Pkrevenue.com

Author: Faisal Shahnawaz

  • Stock market ends in green on banks earning

    Stock market ends in green on banks earning

    KARACHI: The stock market ended in green mainly on positive earning declared by banks on Wednesday.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,504 points as against 36,404 points showing an increase of 100 points.

    Analysts at Arif Habib Limited said that the market went green today and went up by 329 points.

    The positive drive was mainly attributed to positive earnings posted by Banks (HBL, UBL, MCB) as well as DGKC that showed promising results as against market expectation.

    Post result announcement, all the pertinent stocks gained in terms of price and volume, however, due to prevailing weak sentiment, profit booking ensued as well that largely eroded almost all the gains in Cement sector scrips.

    Cement sector garnered 23 million shares, which is the highest among other sectors, followed by Banks (18 million) and Chemical (15 million). LOTCHEM has consecutively been performing on the bourse after a long time and again topped the volumes table with 9.8 million shares, followed by BOP that also showed price improvement over yesterday.

    Sectors contributing to the performance include Banks (+77 points), Power (+35 points), E&P (+27 points), Food (+15 points), Pharma (-36 points), Tobacco (-10 points).

    Volumes dipped further to reach 116 million shares as against 120 million shares (-3 percent DoD). Average traded value also declined by 8 percent to reach US$ 32.5 millionas against US$ 35.4 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, BOP, TRG, PIOC and MLCF, which formed 36 percent of total volumes.

    Stocks that contributed positively include UBL (+42 points), HUBC (+37 points), NESTLE (+20 points), OGDC (+16 points), and HMB (+14 points). Stocks that contributed negatively include ABOT (-12 points), NBP (-11 points), FFBL (-11 points), PMPK (-10 points) and SEARL (-9 points).

  • Rupee remains unchanged for eighth consecutive trading day

    Rupee remains unchanged for eighth consecutive trading day

    KARACHI: The Pak Rupee remained unchanged against dollar for eighth consecutive trading day on Wednesday amid lackluster demand for import and corporate payments.

    The rupee ended Rs141.40 to the dollar, the same last day’s closing, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.39 and closed at Rs141.40.

    Currency experts said that the traders were cautious about purchasing dollars over uncertainty about the future of exchange rate.

    The exchange rate in open market ended with gain by the local currency.

    The buying and selling of dollar was recorded at Rs141.50/Rs142.00 as compared with previous day’s closing of Rs141.70/Rs142.20 in cash ready market.

  • HBL declares 32 percent decline in net profit for first quarter

    HBL declares 32 percent decline in net profit for first quarter

    KARACHI: Habib Bank Limited (HBL) has announced 32 percent decline in profit after tax to Rs3.177 billion for first quarter of year 2019 as compared with Rs4.68 billion in the same quarter of the last year.

    The earnings per share also declined to Rs2.08 for the period as compared with Rs3.12 in the same quarter of last year.

    Analysts at Arif Habib Limited said that though the profit declined in first quarter as compared with the same quarter of the last year but it grew by 26 percent on quarter on quarter basis (QOQ) despite higher tax rate this quarter.

    Major drivers for earnings this quarter that have contributed to a remarkable 116 percent QoQ increase in PBT include a total gain on foreign exchange income and derivatives compared to a hefty loss last quarter.

    Moreover a net reversal was booked this quarter against a heavy provisioning expense booked last quarter. A dividend of PKR 1.25/share was also announced for the quarter.

    NII of the bank settled at PKR 23.4bn for 1QCY19, rising 19 percent YoY as 63 percent higher interest expense was offset by the 39 percent rise in mark-up income. NII registered an uptick of 12 percent QoQ as well.

    NFI of the bank depicted healthy improvement of 22 percent YoY / 60 percent QoQ. The bank booked a profit on FX income (and derivatives) of a total PKR 637mn compared to a staggering loss of PKR 3bn during 4QCY18 and PKR 478mn during 1QCY18. Moreover, fee income of the bank showed an impressive jump of 18 percent YoY.

    The bank booked a net reversal of PKR 83mn compared to a hefty provisioning expense of PKR 3.2bn during 4QCY18 (owing to impairment charge on the equity book).

    Higher OPEX (+21 percent YoY / 21 percent QoQ) owing to NY remediation/business transformation costs continued for the bank.

    Effective tax rate was set at 62 percent for 1QCY19 vis-à-vis 36 percent SPLY due to additional super tax being booked this quarter on CY17 earnings.

  • FBR suspends two customs intelligence officers

    FBR suspends two customs intelligence officers

    KARACHI: Federal Board of Revenue (FBR) on Wednesday suspended two officers of Customs Intelligence with immediate effect.

    The following Intelligence Officers of Directorate of Intelligence & Investigation – FBR, Regional Office, Karachi have been placed under suspension in terms of Article 194 of CSR with immediate effect.

    i. Mehmood Akbar.

    ii. Parvaiz Ahmed Zardari

  • Amnesty scheme may be introduced for two months; may conclude before IMF program

    Amnesty scheme may be introduced for two months; may conclude before IMF program

    ISLAMABAD: The government is reportedly planning to roll out a much-anticipated tax amnesty scheme during the last two months of the current fiscal year, with a conclusion targeted before the initiation of the International Monetary Fund (IMF) loan program.

    (more…)
  • Sales Tax Act 1990: 5-year jail for obstructing IR officers to business premises

    Sales Tax Act 1990: 5-year jail for obstructing IR officers to business premises

    KARACHI: A person may be penalized up to five year imprisonment for obstructing or denying access any officer of Inland Revenue to the business premises or records.

    The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained offenses and penalties.

    As per Section 33 of the Sales Tax Act, 1990 following are offenses and penalties:

    Any person who denies or obstructs the access of an authorized officer to the business premises, registered office or to any other place where records are kept, or otherwise refuses access to the stocks, accounts or records or fails to present the same when required under section 25, 38 38A or 40B.

    Such person shall pay a penalty of twenty five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher.

    “He shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to five years, or with fine which may extend to an amount equal to the loss of tax involved, or with both.”

    Any person who, –

    (a) submits a false or forged document to any officer of Inland revenue; or

    (b) destroys, alters, mutilates or falsifies the records including a sales tax invoice; or

    (c) Knowingly or fraudulently makes false statement, false declaration, false representation, false personification, gives any false information or issues or uses a document which is forged or false.

    Such person shall pay a penalty of twenty five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher.

    “He shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to an amount equal to the amount of tax involved, or with both.”

    Any person who commits, causes to commit or attempts to commit the tax fraud, or abets or connives in commissioning of tax fraud.

    Such person shall pay a penalty of twenty five thousand rupees or one hundred per cent of the amount of tax involved, whichever is higher.

    “He shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to five years, or with fine which may extend to an amount equal to the loss of tax involved, or with both.”

    Where any person violates any embargo placed on removal of goods in connection with recovery of tax.

    Such person shall pay a penalty of twenty five thousand rupees or ten per cent of the amount of the tax involved, whichever is higher.

    “He shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to one year, or with fine which may extend to amount equal to the amount of tax involved, or with both.”

  • Procedure to claim income tax refund

    Procedure to claim income tax refund

    Karachi, Pakistan: The Federal Board of Revenue (FBR) has taken a significant step to streamline the process of claiming income tax refunds. In a recent announcement, the FBR has issued detailed guidelines that outline the procedures for individuals and businesses to seek refunds for excess taxes paid.

    (more…)
  • FBR directed to make proposed amnesty scheme more attractive

    FBR directed to make proposed amnesty scheme more attractive

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue, and Economic Affairs, directed the Federal Board of Revenue (FBR) to modify the proposed tax amnesty scheme to attract a maximum number of people.

    (more…)
  • Clearance of mobile phones: Customs valuation of 234 brands, models issued

    Clearance of mobile phones: Customs valuation of 234 brands, models issued

    KARACHI: Pakistan Customs has issued valuation of 234 different brands and models of mobile phones for the purpose of determination of duty and taxes at clearance stage.

    The Directorate General of Customs Valuation issued valuation advice in order to make it easy for the clearance of mobile phones of different brands and models.

    The directorate said that the list is not exhaustive, hover, covers mostly traded brands and models. It further said that as far as assessment of brands and models not included in the list is concerned the clearance collectorates may like to forward a reference to the directorate.

    Following is the list of mobile phones for customs valuation, which tabled as Serial Number, Name of mobile phone and customs valuation cost and freight in US Dollar/Prices:

    001. Apple, iPhone 6s, 128GB Space Grey, MKQT2UR/A: $449

    002. APPLE, iphone 6s Plus 128GB Space Grey MKUD2UR/A: $549

    003. APPLE, iphone 6s 32GB Space Grey MNOW2UR/A: $349

    004. APPLE, iphone 6s Plus 32GB Space Grey MN2V2UR/A: $449

    005. APPLE, iphone 7 Plus 128GB Black MN4M2UR/A: $669

    006. APPLE, iphone 7 32GB Black MN8X2UR/A: $449

    007. APPLE, iphone 7 128GB Black MN922UR/A: $549

    008. APPLE, iphone 7 Plus 32GB Black MNQM2UR/A: $569

    009. APPLE, iphone 8 64GB Space Grey MQ6G2UR/A: $599

    010. APPLE, iphone 8 256GB Space Grey MQ7C2UR/A: $745

    011. APPLE, iphone 8 Plus 64GB Space Grey MQ8L2UR/A: $699

    012. APPLE, iphone 8 Plus 256GB Space Grey MQ8P2UR/A: $849

    013. APPLE, iphone X 64GB Space Grey MQAC2UR/A: $ 834

    014. APPLE, iphone X 256GB Space Grey MQAF2UR/A: $960

    015. APPLE, iphone XR 64GB Black MRY42UR/A: $749

    016. APPLE, iphone XR 128GB Black MRY92UR/A: $799

    017. APPLE, iphone XR 64GB BLUE MRYA2UR/A: $749

    018. APPLE, iphone XR 128GB White MRYD2UR/A: $799

    019. APPLE, iphone XR 256GB Black MRY12UR/A: $899

    020. APPLE, iphone XS Max 64GB Space Grey MT502UR/A: $1099

    021. APPLE, iphone XS Max 256GB Space Grey MT532UR/A: $1249

    022. APPLE, iphone XS Max 512GB Space Grey MT562UR/A: $1449

    023. APPLE, iphone XS 64GB Space Grey MT9E2UR/A: $99

    024. APPLE, iphone XS 256GB Space Grey MT9H2UR/A: $1149

    025. APPLE, iphone XS 512GB Space Grey MT9L2UR/A: $1349

    026. HONOR, HONOR 5X KIW-L21: $120

    027. HONOR, HONOR 6X BERLIN-L21HN: $145

    028. HONOR, HONOR 8 FRD-L09: $275

    029. HONOR, HONOR 8 LITE PRA-LA1: $125

    030. HONOR, HONOR 6X BERLIN-L61HN: $145

    031. HONOR, HONOR 75 DUA-L22: $75

    032. HONOR, HONOR 7A AUM-L29: $98

    033. HONOR, HONOR 5C PRO, DLI-L42: $105

    034. HONOR, HONOR 7C LND-L29: $111

    035. HONOR, HONOR 9 LITE, LLD-L21: $130

    036. HONOR, HONOR 7X 4GB +32GB, BND-L31: $150

    037. HONOR, HONOR 8X 4GB+64GB, JSN-L22: $187

    038. HONOR, HONOR 7X 3GB+ 64GB BND-L21: $160

    039. HONOR, HONOR 8X 4GB+128GB JSN-L22: $192

    040. HONOR, HONOR PLAY COR-L29: $230

    041. HONOR, HONOR 10 COL-L29: $352

    042. HONOR, HONOR 9 STF-L09L $350

    043. HONOR, HONOR 10 LITE, HRY-LX1: $161

    044. HONOR, HONOR 8C BKK-LX2: $121

    045. HUAWEI, HUAWEI Y625, HUAWEIY625-U32: $50

    046. HUAWEI, HUAWEI Y6, SCL-U31: $63

    047. HUAWEI, HUAWEI P8 LITE, ALE-L21: $110

    048. HUAWEI, HUAWEI G8 RIO-L01: $180

    049. HUAWEI, HUAWEI MATE 8 NXT-L29A: $310

    050. HUAWEI, HUAWEI MATE 8 NXT-L29B: $310

    051. HUAWEI, HUAWEI Y3 II LUA-U22: $42

    052. HUAWEI, HUAWEI Y5 Y560-U02: $52

    053. HUAWEI, HUAWEI Y5 II CUN-U29: $62

    054. HUAWEI, HUAWEI Y6 PRO, TIT-U02: $80

    055. HUAWEI, HUAWEI Y5 II, CUN-L21: $62

    056. HUAWEI, HUAWEI Y6 PRO TIT-ALUU: $80

    057. HUAWEI, HUAWEI Y6 II, CAM-L21: $100

    058. HUAWEI, HUAWEI P9 LITE, VNS-L21: $150

    059. HUAWEI, HUAWEI NOVA PLUS, MLA-L11: $235

    060. HUAWEI, HUAWEI P9 EVA-L19: $280

    061. HUAWEI, HUAWEI P9 PLUS VIE-L29: $350

    062. HUAWEI, HUAWEI MATE 9 MHA-L29B: $410

    063. HUAWEI, HUAWEI Y3 2017 3G, CRO-U00: $60

    064. HUAWEI, HUAWEI Y3 2017 CRO-L22: $78

    065. HUAWEI, HUAWEI Y5 2017 MYA-22: $97

    066. HUAWEI, HUAWEI Y7 PRIME TRT-L2LA: $130

    067. HUAWEI, HUAWEI MATE 10 LITE RNE-L21: $182

    068. HUAWEI, HUAWEI P10 LITE, WAS-LX1A: $185

    069. HUAWEI, HUAWEI P10, VTR-L29: $330

    070. HUAWEI, HUAWEI MATE 10 PRO BLA-L29: $497

    071. HUAWEI, HUAWEI MATE 10, ALP-L29: $425

    072. HUAWEI, HUAWEI P10 PLUS, VKY-L29: $450

    073. HUAWEI, PORSCHE DESIGN HUAWEI MATE 10, BLA-L29D: $900

    074. HUAWEI, HUAWEI Y5 PRIME 2018, DAR-LX2: $82

    075. HUAWEI, HUAWEI Y6 PRIME 2018, ATU-L31: $111

    076. HUAWEI, HUAWEI Y7 PRIME 2018, LDN-L21: $126

    077. HUAWEI, HUAWEI Y9 2018, FLA-LX2: $156

    078. HUAWEI, HUAWEI P SMART, FIG-LAL: $173

    079. HUAWEI, HUAWEI Y9 2019, JKM-LX1: $179

    080. HUAWEI, HUAWEI NOVA 31, INE-LX1: $201

    081. HUAWEI, HUAWEI P20 LITE, ANE-LX2: $205

    082. HUAWEI, HUAWEI NOVA 3, PAR-LXIM: $324

    083. HUAWEI, HUAWEI, P20 PRO, CLT-029, $568

    084. HUAWEI, Huawei Media Pad T310, AGS L09: $132

    085. HUAWEI, Huawei Media Pad, T37, BG2U014: $73

    086. HUAWEI, Huawei YS LITE, ORALX5, $70

    087. HUAWEI, Huawei Mate 20 Pro, LYA-129: $692

    088. HUAWEI, Huawei Y2 Prime 2019, DUB: $127

    089. HUAWEI, HuaweiY6 Prime 2019, MRD: $99

    090. HUAWEI, Huawei P30, ELE L29: $499

    091. HUAWEI, Huawei P30PRO, VOG L29: $770

    092. INFINIX, Smart 2 HD, X609: $80

    093. INFINIX, HOT 6, X606C: $71

    094. INFINIX, S3X 64+4, X622, $117

    095. INFINIX,S3X 32+3, X622: $108

    096. INFINIX, ZERO 5, X603: $124

    097. INFINIX,Note 5, X604: $126

    098. INFINIX, Note 5 Stylus, X605: $142

    099. INFINIX, Smart 2 16+2, X5515F: $45

    100. INFINIX, Smart 2 32+2, X55151: $66

    101. INFINIX, Hot 6 Pro, X608: $89

    102. ITEL, ITEL -A32F, A32F: $41

    103. LENOVO, Lenovo B, A-2016: $58

    104. LENOVO, Lenovo C, A-2020: $66

    105. LENOVO, Lenovo 6010, A-6010: $90

    106. LENOVO, Karate Plus, A-6020: $121

    107. LENOVO, C2 Power, K 10: $97

    108. LENOVO, Karate KG, K33: $133

    109. LENOVO, K6 Note, K 53 A: $153

    110. LENOVO, Moto M, XT1633: $181

    111. LENOVO, P2, P2: $228

    112. LENOVO, Moto Z Play, XT1635: $315

    113. LENOVO, Moto Z, XT1650: $474

    114. LENOVO, K320, K320T: $54

    115. LENOVO, KS Play, L38011: $111

    116. LENOVO, S5, K520: $158

    117. MEIZU, M711H-M6, MEIZU-M711H: $81

    118. MEIZU, M721H-M6 NOTE, MEIZU-M721H: $181

    119. MEIZU, M792H-PRO 7, MEIZU-M792H: $213

    120. MEIZU, M793H-PRO 7 PLUS, MEIZU-M793H: $272

    121. MEIZU, M6T, MEIZU-M811H: $98

    122. MEIZU, C9, MEIZU-M818H: $58

    123. MOTOROLA, XT1663( MOTO M), XT1663( MOTO M): $181

    124. MOTOROLA, XT1635( MOTO Z PLAY), XT1635( MOTO Z PLAY): $315

    125. MOTOROLA, XT1650( MOTO Z), XT1650( MOTO Z), XT1650( MOTO Z): $47

    126. MOTOROLA, XT1762( E4), XT1762( E4): $75

    127. MOTOROLA, XT1723( C PLUS), XT1723(C PLUS): $81

    128. MOTOROLA, XT1771( E4 PLUS), XT1771(E4 PLUS): $126

    129. MOTOROLA, XT1805( G55 PLUS), XT1850( G55 PLUS): $145

    130. MOTOROLA, XT1944-2( E5), XT1944-2( E5): $116

    131. MOTOROLA, XT1924-1 E5 PLUS, XT1924-1 E5 PLUS: $154

    132. MOTOROLA, XT1925-5( G6 64GB), XT1925-5( G6 64GB): $222

    133. MOTOROLA, XT1926-3( G6 PLUS), XT1926-3 (G6 PLUS): $249

    134. NOKIA, NOKIA 130 DS, RM-1035: $12

    135. NOKIA, NOKIA 105 SS, RM-1134: $10

    136. NOKIA, NOKIA 105 DS, RM-1133: $9

    137. NOKIA, NOKIA 108 DS, RM-944: $12

    138. NOKIA, NOKIA 215 DS, RM-1110: $15

    139. NOKIA, NOKIA 222 DS, RM-1136: $20

    140. NOKIA, NOKIA 150 DS, RM-1190: $23

    141. NOKIA, NOKIA 216 DS, RM-1187: $27

    142. NOKIA, NOKIA 230 DS, RM-1172: $44

    143. NOKIA, NOKIA 105 DS, TA-1034: $12

    144. NOKIA, NOKIA 130 DS, TA-1017: $17

    145. NOKIA, NOKIA 3310 DS, TA-1030: $37

    146. NOKIA, NOKIA 3310 3G, TA-1006: $40

    147. NOKIA, NOKIA 2 DS, TA-1029: $75

    148. NOKIA, NOKIA 3 DS, TA-1032: $99

    149. NOKIA, NOKIA 5 DS, TA-1053: $135

    150. NOKIA, NOKIA 8, TA-1004: $399

    151. NOKIA, NOKIA 106 DS, TA-1114: $12

    152. NOKIA, NOKIA 8110 DS, TA-1059: $56

    153. NOKIA, NOKIA 1 DS, TA-1047: $55

    154. NOKIA, NOKIA 2.1 DS, TA-1080: $82

    155. NOKIA, NOKIA 3.1( 2+16 GB), TA-1063: $111

    156. NOKIA, NOKIA 3.1 PLUS, TA-1104: $126

    157. NOKIA, NOKIA 3.1( 3+32 GB), TA-1063: $133

    158. NOKIA, NOKIA 6 DS, TA-1021: $162

    159. NOKIA, NOKIA 5.1 PLUS, TA-1105: $155

    160. NOKIA, NOKIA 6.1( 3+32 GB), TA-1043: $198

    161. NOKIA, NOKIA 6.1 PLUS, TA-1116: $195

    162. NOKIA, NOKIA 6.1(4+64 GB), TA-1043: $226

    163. NOKIA, NOKIA 7 PLUS, TA-1046: $274

    164. NOKIA, NOKIA 8.1, TA-1119: $320

    165. NOKIA, NOKIA 210 DS, TA-1139: $25

    166. NOKIA, NOKIA 1 PLUS DS, TA-1130: $68

    167. NOKIA, NOKIA 7.1, TA-1095: $194

    168. SAMSUNG, GALAXY-J1-MINI-PRIME, J106H: $46

    169. SAMSUNG, GALAXY-A3( 2017), A320F: $210

    170. SAMSUNG, GALAXY-A5( 2017), A520F: $250

    171. SAMSUNG, GALAXY-A7( 2017), A720F: $310

    172. SAMSUNG, GALAXY-J2( 2018), J250F: $95

    173. SAMSUNG, GALAXY-J7-NEO 16GB, J701F: $125

    174. SAMSUNG, GALAXY-J5( 2017), J530F: $170

    175. SAMSUNG, GALAXY-J7-MAX, G615: $220

    176. SAMSUNG, GALAXY-J7( 2017) 32GB, J730F: $206

    177. SAMSUNG, GALAXY-A8( 2018), A530: $396

    178. SAMSUNG, GALAXY S8, G950F: $535

    179. SAMSUNG, GALAXY S8+, G955F: $691

    180. SAMSUNG, GALAXY NOTES, N950F: $760

    181. SAMSUNG, GALAXY-J4, J400F: $105

    182. SAMSUNG, GALAXY-J4+, J415F: $120

    183. SAMSUNG, J4 CORE, J410F: $98

    184. SAMSUNG, J2 CORE, J260F: $80

    185. SAMSUNG, GALAXY-J6, J600F: $160

    186. SAMSUNG, GALAXY-J6+, J610F: $158

    187. SAMSUNG, GALAXY A6, A600F: $265

    188. SAMSUNG, GALAXY-J8, J810F: $245

    189. SAMSUNG, GALAXY-A7( 2018), A750F: $260

    190. SAMSUNG, GALAXY-A6+, A605F: $295

    191. SAMSUNG, GALAXY-A8+( 2018), A730F: $444

    192. SAMSUNG, GALAXY-A9( 2018), A920F: $451

    193. SAMSUNG, GALAXY S9, G960F: $560

    194. SAMSUNG, GALAXY S9+, G965F 64 GB: $736

    195. SUMSUNG, GALAXY S9+, G965F 128 GB: $766

    196. SAMSUNG, GALAXY NOTE9, N960F 128GB: $770

    197. SAMSUNG, GALAXY NOTE9, N960F 512GB: $966

    198. SAMSUNG, Grand Prime Plus, G532: $84

    199. SAMSUNG, GALAXY A10, SM-A105F: $99

    200. SAMSUNG, GALAXY A30, SM-A305F: $176

    201. SAMSUNG, GALAXY A50, SM-A505F: $235

    202. SAMSUNG, GALAXY A20, SM-A205F: $129

    203. SAMSUNG, GALAXY S10 PLUS-128, SM-G975F/128: $793

    204. SAMSUNG, GALAXY S10 PLUS-512, SM-G975F/512: $995

    205. SAMSUNG, GALAXY S10-128, SM-G973F/128: $713

    206. SAMSUNG, GALAXY TAB E SM-T561, SM-T561: $132

    207. SONY, XPERIA L1, G3312: $115

    208. SONY, XPERIA L2, H4311: $173

    209. SONY, XPERIA XA1, G3112: $153

    210. SONY, XPERIA XA1 PLUS, G3412: $215

    211. SONY, XPERIA XAI ULTRA, G3212: $230

    212. SONY, XPERIA XZ, F8332: $305

    213. SONY, XPERIA XZ1, G8342: $390

    214. SONY, XPERIA XZ PREMIUM, G8142: $430

    215. SONY, XPERIA XA2 ULTRA, H4213: $320

    216. TECNO, TECNO-WX3, WX3: $37

    217. TECNO, TECNO-WX4 PRO, WX4PRO: $60

    218. TECNO, TECNO-Spark pro, K8: $69

    219. TECNO, TECNO-Camon CX air, Cx air: $73

    220. TECNO, TECNO-Camon I air, IN3: $85

    221. TECNO, TECNO-Camon I, IN5: $102

    222. TECNO, TECNO-F3, F3: $50

    223. TECNO, TECNO-IN1 Pro, IN1Pro: $52

    224. TECNO, TECNO-POP, B1: $29

    225. TECNO, TECNO-POP, B2: $50

    226. XIAOMI, REDMI 5A HD, MI-C3B: $110

    227. XIAOMI, REDMI 5 (2GB), MI-D1: $134

    228. XIAOMI, REDMI 5 (3GB), MI-DI: $150

    229. XIAOMI, REDMI 52 (3GB), MI-E6: $164

    230. XIAOMI, REDMI 52 (4GB), MI-E6: $201

    231. XIAOMI, REDMI 5 PLUS (3GB), MI-E7: $158

    232. XIAOMI, REDMI NOTE 5 PRO (3GB), MI-E7S: $182

    233. XIAOMI, REDMI 5 PLUS (4GB), MI-E7: $205

    234. XIAOMI, REDMI NOTE 5 PRO (4GB), MI-E7S: $226

  • Sales Tax Act 1990: penalty for non-filing, miscalculation

    Sales Tax Act 1990: penalty for non-filing, miscalculation

    KARACHI: The sales tax law has defined fine and penalty for persons fail to file sales tax returns within due date. The law also defined penalty for miscalculation and other obligations.

    The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the offences and penalties under section 33.

    Following are the offences and penalties:

    If a person fails to furnish a return within the due date then Such person shall pay a penalty of five thousand rupees:

    Provided that in case a person files a return within ten days of the due date, he shall pay a penalty of one hundred rupees for each day of default.

    Any person who fails to issue an invoice when required under this Act than such person shall pay a penalty of five thousand rupees or three per cent of the amount of the tax involved, whichever is higher.

    Any person who un-authorizedly issues an invoice in which an amount of tax is specified, in such cases the person shall pay a penalty of ten thousand rupees or five per cent of the amount of the tax involved, whichever is higher.

    Any person who fails to notify the changes of material nature in the particulars of registration of taxable activity then such person shall pay a penalty of five thousand rupees.

    Any person who fails to deposit the amount of tax due or any part thereof in the time or manner laid down under this Act or rules or orders made there under.

    Such person shall pay a penalty of ten thousand rupees or five per cent of the amount of the tax involved, whichever is higher:

    Provided that, if the amount of tax or any part thereof is paid within ten days from the due date, the defaulter shall pay a penalty of five hundred rupees for each day of default:

    Provided further that no penalty shall be imposed when any miscalculation is made for the first time during a year:

    Provided further that if the amount of tax due is not paid even after the expiry of a period of sixty days of issuance of the notice for such payments by an officer of Inland Revenue, not below the rank of Assistant Commissioner Inland Revenue, the defaulter shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to amount equal to the amount of tax involved, or with both.

    Any person who repeats erroneous calculation in the return during a year whereby amount of tax less than the actual tax due is paid. In that case such person shall pay a penalty of five thousand rupees or three per cent of the amount of the tax involved, whichever is higher.