Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • SBP asks banks to provide shipment details in advance payment cases

    SBP asks banks to provide shipment details in advance payment cases

    KARACHI: State Bank of Pakistan (SBP) has directed banks to provide details of shipments made against advance payments during a month.

    The SBP has made changes in the existing International Transactions Reporting System (ITRS) that will be reported by the authorized dealers.

    The SBP said that a new schedule A-4/O-4 has been introduced in ITRS for capturing utilization against advance payments recorded on Advance Payment Vouchers (APV) and reported through ITRS schedule A- 2/O-2.

    The banks will use this schedule for reporting shipments made during the reference month against advance payments received earlier, the SBP said.

    Purpose of Schedule A-1/O-1 has been revised to capture all post-shipment export proceeds including final/full as well as part payments other than advance payments.

    Purpose of Schedule A-2/O-2 has also been revised to capture only APVs. Part payments will be reported on schedule A-1/O-1, the SBP said.

    Two variables have been added in schedule E-4/P-4 for reporting reference of refund on M-form against exports proceeds realized earlier.

    CNIC has been made mandatory for non-business transactions in schedule E-4/P-4

    Updated ITRS client application for banks / Authorized Dealers has been placed on Knowledge Centre of SBP Data Acquisition Portal (DAP).

    The central bank advised the authorized dealers to use revised format for reporting data pertaining to Jul 2019 onwards.

  • FBR decides to promote data entry operators

    FBR decides to promote data entry operators

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to promote Data Entry Operators (DEOs) BS-12 to Management Information System (MIS) Officers BS-16 in the upcoming meeting of departmental promotion committee (DPC).

    In this regard the FBR on Tuesday directed 1 to 150 DEOs in final seniority list to complete their PERs for the last five years up to June 30, 2019, which should be submitted to the FBR by July 31, 2019.

    Besides, following information/documents should also be furnished in respect to the concerned DEOs, the FBR said in an office order addressing to heads of departments of Inland Revenue.

    The FBR required following details from the heads of departments:

    Certificate to the effect that no disciplinary / criminal case is pending against the official and that he is not the beneficiary of NRO 2007.

    Details of disciplinary proceedings in progress/pending, if any.

    Details of penalties imposed upon the official, if any, during last five years.

  • SRB suspends sales tax registration of stock broker firm

    SRB suspends sales tax registration of stock broker firm

    The Sindh Revenue Board (SRB) has taken stringent action against a stock broker firm M/s. Reliance Securities Limited, suspending its sales tax registration due to a failure to fulfill tax payment obligations and non-compliance with filing monthly returns.

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  • FBR issues revised valuation of immovable properties for 20 cities

    FBR issues revised valuation of immovable properties for 20 cities

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued notifications for implementing enhanced valuation of immovable properties in 20 major cities.

    The new valuations will be applicable from July 24, 2019.

    Following are the new valuation for 20 cities:

    (1) Abbottabad SRO 829(I)/2019

    (2) Bahawalpur SRO 830(I)/2019

    (3) Faisalabad SRO 831(I)/2019

    (4) Gujranwala SRO 846(I)/2019

    (5) Gujrat SRO 832(I)/2019

    (6) Gwadar SRO 848(I)/2019

    (7) Hyderabad SRO 833(I)/2019

    (8) Islamabad SRO 834(I)/2019

    (9) Jhang SRO 835(I)/2019

    (10) Jhelum SRO 836 (I)/2019

    (11) Karachi SRO 837(I)/2019

    (12) Lahore SRO 838(I)/2019

    (13) Mardan SRO 839(I)/2019

    (14) Multan SRO 840(I)/2019

    (15) Peshawar SRO 841(I)/2019

    (16) Quetta SRO 842(I)/2019

    (17) Rawalpindi SRO 843(I)/2019

    (18) Sahiwal SRO 844(I)/2019

    (19) Sargodha SRO 445(I)2019

    (20) Sukkur SRO 847(I)/2019

  • Share market gains 131 points in mixed trading sessions

    Share market gains 131 points in mixed trading sessions

    KARACHI: The stock market gained 131 points on Tuesday amid mixed trading activity during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,716 points as against 32,585 points showing an increase of 131 points.

    Analysts at Arif Habib Limited said that the market opened on a positive note with +17 points but faced selling pressure that took the index down by 129 points.

    Prime Minister’s ongoing visit to USA was well received by the media and political analysts, but failed to garner the support as anticipated by stock traders.

    By the end of session, cement and steel sector scrips saw better price performance and stocks like DGKC, MLCF, ISL were seen traded at upper circuits.

    Much of this activity is attributed to short covering by investors, which have been selling bearish on these sectors due to anticipation of poor results. Overall volumes reached close to 100 million today, mainly led by Cement Sector with ~24 million shares (contributed by MLCF (13 million)) and followed by Technology (13 million) contributed by WTL’s 8 million.

    Sectors contributing to the performance include Cement (+43 points), Fertilizer (+27 points), Banks (+18 points), E&P (+17 points) and Pharma (+16 points).

    Volumes more than doubled from 44.5mn shares to 96.9 million shares (+117 percent DoD). Average traded value also increased by 75 percent to reach US$ 21.7 million as against US$ 12.4 million.

    Stocks that contributed significantly to the volumes include MLCF, UNITY, WTL, FFL and PAEL, which formed 44 percent of total volumes.

    Stocks that contributed positively include FFC (+26 points), EFERT (+14 points), HBL (+13 points), UBL (+11 points) and FCCL (+10 points).

    Stocks that contributed negatively include NESTLE (-16 points), ENGRO (-11 points), HUBC (-7 points), NATF (-6 points) and IGIHL (-6 points).

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  • Rupee ends down by six paisas in interbank market

    Rupee ends down by six paisas in interbank market

    KARACHI: The Pak Rupee ended down by six paisas against dollar on Tuesday amid demand from importer and corporate sector for the foreign currency.

    The rupee ended at Rs160.59 to the dollar from previous day’s closing of Rs160.53 in interbank foreign exchange market.

    The foreign currency market was initiated in the range of Rs160.35 and Rs160.50. The market recorded day high of Rs160.65 and low of Rs160.15 in interbank foreign exchange market.

    Currency experts said that the local currency was under pressure due to scheduled payments for foreign debts and higher demand for import payments.

    The exchange rate in open market witnessed appreciation in rupee value. The buying and selling of dollar was recorded at Rs159.60/Rs160.60 from previous day’s closing of Rs160.20/Rs160.70 in cash ready market.

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  • FBR issues withholding tax rates for winning prize bonds

    FBR issues withholding tax rates for winning prize bonds

    KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates for winning prize bonds, cross word, raffle, lottery and quiz for tax year 2019/2020 as effective from July 01, 2019.

    The FBR said that every person making payment shall collect withholding tax from persons on active taxpayers list (ATL) and double the amount of the tax from persons not appearing on the ATL at the time the prize or winning were actually paid.

    The collection of withholding tax under Section 156 of Income Tax Ordinance, 2001 shall be final.

    The withholding tax shall be collected at the following rates:

    (I) Payments made for prize on quiz bond and cross word the tax rate shall be 15 percent of the gross amount.

    Persons not appearing in the Active Taxpayers’ List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule to the Ordinance), i.e. 30 percent of the gross amount.

    (II) Payments on winning from a raffle, lottery, prize on winning a quiz, prize, offered by companies for promotion of sale crossword puzzles the tax rate shall be 20 percent of the gross amount.

    Persons not appearing in the Active Taxpayers’ List: The applicable tax rate is to be increased by 100 percent (Rule-1 of Tenth Schedule to the Ordinance), i.e. 40 percent of the gross amount.

  • FBR directs banks to provide details of Benami account holders in 15 days

    FBR directs banks to provide details of Benami account holders in 15 days

    ISLAMABAD: Federal Board of Revenue (FBR) has directed all the banks to provide details of Benami account holders within next 15 days.

    FBR spokesman on Monday said that FBR chairman Shabbar Zaidi had sent communication to all the heads of banks asking them to provide details of Benami accounts.

    The spokesman said that the FBR desired the banks should obtain details of Benami account holders themselves under Benami Act 2017. “The FBR does not want to make direct contact with account holders,” the spokesman said.

    The chairman referred My 30, 2019 meeting with the heads of banks in which it was decided that the banks would arrange details of Banami bank accounts.

    The chairman assured the banks that the details would be kept secret. The spokesman further said that the FBR had authorized to identify Benami holders under the Benami Act, 2017.

    The chairman further desired that FBR and banks should work together to get optimum results. The chairman said that to identify the Benami bank account holders the banks cooperation was very important.

  • Female consumers can present CNIC of husband, father for purchase above Rs50,000: FBR

    Female consumers can present CNIC of husband, father for purchase above Rs50,000: FBR

    ISLAMABAD, February 20, 2024 – The Federal Board of Revenue (FBR) has issued a clarification stating that female consumers can present the CNIC of their husband or father when making purchases above Rs50,000.

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  • KCCI hails withholding tax exemption to yarn traders

    KCCI hails withholding tax exemption to yarn traders

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has hailed the decision of Federal Board of Revenue (FBR) to exempt withholding tax for yarn traders.

    In a statement issued on Monday President KCCI Junaid Esmail Makda appreciated the FBR for holding numerous meeting with KCCI and taking into consideration KCCI’s suggestion pertaining to exemption of withholding tax to yarn traders into consideration as they were overburdened with additional taxes.

    Makda pointed out that under Section 45A of Part IV of the Income Tax Ordinance about Exemption from Specific Provisions, the sales, supplies and services made by traders of yarn to taxpayers from textile & articles, carpets, leather and Articles including artificial leather footwear, surgical goods and sportswear sector will not be subjected to deduction of withholding tax.

    He said that such traders of yarn shall pay 0.1 percent minimum tax on their annual turnover on monthly basis on the 30th day of each month and monthly withholding tax statement shall be e-filed under the provision of section 165 of the Income Tax Ordinance, which was widely being demanded by relevant stakeholders.

    He hoped that misinterpretation and incorrect application of Section 113 of Income Tax Ordinance which was against the spirit of SRO 333 (I) 2011 will not be repeated again and FBR would continue to take more such steps which were badly needed as the loyal taxpayers from different sectors of the economy were facing immense hardships and were finding it hard to continue their businesses because of exorbitantly high cost of doing business which must be brought down to provide a level playing field and make Pakistani goods competitive.