Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • FBR increases goods declaration processing charges by 100 percent

    FBR increases goods declaration processing charges by 100 percent

    KARACHI: Federal Board of Revenue (FBR) has increased services charges by 100 percent for processing each goods declaration (GD) through customs computerized system.

    The FBR issued SRO 637(I)/2019 to amend its previous SRO 1053(I)/2011 dated November 16, 2011 and enhanced the service charges to Rs500 from Rs250 for processing each GD under the Pakistan Customs Computerized System.

    On May 07, 2013 another SRO 388(I)/2013 was issued to levy Rs24,000 per GD as service charges for processing of US and NATO led ISAF cargo under Web Based One Customs (WeBOC).

    The said service charges shall be increased 10 percent annually and for this purpose the date of commencement as mentioned in the Customs General Order 10 of 2012 shall be reckoned as reference date.

  • FBR to implement new valuations of immovable properties from July 01

    FBR to implement new valuations of immovable properties from July 01

    ISLAMABAD: Federal Board of Revenue (FBR) has issued draft valuation of immovable properties for various cities, which will be applicable from July 01, 2019.

    The FBR issued the draft valuation tables for various cities for views and comments and asked the stakeholders to submit their input / feedback by June 30, 2019.

    The new revised rates are intended to be applicable from July 01, 2019.

  • FBR to launch crackdown against benami properties from three major cities

    FBR to launch crackdown against benami properties from three major cities

    ISLAMABAD: Federal Board of Revenue (FBR) will launch major crackdown against Benami assets from three major cities including Islamabad, Karachi and Lahore, a statement said on Friday.

    It said that The Benami Transactions (Prohibition) Act, 2017 has become operative since March, 2019. Federal Board of Revenue is the focal authority under this Act. The matter of proper implementation of Benami Transactions (Prohibition) Act, 2017 will be monitored by the Chairman.

    Administrative structure has been set up to implement the Benaami Act-2017. In this regard, an Adjudicating Authority is being formed and Benaami Zones are being established which will become effective very soon. Initially Benaami Zones will be established in three big stations Karachi, Lahore and Islamabad.

    A person can avail Assets Declaration Ordinance- 2019 before 30th June if he has not declared the Benaami properties yet. In case of non-compliance, he will be held accountable under Banaami Act-2017.

    Ms. Nausheen Javaid Amjad, Member Taxpayers Audit, FBR (HQ), Islamabad is the National Coordinator for implementation of Benami Transactions (Prohibition) Act, 2017.

  • Rupee gains 13 paisas against dollar

    Rupee gains 13 paisas against dollar

    The Pakistani Rupee (PKR) strengthened against the US Dollar on Friday, gaining 13 paisas, buoyed by improved inflows of remittances and reduced demand for import payments. The rupee closed at PKR 156.83 to the dollar, compared to the previous day’s closing rate of PKR 156.96 in the interbank foreign exchange market.

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  • NCCPL to collect capital gain tax on disposal of securities on June 28

    NCCPL to collect capital gain tax on disposal of securities on June 28

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Friday announced that it will collect Capital Gain Tax (CGT) on disposal of securities for the month of May on June 28, 2019.

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  • Owners of undeclared 13,193 luxury vehicles warned of harsh punishment

    Owners of undeclared 13,193 luxury vehicles warned of harsh punishment

    KARACHI: Federal Board of Revenue (FBR) has warned the owners of luxury motor vehicles of harsh punishment in case they are remained non compliant and failed to declare these vehicles under Asset Declaration Scheme.

    In this regard the Regional Tax Office (RTO)-II Karachi has obtained details of 13,193 luxury vehicles from Excise and Taxation department Sindh.

    The owners of such vehicles have been living luxurious life without paying due taxes. The break up is under: Hilux/Vigo 9230; Land Cruisers 1605; Prado 1970; Audi 45; Mercedes Benz 272; and BMW 71.

    The owners have been informed by the RTO-II regarding the opportunity provided by Assets Declaration Ordinance 2019 to disclose such vehicles and other undeclared or Benami Assets by the June , 2019 to avoid confiscation and imprisonment up to seven years.

  • Untaxed money, assets will find no hiding: CCIR RTO-II

    Untaxed money, assets will find no hiding: CCIR RTO-II

    KARACHI: People will find no place to conceal their untaxed money from next month as Federal Board of Revenue (FBR) planned a comprehensive plan to bring all taxable income into tax net, Badaruddin Ahmad Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II, Karachi at a press conference on Thursday.

    He said that FBR had gathered information of people having taxable income through various sources including transactions of immovable properties, motor vehicle registrations, banking transactions, air travel, education fee etc.

    He further said that the information of Pakistanis, having offshore investments on which tax was not paid, had also received.

    Further, the Benami law, which was passed by the Parliament in 2017 and the FBR issued rules in February 2019, is also in vogue.

    So in this scenario a person will not able to hide his illegal money or assets in future, the chief commissioner added.

    Qureshi said that the present Asset Declaration Scheme was introduced in this background as the government wanted to give last chance to people having illegal money and assets to declare at nominal tax rates before launching stern action.

    The CCIR said that the declaration scheme would end by June 30 and there would be no further extension.

    “This is the last chance. People should avail this opportunity. The FBR will launch drive against tax evaders from July 01,” he added.

    He said that the RTO-II Karachi had also collected information from various sources and one of those were details of luxury motor vehicles.

    “There are 13,000 motor vehicles of 2400CC engine capacity in the city and their owners are not on the tax roll,” the chief commissioner said, adding that those persons would be served notices from July 01, 2019 and tax authorities would compel them to file their return and pay duty and taxes besides declaring their assets.

    To a question about the progress of amnesty scheme, he said that the response was slow but historically people avail opportunity on the last dates, he said and hoped large number of declaration would be received.

  • Foreign exchange reserves decline to $14.64 billion

    Foreign exchange reserves decline to $14.64 billion

    KARACHI: The foreign exchange reserves of the country have declined by $188 million to $14.639 billion by week ended June 14, 2019 as compared with $14.826 billion by June 03, 2019, State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the central bank declined by $203 million to $7.604 billion by week ended June 14, 2019 as compared with $7.807 billion as of June 03, 2019.

    The SBP said that the official reserves had been declined due to external debt servicing and other official payments.

    The foreign exchange reserves held by commercial banks increased by $15 million to $7.034 billion as compared with previous level of $7.02 billion.

  • Prime Minister assures business community of considering sales tax zero rating

    Prime Minister assures business community of considering sales tax zero rating

    KARACHI: Prime Minister Imran Khan has assured business community of considering restoration of sales tax zero rating for export sector.

    A delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) met Prime Minister Imran Khan on Thursday in Islamabad to discuss anomalies in the Finance Bill 2019.

    On FPCCI demand of restoration of SRO 1125(I)/2011 allowing five export oriented export sectors at zero rate, the prime minister assured to consider it sympathetically, said a statement issued by the FPCCI.

    The FPCCI delegation was led by S.M. Muneer, leader of the business community and Former Chief Executive TDAP and Former President, FPCCI and consisting of Aqil Karim Dhedi; Engr. Daroo Khan Achakzai, President, FPCCI and Zubair F. Tufail, Convener of the FPCCI Budget Advisory Council – held a detailed meeting with the Prime Minister Imran Khan and Abdul Hafeez Shaikh, Advisor to the PM on Finance which lasted for 2 hours and discussed / briefed them about the hardships of the business community emanated from some harsh measures of the Finance Bill, 2019 that would give serious blow to trade and industry, especially export sector in the wake of exorbitant policy rate of 12.25 percent coupled with the massive devaluation of Pak-Rupee versus dollar in the last few months withdrawal of zero rated regime from export industrial sectors etc.

    The FPCCI delegation particularly emphasized and discussed ten major demands out of which eight proposals have been accepted by the Prime Minister, the major one such as doing away with raid on any premises; reduction in tax rates for service sector; routing taxation and business related policy through Federal Government/Cabinet instead of FBR, as directed by the Supreme Court; lack of personal interaction and minimal possibility of abuse of discretionary powers by the tax officials; conduction of audit once in a three years etc.

    Moreover the issues of retailers, wholesalers and real estates were also discussed in details.

  • 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).