Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Karachi Chamber opposes CNIC condition on supplies

    Karachi Chamber opposes CNIC condition on supplies

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has opposed the requirement of Computerized National Identity Card (CNIC) details to be provided by suppliers of unregistered buyers.

    In a statement issued on Wednesday, the KCCI said that through an amendment to Section 8 (Sub-Sec.1, Clause M) of Sales Tax Act 1990, it is now mandatory for the supplier of goods to provide CNIC number of unregistered buyer of raw materials and finished products, effectively placing the responsibility to identify non-filers on the shoulders of compliant taxpayers.

    It was pointed out that with a dismally narrow tax base of Sales Tax registered persons comprising hardly 35000 in number, it is virtually impossible for the importers, manufacturers and suppliers of goods to find registered buyers or those willing to provide their CNIC details.

    Consequently the inventories of unsold goods with traders, stockists, importers and manufacturers are piling up, blocking their entire working capital as well as the funds borrowed from banks.

    The overnight change has put entire trade and industry in a quandary as to whether or not to continue in business because it is simply not possible to find registered buyers or those willing to provide their CNIC.

    KCCI and other trade bodies are overwhelmed with complaints from traders, importers, manufacturers and dealers to take up this serious issue with Finance Ministry and FBR to find a workable solution immediately to pre-empt a crisis within the trade and industry, he added.

    President KCCI Junaid Makda, therefore, urged the Advisor to Prime Minister on Finance, Revenue & Economic Affairs Dr. Hafeez Shaikh and Chairman Federal Board of Revenue (FBR) Shabbar Zaidi, to review the provision of CNIC, taking into account the ground realities of Pakistan’s economy and withdraw the condition to provide CNIC details of unregistered buyers in Sales Tax Invoices as it is not possible to comply with the condition with immediate effect.

    He further urged the authorities to defer the proposed measure for at least one year so as to facilitate a gradual transition from current procedure and to help release the working capital of entire supply chain which is currently blocked.

    Already the economic activities are very slow and such measures will further aggravate the situation.

    Since the Chairman FBR has formed the anomaly committee which includes representatives of business community, the matter will also be raised with the meetings of committee along with other major anomalies which exist in the Budget 2019-20, he assured.

  • MCC Peshawar announces auction of large quantity of confiscated vehicles

    MCC Peshawar announces auction of large quantity of confiscated vehicles

    ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced auction of large quantity of confiscated vehicles to be held on June 20 and June 27, 2019 at various locations.

    Following vehicles to be presented for auction

    STATE WARE HOUSE, PESHAWAR

    1. Mercedes Benz (Bullet Proof) Model 1982, chassis no WDB-12603312037551.

    2. Honda Accord Motor Car 1985, chassis no JHMCA45300C002584.

    3. Mercedes Benz Truck Model 1995, chassis no WDB6770381K175873.

    4. Mitsubishi Pajero Jeep Model 2006, chassis no JMYLNV76W6J001329.

    5. Toyota Land Cruiser Prado Model 1999, chassis no LJ90-0002325.

    6. Toyota Hilux Pick Up 4X4 Model 1997, chassis no JT733LNA309004002.

    7. Toyota Hilux Pick Up Model 2007, chassis no MROCS12G400043443.

    8. Toyota Corolla Car Model 2000, chassis no JTDBT21E900015280.

    9. Toyota Corolla Car Model 2000, chassis no NZE121-0008741.

    10. Toyota Fielder Car Model 2002, chassis no NZE121-0134145.

    11. Toyota Fielder Car Model 2002, chassis no NZE121-0167095.

    12. Land Cruiser Station Wagon (Prado) Model 2000, chassis no LJ95-0010010.

    13. Mitsubishi Pajero Model 2006, chassis no JMYLNV76W6J001340.

    14. Toyota Land Cruiser Model 2004, chassis no LTERB71J800020686.

    15. Toyota Hilux Pick Up Model 2001, chassis no JTFDE626800061496.

    STATE WARE HOUSE MARDAN,

    1. Toyota Surf Model 1996,chassis no RZN185-0015007.

    STATE WARE HOUSE, ABBOTTABAD.

    1. Toyota Mark-X Car Model 2006, chassis no GRX120-0009539.

    2. Mazda Mini Dumper Model 1990 (as per Website), chassis no WGTAD-120362.

    STATE WARE HOUSE, FRONTIER CORPS.

    1. Daewoo Car Model 1992, chassis no KLATF19TINB-522281.

    2. Toyota 2D Corolla Car, 1992,chassis no EE101-3046367.

    3. Toyota Land Cruiser Model 1988, chassis no LJ-710003848.

    4. Mark-1 Motor Car Model Nil, chassis no LA3VS-216474.

    5. Motor Car Model 1978, chassis no M-430-300918.

    6. Toyota Corolla Car Model 1982, chassis no A171-A-8024009.

    7. Toyota Pick Up Model 1980, chassis no RN40-069388.

    8. Toyota State Car Model 1993 (as per Website), chassis no CE109-0013206.

    9. Toyota Corolla Car Model 2003 (as per Website), chassis no NZE120-6005014.

    10. Toyota Double Cabin Model 1996 (as per Website), chassis no JT133LNA409046824.

    11. Towance Model 1994 (as per Website), chassis no CR22-5016240.

    12. Suzuki Mehran Car Model 1989, chassis no SB308PK622878.

    13. Suzuki Pick Up Model 1991 (as per Website), chassis no DA51T-209323.

    14. Toyota State Car Model 1999 Diesel (as per Website), chassis no CE107-5007695.

    15. Toyota Fielder Car Model 2005 (as per Website), chassis no NZE121-0364064.

    16. Suzuki Pick Up Model 1990 (as per Website), chassis no DA51T-110473.

    17. Toyota Pick Up Double Cabin Model 1996 (as per Website), chassis no LN56-0075058.

    18. Toyota Fielder Car Model 2004 (as per Website), chassis no NZE121-0279705.

    19. Toyota Fielder Car Model 2005 (as per Website), chassis no NZE121-3344325.

    20. Toyota Vitz Car Model 2001 (as per Website), chassis no SCP10-0362449.

    21. Toyota State Car Model 1994 (as per Website),Chassis no CE106-0071483.

    22. Toyota Corolla Car Model 1992 (as per Website), chassis no CE100-3020027.

    23. Toyota Fielder Car Model 2004 (as per Website), chassis no NZE121-0318464.

    24. Toyota Mark-II Car Model 2001 (as per Website), chassis no JZX110-6022047.

    25. Toyota State Car Model 1996 (as per Website), chassis no CE106-60060535.

    26. Toyota Datsun Pick Up Model 1980 (as per Website), chassis no RN40-069388.

    27. Toyota Vitz Car Model 1999 (as per Website), chassis no SCP10-5001270.

    28. Toyota Fielder Car Model 2002 (as per Website), chassis no NZE121-0141062.

    29. Suzuki Alto Car Model 2002, chassis no HA23S-689157.

    30. Toyota Fielder Car Model 2003 (as per Website), chassis no NZE121-0272905

    31. Toyota Corolla Saloon Car Model 2004, chassis no ZZE121-9010983.

    32. Toyota State Car Model 1993 (as per Website), chassis no EE106-0038570.

    33. Toyota Vitz Car Model 2000 (as per Website), chassis no SCP10-5018680.

    34. Suzuki “VXR” Car Model 2004, chassis no HA23S-757052.

    35. Suzuki “VXR” Car Model Nil, chassis no HA23S-613292.

    36. Toyota State Car Model 1999 (as per Website), chassis no AE100-0309427.

    37. Toyota State Car Model 1998 (as per Website), chassis no EE103-0072565.

    38. Toyota State Car Model 1996 (as per Website), chassis no CE106-6006506.

    39. Toyota Vitz Car Model 2004 (as per Website), chassis no SCP10-0462520.

    40. Toyota Hilux Pick Up Model 1986 (as per Website), chassis no LN86-1005469.

    41. Mini Hino Truck Model 1999 (as per Website), chassis no FD1JP-10261.

    42. Honda Motor Cycle 125-CC Model Nil, chassis no U667327.

    43. Honda Motor Cycle CG-125 Model 2005,chassis no S74083.

    44. Honda Motor Cycle CG-125 Model 2003, chassis no D72343.

    45. Honda Motor Cycle CG-125 Model 2007, chassis no BJ017444.

    46. Honda Motor Cycle CG-125 Model 2001, chassis no PF012620.

    47. Honda Motor Cycle Deluxe 125CC Model 2006, chassis no BJ006783.

  • Stock market ends flat amid uncertainty on budget approval

    Stock market ends flat amid uncertainty on budget approval

    KARACHI: The stock market ended flat on Wednesday amid uncertainty on approval of the federal budget 2019/2020.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 34,656 points from previous day’s closing of 34,682 points, losing 26 points.

    Analysts at Topline Securities said that during the trading session index depicted a flattish trend closing in at 34,656 points in the absence of major news flow.

    Uncertainty regarding budget approval continued to persist as the opposition leader in his speech today at National Assembly demanded major changes in the budget, declaring it as IMF influenced.

    Expected hike in gas prices led gas distributing companies SSGC & SNGP to land in the positive territory; up in the range of 2.25-3.21 percent.

    Out of total 333 active stocks, 189 stocks ended in red, while 123 stocks closed in the green whereas values of 21 scrips remained unchanged.

    Trade volume witnessed attrition of 5 percent. Similarly, trade value declined by 15 percent. MLCF continue to remain the volume leader since the last five trading sessions.

  • Rupee weakens by 16 paisas on import payments

    Rupee weakens by 16 paisas on import payments

    KARACHI: The Pak Rupee weakened by 16 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.

    The rupee ended Rs156.97 to the dollar from previous day’s closing of Rs156.81 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs156.85 and Rs156.95.

    The marked recorded day high of Rs157.00 and low of Rs156.90 and closed at Rs156.97.

    Currency experts said that due to oil payments the demand of greenback was high in the market.

    The exchange rate was remained unchanged in open market.

    The buying and selling of dollar was recorded at Rs155.50/Rs156.50, the same previous day’s level, in the cash ready market.

  • FBR warns unregistered industrial, commercial electricity consumers of imprisonment

    FBR warns unregistered industrial, commercial electricity consumers of imprisonment

    KARACHI: Federal Board of Revenue (FBR) has issued notices to unregistered commercial and industrial electricity connection holders to file their returns of incomes and sales otherwise from July 01 the tax authorities would initiate legal action that may lead to imprisonment.

    Large Taxpayers Unit (LTU) II Karachi issued notices to electricity connection holders of commercial and industrial, stating: “as per data available with FBR you are an Industrial / commercial consumer of electricity, meaning thereby electricity is being used for business purpose.”

    It is brought to your knowledge that every person engaged in making taxable supplies in Pakistan is liable to be registered as warranted under section 14 of the Sales Tax Act, 1990.

    The data further shows that you have not obtained Sales Tax Registration.

    The FBR in its strive to broaden the tax base, intends to register all those persons who are liable to be registered under Sales Tax Act, 1990 or Federal Excise Act, 2005, or the persons earning taxable income and liable to file return under Income Tax Ordinance, 2001 but who have failed to do so.

    In order to facilitate the taxpayers in declaring their undeclared income, sales, assets, etc. A scheme has been introduced by Govt of Pakistan /Federal Board of Revenue which provides for declaration of such income, sales, assets, etc by 30th June, 2019 at a very concessionary rate.

    “You may avail the benefit of this last opportunity to declare income, sales, assets etc at nominal rates and get registered / file return, if you have not done so,” according to a notice.

    After 30th June, 2019 all those persons who are liable to be registered and pay sales tax/ federal excise duty, or liable to file income tax return, if fail to do so, may compulsorily be registered made to file return and duties and taxes would be recovered along with default surcharge and penalty which may also entail prosecution proceedings leading to imprisonment.

  • Law proposed to end corruption in Pakistan Customs

    Law proposed to end corruption in Pakistan Customs

    KARACHI: The government has decided to take stern action against officials of Pakistan Customs, who are involved in corruption or corrupt practices.

    A new section 156A to the Customs Act, 1969 has been proposed through Finance Bill, 2019 to initiate criminal proceedings against officials involved in accepting bribe or corruption.

    According to EY Ford Rhodes Chartered Accountants Firm said that the Finance Bill 2019 seeks to insert a new Section 156A in the Act whereby the FBR may prescribe rules to initiate criminal proceedings against its officials who willfully and deliberately commits or omits an act which results in personal benefit or undue advantage to the officials or the taxpayer or both.

  • FBR asks jewelers to avail amnesty for undeclared assets

    FBR asks jewelers to avail amnesty for undeclared assets

    KARACHI: Federal Board of Revenue (FBR) has asked jewelers to declare their concealed assets by June 30 otherwise possessing black money or undocumented money will face harsh action.
    The members of gems and jewelers association met senior tax officials at Regional Tax Office (RTO) – II Karachi on Tuesday related to ongoing tax amnesty scheme, sources told PkRevenue.com.
    The tax officials apprised the businessmen to avail the scheme and declare their cash, assets and sales through the asset declaration scheme.
    The members of gems and jewelers have been informed that the FBR had sufficient information about the undocumented gold availability in the market.
    FBR sources said that the authorities had complied data of imported gold and subsequent export of jewelry.
    The sources said that the import of gold was regulated through import policy order 2016 and exporters of jewelry had been allowed the import as per requirements.
    However, it has been observed that this facility was grossly misused and large quantity of gold was being exported / smuggled to India, the sources added.
    The FBR is set to launch mega crackdown against jewelers from next month after the conclusion of the amnesty scheme.

  • Businessmen taken onboard to remove anomalies in Finance Bill 2019

    Businessmen taken onboard to remove anomalies in Finance Bill 2019

    ISLAMABAD: Federal Board of Revenue (FBR) has constituted an anomaly committee comprising members from business community to give their input in removing irritants in the Finance Bill, 2019.

    The FBR issued an office order in this regard on Tuesday to identify and remove the technical and legal anomalies in the Finance Bill 2019. The committee shall be comprised of the following members:

    Muhammad Ali Tabba, Chairman

    Muhammad Javed Ghani, Member Customs – Policy, Co-Chairman.

    Following members are also the part of the committee:

    President FPCCI

    CEO Pakistan Business Council

    Secretary General OICCI

    Chairman APTMA

    President KCCI

    President LCCI

    President KPK Chamber

    President Quetta Chamber

    Ali Habib

    Anjum Nisar, Former President KCCI

    Ziad Bashir

    The committee will review the anomalies identified and submitted; and to advise FBR on removal of anomalies.

    Technical and legal anomalies can be submitted on or before June 21, 2019

  • Trade deficit narrows by 13.62 percent in eleven months

    Trade deficit narrows by 13.62 percent in eleven months

    ISLAMABAD: The trade deficit has narrowed by 13.62 percent in first eleven months owing to measures taken by the government to increase the cost of imported luxury and non-essential goods.

    According to trade data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit reduced to $29.2 billion during July – May 2018/2019 as compared with the deficit of $33.81 billion in the corresponding period of the last fiscal year.

    Primary reason for shrinking trade deficit is reduction in import bill. The total imports fell by 8.47 percent to $50.47 billion during first eleven months of current fiscal year as compared with $55.14 billion in the same period of the last fiscal year.

    The government during the last couple of years has taken measures to discourage import of luxury and non-essential goods by imposing regulatory duty.

    However, exports were remained flat at $21.26 billion during July – May 2018/2019 as compared with $21.33 billion in the corresponding period of the last fiscal year.

    It is pertinent to mention here that the government had also extended many facilitations to jack up the exports but despite enjoying relaxations on many heads the Pakistani exporters failed to capture world market.