Pkrevenue.com

Author: Faisal Shahnawaz

  • Many taxpayers fail to comply with last date for filing sales tax return

    Many taxpayers fail to comply with last date for filing sales tax return

    KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) on Friday urged the tax authorities to extend the last date for making sales tax payment and filing monthly return for the period of April 2021.

    The KCCI in a statement urged the Federal Board of Revenue (FBR) to extend dates of payment and submission of Sales Tax and Federal Excise Returns for the Tax Period of April 2021 to May 30, 2021 to facilitate taxpayers as many of those had failed to submit their returns before the deadline which ended on May 21, 2021.

    In a statement issued, Chairman Businessmen Group (BMG) and Former President KCCI Zubair Motiwala, while appealing the FBR to extend last date for ST and FE Returns, pointed out that the business community recently underwent prolonged holidays for eight consecutive days while arrival of containers at Karachi Port also suffered delays due to situation triggered by the colossal cargo ship that became stuck on the banks of Egypt’s Suez Canal, blocking traffic through the crucial waterway.

    “Subsequently, the exports of containers which was supposed to be made in the first week of May also delayed with a lapse of at least two weeks which is a big issue for the exporters who are also facing severe liquidity crunch because of the extraordinary situation triggered by the ongoing third wave of COVID-19 pandemic and closure for eight days”, he added.

    President KCCI Shariq Vohra, while referring to his letter sent to Chairman FBR Asim Ahmed, stated that the nominal extension of just three days for filing ST and FE Return was announced earlier by FBR but it was worthless as after observing prolonged holidays, it takes time for many businesses to get back to normalcy. Therefore, many taxpayers were unable to prepare and submit their Sales Tax and Federal Excise Returns for the Month of April 2021 within the announced limited extension of just a few days.

    He further commented that the overall situation was not favorable for trade and industry as everybody was facing severe liquidity crunch nowadays due to very limited business activities hence, the FBR should extend the date of payment and submission of ST and FE Returns up to May 30, 2021.

  • Rupee weakens by 33 paisas on import payment demand

    Rupee weakens by 33 paisas on import payment demand

    KARACHI: The Pak Rupee weakened by 33 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments.

    The rupee closed at Rs153.22 to the dollar from previous day’s closing of Rs152.89 in the interbank foreign exchange market.

    The rupee recorded a decline of 95 paisas against the dollar since resumption of trading after Eid Holidays. The government had announced Eid Holidays from May 10, 2021 to May 15, 2021, which followed Sunday on May 16, 2021.

    Currency experts said that due to extended Eid holidays the rupee was remained under pressure.

    They also said that ease in restriction related to coronavirus also encouraged importers to place orders to their foreign buyers.

    They, however, said that the record inflows of workers’ remittances and export receipts the local currency would make gain in coming days.

  • Rupee ends down by 29 paisas against dollar

    Rupee ends down by 29 paisas against dollar

    KARACHI: The Pak Rupee ended down by 29 paisas against the dollar on Tuesday owing to demand of the foreign currency for import and corporate payments.

    The rupee ended Rs152.89 to the dollar from previous day’s closing of Rs152.60 in the interbank foreign exchange market.

    Currency experts said that the demand for the dollar was seen from importers and corporate buyers after the Eid holidays.

    The experts however said that the local unit might recover the losses in coming days due to significant rise in workers’ remittances and export receipts.

  • Rupee ends down by 33 paisas on extended Eid holidays

    Rupee ends down by 33 paisas on extended Eid holidays

    KARACHI: The Pak Rupee fell by 33 paisas on Monday owing to higher demand from import and corporate buyers as the market was opened after 10-day Eid holidays.

    The rupee ended Rs152.60 to the dollar from previous closing on May 07, 2021 at Rs152.27 in the interbank foreign exchange market.

    Currency experts said that the market witnessed demand from importers and corporate buyers for making payments. They said that the demand pressure came on the foreign currency because the market was remained closed for past 10 days due to Eid Holidays.

    The experts said that the local currency likely to gain in coming days due to strong inflows of remittances and export receipts.

  • MCC Gwadar to hold public auction of motor vehicles on May 18

    MCC Gwadar to hold public auction of motor vehicles on May 18

    KARACHI: Model Customs Collectorate (MCC) Gwadar has announced public auction of motor vehicles to be held on May 18 at Custom House Gaddani.

    Following motor vehicles to be presented for the auction:

    01. Toyota Premio X Car Reg: No AAK-046 Chassis No. ZZT240-0112894 Engine No. Nil Model: 2006

    02. Toyota Land Cruiser Reg No. BC-0448 Chassis No. HJ61-002060 Engine No. Nil Model: 1986

    03. Hino Bus Reg No. BSB-808 Chassis No. AK1JRKA-16027 Engine JO8CB16832 Model:2012

    04. Coach Reg No. BSA-515 Chassis No. AK1JMKA-1415 Engine No. Nil Model: Nil

    05. Toyota Land Cruiser (Red) Reg No. BA-8164 Chassis No. BJ160-009711 Engine No. Not Traceable Model: 1985

    06. Indus Corolla Car Reg No. GF-1411 Chassis No. AE100-0028693 Engine No. Not Traceable Model: 1994

    07. Land Cruiser Prado Reg No. Not Traceble Chassis No. LJ78-0002499 Model. 1990

    08. Toyota Land Cruiser Reg No.BA-5186 Chassis No. HJ60-009651 Model. 1984

    09. Toyota Land Cruiser Reg: JAA-889 Ch# BJ-60-020679 Model: 1988

    10. Mitsubishi Pajero Reg: JAL-231 Ch# LO48G-3005856 Model: 1985

    11. Land Cruiser Reg: QAB-1649 Ch# HJ61-013994 Model:1989

    12. Toyota Jeep Land Cruiser Reg: AFR-2015 Ch: FJ40-371932 Model: 1989

    13. Toyota Land Cruiser Reg: Nil Ch:# LJ78-0039971 Eng:# ZL-33868 Model: 1993

    14. Honda Civic Car Reg: Nil Ch:# ESI-1600827 Eng:#D1610173-004871 Model: 2002

    15. BMW Reg: Nil Ch:# WBAGL62090DJ92594 Eng:#CC-300 Model: 2002

    16. Toyota Surf Reg: Nil Ch:# KZN130-9032504 Eng:#Not Traceable Model: 1993

    17. Toyota Land Cruiser Reg No. LSA-3469 Chassis No.FJ55-88824 Engine No. Nil Model: 1992

    18. Hino Bus Reg No. CH-14538 Chassis No. AK8JRKA-14538 Engine No. Nil Model: 2016

    19. Hino Bus Reg No. BSA-554 Chassis No. AK1JRKA-11056 Engine No. Nil Model: Nil

    20. Hino Bus Reg No. JB-3335 Chassis No. AK8JRKA-15635 Engine No. Model: 2012

    21. Hino Bus Reg No. BSA-327 Chassis No. AK17X-41808 Engine No. Model: 1992

    22. Hino Bus Reg No. BSA-571 Chassis No. AK-I-JRKA-16707 Engine No. Nil Model: 2011

    23. Toyota Land Cruiser Reg No. QBA-3037 Chassis No. FZ180-016013 Model Nil

    24. Nissan Sunny Car Reg No. Nill Chassis No. JN1BDAB14Z0336115 Engine No. GMI-6080565 Model: Nill

    25. Toyota Hilux Surf Jeep Reg No. BF-3414 Chassis No. RZN185-9024668 Engine No. 3RZ-FE Model: 2000

    26. Honda Accord Reg No. AVP-786 Chassis No. CL7-3003313 Engine No. N/A Model: Nill

    27. Toyota Altis Car Reg No. AZR-182 Chassis No. ZZE142-7403917 Engine No. N/T Model: N/T

    28. Hyundai Shehzore Reg No.KH-4410 Chassis No. AUDF101061 Engine No. N/T Model: N/T

    29. Mitsubmishi Pejero Reg No.KB-1782 Chassis No. CL048VFY100117 Engine No. N/T Model: N/T

    30. Mitsubishi Pejero Reg No.Nill Chassis No. V45-4401374 Engine No. 2L2678454 Model: 1998

    31. Mitsubishi Pejero Reg No.JAB-248 Chassis No. LJ78-00151955 Engine No. -TE Model: Nill

    32. Mitsubishi Pejero (03 Door) Reg No.LSC-5465 Chassis No. V24-7700536 Engine No. 4D56-T7UF Model: Nill

    33. Toyota Land Cruiser Reg No.BD-4472 Chassis No. FZJ80-0022240 Engine No. N/T Model:1992

    34. Toyota Land Cruiser Reg No.BF-7385 Chassis No. HZJ80-0011965 Engine No. N/T Model:Nill

    35. Toyota Land Cruiser Reg No.Nill Chassis No. LENFN28FX95300066 Engine No. 312684 Model:Nill

    36. Toyota Land Cruiser Prado Reg No.JAF-883 Chassis No. IZJ78-0027017 Engine No.1KZIT Model:1996

    37. Toyota Hilux Pickup Reg No.WAE-893 Chassis No. RN43-008601 Engine No.Nill Model:Nill

    38. Toyota Land Cruiser Reg No.JAA-038 Chassis No. HJ61-006515 Engine No.1158881 Model:1987

    39. Toyota Land Cruiser Reg No.JAA-195 Chassis No. LJ71-0003920

    40. Hyundai Shehzore Reg No.KN-9544 Chassis No. AUDF-128515 Engine No.Nill Model:Nill

    41. Pejero Reg No.JAA-983 Chassis No. CL0048VGJ400698 Engine No.Nill Model: Nill

    42. Shahzor Reg No.KP-6463 Chassis No. PHFGNSMXR7D138191 Engine No.D4BB6404789 Model:2007

    43. Toyota Land Cruiser Reg No.JAC-265 Chassis No. KZJ78-0001358 Engine No.1KZ-TE-0005609 Model: NIll

    44. Toyota Prado Reg No.BF-6548 Chassis No. VZJ121-0007375 Engine No.5VZ-FE3378 Model:2003

    45. Toyota Land Cruiser Reg No.JAD-117 Chassis No. FZ-J80-0163691 Engine No.Nill Model:Nill

    46. Hino Mazda Truck Reg No. JW-1236 Chassis No. AK176KA-43256 Engine No. 12181 Model: 1992

    47. Toyota XLI Car Reg No. GP-0896 Chassis No. NZE170R-4048738 Engine No. Z333007 (2ZN-FE Model: 2015

    48. Honda Fit Reg: No. Nil Chassis No. GD1-1270584 Eng: No. USA 1803375 Model: 2002

  • Banks to remain open on 10th, 11th May

    Banks to remain open on 10th, 11th May

    KARACHI: The banks shall remain open on May 10 – 11, 2021 to facilitate general public and trade during first two Eid Holidays announced by the government from May 10, 2021 to May 15, 2021.

    The State Bank of Pakistan (SBP) has already issued circular in this regard.

    The central bank on May 06, 2021 issued the notification stating that in order to ensure the availability of banking services to trade and industry in particular and public in general during the extended holidays before the forthcoming Eid-ul-Fitr, it has been decided that banks shall open 50 percent of their total authorized branches dealing in foreign exchange and trade activities on 10th May, 2021 (Monday).

    The SBP further said that the remaining 50 percent of such branches on 11th May, 2021 (Tuesday) from 9:00 a.m. to 2:00 p.m. (without break).

  • Withholding tax collection grows by 91pc as FBR refuses active status to late return filers

    Withholding tax collection grows by 91pc as FBR refuses active status to late return filers

    KARACHI: Collection of withholding tax has registered 91 percent increase to Rs11.5 billion during April 2021 as compared with Rs6 billion in the same month of the last year, according to statistics of Large Taxpayers Office (LTO) Karachi.

    The phenomenal growth has been attributed to significant decline in number of active taxpayers for tax year 2020. A person, as an active taxpayer, is entitled to exemption of withholding tax or reduced rate of withholding tax on various types of transactions.

    A large number of income tax return filers have been deprived from appearance on the ATL following change in definition by the FBR. Now a taxpayer will only qualify for active taxpayer if he files his income tax return by due date. In other cases the filing of return is after the due date then the person requires to pay surcharge for late filing the return and for appearance on the ATL.

    Appearance on the ATL assures exemption of withholding tax or reduction in rate of withholding tax on various transactions.

    The FBR issued the ATL for tax year 2020 on March 01, 2021 and denied the inclusion of names of those taxpayers who filed their returns after the due date i.e. December 08, 2020.

    This results only 2.17 million (as per ATL issued on March 01, 2021) taxpayers qualified for active taxpayers as against 3.11 million active taxpayers for tax year 2019.

    The sources said that on a weekly basis those taxpayers who filed return after the due date were paying surcharge to appear on the ATL.

    The latest ATL issued on May 03, 2021 the number of active taxpayers increased to 2.62 million for the tax year 2020.

  • SBP hailed for allowing opening of banks during Eid Holidays

    SBP hailed for allowing opening of banks during Eid Holidays

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Friday hailed the State Bank of Pakistan (SBP) for allowing banks to open their branches during Eid holidays to facilitate general public.

    Chairman Businessmen Group (BMG) Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) Shariq Vohra appreciated the central bank for paying attention to KCCI’s legitimate demand and accordingly deciding to keep those authorized branches of banks operational on May 10th and 11th who are dealing in foreign exchange & trade activities.

    “We are very grateful to the government and SBP for keeping the authorized branches operational on first two days of next week to facilitate trade & industry, particularly the exports during the extended holidays before Eid-ul-Fitr,” said Chairman BMG Zubair Motiwala.

    While welcoming Sindh government’s move to keep all businesses operational on Friday and Saturday from 6am till 6pm, Chairman BMG reiterated KCCI’s demand to allow small traders and shopkeepers to keep their businesses operational throughout the remaining few days of Ramazan ul Mubarak while the business hours have to be redefined from 12am till 12pm instead of existing 6am to 6pm. 

    President KCCI Shariq Vohra said that SBP’s move would certainly give some breathing space to the exporters by enabling them to carry out important banking transactions and dispatch shipments either on 10th or 11th May, 2021. Although the Sindh government has issued holidays notification from May 10th to 15th but this needs to be reissued under Factories Act in which holidays should be categorically mentioned from May 12th to 15th which would help in dealing with confusion amongst many circles.

    He also requested the Sindh government to allow shopkeepers to keep their businesses operational during the remaining days of Ramazan and urged the shopkeepers to ensure strict implementation of Standard Operating Procedures (SOPs) at the commercial markets.

  • Turkey’s BiP communication introduces new feature

    Turkey’s BiP communication introduces new feature

    KARACHI: Turkey’s secure life and communication platform BiP has introduced new feature, allowing users to convey their group chats easily from other applications, a statement said on Friday.

    Turkey’s secure life and communication platform BiP has witnessed 2 million downloads in Pakistan and 80 million downloads globally.

    Reaching out to 80 million users globally, BiP sustains innovative investments and introduces group chat import enabling users to move their existing group and individual chats including videos and photographs automatically at once.

    Unlike other applications, users are not obliged to manually add every fellow user one by one as BiP handles the import directly by adding all participants in.  

    Commenting on the most recent feature of BiP Burak AKINCI, CEO of BiP, said: “Digitization is becoming a norm rapidly. A messaging application is not only a messaging application anymore but more of a living ecosystem via we communicate, work and trade. Users need to feel safe and secure in that ecosystem. In an era where we are under continuous cyber-crime threats as businesses and individuals, consumers’ protection and consent are critical.

    Data ethics and security has paramount importance for us. A protected and seamless migration experience is a symbol for our dedication in a thorough and fulfilled CX.”

    Underlining the importance of the Pakistani market, AKINCI said: “Exceptional relations between our countries have been a great motivation for us from the day one. In just a couple of months we’ve reached more than 2 million downloads with very high rates of like scores in various platforms.

    “We also pursue productive collaborations with operators and local content providers in the Pakistani market. We’ll gratefully continue to invest in innovative and localized solutions to make Pakistanis’ everyday lives and digital interactions easier and safer.”

    Messaging and group video calls up to 10 people with HD quality are the most popular features for Pakistani users. The messaging traffic per user in March becomes 4 times of the value in January for Pakistani users.

    The peak day for the downloads is Monday and Lahore comes up as the first city in terms of download numbers within the country.

    BiP’s awarded instant translation   and secret messaging are other significant features that are highly preferred by Pakistani consumers. BiP instantly translates written words and phrases in 106 languages, including Urdu, Punjabi, Sindhi, Pashto and Sundanese.

    BiP has received the ‘Most Innovative Mobile App’ award at 2020 Global Mobile Awards under ‘Connected Consumer Category’ with this built-in real-time translation feature. Secret chat is another highly preferred feature in the Pakistani market as it enables users to make the chats disappear from the chat screen with the period they determine.

    Secret chat creates a solid sense of security and privacy for its users, with no data backed up by BIP or decrypted. In BiP, no data is shared with third parties, and all data is kept under high-tech data centers in Turkey. Nothing is imposed on the users, and everything is operated under their consent only.

    Operating in 192 countries, Turkey’s life and communication platform BiP offers HD-quality group video call with up to 10 people along with instant messaging and voice call features.

    Allowing up to 1000 users in groups chats, BiP also enables shortcuts for frequently communicated users or groups on home screen.

    BiP has also recently announced superior features such as dark mode and personalized menu. The application makes text formatting seamless with its recent feature which makes users to emphasize their words with bold, italics, strikethrough or underline in addition to chat archive… Paying genuine attention to localization BiP has also introduced its Ramadan and Cricket Channels in Pakistani market.

    Throughout Ramadan BiP users may follow all location based iftar and suhoor timings, menu alternatives and meal recipes and spiritual insights via exclusively designed Ramadan channel. Cricket channel is another locally designed medium which tells live scores, team info, live news and evaluations about cricket.

  • ICAP presents proposals for budget 2021/2022

    ICAP presents proposals for budget 2021/2022

    ISLAMABAD: Institute of Chartered Accountants of Pakistan (ICAP) on Thursday presented proposals for budget 2021/2022 to Shaukat Tarin, minister for finance and revenue.

    ICAP Vice President Ashfaq Tola called on the Federal Minister for Finance and Revenue, Shaukat Tarin here at the Finance Division to present proposals on Model Federal Budget 2021-2022.

    SA PM on Revenue Dr Waqar Masood Khan and Ali Latif, Vice President ICAP were also present during the meeting.

    The Finance Minister welcomed the Vice President ICAP Ashfaq Tola and discussed the proposals by the ICAP team for the economic growth and development of the country.

    The Minister lauded the professional insight of the members of the ICAP and their valuable contribution.

    The Vice President ICAP briefed the Minister about the sector-wise Budget Proposals prepared by the Advisory Committee of the ICAP for the first time.

    The Model Budget Paper included recommendations for widening the tax net, increasing per capita income, managing the non-tax income, measures on domestic and foreign debt management and rationalizing the pension expenditure.

    The Vice President also appreciated the housing initiative of the federal government to boost economic activity and suggested ways & means to extend the outreach.

    The Finance Minister commended the efforts made by ICAP’s Advisory Committee in working out the Budget proposals and reiterated firm commitment for formulation of a growth-oriented budget by following a participatory approach.

    The underlying rationale is to take all stakeholders on board for evolving consensus and coming up with innovative ideas to overcome economic challenges. The VP ICAP felicitated the Finance Minister on assuming new responsibilities and extended invite to be a Chief Guest at ICAP webinars and also presented the Coffee Table Book on the occasion.