to identify non-filers on the shoulders of compliant taxpayers.

    It was pointed out that with a dismally narrow tax base of Sales Tax registered persons comprising hardly 35000 in number, it is virtually impossible for the importers, manufacturers and suppliers of goods to find registered buyers or those willing to provide their CNIC details.

    Consequently the inventories of unsold goods with traders, stockists, importers and manufacturers are piling up, blocking their entire working capital as well as the funds borrowed from banks.

    The overnight change has put entire trade and industry in a quandary as to whether or not to continue in business because it is simply not possible to find registered buyers or those willing to provide their CNIC.

    KCCI and other trade bodies are overwhelmed with complaints from traders, importers, manufacturers and dealers to take up this serious issue with Finance Ministry and FBR to find a workable solution immediately to pre-empt a crisis within the trade and industry, he added.

    President KCCI Junaid Makda, therefore, urged the Advisor to Prime Minister on Finance, Revenue & Economic Affairs Dr. Hafeez Shaikh and Chairman Federal Board of Revenue (FBR) Shabbar Zaidi, to review the provision of CNIC, taking into account the ground realities of Pakistan’s economy and withdraw the condition to provide CNIC details of unregistered buyers in Sales Tax Invoices as it is not possible to comply with the condition with immediate effect.

    He further urged the authorities to defer the proposed measure for at least one year so as to facilitate a gradual transition from current procedure and to help release the working capital of entire supply chain which is currently blocked.

    Already the economic activities are very slow and such measures will further aggravate the situation.

    Since the Chairman FBR has formed the anomaly committee which includes representatives of business community, the matter will also be raised with the meetings of committee along with other major anomalies which exist in the Budget 2019-20, he assured.

  • MCC Peshawar announces auction of large quantity of confiscated vehicles

    MCC Peshawar announces auction of large quantity of confiscated vehicles

    ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced auction of large quantity of confiscated vehicles to be held on June 20 and June 27, 2019 at various locations.

    Following vehicles to be presented for auction

    STATE WARE HOUSE, PESHAWAR

    1. Mercedes Benz (Bullet Proof) Model 1982, chassis no WDB-12603312037551.

    2. Honda Accord Motor Car 1985, chassis no JHMCA45300C002584.

    3. Mercedes Benz Truck Model 1995, chassis no WDB6770381K175873.

    4. Mitsubishi Pajero Jeep Model 2006, chassis no JMYLNV76W6J001329.

    5. Toyota Land Cruiser Prado Model 1999, chassis no LJ90-0002325.

    6. Toyota Hilux Pick Up 4X4 Model 1997, chassis no JT733LNA309004002.

    7. Toyota Hilux Pick Up Model 2007, chassis no MROCS12G400043443.

    8. Toyota Corolla Car Model 2000, chassis no JTDBT21E900015280.

    9. Toyota Corolla Car Model 2000, chassis no NZE121-0008741.

    10. Toyota Fielder Car Model 2002, chassis no NZE121-0134145.

    11. Toyota Fielder Car Model 2002, chassis no NZE121-0167095.

    12. Land Cruiser Station Wagon (Prado) Model 2000, chassis no LJ95-0010010.

    13. Mitsubishi Pajero Model 2006, chassis no JMYLNV76W6J001340.

    14. Toyota Land Cruiser Model 2004, chassis no LTERB71J800020686.

    15. Toyota Hilux Pick Up Model 2001, chassis no JTFDE626800061496.

    STATE WARE HOUSE MARDAN,

    1. Toyota Surf Model 1996,chassis no RZN185-0015007.

    STATE WARE HOUSE, ABBOTTABAD.

    1. Toyota Mark-X Car Model 2006, chassis no GRX120-0009539.

    2. Mazda Mini Dumper Model 1990 (as per Website), chassis no WGTAD-120362.

    STATE WARE HOUSE, FRONTIER CORPS.

    1. Daewoo Car Model 1992, chassis no KLATF19TINB-522281.

    2. Toyota 2D Corolla Car, 1992,chassis no EE101-3046367.

    3. Toyota Land Cruiser Model 1988, chassis no LJ-710003848.

    4. Mark-1 Motor Car Model Nil, chassis no LA3VS-216474.

    5. Motor Car Model 1978, chassis no M-430-300918.

    6. Toyota Corolla Car Model 1982, chassis no A171-A-8024009.

    7. Toyota Pick Up Model 1980, chassis no RN40-069388.

    8. Toyota State Car Model 1993 (as per Website), chassis no CE109-0013206.

    9. Toyota Corolla Car Model 2003 (as per Website), chassis no NZE120-6005014.

    10. Toyota Double Cabin Model 1996 (as per Website), chassis no JT133LNA409046824.

    11. Towance Model 1994 (as per Website), chassis no CR22-5016240.

    12. Suzuki Mehran Car Model 1989, chassis no SB308PK622878.

    13. Suzuki Pick Up Model 1991 (as per Website), chassis no DA51T-209323.

    14. Toyota State Car Model 1999 Diesel (as per Website), chassis no CE107-5007695.

    15. Toyota Fielder Car Model 2005 (as per Website), chassis no NZE121-0364064.

    16. Suzuki Pick Up Model 1990 (as per Website), chassis no DA51T-110473.

    17. Toyota Pick Up Double Cabin Model 1996 (as per Website), chassis no LN56-0075058.

    18. Toyota Fielder Car Model 2004 (as per Website), chassis no NZE121-0279705.

    19. Toyota Fielder Car Model 2005 (as per Website), chassis no NZE121-3344325.

    20. Toyota Vitz Car Model 2001 (as per Website), chassis no SCP10-0362449.

    21. Toyota State Car Model 1994 (as per Website),Chassis no CE106-0071483.

    22. Toyota Corolla Car Model 1992 (as per Website), chassis no CE100-3020027.

    23. Toyota Fielder Car Model 2004 (as per Website), chassis no NZE121-0318464.

    24. Toyota Mark-II Car Model 2001 (as per Website), chassis no JZX110-6022047.

    25. Toyota State Car Model 1996 (as per Website), chassis no CE106-60060535.

    26. Toyota Datsun Pick Up Model 1980 (as per Website), chassis no RN40-069388.

    27. Toyota Vitz Car Model 1999 (as per Website), chassis no SCP10-5001270.

    28. Toyota Fielder Car Model 2002 (as per Website), chassis no NZE121-0141062.

    29. Suzuki Alto Car Model 2002, chassis no HA23S-689157.

    30. Toyota Fielder Car Model 2003 (as per Website), chassis no NZE121-0272905

    31. Toyota Corolla Saloon Car Model 2004, chassis no ZZE121-9010983.

    32. Toyota State Car Model 1993 (as per Website), chassis no EE106-0038570.

    33. Toyota Vitz Car Model 2000 (as per Website), chassis no SCP10-5018680.

    34. Suzuki “VXR” Car Model 2004, chassis no HA23S-757052.

    35. Suzuki “VXR” Car Model Nil, chassis no HA23S-613292.

    36. Toyota State Car Model 1999 (as per Website), chassis no AE100-0309427.

    37. Toyota State Car Model 1998 (as per Website), chassis no EE103-0072565.

    38. Toyota State Car Model 1996 (as per Website), chassis no CE106-6006506.

    39. Toyota Vitz Car Model 2004 (as per Website), chassis no SCP10-0462520.

    40. Toyota Hilux Pick Up Model 1986 (as per Website), chassis no LN86-1005469.

    41. Mini Hino Truck Model 1999 (as per Website), chassis no FD1JP-10261.

    42. Honda Motor Cycle 125-CC Model Nil, chassis no U667327.

    43. Honda Motor Cycle CG-125 Model 2005,chassis no S74083.

    44. Honda Motor Cycle CG-125 Model 2003, chassis no D72343.

    45. Honda Motor Cycle CG-125 Model 2007, chassis no BJ017444.

    46. Honda Motor Cycle CG-125 Model 2001, chassis no PF012620.

    47. Honda Motor Cycle Deluxe 125CC Model 2006, chassis no BJ006783.

  • Stock market ends flat amid uncertainty on budget approval

    Stock market ends flat amid uncertainty on budget approval

    KARACHI: The stock market ended flat on Wednesday amid uncertainty on approval of the federal budget 2019/2020.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 34,656 points from previous day’s closing of 34,682 points, losing 26 points.

    Analysts at Topline Securities said that during the trading session index depicted a flattish trend closing in at 34,656 points in the absence of major news flow.

    Uncertainty regarding budget approval continued to persist as the opposition leader in his speech today at National Assembly demanded major changes in the budget, declaring it as IMF influenced.

    Expected hike in gas prices led gas distributing companies SSGC & SNGP to land in the positive territory; up in the range of 2.25-3.21 percent.

    Out of total 333 active stocks, 189 stocks ended in red, while 123 stocks closed in the green whereas values of 21 scrips remained unchanged.

    Trade volume witnessed attrition of 5 percent. Similarly, trade value declined by 15 percent. MLCF continue to remain the volume leader since the last five trading sessions.

  • Rupee weakens by 16 paisas on import payments

    Rupee weakens by 16 paisas on import payments

    KARACHI: The Pak Rupee weakened by 16 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.

    The rupee ended Rs156.97 to the dollar from previous day’s closing of Rs156.81 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs156.85 and Rs156.95.

    The marked recorded day high of Rs157.00 and low of Rs156.90 and closed at Rs156.97.

    Currency experts said that due to oil payments the demand of greenback was high in the market.

    The exchange rate was remained unchanged in open market.

    The buying and selling of dollar was recorded at Rs155.50/Rs156.50, the same previous day’s level, in the cash ready market.