KARACHI – The Pakistani Rupee faced a further depreciation of 48 paisas against the US Dollar in intraday trading on Monday, creating fluctuations in the currency market just ahead of the Eid Holidays.
(more…)Author: Faisal Shahnawaz
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FBR promotes 17 IR officers to BS-16
ISLAMABAD: Federal Board of Revenue (FBR) has promoted 17 supervisors (BS-14) of Inland Revenue Department to the post of Office Superintendent (BS-16) Inland Revenue.
The promotion has been effective from May 30, 2019.
Following officials have been promoted:
01. Khaleeq Mohsin, Supervisor, Corporate Regional Tax Office (CRTO), Lahore.
02. Khalil Ahmad Khan, Supervisor, CRTO Lahore.
03. Syed Riaz Ali Shah, Supervisor, CRTO Lahore.
04. Sohail Mehmood Butt, Supervisor, CRTO Lahore.
05. Khalid Sharif Rana, Supervisor, CRTO Lahore.
06. Azhar Hussain Najmi, Supervisor, CRTO Lahore.
07. Aamir Iqbal, Supervisor, CRTO Lahore. He will actualize promotion on retirement of Syed Riaz Ali Shah, Office Superintendent, CRTO Lahore.
08. Shoukat Ali, Supervisor, RTO Hyderabad.
09. Khalid Hussain Qureshi, Supervisor, RTO Hyderabad.
10. Imtiaz Ahmad Memon, Supervisor, RTO Hyderabad.
11. Syed Shahid Hussain Jafri, Supervisor, RTO Hyderabad.
12. Muhammad Raeesuddin, Supervisor, RTO Hyderabad.
13. Mukhtar Ahmad, Supervisor, RTO Sahiwal.
14. Zaheer Ahmad Imran, Supervisor, RTO Quetta.
15. Ms. Shamim Akhtar, Supervisor, RTO Gujranwala. She will actualize promotion on retirement of Rehmat Ali Shahid, Office Superintendent, RTO Gujranwala.
16. Ahmad Nowsherwan, Supervisor, RTO Sialkot.
17. Liaqat Ali, Supervisor, RTO Sialkot. He will actualize promotion on retirement of Tariq Naveed, Office Superintendent, RTO Sialkot.
The FBR said that the promotion would take effect subject to the condition that no disciplinary proceedings were pending against them.
The FBR further said that the officers who were promoted, if drawing performance allowance/ FBR fixed allowance would continue to draw it on their promotion.
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Asset recovery unit receives certified copies in judges’ references
ISLAMABAD: The Assets Recovery Unit of the Prime Minister’s Office received a complaint/information in respect of the foreign properties of three learned Judges, said a statement on Sunday.
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British Airways resumes Pakistan operation on June 03
ISLAMABAD: British Airways will resume its flight operation from Monday June 03, 2019 to Pakistan after a gap of 18 years.
First flight of British Airways (BA- 261) is arriving at Islamabad International Airport (IIAP) on June 03, 2019 (Monday) at 9:25 A.M from Heathrow (London) where 240 passengers will arrive by the Boeing 787 Dreamliner with Pakistani and British flags in their hands, a statement said on Sunday.
In line with the spirit of this joyous occasion, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, Zulfiqar Hussain Bukhari, Special Assistant on Overseas Pakistanis and Human Resource Development along with Shahrukh Nusrat, Secretary Aviation, senior officials of Aviation Division, and the British High Commission will welcome the passengers at Islamabad International Airport.
The same aircraft, as flight BA- 260, will depart for Heathrow at 11:10 A.M with passengers on board from Islamabad.
Later in the day, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, and Ms. Firdous Ashiq Awan along with Thomas Drew, the British Higher Commission, Andrew Brem chief commercial officer British Aiways and Shshrukh Nusrat Secretary Aviation / DG CAA will hold a joint Press Conference.
As per the flight programme during the summer season, the British Airways will fly thrice a week between London Heathrow and Islamabad. Considering presence of large Pakistani diaspora in the United Kingdom, the BA flights will provide a convenient connection between the two countries. Apart from the diaspora, the flight link will promote cultural values, tourism and business opportunities between the United Kingdom and Pakistan.
As a new hub for air travel, Islamabad International Airport will provide easy and convenient access to all parts of Pakistan.
Several other major air operators have shown keen interest in initiating operations to Islamabad.
It is expected that with the growth of number of passengers and cargo traffic, the initiatives will provide impetus to the growth of the aviation sector in line with the National Aviation Policy, 2019.
The Aviation Division stands committed to provide world-class passenger experience at Pakistan’s airports with its state-of-the-art facilities and technological excellence.
Ghulam Sarwar Khan, Federal Minister for Aviation in a statement said that the resumption of British Airways’ flight operation will be counted as a major milestone in the aviation history of Pakistan.
The London Islamabad route will provide direct connection and ease of transport for our diaspora based in UK.
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MCC Appraisement East announces auction of trucks
KARACHI: Model Customs Collectorate (MCC) Appraisement East has announced auction of dump trucks and other heavy construction machinery on June 10, 2019 at East Wharf Karachi.
Following machinery will be presented for auction:
01. OLD AND USED ASPHALT PAVER, MODEL:PE-150B, ENGINE NO. BC0206, SERIAL NO. 76857, I/O. AND BRAND NOT SHOWN, WEIGHT: 5 MT. 1 UNIT
02. OLD AND USED DOUBLE CABIN NISSAN TADANO CRANE, SERIAL NO. KG45S-00419, BRAND: NISSAN, I.O. NOT SHOWN, CAPACITY: 30 MT, WEIGHT: 17 MT 1 UNIT
03. USED HONDA INSIGHT CAR, CH NO. ZE2-1308052, MODEL: 2011 1 UNIT
04. OLD AND USED ROLLER MACHINE LONGWITH STANDARD ACCESSORIES, TYPE: CA255, SERIAL NO. *10100154LHE004719*1217, I/O. INDIA, MFG YEAR 12/2017, BRAND: DYNAPAC., WEIGHT: 13.22 MT 1 UNIT
05. OLD AND USED ROLLER MACHINE LONGWITH STANDARD ACCESSORIES, TYPE: CA255, SERIAL NO. *10100154CHE004036*03117, I/O. INDIA, MFG YEAR 03/2017, BRAND: ATLAS COPCO., WEIGHT; 13.25 MT 1 UNIT
06. USED LOADER WITH ARM, BOOM AND BUCKET, CH.NO.81K03165, ENGINE NO.N/S. MFG YEAR.N/S. IN BURNED FORM., WEIGHT: 15.55 MT (BURNED) 1 UNIT
07. USED WHEEL LOADER WITH ARM, BOOM AND BUCKET, CH.NO.311R01700, ENGINE NO.N/S. MFG YEAR.N/S. IN BURNED FORM. WEIGHT: 12 MT (BURNED) 1 UNIT
08. USED HITACHI EXCAVATOR IN BURNED FORM CH NO.N/S. ENGINE:N/S, WEIGHT; 15.500 MT (BURNED) 1 UNIT
09. WHEEL LOADER IN BURNED FORM, CH NO.63R05550, ENGINE N/S. MFG YEAR N/S. ,WEIGHT: 11 MT ((BURNED) 1 UNIT
10. USED ROAD ROLLER IN BURNED FORM CH NO. N/S. ENGINE NO. N/S., WEIGHT: 7.5 MT (BURNED) 1 UNIT
11. CAT. WHEEL LOADER WITH BOOM ARM BUCKET, CH.NO. 22Z03317, ENGINE NO.N/S. IN BURNED FORM., WEIGHT: 11 MT (BURNED) 1 UNIT
12. OLD AND USED HONDA FIT+HYBRID CAR. CH NO. GP5-1212997, TYPE: DAA-GP5 1 UNIT
13. HOT ROLLED STEEL SHEETS IN COILS OF SECONDARY QUALITY, WEIGHT: 793 MT 36 COILS TP 10-13
14. OLD AND USED VOLVO DUP TRUCK CHA.NO.YV2JS32G99A687488 MODEL. N/S. BRAND VOLVO, ORIGIN NOT SHOW 1 UNIT
15. USED TOYOTA COASTER, AUTOMATIC, DIESEL, CH#.xzb50-0059570, MODEL: SKG-XZB50-ZXTEY, MFG YEAR 20185 1 UNIT
16. USED MERCEDEZ CONCRETE PUMP, VIN#WDB6251371K11311, MODEL: SCHWINGS42SXG, ORIGING: GERMANY. WEIGHT: 41 MT AS PER KPT B.BOOK. 1 UNIT
17. USED TRUCK MOUNTED CONCRETE PUMP, CH#.KL3PC77CIVK001127 (ENGRAVED), BRAND: PUTZMEISTER, MODEL: DCP52, ORIGINAL NOT SHOW: TOTAL WEIGHT: 37.84 M.T. AS PER KPT B. BOOK. 1 UNIT
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FBR suggested abolishing regulatory duty on import of phrma raw materials
KARACHI: Federal Board of Revenue (FBR) has been suggested to abolish regulatory duty and reduce customs duty on import of raw materials by pharmaceutical industry.
Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020 said that through the Finance Act 2008, custom duty on pharmaceutical raw materials was reduced to five percent.
However, there are still many items that are not included in the list of duty reduction.
The OICCI recommended reduction in custom duty and abolishment of regulatory duty on pharma raw materials and packing materials.
All pharmaceutical raw materials should be added to Table A of Part-II of Fifth Schedule to the Pakistan Customs Tariff, it further recommended.
The OICCI pointed out another issued saying that as already highlighted in the Supreme Court Human Right Case No. 93336 of 2018, FBR to allow Sales Tax exemption for Goods defined in Medical Devices Rules – 2017 under DRAP Act, 2012 with their respective headings of Customs Act 1969 imported and locally manufactured.
The OICCI recommended that a new Serial No.4A to be inserted in Part II of the First Schedule to reduce the rate of tax from 5.5 percent to 1 percent on import of pharmaceutical raw materials and finished goods for filers.
It said that presently the rate of tax at import of pharma raw materials and finished goods is very high considering the price constraints on pharmaceutical products and significant devaluation of currency over past months.
The pharma sector is highly dependent on import due to non-availability of raw materials and medicine in finished form in as local substitutes.
The OICCI also suggested sales tax zero rating on pharmaceutical inputs. It said that sales tax being paid on packaging material utilities and other supplies used in manufacturing pharmaceutical products is adding to the product cost.
Since the final product is exempt from Sales Tax, the tax paid can neither be passed on to the consumer nor can be claimed as input tax. This is also against the philosophy of sales tax which is supposed to be borne by the consumer.
It recommended that local supply of medicines/drugs should be classified under Zero-rating, instead of the current “exempt” status from levy of sales tax, so that the pharma industry, whose selling prices are regulated by the government, may claim input tax credits on taxable inputs.
“Alternatively, the taxable raw materials and packing materials, whether imported or locally procured may be notified as exempt from sales tax, if purchased by a pharma manufacturer.”
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FBR advised to allow tax adjustment on telecom services
KARACHI: Federal Board of Revenue (FBR) has been urged to allow adjustment of withholding tax on services provided telecom sector.
The Overseas Investors Chamber of Commerce and Industry (OICCI) in tax proposals for budget 2019/2020 recommended that the eight percent minimum tax regime should be withdrawn and should be made adjustable.
The OICCI said that through Finance Act, 2016, an amendment was made in Section 153(1)(b) of the Income Tax Ordinance, 2001 whereby the 8 percent withholding tax deducted against the services provided by telecom companies, along with other service providers, have been subjected to a charge of minimum tax instead of adjustable regardless their actual income or loss.
This tax has thus changed the character of income tax from a direct tax to an indirect tax as the amount of charge would no longer be applicable on the quantum of income actually earned even under the standard income tax rules.
Furthermore, the exorbitant rate of 8 percent will seriously erode the profitability, or further increase the losses, of the telecommunication industry which according to independent reports is in shackles and is already the victim of discriminatory taxation.
Consequent to the above amendment in the law, non-issuance of exemption certificates under Section 153(1)(b) on Income Tax Ordinance, 2001 of the Income Tax Ordinance, 2001 in view of the imposition of the minimum tax has also increased the administrative burden of both the telecommunication companies and the withholding tax monitoring units of FBR as the tax that was previously deposited lump-sum as advance tax is now being collected by thousands of corporate customers across Pakistan.
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AFU Islamabad announces auction of confiscated goods on June 03
The Model Customs Collectorate (MCC) Air Freight Unit (AFU) in Islamabad has declared a public auction of confiscated goods, including a substantial quantity of LCD/LED Televisions.
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FBR increases sales tax on petrol
ISLAMABAD: Federal Board of Revenue (FBR) has increased sales tax rate on petrol to 13 percent for the month of June 2019 from 12 percent, which was applicable in May 2019.
The FBR issued SRO 603(I)/2019 dated May 31, 2019 and revised the sales tax rates on petroleum products effective from June 01, 2019.
The sales tax on petrol has been increased to 13 percent from 12 percent.
The sales tax rate on high speed diesel has been reduced to 13 percent from 17 percent.
However, sales tax rates on kerosene oil and light diesel oil were kept unchanged at 17 percent.
The government increased the prices of POL products for the month of June 2019, which are as follow: Petrol 108.42 increased to Rs112.68; High Speed Diesel 122.32 increased to Rs126.82; Kerosene (SKO) Rs96.77 to Rs98.46; and Light Diesel Oil (LDO) Rs86.94 to Rs88.62.
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Customs unfolds bid to clear mobile phones on passengers’ stolen information
KARACHI: Pakistan Customs has unfolded a bid to steal the data of air travelers for the purpose of mobile phone registration with the Pakistan Telecommunication Authority (PTA).
According to the details the customs staff posted Jinnah International Airport (JIAP), Karachi detained a person, who was fraudulently obtained data of air travelers including passport numbers for clearing mobile phones at customs stage and for clearing PTA restriction.
As per regulations only PTA certified mobile phones are allowed to have active connection in Pakistan. In this regard passengers arriving from abroad are allowed to clear one mobile phone without payment of duty and taxes. However, more than one phone will attract levy.
Details revealed that customs authorities recovered around 63 mobile phones from a passenger namely Muhammad Umar arriving from an international flight.
The accused passenger entered details of passengers into the PTA system to get cleared the mobile phones without duty and taxes. The accused passenger managed to get clearance from the PTA for those 63 mobile phones.
This was confirmed by Muhammad Faisal, Deputy Collector of Pakistan Custom.
The customs official said that the authorities had lodged an FIR against the accused for smuggling cell phones and stealing information of passengers.
Faisal said that the accused had indulged in clearing mobile phones by entering details of passengers including CNICs, flight number and passport numbers etc.
The accused in his statement said that many travel agencies were involved in this scam.
The customs official said that PTA had been requested to introduce bio-metric system for the clearance of mobile phones.