Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Weekly Review: IMF agreement to set market direction

    Weekly Review: IMF agreement to set market direction

    KARACHI: As the governor of State Bank of Pakistan (SBP) is echoing the incumbent governments existing stance of fulfilling IMF’s prior actions, the experts said that the IMF agreement will set direction of the stock market.

    “The upcoming Board agreement expected in July 2019 to be a major trigger for the market as it would set in motion a period of economic recovery,” analysts at Arif Habib Limited said.

    Weakness of the Pak Rupee against USD, unchanged Fitch’s rating and ongoing debate over the Federal Budget 2019/2020 in the Parliament kept the domestic bourse in-check this week. Given lack of triggers and profit taking in large caps, the KSE-100 index closed down by 448 points (1.26 percent WoW) to 35,125.

    Negative sector-wise contributions came from i) Commercial Banks (181 points), ii) Fertilizer (88 points), iii) Cement (49 points), iv) Oil & Gas Marketing Companies (42 points), and v) Pharmaceuticals (29 points).

    Whereas, sectors that contributed positively include Power Generation & Distribution (38 points) and E&P (31 points). Scrip-wise negative contributions came from FFC (62 points), BAHL (43 points), PPL (38 points), LUCK (31 points) and KAPCO (31 points).

    Whereas, positive scrip-wise contributions came from HUBC (83 points), OGDC (54 points), and POL (37 points).

    Foreign selling was continued this week clocking-in at USD 5.7 million compared to a net sell of USD 4.9 million last week. Selling was witnessed in Exploration & Production (USD 4.5 million) and Cement (USD 1.4 million).

    On the domestic front, major buying was reported by Individuals (USD 7.9 million) and Banks / DFIs (USD 3.7 million).

    Average Volumes settled at 125 million shares (down by 8.5 percent WoW) while value traded clocked-in at USD 27 million (down by 21 percent WoW).

  • FBR displays assets information of people on its portal

    FBR displays assets information of people on its portal

    ISLAMABAD: Federal Board of Revenue (FBR) has made public the information of assets and transactions of people on its official portal in order to aware people to understand their responsibility for paying taxes.

    The FBR posted the information of asset inquiry at https://iris.fbr.gov.pk/public/txpAILogin.xhtml so people can access to the database about what the FBR had information about them.

    The access to database has been made secured with login and password. A person can access to the information by providing CNIC number.

    The FBR said that once a person logged in he would able to view the information including assets and transactions made by him through various sources.

    FBR sources said that the purpose of displaying the information was to ensure people that the tax authorities had sufficient information to take harsh measures against non-compliant taxpayers.

    The sources said that if a person believes that any asset or transactions does not belong to him then he should contact the FBR for the rectification.

    The FBR asked those people having undeclared assets and money to avail the Asset Declaration Scheme on or before June 30, 2019 in order to avoid action by tax authorities.

    It also said that the information at its website was posted so people should not have confusion about future course of action by the FBR.

  • Stock market gains 129 points on Sukuk issuance

    Stock market gains 129 points on Sukuk issuance

    The stock market gained 129 points on Friday, buoyed by the anticipated release of a Rs200 billion Sukuk by the government. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 35,125 points, up from 34,996 points, reflecting a positive sentiment among investors.

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  • Commission constituted: Forensic audit to be conducted to probe Rs24,156 billion debt

    Commission constituted: Forensic audit to be conducted to probe Rs24,156 billion debt

    ISLAMABAD: On the directives of Prime Minister Imran Khan, the Cabinet Division on Friday constituted a commission to probe significant accumulation of debt by Rs24,156 during 10 years. The commission will conduct forensic and special audit to investigate the matter.

    Hussain Asghar has been nominated as chairman of the commission. The commission will conclude its findings and give final report in six months.

    The Commission shall comprise the following:-

    i. Hussain Asghar (Retired PSP BS-22 Officer, currently serving as Deputy Chairman, National Accountability Bureau: Chairman

    ii. Representative of the NAB: Member

    iii. Representative of the FIA: Member.

    iv. Representative of the Intelligence Bureau: Member.

    v. Representative of the ISI: Member.

    vi. Representative of the SBP: Member.

    vii. Representative of the SECP: Member.

    viii. Representative of the FBR.

    ix. Representative of the Accountant General Pakistan Revenue: Member.

    x. Representative of Military Intelligence: Member.

    xi. Special Secretary, Finance Division: Member/Secretary.

    The commission shall be further empowered to co-opt/ engage any person from the public or private sector, locally or abroad as a member, consultant or adviser for the assistance of the commission.

    The Terms of Reference of the Commission of Inquiry shall be as per following:-

    a. Determination of signification of major infrastructure of public sector development works conducted from the years 2008 to 2018, and commensurate them with the increase in public debt from Rs.6,690 billion in 2008 to Rs.30,846 billion till September, 2018.

    b. To inquire/investigate about the award or implementation of any contact/agreement or project and whether any debt was taken for a particular project/undertaking and the same was then spent/expended on the corresponding project/undertaking, or, otherwise?

    c. Whether the terms and conditions of any public contract were tainted or benevolent or artificially inflated to facilitate any kickbacks? If so, in whose favour?

    d. Whether any holders of public office or their spouses, children and any persons connected to them expended any public funds so as to meet personal or private expenditures, beyond what has been permitted under the law and rules?

    e. Whether the cap prescribed under the Fiscal Responsibility and Debt Limitation Act, 2005 (hereafter: “the 2005 Act”) has been busted? If so, the reasons and justifications thereof?

    f. Whether the amendments, if any, in the 2005 Act were in keeping with the spirit of Article 166 of the Constitution, or, otherwise?

    g. Forensic and special audits be conducted through any reputed international or local auditor or set of auditors in order to determine the real nature, scope, volume, cost and trail of the investments or expenditures of the Federal Government (or any part thereof) from February 2008 to September 2018.

    h. To fix responsibility in respect of the above, and to refer any irregularity or illegality found for investigation and prosecution to relevant agency/department.

    An appropriate budget shall be sanctioned, which the Commission shall be entitled to utilize and spend in its discretion so as to meet the expenditure of the Commission, said a notification.

    The Commission shall give its final report within 6 months of its formation, with periodical interim reports on monthly basis.

    The time limit mentioned above may, however, be extended with the prior approval of the Prime Minister.

  • 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.