Syed Shabbar Zaidi, Chairman of the Federal Board of Revenue (FBR), revealed on Friday that a new audit framework is set to be introduced next week, aiming to streamline tax procedures and enhance ease of compliance for taxpayers.
(more…)Author: Mrs. Anjum Shahnawaz
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Rupee gains one paisa amid higher dollar demand
KARACHI: The rupee gained one paisa against dollar on Friday amid higher demand for import and corporate payments.
The rupee ended Rs156.18 to the dollar from previous day’s closing of Rs156.19 in interbank foreign exchange market.
Currency dealers said that due to next weekly holidays the demand of dollar was higher for import and corporate payments. Higher demand depreciated the rupee value in earlier day trade. However, inflows of export receipts and remittances helped the local currency to recover value later in the day.
The foreign currency market was initiated in the range of Rs156.18 and Rs156.23. The market recorded day high of Rs156.26 and low of Rs156.18 and closed at Rs156.18.
The exchange rate in open market witnessed stable value of the local currency. The buying and selling of dollar was recorded at Rs155.80/Rs156.30, the same previous day’s level in cash ready market.
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Inland Revenue offices to remain open on September 28
Islamabad, September 27, 2019 – The Federal Board of Revenue (FBR) has announced that the offices of Inland Revenue will remain open on Saturday, September 28, 2019.
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FBR says file income tax return before expiry date to avoid three-year jail term
ISLAMABAD: Federal Board of Revenue (FBR) has said that non-filers of income tax returns may face jail term up to three years.
The FBR in its ongoing campaign for return filing for tax year 2019, said on Thursday that non-filing of income tax return is an offence and besides other fine and penalties the non-compliant taxpayer may face imprisonment for one to three years.
The FBR asked the persons having taxable income to file their annual return by September 30, 2019.
Explaining the benefit of filing returns, the FBR said that the person filing the return within due date would be added to Active Taxpayers List (ATL).
The advantage of inclusion into ATL, the return filer within the due date will not pay 100 percent increase in withholding tax.
The FBR further said that the late filing of return i.e. beyond September 30 will attract fine and penalty as well.
It said that the return filing has been made easier for salaried persons. The salaried persons may file their income tax returns through their smart phones by downloading TaxAssan application.
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Peshawar customs announces auction of confiscated mobile phones on Sept 27
ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced public auction of confiscated mobile phones to be held on September 27, 2019 at State Warehouse.
Following mobile phones will be offered for the auction:
01. 55 pieces of SAMSUNG GALAXY CORE 2 DUOS (22 pieces) and SAMSUNG GALAXY J1 (33 pieces)
02. 53 pieces SAMSUNG GALAXY J1 (23pieces) and SAMSUNG GALAXY CORE 2 DUOS (30 pieces).
03. 1987 pieces of Q 3310 Mini Mobile Phones.
04. 8 pieces of Q Mobile D4 Phone.
05. 45 pieces of SAMSUNG MOBILE PHONE (J56SM-J510-F/DS).
06. 800 pieces of Voice Mobile Phone V-105 (580 pieces), V-840 (60 pieces) and V-2426 (160 pieces).
07. Total 04 pieces of NOKIA (107) Mobile Phone (02 pieces), G Five (Model 1226)=01-No & Q Mobile (H50) =01-No.
08. Total 174 pieces of Q MOBILE (L9)
09. 14 pieces of Q MOBILE Phone (L7).
10. 06 pieces of Q MOBILE Phone XL3000 =01-No & Q Mbile E2000 PARTY=05-Nos.
11. Total 481 pieces of Nokia 1134 Mobile Phones =119-Nos, 1110 116-Nos, 1035 80-Nos, 944 45-Nos, 1136 62-Nos & 1133 59-Nos.
12. 05 pieces of Samsung Galaxy Alpha Mobile Phones =04-Nos and IPhone GSM=01-No.
13. 05 pieces of Q Mobile K-180.
14. 22 pieces of Samsung G570F =18-Nos, Samsung G610F 01-No, Samsung G313 01-No Motorolla XT1030 01-No & HTC X200 01-No.
15. 02 pieces of Samsung Galaxy Alpha SM-G580 F Mobile Phones.
16. Total 117 pieces of Samsung Galaxy Core 2 Duos SM-G355H =112-Nos, Samsung Galaxy Note 4 01-No, Samsung Iphone =01 No, Samsung Galaxy Tab 5 02-Nos & Tab 4 01-No.
17. 99 pieces of Q Mobile Commando 1.
18. 64 pieces of Samsung Galaxy J5 23-Nos Galaxy J2 25-Nos & Samsung A3 (6) 16-Nos.
19. 26 pieces of Nokia N1 616 Mobile Phone =01-No, Nokia N106 21-Nos, Nokia N1280 01-No & Nokia N1202 03-Nos.
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Pakistan’s forex reserves decrease by $125 million
KARACHI: The liquid foreign exchange reserves of the country fell by $125 million to $15.773 billion by week ended September 20, 2019, State Bank of Pakistan (SBP) said on Thursday.
The total foreign exchange reserves of the country a week ago were at $15.898 billion.
The foreign exchange reserves held by the SBP declined by $135 million to $8.465 billion by week ended September 20, 2019 as against $8.6 billion a week ago.
The SBP said that the reserves were declined due to external debt payments.
The reserves held by commercial banks, however, increased by $10 million to $7.307 billion as compared with $7.297 billion a week ago.
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Inland Revenue offices to remain open till midnight on Sept 30 for tax collection
ISLAMABAD: All the offices of Inland Revenue will remain open till 12:00 midnight on September 30, 2019 for the collection of duty and taxes and facilitate income tax return filing.
The Federal Board of Revenue (FBR) on Thursday issued an office order directing all the chief commissioners of Large Taxpayers Units (LTUs)/Regional Tax Offices (RTOs) and Corporate RTOs to observe extended working hours till 12:00 midnight on Monday September 30, 2019 to facilitate the taxpayers in payment of duties and taxes and filing of income tax returns and statements.
The chief commissioners have also been asked to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan to ensure transfer of tax collection by these branches on September 30, 2019 to the respective branches of SBP on the same date.
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Stock markets ends down 131 points on adjustments
KARACHI: The stock market ended down by 131 points due to adjustments in blue chip scrips.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,434 points as against 31,565 points showing a decline of 131 points.
Analysts at Arif Habib Limited said that the market has been trading in a narrow range for the past week without breaching 31,000 level, although recent sessions have seen Index largely adjusting downwards.
Selling pressure was evident in index heavy weights like ENGRO, LUCK, OGDC, PPL, HBL and UBL, which kept any increase firmly in check.
Market on Close saw rates spiking for KEL, BOP, LUCK, OGDC. Power sector performed well in volume terms by registering 34.5 million shares on the bourse, out of which KEL garnered 31.4 million shares.
This was followed by Cement Sector (17.4 million) and Technology (14.9 million).
Among scrips, WTL and MLCF trailed KEL with 11.8 million and 10.4 million shares respectively.
Sectors contributing to the performance include Banks (-55 points), Fertilizer (-47 points), O&GMCs (-20 points), Power (-18 points) and Chemical (-12 points).
Volumes increased further from 104.7 million shares to 124.2 million shares (+19 percent DoD). Average traded value, on the contrary, declined by 15 percent to reach US$ 22.6 million as against US$ 26.7 million.
Stocks that contributed significantly to the volumes include KEL, WTL, MLCF, ASTL and BOP, which formed 49 percent of total volumes.
Stocks that contributed positively include MCB (+21 points), KEL (+13 points), DAWH (+12 points), EFUG (+6 points) and BOP (+6 points). Stocks that contributed negatively include HBL (-46 points), ENGRO (-40 points), HUBC (-36 points), BAFL (-16 points), and SEARL (-11 points).
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Rupee eases by two paisas on higher corporate payments
KARACHI: The Pak Rupee eased by two paisas against dollar on Thursday owing to higher demand for import and corporate payments.
The rupee ended Rs156.19 to the dollar from previous day’s closing of Rs156.17 in interbank foreign exchange market.
Currency experts said that due the quarter ending the foreign companies were repatriating profits to their parent organizations. Similarly, oil and other import payments have also escalated demand for dollar.
The foreign currency market was opened in the range of Rs156.15 and Rs156.22. The market recorded day high of Rs156.26 and low of Rs156.18 and closed at Rs156.19.
The exchange rate in open market also witnessed depreciation in local currency. The buying and selling of dollar was recorded at Rs155.80/Rs156.30 from previous day’s closing of Rs155.70/Rs156.20 in cash ready market.
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Banks to observe extended working hours on Sept 30 for tax collection: SBP
KARACHI: The State Bank of Pakistan (SBP) on Thursday said the banks will observe extended working hours on September 30, 2019 to facilitate collection of duty and taxes on the last day of first quarter of current fiscal year
In order to facilitate the collection of Government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) as well as field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours upto 9:00 P.M. on September 30, 2019 (Monday), the SBP said.
Accordingly, NBP branches will settle their transactions with respective SBP-BSC field offices on the same day i.e. September 30, 2019 for which purpose a special clearing has been arranged at 7:00 P.M. by the NIFT, it added.
All banks are, therefore, advised to keep their concerned branches open on September 30, 2019 (Monday) till such time that is necessary to facilitate the special clearing for Government transactions.