ISLAMABAD: Federal Board of Revenue (FBR) has proposed to phenomenal increase in valuation for commercial and residential immovable properties in Karachi for the purpose of collection of income tax.
(more…)Author: Mrs. Anjum Shahnawaz
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Share market gains 127 points to end fiscal year
KARACHI: The share market ended with a gain of 127 points on the last trading day of fiscal year 2018/2019 despite early day losses.
The benchmark KSE-100 index of Pakistan Stock Exchange closed at 33,902 points as against 33,774 points showing an increase of 127 points.
Analysts at Arif Habib Limited said that last trading day of the financial year ended positively with +127 points (unadjusted), although the day’s oscillation from +162 points to -365 points, left the investors with a bit of anxiety.
Adding to this anxiety was also the decline in Rupee parity with USD that caused the index to first recover the loss of 365 points and then increased by 127 points.
The sectors that contributed to this increase were Cement, Utilities, Chemical and Autos.
Banking sector led the volumes with 74 million shares, followed by Power (31 million).
Among scrips, Silk Bank topped the volumes with 38 million shares followed by KEL (21 million).
In total, 3 scrips contributed 75 million shares in traded volume, which comprises 35 percent of total traded volume.
Sectors contributing to the performance include Cement (+48 points), Autos (+25 points), Pharma (+21 points), O&GMCs (+15 points), Power (+14 points), E&P (-34 points).
Volumes increased significantly from 135 million shares to 213.5 million shares (+58 percent DoD). Average traded value also increased by 42 percent to reach US$ 39.5 million as against US$ 27.9 million.
Stocks that contributed significantly to the volumes include SILK, KEL, BOP, FFBL and FCCL, which formed 42 percent of total volumes.
Stocks that contributed positively include LUCK (+20 points), MTL (+12 points), KEL (+12 points), PSO (+11 points) and HMB (+11 points).
Stocks that contributed negatively include PPL (-18 points), HBL (-17 points), OGDC (-14 points), PMPK (-12 points) and POL (-10 points).
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Rupee recovers on last trading day of fiscal year
KARACHI: The Pak Rupee ended with gain to Rs160.05 on the last day of the fiscal year at to the dollar on Friday owing to inflows of exports and workers remittances besides ease in payment for imports.
The rupee gained Rs4.01 to end at Rs160.05 to the dollar in interbank foreign exchange market as against previous day’s all time low of Rs164.06.
The foreign currency market was initiated in the range of Rs162.00 and Rs162.50. The market recorded day high of Rs163.80 and low of Rs160.00 and closed at Rs160.05.
Currency experts said that the ending of Pak Rupee at Rs160.05 would increase the overall debt as the government had estimated the budget 2019/2020 at the higher rupee value.
The exchange rate in open market also witnessed appreciation in the local unit.
The buying and selling of dollar was recorded at Rs159.50/Rs161.00 as compared with previous day’s closing of Rs162.50/Rs163.50 in cash ready market.
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Commerce ministry enhances shelf life condition to discourage substandard edible imports
ISLAMABAD: The ministry of commerce has put mandatory requirement of 66 percent shelf life on imported edible items in order to discourage not fit items and save huge foreign exchange.
The ministry of commerce issued SRO 659(I)/2019 dated June 27, 2019 to amend Import Policy Order 2016 and enhanced the condition of shelf life for imported edible items from 50 percent to 66 percent or 2/3rd of the shelf life.
The condition will be applicable from July 01, 2019.
Through the latest notification the ministry of commerce made amendment to Appendix – B of the Import Policy Order, 2016.
As per import policy all the edible products are importable in Pakistan with certain conditions. At present the following conditions are applicable:
i. It must be fit for human consumption;
ii. The products shall be free of any Haram elements or ingredients;
iii. Edible products shall have at least 50 percent of the shelf life, calculated from the date of filing of Import General Manifest (IGM).
iv. Where condition at (i) above are not permitted on the packing, certificate issued by the manufacturers or principals in respect of these conditions shall be accepted by Customs Authorities.
v. That, in case of meat, it was obtained from Halal animals and slaughtered in accordance with the Islamic inductions;
vi. Import of edible oil in bulk quantity shall be on landed weight and quality basis.
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Rupee sharply recovers by Rs4.06 against dollar in interbank market
KARACHI: The Pak Rupee sharply recovered by Rs4.06 against dollar in midday trading on Friday owing to inflows and ease in payment, dealers said.
The dollar is being traded at Rs160 in interbank foreign exchange market. A day earlier the dollar hit all time high at Rs164.06 in the foreign currency market.
Currency dealers said that the substantail inflows helped the rupee to gain. Further the recovery can also be attributed to ease in big payment of oil import, they added.
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SRB allows reduced rate of 3pc for outstanding payments by indenters
KARACHI: Sindh Revenue Board (SRB) has allowed a reduced rate of 3 percent sales tax for payment of past four years on services rendered by indenters.
The SRB issued notification SRB-3-4/17/2019 on Thursday to declare that sales tax on the services provided or rendered by an indenter (described against tariff heading 9819.1200) from a place of business in Sindh during the tax periods from July, 2015 to June, 2019 shall, if not yet deposited by the indenter in Sindh Government’s head of account “B-02384”, be charged, levied and collected at the reduced rate of 3 percent subject to the conditions that:-
(a) such indenter received or intends to receive the value of such indenter services from a place outside Pakistan in foreign exchange through banking channels in the indenter’s business bank account in the manner prescribed by the State Bank of Pakistan;
(b) such indenter, if not yet a person actually registered under section 24 of the Act, gets himself registered in accordance with the provisions of the said section 24, read with rules prescribed under the Act, on or before the 31st day of July, 2019;
(c) such indenter deposits the arrears of the amounts of Sindh sales tax, as involved, for the tax periods from July, 2015 to July, 2019, at the rate prescribed in this notification, in Sindh Government’s head of account “B- 02384” in the prescribed manner on or before the 31St day of August, 2019; and
(d) such indenter does not claim any input tax credit/adjustments against the output tax payable under this notification.
The SRB said that this notification shall not entitle any person, whether a service provider or a service recipient, to any refund or adjustment of tax already paid or deposited by him in Sindh Government’s head of account “B-02384” on any day prior to the date of this notification.
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FBR constitutes ADRCs for eight cities
ISLAMABAD: Federal Board of Revenue (FBR) on Thursday constituted Alternative Dispute Resolution Committees (ADRCs) for speedy disposal of cases in Inland Revenue in eight cities of the country.
The FBR issued SRO 657(I)/2019 to notify the panel of the following persons for constitution of committees for alternative dispute resolution, namely :-
SIALKOT
1. Z.A. Nasir, C.A, Sialkot.
2. Ch. Ahmad Zulfiqar Hayat, Businessman, Sialkot.
3. Aftab Hussain Nagra, Advocate, Sialkot.
4. Muhammad Arshad Nawaz Maan, Tax Practitioner, Sialkot.
5. Mahar Ghulam Mujtaba, Representative Trade Bodies, Sialkot.
6. Khalid Pervaiz Javaid Butt, Representative Trade Bodies, Sialkot.
FAISALABAD
1. Hamid Masood, C.A, Faisalabad.
2. Zahid Suleman, C.A, Faisalabad.
3. Muhammad Anwar Abid, Advocate High Court, Faisalabad.
4. Syed Zia Alumdar Hussain, Trade Bodies Representative, Faisalabad.
5. Mian Tanveer Ahmad, Trade Bodies Representative, Faisalabad.
6. Engineer Hafiz Ihtasham Javed, Trade Bodies Representative, Faisalabad.
7. Khalid Pervez, Advocate High Court, Faisalabad.
8. Muhammad Amjad Khawaja, Trade Bodies Representative, Faisalabad.
9. Ch. Habib Ahmad Gujjar, Trade Bodies Representative, Faisalabad.
10. Jawad Asghar, Trade Bodies Representative, Faisalabad.
11. Mr, Muhammad Ashraf Ghandi, Businessman, Faisalabad.
12. Rana Muhammad Younis, Businessman, Faisalabad.
13. Ch. Khalid Mahmood, District and Session Judge, Faisalabad.
SAHIWAL
1. Muhammad Abid, Commissioner IR, Sahiwal.
2. Rashid Hameed, President Sahiwal Chamber of Commerce & Ind, Sahiwal.
3. Rana Waseem Akhtar, Vice Chairman, Pakistan Soup Manufacturing Association, Sahiwal.
4. Mian Muhammad Latif, President Anjuman Tajraan, Sahiwal.
5. Muhammad Imran Khan, Vice President Sahiwal Tax Bar .
6. Shaikh Muhammad Sajjad, Ex President, Sahiwal Tax Bar.
ISLAMABAD
1. Syed Tanseer Bukhari, Advocate, Islamabad.
2. Syed Tauqeer Bukhari, Advocate, Islamabad.
3. Hafiz Muhammad Idrees, Advocate, Islamabad.
4. Shahzad Qazi, C.A Islamabad.
5. Muhammad Mudasser, C.A, Islamabad.
6. Khalid Iqbal Malik, Representative of Trade Body, Islamabad.
7. Tariq Sadiq, Representative of Trade Body, Islamabad.
8. Naeem Siddiqui, Representative of Trade Body, Islamabad.
9. Mian Muhammad Ramzan, Representative of Trade Body, Islamabad.
SUKKUR
1. Asif Iqbal Shekhani, Advocate, Sukkur.
2. Rewachand Rajpal, Advocate, Sukkur.
3. Khair Muhammad Shaikh , Representative of Trade Body, Sukkur.
4. Aamir Ali Khan, Ghouri, Reputable Taxpayer, Sukkur.
5. Tarique Hussain Soomro, Advocate, Sukkur.
MULTAN
1. M. Rashid Qamar, Rtd, District & Session Judge, Multan.
2. Waqas Khalid. Tax Practitioner. Multan.
3. Mueed Khawaja. Tax Practitioner. Multan.
4. Haji Saeed Ahmad, Businessman, Multan.
5. Kh. Muhammad Usman, Businessman, Multan.
6. Agha M. Akmal Khan Quzailbash, Advocate, Multan.
7. Anis Ahmad Sh. Businessman, Multan.
8. Malik Asrar Ahmad Awan, Businessman, Multan.
9. Mirza Muhammad Waheed Baig, Advocate, Multan.
10. Muhammad Younas Ghazi, Tax Practitioner, Multan.
11. Talat Javed, Tax Practitioner, Multan.
GUJRANWALA
1. Abid Hafeez Abid, Advocate High Court, Gujranwala.
2. Muhammad Asim Anees , Businessman, Gujranwala.
BAHAWALPUR
1. Shahid Nadeem Kahloon, Judge, Bahawalpur.
2. Iqbal Haider, CMA, Bahawalpur.
3. Ch. Javed Iqbal, Advocate, Bahawalpur.
4. Saifal Tanveer, Tax Practitioner, Bahawalpur.
5. Ejaz Nazim, Representative of Bahawalpur Chamber.
6. Ch. Mehmood Majeed, Reputable Businessman, Bahawalpur.
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Prime Minister launches campaign to control price hike
ISLAMABAD: Prime Minister Imran Khan on Thursday took serious notice of abnormal price hike and launched a special campaign to control increase in prices of essential items.
A press release said that effective implementation of local and special laws concerning efficient service delivery and relief to the general public is one of the prime responsibilities of field administration.
Lack of coordination among various stakeholders, poor understanding/implementation and indifferent attitude has established redundancy of these laws, thus increasing sufferings of general public.
The Prime Minister, while taking serious notice of current disproportionate price hike and ineffectiveness of the systems to control the same, has been pleased to desire a special campaign to control price hike may be launched which shall include:
i. A strategy shall be devised by all concerned stakeholders to implement price control laws effectively from the wholesale markets to retail shops;
ii. Prime and Market Control Committees shall be made more effective and should take stern actions against the perpetrators under law;
iii. Field Officers shall frequently visit the wholesale markets and be present at the time of auctions to determine realistic rates;
iv. All the Provincial Secretaries shall frequently have a surprise check in the districts;
v. Special Branch shall report daily the implementation of directives to the Chief Secretary and the Chief Minister concerned;
vi. Mechanism be developed to check unscrupulous elements which charge un-proportionate prices without sufficient cause;
vii. Strict action shall be taken against hoarding;
viii. Price Control Committees shall notify the rates of essential commodities regularly and the same shall be implemented effectively, and
ix. A performance evaluation mechanism, with reward and punishment be developed to ensure success of this campaign.
Action taken on the above directions shall be intimated to this office within seven (07) days for perusal of the Prime Minister.
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FBR directs recovery of revenue loss from customs intelligence officers
ISLAMABAD: Federal Board of Revenue (FBR) has imposed penalty on two customs intelligence officers and directed recovery from these officials of such government revenue lost due to their negligence.
The FBR imposed penalty of stopping performance allowance for six months. The penalty has been imposed on Saifullah, Superintendent, Directorate of Intelligence & Investigation (Customs), Lahore and Ch. Muhammad Javaid, Superintendent (BS-17), Directorate of Intelligence & Investigation (Customs), Lahore.
The FBR initiated departmental inquiry against both the official on the charges of inefficiency, misconduct and corruption.
The Authorized Officer imposed minor penalty of “Recovery of 1/3rd of the revenue loss which occurred due to negligence of the accused officials.
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Bank holiday
KARACHI: The banks will remain close for public dealing on July 01, 2019, which will be observed as bank holiday on Monday.
A notification issued on Thursday the SBP said that it will remain closed for public dealings on July 1, 2019 (Monday) which will be observed as Bank Holiday.
All banks / Development Financial Institutions/ Microfinance Banks (MFBs) shall, therefore, remain closed for public dealings on the aforesaid date.
However, all employees of the banks / DFIs / MFBs will attend the office as usual, the SBP said.