KARACHI: Federal Board of Revenue (FBR) on Thursday urged individuals/companies to file their annual returns by due date in order to get their names into Active Taxpayers List (ATL).
(more…)Author: Mrs. Anjum Shahnawaz
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K-Electric awards contract to set up 900MW power plant
KARACHI: K-Electric – power generation, transmission and distribution company – has awarded a contract to establish 900MW power plant with estimated cost of around $425 million, an announcement said on Thursday.
According to information shared with Pakistan Stock Exchange (PSX) the power company said that the board of directors at its emergent meeting held on September 25, 2019 approved award of EPC contract to Siemens – Harbin consortium to establish 900MW combined cycle power plant at Bin Qasim.
The estimated contract value would be around $425 million.
The project will be executed on fast track and additional power will be available in summer 2021.
The project will positively contribute to bridge electricity demand-supply deficit in KE service area, the company said.
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Transfer of funds through misdeclaration included into punishable offences
KARACHI: Federal Board of Revenue (FBR) has included illegal transfer of funds through mis-declaration into the list of punishable offences.
The FBR issued Customs Act, 1969 updated June 30, 2019 incorporating changes brought through Finance Act, 2019.
The customs officials said that a new section 32C was introduced to Customs Act, 1969 through Finance Act, 2019 for including misdeclaration of value for illegal transfer of funds into or out of Pakistan as punishable offence under the customs law.
Section 32C: Mis-declaration of Value for illegal transfer of funds into or out of Pakistan.
(1) Without prejudice to any action that may be taken under this Act or any other law for the time being in force, if any person overstates the value of imported goods or understates the value of exported goods or vice versa, or using other means including short-shipment, over-shipment, with a view to illegally transferring funds into or out of Pakistan, such person shall be served with a notice to show cause within a period of two years from the date of detection of such mis-declaration as to why penal action shall not be initiated:
Provided that if goods have not been cleared from customs, such goods shall also be liable to be seized:
Provided further that a team consisting of Additional Collector, duly assisted by an expert in the relevant field and an officer of State Bank of Pakistan (SBP) as specified, shall submit a report in writing with evidence for the Chief Collector. The said report shall also be furnished to the SBP for action, if any, under the law regulated by SBP.
(2) Any proceedings under this section, shall not be initiated, without the explicit approval of Board.
The customs officials said that if any person commits offence under this section then such person shall be liable to penalty not exceeding two hundred thousand rupees or three times the value of goods in respect of which such offence is committed whichever is greater; and such goods shall be liable to confiscation.
Further, upon conviction by a special judge the offender shall be liable to imprisonment for a term not exceeding five years and to a fine which may extend up to one million rupees.
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Resident having foreign income above $10,000 required to file return, wealth statement
KARACHI: A resident person having foreign income of above $10,000 is required to income tax return and wealth statement from tax year 2019 and onwards.
According to officials of Federal Board of Revenue (FBR) the income tax return and wealth statement filing had been made mandatory for a Pakistani individual having foreign income above $10,000 or having foreign assets above $100,000.
The officials said that the law was introduced through Finance Act, 2018 and from tax year 2019 such persons are required to file their income tax returns.
Through Finance Act, 2018, Section 116A was inserted to Income Tax Ordinance, 2001, which stated:
Section 116A: Foreign income and assets statement.
(1) Every resident taxpayer being an individual having foreign income of not less than ten thousand United States dollars or having foreign assets with a value of not less than one hundred thousand United States dollars shall furnish a statement, hereinafter referred to as the foreign income and assets statement, in the prescribed form and verified in the prescribed manner giving particulars of—
(a) the person’s total foreign assets and liabilities as on the last day of the tax year;
(b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and
(c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.
(2) The Commissioner may by a notice in writing require any person being an individual who, in the opinion of the Commissioner on the basis of reasons to be recorded in writing, was required to furnish a foreign income and assets statement under sub-section (1) but who has failed to do so to furnish the foreign income and assets statement on the date specified in the notice.
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FATC Cell established at FBR Chairman office
ISLAMABAD: A cell of Financial Action Task Force (FATF) has been established at the office of Chairman, Federal Board of Revenue (FBR) Headquarter, Islamabad to ensure timely completion of FATF related issues, a notification said on Wednesday.
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Customs Preventive announces auction of used cars on September 26
KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of used vehicles on September 26, 2019 to be held at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi.
Following used vehicles to be presented for auction:
01. Toyota Lexus Car, Reg No. US-868, Model 2006, Chassis No. JTHBG963905034702
02. Toyota Harrier Jeep 2999CC, Reg. No. JAA-454, Model 1998, Chassis No. MCU-10-0013510
03. Toyota Mark-II Saloon Car 1800HP/ Reg. No. BBL-708, Model 2000, Chassis No. JZX110-6000922
04. Toyota AXIO-X Car 1496CC, Reg. NO. BFE-068, Model 2007, Chassis No. NZE-141-6028039
05. Toyota Land Cruiser Jeep 3400CC, Reg. No. BG1131, Model 1989, Chassis No. BJ60-023765
06. Mercedes Benz Saloon Car, Reg No. BFF-014, Model 2007, Chassis No. WDD2193222A117436
07. Toyota Land Crusier Jeep 4663 CC, Reg. No. BF-2237 ( Sindh), Model 1999, Chassis No. UZJ100-0081129
08. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF2237 (Sindh), Model 1999, Chassis No. VZJ95-0070909
09. Toyota Surf Jeep, Reg. No. BF-9252, Model 1998, Chassis No. RZN185-9019896
10. Toyota Hilux Surf Jeep 2446CC, Reg. No. CJ-4242 (Sindh), Model 1990, Chassis No. LN130-0026273
11. Nissan-X Trail 5 Door Jeep, Reg. No. GR-621, Model 2005, Chassis No. NT30-100374
12. Toyota Mark-X Car 2499CC, Reg. No. BFB-837, Model 2005, Chassis No. GRX 120-3007142
13. Toyota Land Cruiser Jeep 4476CC, Reg. No. BF-5933, Model 1995, Chassis No. FZJ 80-0109507
14. Honda Civic Hybrid Car 1339CC, Reg. No. AND-312, Model 2008, Chassis No. FD 3-1203642
15. Toyota PASSO Car 996CC, Reg. No. GS-6996, Model 2010, Chassis No. KGC 30-0044392
16. Toyota AIXO Car 1496CC, Reg. No. KCH-434, Model 2006, Chassis No. NZE141-6003694
17. Toyota Mark-X Car 2499CC, Reg. No. QG-966, Model 2005, Chassis No. GRZ120-1004220
18. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF-8507, Model 1998, Chassis No. VZJ90-0003998
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Stock market remains traded in narrow range; ends down by 264 points
KARACHI: The stock market ended down by 264 points on Wednesday as market continued trading in narrow range.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,565 points as against 31.829 points showing a decline of 264 points.
Analysts at Arif Habib Limited said that the market continued trading in a narrow range between +39 points and -357 points and closed the session -264 points.
International crude posted losses and the same had negative impact on local oil & gas listed chain from E&P to OMCs.
PSO and PPL also had financial results today, which were mostly in line or better than expectation, however, near term risks kept pressure on both the scrips till end, although PPL saw price jacking up post result announcement after an initial drop.
Power sector led the volumes table with 16.9 million shares, followed by Technology (15.7 million) and O&GMCs (13.1 million).
Scrip wise activity shows KEL leading the volumes with 14.9 million shares, followed by WTL (12.4 million and PSO (6.9 million).
Sectors contributing to the performance include Banks (-108 points), Power (-48 points), E&P (-34 points), Fertilizer (-29 points) and Food (-12 points).
Volumes increased from 88.8 million shares to 952 million shares (+7 percent DoD). Average traded value also increased by 6 percent to reach US$ 26.3 million as against US$ 24.9 million.
Stocks that contributed significantly to the volumes include WTL, PSO, MLCF, KEL and HASCOL, which formed 39 percent of total volumes.
Stocks that contributed positively include ABL (+9 points), FABL (+6 points), ICI (+6 points), JLICL (+5 points) and EFUG (+5 points).
Stocks that contributed negatively include HUBC (-46 points), UBL (-36 points), HBL (-36 points), OGDC (-27 points), and ENGRO (-14 points).
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Rupee ends flat in range bound activity
KARACHI: The Pak Rupee ended flat against dollar on Wednesday in range bound trading activity.
The rupee ended Rs156.17 to the dollar from previous day’s closing of Rs156.16 in interbank foreign exchange market.
Currency experts said that the rupee was remained stable during the day as no significant demand was seen for the greenback by importers or corporate side.
The foreign currency market was initiated in the range of Rs156.16 and Rs156.21. The market recorded day high of Rs156.19 and low of Rs156.12 in interbank foreign exchange market.
The exchange rate witnessed stable rupee value in open market. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s level, in cash ready market.
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Provinces collect Rs7.03 billion as property tax
ISLAMABAD: The province have collected Rs7.03 billion as property tax during fiscal year 2018/2019 as compared with Rs5.55 billion in the preceding fiscal year, showing growth of 26.57 percent, according to details issued by the federal finance ministry.
The collection of property tax is provincial jurisdiction and the provinces collected the tax on rental of immovable property. The sources said that the increase in tax revenue under this head was due to revision in valuation of rents on immovable properties by the provinces.
The break-up shows that the province of Punjab collected Rs2.816 billion as property tax during fiscal year 2018/2019, which is 23.6 percent higher when compared with Rs2.278 billion in the preceding fiscal year.
Sindh collected Rs2.85 billion as property tax during the last fiscal year, showing 41.2 percent growth when compared with collection of Rs2.016 billion in the preceding fiscal year.
Khyber Pakhtunkhwa also collected Rs1.15 billion during the fiscal year 2018/2019 as compared with Rs1.13 billion in the preceding fiscal year.
Baluchistan collected property tax to the tune of Rs213 million in the last fiscal year as compared with Rs122 million in the preceding fiscal year.
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Hascol Petroleum gets license for lube oil blending plant operation
KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday.
Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited.
The company said that the blending plant is built on a state of the art technology with a capacity of 40,000 Metric Ton per annum.
The blending plant is powered by ABB Blending System (French origin) which is considered as one of the best in the world along with the Comaco Filing Machines (Italian Origin), said a company notice sent to Pakistan Stock Exchange (PSX).
The blending plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.
“The company expects that the commencement of the commercial operations of the blending plant will have a positive financial impact on its profitability and will also improve the existing volumes of the company’s lubricants business.”