Pkrevenue.com

Author: Faisal Shahnawaz

  • Equity market plunges by 600 pts on selling pressure

    Equity market plunges by 600 pts on selling pressure

    KARACHI: The equity market plunged by over 600 points on Wednesday owing to selling pressure and proposed treasury single account.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,753 points as against 37,382 points showing a decline of 629 points.

    Analysts at Arif Habib Limited said that the profit booking at the bourse turned into panic selling, courtesy of banking sector.

    Market opened 5 points plus and could gain a total of 37 points after which the selling pressure started building.

    O&GMCs, Cement and Fertilizer were the sectors that saw some uptick in the beginning however, selling pressure in Engineering (ISL) on the back of yesterday’s disappointing result and Banks (due to proposal of setting up Treasury Single Account) caused havoc.

    BOP saw lower circuit breaker and +50M shares by the end of session.

    Amongst other banking sector scrips, HBL also saw lower circuit that added pressure on the Index.

    Overall, Banking sector realized 65M shares, followed by Vanaspati (UNITYR1) and Cement. Besides BOP, MLCF and FCCL ranked among top 10 scrips in traded volume.

    Sectors contributing to the performance include Banks (-245 points), Power (-58 points), O&GMCs (-46 points), E&P (-38 points) and Cement (-38 points).

    Volumes bounced back from 140 million shares the other day to 173 million shares (+23 percent DoD). Average traded value also increased by 5 percent to US$34.8 million and from US$33.3 million.

    Stocks that contributed significantly to the volumes include BOP, UNITYR1, MLCF, TRIBL and LOTCHEM, which formed 54 percent of total volumes.

    Stocks that contributed positively include POL (+10 points), KTML (+4 points), NRL (+2 points), SCBPL (+2 points), and LOTCHEM (+2 points). Stocks that contributed negatively include HBL (-97 points), HUBC (-38 points), NESTLE (-28 points), OGDC (-26 points) and BOP (-24 points).

  • Rupee ends firmer on lower dollar demand for imports

    Rupee ends firmer on lower dollar demand for imports

    KARACHI: The Pak Rupee ended firmer against dollar on Wednesday amid static demand for import and corporate payments.

    The rupee ended Rs141.40 to the dollar, the same previous day’s level, 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.

    The currency experts said that the falling imports and narrowing trade deficit up to month of March 2019 had helped the rupee to maintain levels.

    In the open market the rupee further strengthened owing to inflows.

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

  • Senior citizens allowed investment in national savings on expired CNICs

    Senior citizens allowed investment in national savings on expired CNICs

    KARACHI: The Central Directorate of National Savings (CDNS) has issued directives to its zonal offices, instructing them to follow the policy outlined by the central bank to facilitate older citizens aged 65 years and above in making investments using expired Computerized National Identity Cards (CNICs).

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  • Sales Tax Act 1990: requirement of issuing tax invoice

    Sales Tax Act 1990: requirement of issuing tax invoice

    KARACHI: A person making taxable supplies is required to issue serially numbered tax invoice at the time of making supply of goods.

    According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 23 of the Act explained the requirement of issuing tax invoice.

    Section 23: Tax Invoices

    Sub-Section (1): A registered person making a taxable supply shall issue a serially numbered tax invoice at the time of supply of goods containing the following particulars, namely: –

    (a) name, address and registration number of the supplier;

    (b) name, address and registration number of the recipient;

    (c) date of issue of invoice;

    (d) description and quantity of goods;

    (e) value exclusive of tax;

    (f) amount of sales tax; and

    (g) value inclusive of tax:

    Provided that the Board may, by notification in the official Gazette, specify such modified invoices for different persons or classes of persons:

    Provided further that not more than one tax invoice shall be issued for a taxable supply.

    Sub-Section (2): No person other than a registered person or a person paying retail tax shall issue an invoice under this section.

    Sub-Section (3): A registered person making a taxable supply may, subject to such conditions, restrictions and limitations as the Board may, by notification in the official Gazette, specify, issue invoices to another registered person electronically and to the Board as well as to the Commissioner, as may be specified.

    Sub-Section (4): The Board may, by notification in the Official Gazette, prescribe the manner and procedure for regulating the issuance and authentication of tax invoices.

  • Sales tax auditors form association against FBR’s unfair treatment

    Sales tax auditors form association against FBR’s unfair treatment

    KARACHI: The officers of Sales Tax have formed an association to voice against biased treatment of Federal Board of Revenue (FBR).

    A statement issued on Tuesday said that Senior Auditors of BS-16 and Audit Officers of BS-16 had formed the association against unfair treatment of the FBR.

    They said that the sales tax officers had been continuously ignored after the integration of services by the FBR.

    They said that the BS-18 audit officers had been compelled to work under BS-16 and BS-19 officers of Income Tax.

    The statement said that the situation was frustrating as officers having 20 years experience were compelled to work under inexperienced income tax officers. This situation has also jeopardized the revenue collection efforts.

    The statement pointed out that sales tax officers having higher education caliber including MBA, MCOM, ICMA etc, had been deprived of promotions. Instead those officers were upgraded in the name of promotions.

    It said that the sales tax wing was major arm of FBR and contributing huge sum in the shape of revenue collection. But the FBR is continuously ignoring the experience of sales tax officers, which is resulting in massive revenue shortfall.

    The association requested Prime Minister Imran Khan, Finance Minister Asad Umar and State Minister Hamad Azhar to take notice of unfair treatment of FBR and resolve the issue.

  • ECC may approve sovereign guarantee for Utility Stores Corporation

    ECC may approve sovereign guarantee for Utility Stores Corporation

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019.

    According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector store chain in order to overcome its financial crisis.

    The USC is providing consumer items at low priced and subsidized rates to masses. The government has also approved an amount of Rs2 billion for Ramazan package to be provided to masses through the USC.

    In other agenda items, the ECC may approve an amount of Rs700 million in favour of National Commission for Human Development under the ministry of federal education and professional training.

    A supplementary grant of Rs337.02 million likely to be approved in respect of Gilgit-Baltistan Council for Financial Year 2018/2019.

    Provision of supplementary grant of Rs1.33 billion to department of immigration and passport likely to be approved.

    Further, on the recommendation of petroleum ministry, the ECC likely to approve utilization of Railways services by PSO for transportation of petroleum products.

  • Doctors, lawyers earning huge money but not on tax net: FPCCI

    Doctors, lawyers earning huge money but not on tax net: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the government to bring professionals into tax net as they are not documented despite earning huge money.

    In its proposals for Budget 2019/2020, the apex trade body said that the professionals including doctors and lawyers should be taxed as large number of those professionals was not documented despite earning huge money.

    The FPCCI said that the government should make a comprehensive policy to encourage the people to establish industries in the country.

    The government should announce tax exemptions for 10 years to those who set up their industrial units within a time period of three years.

    The FPCCI said industrialization would help increase in employment opportunities and it would also generate more revenues for the government through indirect tax.

    Besides, industrial units should be provided cheaper electricity to make them more competitive.

    The national chamber also suggested the government to expand the tax net by documenting the economy. It said that retailers and small shopkeepers should be brought into tax net but rate of tax on them should not be more than one percent.

    Further, the FPCCI said that tax rates on immovable properties should be reduced in order to enhance valuation near to fair market value.

    The FPCCI also demanded that the sales tax should immediately be reduced from current 17 percent to 15 percent and it should further gradually reduced by one percent per annum.

    Corporate sector is heavily taxed at the rate of 29 percent which is too high and should be cut down to 25 percent. While, individual tax should be reduced as it is too much high at 20 percent.

  • FBR promotes 114 inspectors to BS-16 Revenue Officers

    FBR promotes 114 inspectors to BS-16 Revenue Officers

    ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday notified promotion of 114 inspectors of Inland Revenue and Assistant Private Secretaries to the post of Revenue Officers (BS-16) on regular basis with immediate effect.

    Following officers have been promoted:

    01. Muhammad Aslam, Regional Tax Office (RTO) Rawalpindi

    02. Muhammad Arshad, Large Taxpayers Unit (LTU) Islamabad

    03. Abbas Jan Muhammad, RTO-II Karachi

    04. Muhammad Shakil, Intelligence and Investigation (I&I), IR Karachi

    05. Muhabat Ikhlaq, RTO Gujranwala

    06. Abdul Rasool Soomro, RTO Hyderabad

    07. Liaqat Ali Sahu, RTO Sukkur

    08. Niaz Ali Bhan, Internal Audit (IR), Hyderabad

    09. Muhammad Rahim Khan, Directorate General I&I IR, Islamabad

    10. Muhammad Ashraf, RTO Faisalabad

    11. Umar Hayat, RTO Faisalabad

    12. Samiullah Khan, RTO Sargodha

    13. Muhammad Intezar, RTO Sargodha

    14. Javed Iqbal Qureshi, RTO Sargodha

    15. Khalid Hayat, RTO Rawalpindi

    16. Muhammad Muaaz Khalid, RTO Sargodha

    17. Abdul Saleem Tariq, RTO Gujranwala

    18. Muhammad Ramzan, RTO Gujranawala

    19. Muhammad Ghias Khan, RTO Sialkot

    20. Muhammad Nadeem, LTU Lahore

    21. Iqtidar Ahmed, LTU Lahore

    22. Manstoor Najeeb, RTO-II Lahore

    23. Nisar Hussain, Corporate RTO Lahore

    24. Malik Riaz Ahmed, Corporate RTO Lahore

    25. Abdul Waheed, RTO-II Lahore

    26. Tariq Baig, Corporate RTO Lahore

    27. Syed Muzaffar Ali Langa, RTO Hyderabad

    28. Shafqat Ali Arain, Directorate of Internal Audit IR Karachi

    29. Muhammad Aslam Qureshi, RTO Hyderabad

    30. Syed Shabbir Ahmed Shah, RTO Hyderabad

    31. Abdul Lateef Kerio, RTO Hyderabad

    32. Ameer Ali Kerrio, RTO Hyderabad

    33. Ghulam Sarwar, Corporate RTO Karachi

    34. Muhammad Aslam Chandio, RTO Sukkur

    35. Allah Bux Agham, Additional Directorate of Internal Audit IR Sukkur

    36. Ghulam Ali Kakepata, RTO Quetta

    37. Mardan Ali, RTO Sukkur

    38. Pir Naveed Ahmed, RTO Sukkur

    39. Jamil Ahmed Soomro, Corporate RTO Karachi

    40. Abdul Nabi Khokhar, RTO Sukkur

    41. Muhammad Ayub Brohi, RTO Quetta

    42. Abdul Khalique Jamali, RTO Hyderabad

    43. Ishq Ali Magsi, RTO Sukkur

    44. Imamuddin Zardari, RTO Hyderabad

    45. Abdul Jabbar Bhutto, RTO-III Karachi

    46. Rashid Hussain Soomro, RTO Sukkur

    47. Nazir Ali Keerio, RTO Hyderabad

    48. Aftab Ahmed Thallo, RTO Quetta

    49. Rashid Ahmed Shahani, RTO Sukkur

    50. Pir Sharful Haq Qureshi, RTO Hyderabad

    51. Hussain Bukksh Shahani, RTO Hyderabad

    52. Zulfiqar Ali Jamali, RTO Hyderabad

    53. Saleem Ahmed Hakro, RTO Sukkur

    54. Muhammad Rafique Magsi, RTO Quetta

    55. Sultan Ahmed Magsi, LTU-II, Karachi

    56. Mujeeb-ur-Rehman, RTO Sukkur

    57. Agha Avais Khan, RTO Sukkur

    58. Kashif Ali Shah, Corporate RTO Karachi

    59. Muneer Ahmed Brohi, RTO Sukkur

    60. Irfan Ali Umrani, RTO Quetta

    61. Mujahid Hussain Shah, RTO Sukkur

    62. Mazhar Ali Shah, RTO Sukkur

    63. Mumtaz Ali Siyal, RTO Sukkur

    64. Shafique Ahmed Mengal, RTO Quetta

    65. Azhar Ali Bhutto, RTO Sukkur

    66. Muhammad Aftab Amin, Corporate RTO Karachi

    67. Ambrat Rai Chawla, LTU-II Karachi

    68. Tahir Hussain Shah, RTO Sukkur

    69. Syed Zaheer Haider Zaidi, LTU Karachi

    70. S Q Aijaz ul Haq, RTO Hyderabad

    71. Ghulam Muhammad Memon, RTO Hyderabad

    72. Ashouk Kumar Rathi, RTO Hyderabad

    73. Madad Ali Bhatti, RTO Hyderabad

    74. Sarfraz Ali, RTO Bahawalpur

    75. Zafar Iqbal, RTO Bahawalpur

    76. Muhammad Yamin, RTO Bahawalpur

    77. Sajid Hussain, RTO Sahiwal

    78. Rao Abdul Qayyum, RTO Bahawalpur

    79. Muhammad Hafeez Watto, RTO Bahawalpur

    80. Riaz Ahmed, RTO Bahawalpur

    81. Mashooq Hussain, RTO Multan

    82. Rab Nawaz, I&I IR Multan

    83. Abdur Rasheed, RTO Multan

    84. Syed Ghulam Mustafa, RTO Sahiwal

    85. Irshad Ahmed Bajwa, RTO Sahiwal

    86. Muhammad Iqbal, RTO-II Lahore

    87. Masood-ul-Hassan, RTO Sahiwal

    88. Ahmed Shafique Elahi, RTO Faisalabad

    89. Ch. Muhammad Kha, RTO Rawalpindi

    90. Syed Ali Atif Jaffary, RTO Rawalpindi

    91. Humayun Khan Durrani, RTO Rawalpindi

    92. Rao Baber Ali Khan, LTU Islamabad

    93. Naseer Ahmed, RTO Peshawar

    94. Ms. Salma Sharif, RTO Islamabad

    95. Akhtar Mehmood, RTO Islamabad

    96. Arshad Mahmood Baig, RTO Islamabad

    97. Muhammad Khalid Gill, FBR HQ Islamabad

    98. Waqar Haider, RTO Islamabad

    99. Altaf Hussain Khan, LTU Islamabad

    100. Muhmmad Shomail Aslam Khan Tareen, RTO Islamabad

    101. Saqib Faryad Malik, RTO Islamabad

    102. Raja Riffat Hayat, RTO Sargodha

    103. Ghulam Sarwar Shaikh, Directorate of Internal Audit, Sukkur

    104. Ayaz Ali Shaikh, LTU II Karachi

    105. Shahanshah Muhammad Yousaf, RTO-II Karachi

    106. Ghulam Raza, LTU-II Karachi

    107. Salman Qamar, RTO-II Karachi

    108. Gain Chand Chawala, RTO-II Karachi

    109. Akif Sohail APS, Corporate RTO Lahore

    110. Muhammad Jawed, APS, IR Appeals-I Karachi

    111. Muhammad Nadeem, APS, I&I IR Karachi

    112. Muhamamd Islam, APS, RTO Peshawar

    113. Tahir Pervaiz, APS, Corporate RTO Lahore

    114. Abdul Khaliq Ch. APS, RTO Islamabad

    The FBR said that the promotion would take effect from the date of joining by the officers, subject to the condition that no disciplinary proceedings were pending against them.

  • No decision on amnesty scheme, cabinet to consider tomorrow

    No decision on amnesty scheme, cabinet to consider tomorrow

    ISLAMABAD: The federal cabinet has discussed the planned tax amnesty scheme and it will decide in tomorrow’s meeting, sources said on Tuesday.

    The federal cabinet was met under the chair of Prime Minister Imran Khan. Finance Minister Asad Umar briefed the meeting about the proposed amnesty scheme.

    The sources said that the prime minister directed the ministry to take input from general public on such scheme besides before launching it there should be proper public awareness.

    In this regard a committee was formed headed by the finance minister. The committee will finalize the amnesty scheme.

    The sources said that the government was planning to introduce the amnesty scheme through promulgation of presidential ordinance.

    The sources said that the PTI government was in difficult situation regarding launching the amnesty scheme as the ruling party had taken mandate to bring tax evaders and looters behind the bar instead giving amnesty.