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Author: Mrs. Anjum Shahnawaz

  • FBR further extends date for filing sales tax, FE returns

    FBR further extends date for filing sales tax, FE returns

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the last date for filing sales tax and federal excise (FE) return for the tax period of July 2019.

    Previously the FBR extended the date for filing sales tax and federal excise return on August 09 considering the Eid holidays.

    As per the latest notification, the FBR further extended the date for filing and said that the annexures of sales and purchases, which are due on August 10, 2019 can be submitted up to August 19, 2019.

    The FBR said that payment of sales tax and federal excise duty, which is due on August 15, 2019 can be made up to August 21, 2019.

    Similarly, the date for submitting sales tax and federal excise return, which is due on August 18, 2019, has been extended up to August 23, 2019.
    The FBR said that the date has been extended considering the Eid holidays.

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  • FBR posts six IR officials to FATF Cell

    FBR posts six IR officials to FATF Cell

    ISLAMABAD: Federal Board of Revenue (FBR) has appointed six officials of Inland Revenue to Financial Action Task Force (FATF) Cell.

    (more…)
  • Stock market ends down by 664 points on negative sentiments

    Stock market ends down by 664 points on negative sentiments

    KARACHI: The stock market ended down by 664 points on Friday as various negative reports were flowing on economic front.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 28,765 points as against 29,429 points showing a decline of 664 points.

    Analysts at Arif Habib Limited said that the market continued trending down even after a break of a week. A host of negative news flow on economic front as well as on the border kept Investors’ nerves jittery.

    Mutual Funds have lately been the dominant seller, for reasons of redemption, in E&P, Power and Banking sectors.

    Other than ISL (financial results due to be announced on Aug 19th) and NCL (news of Buy back), both of which hit upper circuit, majority stocks went down.

    PPL hit lower circuit in the closing minutes, whereas LUCK also traded at lower circuit.

    E&P sector led the volumes table with 9.7 million shares, followed by Cement (9.1 million) and Banks (7.2 million). PPL did the most volume with 6.3 million shares, followed by MLCF (3.8 million) and ISL (3.7 million).

    Sectors contributing to the performance include E&P (-169 points), Fertilizer (-144 points), Banks (-100 points), Cement (-63 points), Power (-54 points).

    Volumes declined further from 76.4 million shares to 65.1 million shares (-15 percent DoD). Average traded value on the contrary increased by 11 percent to reach US$ 21.5 million as against US$ 19.5 million.

    Stocks that contributed significantly to the volumes include PPL, MLCF, ISL, OGDC and EPCL, which formed 31 percent of total volumes.

    Stocks that contributed positively include DAWH (+5 points), ISL (+5 points), MCB (+4 points), BAFL (+4 points) and NCL (+3 points). Stocks that contributed negatively include ENGRO (-70 points), PPL (-62 points), OGDC (-61 points), FFC (-52 points) and LUCK (-48 points).

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  • Rupee slips by 52 paisas in interbank

    Rupee slips by 52 paisas in interbank

    The rupee faced a decline of 52 paisas against the US dollar on Friday as the interbank market resumed operations following an extended week-long closure due to Eid and regular weekend holidays. The local currency ended at Rs158.96 against the dollar, compared to its previous close of Rs158.44 last Friday.

    (more…)
  • FTO directs FBR, FIA to launch inquiry in misuse of gold, jewellery import

    FTO directs FBR, FIA to launch inquiry in misuse of gold, jewellery import

    ISLAMABAD: Federal Tax Ombudsman (FTO) in a suo moto case directed tax authorities and investigation agency to launch inquiry against officials, department and traders involved in misuse of gold import and other precious metals.

    The FTO asked the Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of import-cum-exports’ facility in respect of gold, jewellery and other precious metals resulting in massive loss of revenue to national exchequer.

    The FTO finding revealed that gold worth billions of rupees was either not exported against imported gold or was exported against fake form-E.

    The FTO observed that the export promotion scheme did not put in place institutional mechanism to stop abuse of entrustment scheme/self-consignment scheme regulated through concessional SROs issued by the ministry of commerce.

    “As a consequence, the importers-cum-exporters deceived the departments with impunity especially in cases where concession available under the entrustment scheme/self-consignment scheme was misused.”

    The entrustment scheme provides facility for export of jewellery against imported gold supplied as partial advance payment, by the foreign buyer to be used in the manufacture of jewellery to be exported.

    The exporter is required to export eligible and authorized items within 120 days from the date of import.

    Under self-consignment scheme export of gold jewellery is made from locally procured gold and gemstones and sale proceeds are realized in foreign exchange.

    According to the scheme the registered exporter shall apply to the Trade Development Authority (TDAP) for export authorization.

    The sale proceeds shall be realized within 120 days from the date of export and the commercial banks shall ensure that sale proceeds are repatriated in full within 120 days; otherwise, commercial banks shall inform State Bank of Pakistan (SBP) as well as to TDAP.

    The FTO observed that during special audit, the Directorate General of Internal Audit detected serious regularities of Model Customs Collectorate (MCC) Peshawar, MCC (Export) Port Qasim, Karachi, MCC Islamabad and MCC Preventive Lahore.

    It was further observed that repeated exports were made by exporters.

    Admittedly, foreign exchange was not repatriated against Form-E which subsequently turned out to be fake.

    “Ignoring the said fact, there is no explanation that how subsequent exports were allowed when it was evident that foreign exchange was not repatriated within the specified period.”

    “This reflects the negligence, intention and ineptitude in discharge of duties and responsibilities,” the FTO observed.

    The FTO further observed that it was rather strange that the collectorates had failed to recover the adjudged amount of the fine imposed on the clearing agents, who are, otherwise, licencee of the department.

    Perusal of record shows that either no stay had been granted or the period for stay of order under appeal had been lapsed. But the department had not initiated recovery proceedings for which no explanation could be advanced.

    “This again reflects negligence, inattention, inefficiency and ineptitude in discharge of duties and responsibilities by concerned officers/officials of the department which are tantamount to maladministration.”

    The FTO further said that the position emerged on the basis of information provided by TDAP and SBP, reveals that there is a gap between the value of import and value of export and lack of data synchronization related to data provided by the TDAP and SBP.

    It appears that the TDAP has not put in place any mechanism of monitoring and reporting of exports and imports taking place under SRO 760(I)/2013 dated September 02, 2013. In the absence of authentic and complete data of import and exports under the said SRO, no meaningful analysis can be carried out.

    The FBR recommended to the FBR to direct the chief collectors (North), (Central) and (Enforcement) South to initiate departmental enquiry to ascertain the officers/officials and take disciplinary action against those found involved in illegal/inadmissible import/exports.

  • Customs Intelligence Peshawar announces auction of motor vehicles on August 20

    Customs Intelligence Peshawar announces auction of motor vehicles on August 20

    ISLAMABAD: Directorate of Intelligence and Investigation (Customs), Federal Board of Revenue (FBR), Peshawar has announced auction of confiscated vehicles on August 20, 2019.

    The directorate announced the auction of following motor vehicles:

    01. Toyota Mark X Motor Car, 2005, Chassis No. GRZ120-0024497

    02. Toyota Corolla Star Car, 1994, Chassis No. CE106-0068675

    03. Toyota Prius Motor Car, 2003, Chassis No. NHW20-002695

    04. Toyota Fielder Motor Car, 2001, Chassis No. ZZE122-0024503

    05. Toyota Hilux Pick-up, 2007, Chassis No. MROFR224700519389

    06. Land Rover Jeep, 1998, Chassis No. SALLNAAA7X655472

    07. Toyota Vitz Motor Car, 2003, Chassis No. SCP13-0022304

    08. Toyota Hilux Surf SSR-X, 1998, Chassis No. RZN185-9022259

    09. Toyota Premio Motor Car, 2004, Chassis No. NZT240-0013559

    10. Toyota Vitz Motor Car, 2006, Chassis No. KSP90-5076683

    11. Toyota Vitz Motor Car 2001, Chassis No. SCP10-3044217

    12. Toyota Vitz Motor Car, 2003, Chassis No. SCP13-0021756

    13. Suzuki Pick-up, 2018, Chassis No. DC5IT-557884

    14. Toyota Fielder Motor Car, 2004, Chassis No. NZE121-0292078

    15. Toyota Fielder Motor Car, 2004, Chassis No. NZE121-0318755

    16. Toyota Fielder Motor Car, 2003, Chassis No. NZE121-0215101

    17. Toyota Fielder Motor Car, 2003, Chassis No. NZE121-0244727

    18. Toyota Vitz Motor Car, 2001, Chassis No. NC13-0015799

    19. Toyota Vitz Motor Car, 2002, Chassis No. NCP10-0163156

    20. Toyota Vitz Motor Car, 2003, Chassis No. NCP13-0020979

    21. Suzuki Pick-up, 1991, Chassis No. DA5IT-205393

    22. Suzuki Pick-up, 1991, Chassis No. DA5IT-211410

    23. Suzuki Pick-up 1998, Chassis No. DD5IT-196023

    24. Suzuki Pick-up 1991, Chassis No. DB51T-196023

    25. Toyota Fielder Motor Car, 2003, Chassis No. NZE121-3197128

    26. Toyota Corolla X Motor Car, 2003, Chassis No. NZE121-0253693

    27. Toyota Corolla X Motor Car, 2001, Chassis No. NZE121-3043903

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  • Indicator suggests further weakening of goods trade into third quarter: WTO

    Indicator suggests further weakening of goods trade into third quarter: WTO

    KARACHI: The growth of world merchandise trade volumes is likely to remain weak in the third quarter of 2019 according to the WTO’s Goods Trade Barometer, released on Thursday.

    The latest reading of 95.7 from the barometer, formerly the World Trade Outlook Indicator (WTOI), is lower than the previous release and signals that stronger trade growth is not yet in sight.

    The latest reading continues to fall well below the baseline value of 100 for the index of the renamed barometer, which features a design revamp ahead of the launch of a new Services Trade Barometer in September.

    The loss of momentum in goods trade has already been confirmed in previous quarters where official data are available.

    The barometer suggests that below-trend expansion in merchandise trade will persist in the coming months.

    Sustained weakness in the barometer index was driven by below trend values in all component indices.

    The international air freight (91.4) and electronic components (90.7) indices showed the strongest deviations from trend, with readings well below previous releases.

    Indices for export orders (97.5), automobile production and sales (93.5) and agricultural raw materials (97.1) all remained below trend although they show some signs of having bottomed out.

    Only the index for container shipping (99.0) was close to the baseline value of 100.

    Last month, the Director-General’s mid-year report underlined that trade flows hit by new restrictions continued to be at historically high levels between mid-October 2018 and mid-May 2019.

    Tensions leading to higher trade barriers and greater uncertainty pose significant downside risks to trade growth forecasts.

    The Goods Trade Barometer provides, as the WTOI did, “real time” information on the trajectory of world trade relative to recent trends.

    It aims to identify turning points and gauge momentum in global trade growth. As such, it complements trade statistics and forecasts from the WTO and other organizations.

    Readings of 100 indicate growth in line with medium-term trends; readings greater than 100 suggest above-trend growth, while those below 100 indicate below-trend growth.

  • KCAA urges shipping companies to observe normal working day on Saturday

    KCAA urges shipping companies to observe normal working day on Saturday

    KARACHI: Karachi Customs Agents Association (KCAA) on Thursday urged the shipping companies to remain open on Saturday August 17 in order to facilitate trade after week-long holidays.

    Arshad Khurshid, General Secretary, KCAA said that after week-long holidays due to Eid and weekly holidays since last Saturday many vessels had been arrived. Besides large number of containers has been accumulated at the ports, he added.

    “Most of the companies observe holiday on Saturday or some of those observe half-day working,” he said, adding that it is quite difficult for traders and customs agents to get deliver order in very short time working on Friday.

    He urged minister ports and shipping to issue directives that all shipping companies should remain open and observe normal working day on Saturday to facilitate the trade and to dispose off the workload accumulated during the holidays.

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  • FBR issues withholding tax rate on purchase of air tickets for tax year 2019/2020

    FBR issues withholding tax rate on purchase of air tickets for tax year 2019/2020

    KARACHI: Federal Board of Revenue (FBR) has issued adjustable withholding tax rate on purchase of international air ticket effective for Tax Year 2019/2020.

    The FBR said that airlines issuing the air tickets shall collect withholding tax under Section 236L of Income Tax Ordinance, 2001 from the purchasers of international air travel ticket at the time of realization of sale proceeds.

    The rate of advance tax on purchase of international air ticket:

    (i) First/ Executive class: Rs16,000 per person

    (ii) Others excluding Economy: Rs12,000 per person

    (iii) Economy: no tax.

    The FBR said that as per Finance Act, 2019, the provisions of newly inserted 10th schedule of the Income Tax Ordinance, 2001 shall not apply on tax collected under section 236L.

    As per the Tenth Schedule of the Ordinance, the person not appearing on the ATL shall pay 100 percent enhanced withholding tax on making transactions.

    The FBR said that on purchase of domestic air ticket under Section 236B the advance tax shall be 5 percent of gross amount of ticket.

    The adjustable advance tax shall be collected by person preparing air ticket from purchaser of domestic air travel ticket at the time of realization of sale proceeds.

    The FBR said that as per Finance Act, 2019, the provisions of newly inserted 10th schedule of the Income Tax Ordinance, 2001 shall not apply on tax collected under section 236B.

  • Two highest taxpayers amongst 116 to be conferred with Pakistan Civil Awards on Independence Day

    Two highest taxpayers amongst 116 to be conferred with Pakistan Civil Awards on Independence Day

    ISLAMABAD: Two highest taxpayers are amongst those who will be awarded with ‘Pakistan Civil Awards’ on the occasion of Independence Day on August 14, 2019.

    A statement on Tuesday said that on the occasion of Independence Day, 14th August, 2019, the President of the Islamic Republic of Pakistan has been pleased to confer the following ‘Pakistan Civil Awards’ on citizen of Pakistan as well as foreign nationals for showing excellence and courage in their respective fields.

    The investiture ceremony of these awards will take place on Pakistan Day, 23rd March, 2020, says a press release issued here by Cabinet Secretariat, Cabinet Division.

    I. HILAL-I-PAKISTAN

    1. Mr. Song Tao (China) Services to Pakistan

    2. Mr. Zhong Shan (China) Services to Pakistan

    3. H.E. Sheikh Mansoor Bin Zayed Al Nahyan (UAE) Services to Pakistan

    4. Sheila Jackson Lee (USA) Services to Pakistan

    II. HILAL-I-SHUJA’AT

    5. Dr. Abdul Qudous Saikh Shaheed (Sindh) Gallantry

    III. HILAL-I-IMTIAZ

    6. Ms. Zhao Baige (China) Services to Pakistan

    7. Mr. Khaliq Dad Khan (Punjab) Electronics

    8. Maj.(R) Azam Suleman Khan (Punjab) Public Service/National Security

    9. Qari Syed Sadaqat Ali (Punjab) Public Service

    IV. HILAL-I-QUAID-I-AZAM

    10. Senator Lindsey Graham (USA) Services to Pakistan

    V. SITARA-I-PAKISTAN

    11. Baroness Syeeda Hussain Warsi (UK) Services to Pakistan

    12. Ms. Geng Ying (China) Services to Pakistan

    13. H.E. Mr. Bakhtibek Shabarbayev (Kazakhstan) Services to Pakistan

    VI. SITARA-I-SHUJA’AT

    14. Malik Khadin Shaheed (South Waziristan) Gallantry

    15. Malik Fazal Ur Rehman Shaheed (South Waziristan) Gallantry

    16. Malik Gul Shamad Khan alias Matorkey Shaheed (North Waziristan) Gallantry

    17. Mian Shah Jehan Shaheed (KP) Gallantry

    18. Malik Muhammad Ayaz Shaheed (Bajaur Agency) Gallantry

    19. Dr. Mazhar Ul Haq Kakakhel (KP) Gallantry

    VII. SITARA-I-IMTIAZ

    20. Dr. Shahzad Nasim (Singapore) Services to Pakistan

    21. Dr. Zaid Ahmed Al-Muhaisen (Jordan) Services to Pakistan

    22. Prof. Javed Iqbal (Punjab) Services to Pakistan

    23. Dr. Asif Mahmood (USA) Services to Pakistan

    24. Mr. Najeeb Ullah Ghauri (USA) Services to Pakistan

    25. Dr. Pavel Bem (Czesh Repbulic) Services to Pakistan

    26. Dr. Selamic Kilic (Turkey) Services to Pakistan

    27. Dr. Berislav Gaso (Crotia) Services to Pakistan

    28. Mr. Zia Aftab (Punjab) Engineering(Electronics)

    29. Mr. Safdar Moavia (Punjab) Engineering(Mechanical)

    30. Mr. Rehan Majid (Sindh) Engineering(Mechanical/ Aerospace)

    31. Dr. Rizwan Hussain (Punjab) Science (Chemistry)

    32. Mr. Abdul Qayyum (Punjab) Engineering(Mechanical)

    33. Mr. Muhammad Ilyas (Punjab) Engineering(Mining)

    34. Prof. Dr. Arshad Saleem Bhatti (Punjab) Science (Physics, Nano-Science & Nanotechnology)

    35. Prof. Dr. Ayub Sabir (KP) Education

    36. Dr. Kamran Vasfy Academic Distinction (Medicine/Destist)

    37. Mr. Asrar Ahmad (Ibne Safi) (late) (Sindh) Literature

    38. Mufti Muhammad Taqi Usmani (Sindh) Public Service

    39. Allam Razi Jafar Haqvi (Sindh) Public Service

    40. Mr. Muhammad Javed Afridi (KP) Public Service

    41. Mr. Ahmedullah Public Service (Highest Tax Payer)

    42. Mr. Rehan Hassan Public Service (Highest Tax Payer)

    43. Justice (R) Nasira Iqbal Public Service

    VIII. PRESIDENT’S AWARD FOR PRIDE OF PERFORMANCE

    44. Syed Farman Hussain (KP) Science(Chemistry)

    45. Mr. Muhammad Haroon (KP) Engineering(Mining)

    46. Mr. Muhammad Farooq (Punjab) Science(Physics)

    47. Dr. Liaqat Ali (Punjab) Engineering(Nuclear)

    48. Dr. Shabana Waseem (Punjab) Science(Chemistry)

    49. Mr. Nisar Hussain Chughtai (Punjab) Engineering (Chemical)

    50. Dr. Muhammad Hammad Asghar (Punjab) Science (Physics)

    51. Mr. Jawaid Ahmad Siddiqui (Sindh) Engineering (Electronics)

    52. Mirza Rizwan Baig (Punjab) Science (Physics)

    53. Dr. Sara Qaiser (Punjab) Science(Chemistry)

    54. Mr. Javed Ahmed (Punjab) Engineering (Mechnical)

    55. Mr. Tahir Mahmood Hayat (Punjab) Engineering (Civil)

    56. Ms. Naseem Akhtar of Gujrat (Punjab) Arts(Embroidered complete Qura’an)

    57. Dr. Zulfiqar Ali Qureshi (Sindh) Arts(Music)

    58. Mr. Fazal Abbas Jutt (Punjab) Arts(Singing)

    59. Mr. Ghulam Abbas (Punjab) Arts(Music)

    60. Mr. Waris Baig (Punjab) Arts(Singing)

    61. Saien Zahoor Ahmed (Punjab) Arts(Singing)

    62. Ms. Raheela Khanam alias Deeba Khanum (Punjab) Arts(Acting)

    63. Dr. Musarrat Hassan (Punjab) Arts(Painting)

    64. Ustad Khursheed Hussain (Sindh) Arts(Tabla Nawaz)

    65. Ustad Abu Muhammad Qawal (Sindh) Arts(Qawwali)

    66. Mr. Ghulam Mohiuddin (Punjab) Arts(Acting)

    67. Mr. Sahir Ali Bagga Arts(Singing)

    68. Mr. Hassan Sadpara (late) (Gilgit Baltistan) Sports(Mountaineer)

    69. Master Ayub Public Service

    IX. SITARA-I-QUAID-I-AZAM

    70. Ms. Lee Rhiannon (Australia) Services to Pakistan

    71. Mr. Karin Zoeter (Belgium) Services to Pakistan

    72. Ms. Yasmin Qureshi (UK) Services to Pakistan

    73. Mr. Rehman Chishti ((UK) Services to Pakistan

    74. Mr. Ali Sahin (Turkey) Services to Pakistan

    75. Mr. Muhammad Balta (Turkey) Services to Pakistan

    76. Lord Qurban Hussain (UK) Services to Pakistan

    77. Mr. Abdulla Saeed Al-Ghfeli (UAE) Services to Pakistan

    X. TAMGHA-I-SHUJA’AT

    78. Mr. Shah Gul Hayat (Gilgit Baltistan) Gallantry

    79. Mr. Muhammad Zakriya (Gilgit Baltistan) Gallantry

    80. Mr. Muhammad Asif Bhatti (Punjab) Gallantry

    81. Mr. Zahid Ullah (Punjab) Gallantry

    82. Mr. Muhammad Naveed Akhtar (Punjab) Gallantry

    83. Mr. Amjad Hussain (Punjab) Gallantry

    84. Rana Tariq Mahmood Chohan (Punjab) Gallantry

    85. Mr. Salah Ahmed (Balochistan) Gallantry

    86. Mr. Ahmed Raza (Punjab) Gallantry

    87. Mr. Saqib Hassan (Sindh) Gallantry

    88. Mr. Muhammad Tahir (KP) Gallantry

    XI. TAMGHA-I-IMTIAZ

    89. Mr. Khalid Mehboob (Punjab) Services to Pakistan

    90. Prof. Dr. Ibrahim Muhammad Ibrahim Al-Sayed (Egypt) Services to Pakistan

    91. Dr. Faeza Imtiaz (Punjab) Science (Chemistry)

    92. Dr. Muhammad Farooq Zafar (Punjab) Science(Metallurgy/ Material)

    93. Mr. Mohsin Ali (KP) Engineering (Mechanical)

    94. Mr. Sajid Mahmood (Islamabad) Science(Metallurgy/ Material)

    95. Mr. Muhammad Farooq Mirza (Punjab) Engineering (Mechanical)

    96. Lt. Col. (R) Syed Taqi Ahmed (Punjab) Engineering (Electronics)

    97. Dr. Shahnaz Perveen (Sindh) Science(Chemistry)

    98. Mr. Yousaf Saleem Academic Distinction (Differently abled)

    99. Mr. Rizwan Beg Arts(Fashion Designer)

    100. Mr. Naeem Pasha (KP) Arts(Architect/Painting)

    101. Mr. Faqeero (Sindh) Arts(Sculpture)

    102. Ms. Kaeiser Beg (Punjab) Arts(Mosaics Work)

    103. Syed Zabeeb Masood Shah (Punjab) Arts(Na’at Khawani)

    104. Ms. Sanam Marvi (Sindh) Arts(Music)

    105. Ms. Fehmeda Riaz (late) Literature(Poetry)

    106. Malik Fida-ur-Rehman (Punjab) Journalism

    107. Mr. Muhammad Usman (late) Public Service

    108. Ms. Fariha Razak (late) (Sindh) Public Service

    109. Ms. Sabeen Shah (Sindh) Public Service

    110. Mr. Khalid Mahmood (Punjab) Public Service

    111. Mr. Ijaz Ahmad (Punjab) Public Service

    112. Prof. Dr. Syed Muhammad Tariq Rafi (Balochistan) Public Service (Education)

    113. Mr. Muhammad Akhtar Chaudhry (AJK) Public Service

    114. Dr. M. Salah-ud-Din Mengal (Balochistan) Social Services

    115. Mr. Kamran Lashari Public Service

    XII. TAMGHA-I-KHIDMAT

    116. Dr. Marian Jane Morrison (UK) Services to Pakistan