Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Chief collector directs simplifying refund payment system

    Chief collector directs simplifying refund payment system

    KARACHI: Mrs. Surriya Ahmed Butt, Chief Collector of Appraisement (South) has issued directives to customs authorities to simplify refund payment system.

    The chief collector issued the directives in a meeting with members of Karachi Customs Agents Association (KCAA), a statement issued on Tuesday.

    At the meeting the customs agents pointed out that the traders were facing immense problems in obtaining refunds as authorities were processing their claims through manual system.

    They said that almost all the system of the customs clearance had been automated and urged the collector to make the refund payment through online system.

    The chief collector assured the customs agents for simplifying the refund payment system.

    The managing committee of KCAA headed by the President Mohammad Amin Essani and General Secretary Arshad Khurshid participated in the meeting.

    This high-level meeting was also attended by the Collector of Customs MCC-Appraisement (West) Wajid Ali, Collector of Customs MCC-Appraisement (East), Dr. Nadeem Memon, Collector of Customs MCC-(Port Qasim), Mumtaz Ali Khoso alongwith the Additional Collectors of Customs of MCC-Appraisement (East) & (West).

    While addressing the participants by the worthy Chief Collector South stated that collection of legitimate taxes in a friendly environment and Trade Facilitation is the main focus and top priority agenda of Pakistan Customs.

    She assured their cooperation in order to resolve the issues being faced by the trade on the spot by adopting Open Door Policy at Custom House.

    In the said meeting the following decisions were taken:

    Refund Process: It has been decided that refund process will be simplified.

    Dis-continuation of practice for manual hold by the terminal operators on auction goods released by the customs after payment of legitimate duty and taxes.

    Call Documents: In order to reduce dwell time the process for call documents will also be simplified.

    Review Submission Option: The Customs Authorities agreed that an option will be given to traders to opt for personal hearing directly before the concerned Deputy Collector instead of routed through PA. This will reduced the dwell time and allow timely clearance of goods.

    CRF procedure. As proposed by KCAA the On-Line CRF request will be introduced in the system with the consultation of Directorate of Reforms & Automation.

    Regarding Auto De-Blocking of IGM. De-blocking of IGM of late GDs filing should be done electronically.

    On-Line Verification of Pak China FTA. The authenticity of Pak-China FTA Certificate should be verified through Electronic Data Exchange (EDE).

    All the proposals / agenda were appreciated by the department and assure the implementation of the same for the betterment of trade facilitation.

    The meeting was concluded with a vote of thanks as the decisions taken were definitely reduce the cost of doing business.

    In the end of meeting Mohammad Amin Essani (President) and Arshad Khurshid (General Secretary) thanked and appreciated the prompt decisions taken by the Honorable Chief Collector South (Appraisement) and other Collectors for giving them their precious time for meeting and assure their full cooperation at any stage.

  • PTCL, Zong 4G collaborate for network expansion in remote areas

    PTCL, Zong 4G collaborate for network expansion in remote areas

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) and Zong 4G have entered into a strategic partnership for network expansion in remote and far-flung areas of the country.

    The collaboration will ensure provision of VSAT services by PTCL to further support and expand the network coverage across the country.

    The agreement was signed by Saad Muzaffar Waraich, Chief Technology & Information Officer, PTCL, and Li Wenyu, Chief Financial Officer, ZONG 4G, during the ceremony held at Zong 4G Headquarters in the presence of the senior management and officials of respective companies.

    The collaboration will ensure state-of-the-art VSAT satellite services to further enhance the network coverage and enabling customers from remote areas to enjoy increased speed through Zong 4G’s widest coverage.

    Being the most experienced in the domain of satellite communication, PTCL also has extensive ground support, operation and implementation infrastructure to serve a variety of satellite communication applications.

    The company will offer a complete spectrum of end-to-end connectivity to Zong 4G designated sites.

    Speaking on the occasion, Saad Muzaffar Waraich, Chief Technology & Information Officer, PTCL, said, “We are pleased to sign the agreement with ZONG 4G. PTCL has been serving as the communication backbone of the country since inception of Pakistan and this partnership will help them to expand their high-quality voice and data services to the underserved markets of Pakistan.

    “We are at the forefront of leading the digitization across Pakistan through such partnerships. PTCL continues to play its role in the development of telecom infrastructure, contributing to the overall economic growth of the country.”

    Commenting on the partnership, Mannan Shabbir, Executive Director, Corporate Affairs Division & Company Spokesperson, said, “Being the first and the only operator with more than 10,000 4G sites across the country, Zong 4Gis providing the widest 4G coverage to the largest 4G subscriber base in the Pakistan at an unprecedented scale.

    “Our partnership with PTCL is a testament to our customer-centric approach by providing our customers with the best possible services and solutions through our ever-expanding data network. Leading digitalization efforts across Pakistan, we continue to thrive, not only in the mainstream cities, but also in far-flung and remote areas of Pakistan providing reliable and seamless connectivity.”

    As the winner of ‘Best in 4G services’ award by the Consumers Association of Pakistan and with more than 11 Million 4G customers, Zong 4G is the leading 4G operator of the country.

    Through its continued investment in the network and infrastructure, the company is enabling its customers in every nook and corner of the country to experience world-class 4G services.

    The collaboration will further enhance the digital agenda of Zong 4G and PTCL in empowering millions to remain connected anywhere and everywhere.

  • SBP restrains banks’ chairmen from appointing adviser

    SBP restrains banks’ chairmen from appointing adviser

    KARACHI: State Bank of Pakistan (SBP) on Tuesday restrained board / chairman of banks from appointing adviser in any capacity.

    The central bank amended Prudential Regulations G-1 to substitute Para C-3, which is as under:

    “3. The Chairman/Board shall not appoint an `Advisor’ in any capacity. Accordingly, all Banks/DFIs are advised to ensure appropriate skill mix of the Board keeping in view the overall risk profile of the institution.”

    All banks/DFIs are advised to ensure compliance within six months of the date of issuance of the circular letter, the SBP said.

    After which, the non-compliance shall attract punitive action under relevant provisions of the Banking Companies Ordinance, 1962.

    Earlier the SBP through amendment dated April 24, 2009 issued the following:

    “Chairman of the Board of Directors may, if deemed necessary, appoint one advisor to advise and facilitate him in discharge of his duties/responsibilities. The appointment of such an advisor will be subject to the following conditions:

    a) The advisor must possess the required technical experience relating to banking and finance at a senior level to enable him/her to render a professional advice to the Board.

    b) The terms of reference of the advisor shall be approved by the Board.

    c) A reasonable remuneration may be paid to the advisor with the approval of the Board of Directors.

    d) The advisor may attend the meetings of Board of Directors and Board Committees in which his/her participation is required but he/she will not be a member of the Board and/or its committees.

    e) The advisor shall be required to sign an appropriate confidentiality agreement to ensure confidentiality of documents / information that may come to his/her knowledge, before assuming any such role.”

  • Equity market extends losses on concerns over budgetary measures

    Equity market extends losses on concerns over budgetary measures

    KARACHI: The equity market extended previous day’s losses on Tuesday owing to concerns over new budgetary measures under planned IMF program.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,404 points as against 36,902 points showing a decline of 498 points.

    Analysts at Arif Habib Limited said that the index saw a significant draw down of 765 points.

    Issues contributing to the negative sentiment included a key meeting among Cement manufacturers to discuss the market share and possibly redefine the same in north and south regions.

    Besides, recent resignation of FM and joining of the Advisor to Finance Ministry caused concern among investors for deferral in finalization of IMF.

    In addition, future contract in the on-going rollover week attracted selling interest from investors. Cement Sector led the volumes with 19 million shares, followed by Chemical (15 million).

    LOTCHEM managed to move upward though the price gains were contained. SNGP after showing phenomenal results, announced yesterday, saw lower circuit by session’s end.

    Sectors contributing to the performance include Fertilizer (-66 points), Banks (-66 points), Cement (-58 points), E&P (-58 points), O&GMCs (-51 points).

    Volumes continued declining trend and reached 120 million shares from 126 million shares (-5 percent DoD). Average traded value increased by 13 percent to reach US$ 35.4 million from US$ 31.3 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, KEL, SNGP, BOP and PIOC, which formed 35 percent of total volumes.

    Stocks that contributed positively include MCB (+4 points), MUREB (+3 points), UBL (+2 points), FATIMA (+2 points), and MEBL (+2 points). Stocks that contributed negatively include HBL (-33 points), DAWH (-30 points), ENGRO (-23 points), OGDC (-23 points).

  • Shell Pakistan declares 81 percent decline in net profit

    Shell Pakistan declares 81 percent decline in net profit

    Shell Pakistan Limited announced a significant 81% decline in its profit after tax, as revealed by the company’s financial results for the quarter ended March 2019, approved by the board of directors in their meeting held on Tuesday.

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  • Rupee remains unchanged for seventh straight trading day

    Rupee remains unchanged for seventh straight trading day

    KARACHI: The Pakistani Rupee (PKR) maintained its unaltered position against the US Dollar for the seventh consecutive trading day on Tuesday, reflecting a scenario of subdued demand for imports and corporate payments.

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  • AGP asked to conduct special audit of DRAP

    AGP asked to conduct special audit of DRAP

    ISLAMABAD: Auditor General of Pakistan (AGP) has been asked to conduct special audit of Drug Regulatory Authority of Pakistan (DRAP) for past five fiscal years.

    On the directives of Aamer Mehmood Kiani, Federal Minister for National Health Services, the health ministry had written a letter to AGP and requested to conduct the special audit of DRAP for the fiscal years 2012-2013 to 2017-2018, a statement said on Saturday.

    According to letter DRAP was established through DRAP Act promulgated on November 13, 2012.

    The Authority is mandated to regulate Allopathic, Homoeopathic, Unani and Herbal drugs, medical devices, medicated cosmetics etc.

    In view of its role that has a direct impact on the health and wellbeing of the people, the authority remains a subject of public scrutiny.

    DRAP receives continued media attention alleging irregularities and malpractices regarding diverse areas being dealt by the authority as per its mandate.

    It goes without saying that transparency and efficiency in functioning of the organization is of critical importance to meet the targets and ensure sustained availability of quality medicines to the masses.

    In view of the foregoing, to further instill public confidence in the authority, it is requested to conduct a Special Audit of DRAP for the period 2012-2013 to-date of the Pricing Mechanism to ascertain whether prices of drugs are determined justly, in accordance with the laid down policy and as per law.

  • Sales Tax Act 1990: refund of input tax payable in 45 days

    Sales Tax Act 1990: refund of input tax payable in 45 days

    KARACHI: Federal Board of Revenue (FBR) is required to pay sales tax refunds to the taxpayers in 45 days from the date of filing claim.

    According to recently updated Sales Tax Act, 1990 issued by the FBR, the Section 10 explained the refund of input tax.

    Section 10: Refund of input tax

    Sub-Section (1): If the input tax paid by a registered person on taxable purchases made during a tax period exceeds the output tax on account of zero rated local supplies or export made during that tax period, the excess amount of input tax shall be refunded to the registered person not later than forty-five days of filing of refund claim in such manner and subject to such conditions as the Board may, by notification in the official Gazette specify:

    Provided that in case of excess input tax against supplies other than zero-rated or exports, such excess input tax may be carried forward to the next tax period, along with the input tax as is not adjustable in terms of sub-section (1) of section 8B, and shall be treated as input tax for that period and the Board may, subject to such conditions and restrictions as it may impose, by notification in the official Gazette, prescribe the procedure for refund of such excess input tax.

    Provided further that the Board may, from such date and subject to such conditions and restrictions as it may impose, by notification in the official Gazette, direct that refund of input tax against exports shall be paid along with duty drawback at the rates notified in the such notification.

    Sub-Section (2): If a registered person is liable to pay any tax, default surcharge or penalty payable under any law administered by the Board, the refund of input tax shall be made after adjustment of unpaid outstanding amount of tax or, as the case may, default surcharge and penalty.

    Sub-Section (3): Where there is reason to believe that a person has claimed input tax credit or refund which was not admissible to him, the proceedings against him shall be completed within sixty days. For the purposes of enquiry or audit or investigation regarding admissibility of the refund claim, the period of sixty days may be extended up to one hundred and twenty days by an officer not below the rank of an Additional Commissioner Inland Revenue and the Board may, for reasons to be recorded in writing, extend the aforesaid period which shall in no case exceed nine months.

  • Sales Tax Act 1990: tax credit not allowed under various conditions

    Sales Tax Act 1990: tax credit not allowed under various conditions

    KARACHI: A registered sales tax person is not allowed to entitle to reclaim or deduct input tax paid on various activities of manufacturing / supplies.

    The Section 8 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained where tax credit is not allowed.

    Section 8: Tax credit not allowed

    Sub-Section (1): Notwithstanding anything contained in this Act, a registered person shall not be entitled to reclaim or deduct input tax paid on –

    (a) the goods or services used or to be used for any purpose other for taxable supplies made or to be made by him;

    (b) any other goods or services which the Federal Government may, by a notification in the official Gazette, specify;

    (c)] the goods under sub-section (5) of section 3:

    (ca) the goods or services in respect of which sales tax has not been deposited in the Government treasury by the respective supplier;

    (caa) purchases, in respect of which a discrepancy is indicated by CREST or input tax of which is not verifiable in the supply chain;

    (d) fake invoices;

    (e) purchases made by such registered person, in case he fails to furnish the information required by the Board through a notification issued under sub-section (5) of section;

    (f) goods and services not related to the taxable supplies made by the registered person.

    (g) goods and services acquired for personal or non-business consumption;

    (h) goods used in, or permanently attached to, immoveable property, such as building and construction materials, paints, electrical and sanitary fittings, pipes, wires and cables, but excluding pre-fabricated buildings and such goods acquired for sale or re-sale or for direct use in the production or manufacture of taxable goods;

    (i) vehicles falling in Chapter 87 of the First Schedule to the Customs Act, 1969 (IV of 1969), parts of such vehicles, electrical and gas appliances, furniture furnishings, office equipment (excluding electronic cash registers), but excluding such goods acquired for sale or re-sale;

    (j) services in respect of which input tax adjustment is barred under the respective provincial sales tax law;

    (k) import or purchase of agricultural machinery or equipment subject to sales tax at the rate of 7 percent under Eighth Schedule to this Act;

    (l) from the date to be notified by the Board, such goods and services which, at the time of filing of return by the buyer, have not been declared by the supplier in his return or he has not paid amount of tax due as indicated in his return; and

    (m) import of scrap of compressors falling under PCT heading 7204.4940.

    Sub-Section (2): If a registered person deals in taxable and non-taxable supplies, he can reclaim only such proportion of the input tax as is attributable to taxable supplies in such manner as may be specified by the Board.

    Sub-Section (3): No person other than a registered person shall make any deduction or reclaim input tax in respect of taxable supplies made or to be made by him.

    Sub-Section (4): omitted

    Sub-Section (5): Notwithstanding anything contained in any other law for the time being in force or any decision of any Court, for the purposes of this section, no input tax credit shall be allowed to the persons who paid fixed tax under any provisions of this Act as it existed at any time prior to the first day of December, 1998.

    Sub-Section (6): Notwithstanding anything contained in any other law for the time being in force or any provision of this Act, the Federal Government may, by notification in the official Gazette, specify any goods or class of goods which a registered person cannot supply to any person who is not registered under this Act.

    Sub-Section (7): Omitted.

  • Rupee gains 20 paisas in open market

    Rupee gains 20 paisas in open market

    KARACHI: The Pak Rupee gained 20 paisas in open market on Saturday owing to monitoring launched by exchange companies after meeting with State Bank of Pakistan.

    The buying and selling of dollar was recorded at Rs142.30/Rs142.80 from previous day’s ending of Rs142.50/Rs142.50 in cash ready market.

    The representatives of Forex Association of Pakistan (FAP) held meetings during last two days with State Bank of Pakistan to control the higher demand of dollar in open market.

    In the last day meeting the FAP decided that it would not entertain non genuine buyers of dollars and would monitor the trading in the open market.