Pkrevenue.com

Author: Faisal Shahnawaz

  • FBR lodges FIR against Shaheen Air for tax fraud

    FBR lodges FIR against Shaheen Air for tax fraud

    KARACHI: Federal Board of Revenue (FBR) has lodged First Information Report (FIR) against Shaheen Air International Limited for committing tax fraud to the tune of Rs 1 billion.

    According to a copy of FIR made available to PkRevenue.com, the registered person has committed tax fraud as defined under section 2(37) of Sales Tax Act, 1990 in contravention to Section 11 (1) and 11 (4A) of the Sales Tax Act, 1990 read with the Sales Tax General Order No. 03 of 2004, dated June 12, 2004 and Section 4, 14 and 19 (1) of the Federal Excise Act, 2005 read with sub-rule 9 of the rule 41A, 47 and 60(1)(2)(3)(4) Table II etc.

    The registered person M/s. Shaheen Air International (Pvt) Limited has failed to deposit government revenues, which the payment has collected / withheld from various passengers / travelers who opted to travel through the defrauder’s airline and has committed tax fraud within the maning and scope of tax laws.

  • RTO Karachi recommends revival of minimum tax for commercial importers in budget 2019/2020

    RTO Karachi recommends revival of minimum tax for commercial importers in budget 2019/2020

    KARACHI: Regional Tax Office (RTO) – II Karachi has recommended revival of minimum tax regime for commercial importers in the budget 2019/2020.

    According to budget proposals sent to Federal Board of Revenue (FBR), the RTO-II Karachi recommended that Final Tax Regime for commercial importers should be withdrawn as it was creating distortion in the taxation system.

    Sources said the FBR had been asked that the scope of Minimum Tax Regime (MTR) should be extended to commercial importers under Section 148 of the Income Tax Ordinance 2001 and for of goods under Section 153(I) and execution of contracts under section 153(1)(c) and Section 233 of the ordinance.

    The RTO-II said that presently, the entire FTR sector, especially the commercial importers (by paying more six percent of tax), are at liberty to declare imputable income of their choice to explain assets or expenses.

    This provision would bring them at par with other taxpayers, who do not enjoy this luxury, the FBR informed.

    The RTO-II Karachi proposed concept of imputable income from FTR receipts: Section 169(4) which was ommitted through Finance Act 2004 may be re-incorporated in law.

    This proposals should be made part of the budget in order to discourage those taxpayers who take undue benefit of provisions of law related to final tax regime and whiten those assets / incomes as well which are not from FTR recipts.

  • Weekly Review: Stock market likely gain on amnesty scheme, IMF talks

    Weekly Review: Stock market likely gain on amnesty scheme, IMF talks

    KARACHI: The stock market likely to perform better during next week owing to launching of new amnesty scheme and progress on IMF bailout package.

    Analysts at Arif Habib Limited said that the market to turn positive in upcoming days with triggers including amnesty announcement and agreement with the IMF (principal agreement has been reached but staff level arrangement remains pending).

    Moreover, budget proposal will continue to flow in and keep certain sectors under limelight.

    The analysts said that this week the market winds blew in all directions, with the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closing in green on 3/5 days and ending the week at 37,338 points (down by 184 points, 0.5 percent WoW).

    While low GDP forecast by the IMF and cement price cut mid-week in North and South ruined market sentiment initially, growth in remittances, positive outcome of the Finance Minister’s meeting with World Bank and IMF in the US, anticipation of another Amnesty Scheme together with talks of cement price restoration by cement manufacturers, revived the colour of the market.

    The analysts also highlighted that the market fell below its 3-year low this week.

    Negative sector-wise contributions came from i) Cement (209.9 points) as news of cement players cutting prices eroded investor confidence, ii) Oil & Gas Exploration Companies (63.7 points), iii) Fertilizer (39.1 points), iv) Textile Composite (19.3 points), and v) Pharmaceuticals (18.6 points).

    On the flip side, sectors that contributed positively include i) Power Generation & Distribution (73.4 points), ii) Commercial Banks (72.2 points), iii) Oil & Gas Marketing Companies (20. points), iv) Food & Personal Care Products (11.8 points), and v) Automobile Assembler (11.7 points). Scrip-wise major negative contributions came from LUCK (60.7 points), FCCL (36.1 points), and DGKC (35.7 points).

    Foreign selling continued this week clocking-in at USD 2.2 million compared to a net sell of USD 3.7 million last week.

    Selling was witnessed in Commercial Banks (USD 4.0 million) and Power Generation & Distribution (USD 0.7 million). On the domestic front, major buying was reported by Banks / DFIs (USD 4.0 million) and Companies (USD 3.6 million).

    Volumes settled at 148 million shares (up by 25 percent WoW) while value traded clocked in at USD 34 million (up by 36 percent WoW).

  • Sales Tax Act 1990: exemption on domestic supplies, imports

    Sales Tax Act 1990: exemption on domestic supplies, imports

    KARACHI: The government has allowed exemption on supply of goods and import of goods falling in the Sixth Schedule of Sales Tax Act, 1990.

    Section 13 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), explained the exemptions on domestic supplies and imported goods.

    Section 13: Exemption

    Sub-Section (1): Notwithstanding the provisions of section 3, supply of goods or import of goods specified in the Sixth Schedule shall, subject to such conditions as may be specified by the Federal Government, be exempt from tax under this Act.

    Sub-Section (2): Notwithstanding the provisions of sub-section (1) –

    (a) the Federal Government may, whenever circumstances exist to take immediate action for the purposes of national security, natural disaster, national food security in emergency situations, protection of national economic interests in situations arising out of abnormal fluctuation in international commodity prices, removal of anomalies in taxes, development of backward areas and implementation of bilateral, multilateral agreements and matters relating to international financial institutions or foreign government-owned financial institutions by notification in the official Gazette, exempt any taxable supplies made or import or supply of any goods or class of goods, from the whole or any part of the tax chargeable under this Act, subject to the conditions and limitations specified therein;

    Sub-Section (3): The exemption from tax chargeable under sub-section (2) may be allowed from any previous date specified in the notification issued under clause (a).

    Sub-Section (4): omitted

    Sub-Section (5): omitted

    Sub-Section (6): The Board shall place before the National Assembly all notifications issued under this section in a financial year.

    Sub-Section (7): Any notification issued under sub-section (2), after 1st July, 2015 shall, if not earlier rescinded, stand rescinded on the expiry of the financial year in which it was issued:

    Provided that all such notifications, except those earlier rescinded, shall be deemed to have been in force with effect from the 1st July, 2016 and shall continue to be in force till the 30th June, 2018, if not earlier rescinded:

    Provided further that all notifications issued on or after the first day of July, 2016 and placed before the National Assembly as required under sub-section (6) shall continue to be in force till thirtieth day of June, 2018, if not earlier rescinded by the Federal Government or the National Assembly.

  • SRB suspends registration of IT firm for unrealistic input tax adjustment

    SRB suspends registration of IT firm for unrealistic input tax adjustment

    KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of an information technology (IT) firm for unrealistic adjustment of input tax adjustment.

    According to a notice, the SRB suspended sales tax registration of M/s. Cube XS Weatherly (Pvt) Limited. The SRB said that the taxpayer had filed nil return for the tax periods from October 2013 to January 2019 and claimed / adjusted heavy amount of input tax wherein the input-to-output tax ratio is as much as 2,573 percent, which is neither economically possible nor is allowed under provision of Sindh Sales Tax Act, 2011.

    The SRB further said that the taxpayer had adjusted/claimed full amount of input tax without apportioning the same which was tantamount to tax fraud and was also contravention under provincial tax laws.

    The taxpayers had been asked in hearing on February 14, 2019 to furnish the copies of audited financial statements along with bifurcation of revenues/sales but registered person failed to do so.

    “The registered person has neither deposited the Sindh sales tax nor e-filed the returns for the tax period of February 2019,” the SRB said.

    The SRB directed the taxpayer to take remedial actions by April 25, 2019 to revoke the suspension.

    In case of non-satisfactory response or failure to take remedial measures on or before April 25, 2019 the case would be further proceeded for cancellation of the taxpayer’s registration with SRB, the notice said.

  • MCC Appraisement West announce auction of 57 fresh and leftover vehicles on April 15

    MCC Appraisement West announce auction of 57 fresh and leftover vehicles on April 15

    KARACHI: Model Customs Collectorate (MCC) Appraisement – West announced public auction of fresh and leftover motor vehicles to be held on April 15, 2019 at Al-Hamd International Container Terminal (AICT).

    Following vehicles to be presented for the auction:

    01. Used Mitsubishi Car, Model 2009

    02. Used Volkswagen AG Car, Model 2013, Engine Capacity 999 CC

    03. Used Mitsubishi Mini Cab, Model 2013

    04. Used Nissan Clipper, Model 2012

    05. Used Toyota KX-R V6, Model 2013, Engine capacity 3456 ML

    06. Used Honda FIT Car, Model 2014

    07. Used Suzuki Carry, Model 2013, Engine capacity 650 CC

    08. Used Honda FIT Hybrid Car, Model 2017

    09. Used Honda ACTY Van, Model 2017

    10. Used Daihatsu Mira E:S Car, Model 2015, Engine capacity 658 CC

    11. Old & Used Toyota Mark-II (Grande) Car, Model 2004, Engine capacity 2000 CC

    12. Old & Used Toyota Mark-II (Grande) Car, Model 2000, Engine capacity 2000 CC

    13. Old & Used Toyota Mark-X-250G, Model 2005 Engine capacity 2500 CC

    14. Old & Used Toyota Hilux 4X4, Model 2009, Engine capacity 3000 CC

    15. Used Toyota Hiace Van, Engine capacity 2446 CC

    16. Old & Used Toyota Hiace Van Ambulance, Model 1995, Engine capacity 2446 CC

    17. Old & Used Toyota Hilux Pickup D/ Cabin, Model 2008, Engine capacity 2779 CC

    18. Old and Used Toyota Vigo, Model 2005, Engine capacity 2779 CC

    19. Old and Used Toyota Hilux 4X4, Model 2002, Engine capacity 2779 CC

    20. Old and Used Toyota Hilux 4X4, Model 2002, Engine capacity 2779 CC

    21. Old & Used Toyota Hilux 4X4, Model 2000, Engine capacity 2779 CC

    22. Old and Used Toyota Hilux 4X4, Model 2002, Engine capacity 2779 CC

    23. Old and Used Toyota Hilux 4X4, Model 2002, Engine capacity 2779 CC

    24. Old and Used Toyota Hilux 4X4, Model 2002, Engine capacity 2779 CC

    25. Old and Used Toyota Hliux Pickup 4X4, Model 2002, Engine capacity 2779 CC

    26. Old and Used Toyota Hilux 4X4, Model 2000, Engine capacity 2779 CC

    27. Old and Used Toyota Hilux 4X4, Model 2000, Engine capacity 2779 CC

    28. Old and Used Toyota Tsusho 4X4, Model 2000, Engine capacity 2779 CC

    29. Old and Used Toyota Hliux Pickup 4X4, Model 2002, Engine capacity 2779 CC

    30. Old and Used Toyota Hliux Pickup 4X4, Model 2002, Engine capacity 2779 CC

    31. Old and Used Toyota Hliux Pickup 4X4, Model 2002, Engine capacity 2779 CC

    32. Old and Used Toyota Hliux Pickup 4X4 , Model 2002, Engine capacity 2779 CC

    33. Old and Used Toyota Hliux Pickup 4X4, Model 2000, Engine capacity 2779 CC

    34. Old & Used Mitsubishi Van, Model 1997, Engine capacity 2477 CC

    35. Used Toyota Land Cruiser VX, Model 2001, Engine capacity 4164 CC

    36. Old & Used Toyota Land Crusier VX (V8) Armored “Delivered under Sr. 22 of Part-II, Appendix-B of IPO-2016”, Model 2000, Engine capacity 2779 CC

    37. Used Suzuki Alto SZ3 Car, Model 2009

    38. Used Suzuki Every Wagon, Model 2009, Engine capacity 660 CC

    39. Used Sabaru (Sambar) Van, Model 2005

    40. Used Mitsubishi Mirage Car, Model 2012

    41. Used Suzuki Alto ECO Car, Model 2012

    42. Used Suzuki Wagon-R Car Limited, Model 2012

    43. Used Suzuki Baleno Car, Model 2016

    44. Used Daihatsu Mira, Model 2013, Engine capacity 658 CC

    45. Used Nissan Dayz, Model 2013

    46. Used Sabaru PLEO, Model 2013, Engine capacity 658 CC

    47. “Used Suzuki Stingray Wagon-R (without extra goods)”, Model 2013

    48. Used Toyota Vitz Car, Model 2013, Engine capacity 996 mL

    49. Used Daihatsu Conte Move Car, Model 2014, Engine capacity 658 CC

    50. Used Toyota AQUA Hybrid Car, Model 2014, Engine capacity 1496 CC

    51. Used Nissan MOCO Car, Model 2014

    52. Used Daihatsu Move Car, Model 2014, Engine capacity 658 CC

    53. Used Honda FIT Car Hybrid, Model 2016

    54. Used Suzuki Hustler Car, Model 2015

    55. Used Daihatsu Tanto Car, Model 2015, Engine capacity 658 CC

    56. Used Suzuki Wagon-R Car

    57. Used Honda N-WGN, Model 2015

  • FBR announces major reshuffle; transfers 41 customs officers of BS-17-18

    FBR announces major reshuffle; transfers 41 customs officers of BS-17-18

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced major reshuffle in Pakistan Customs Service (PCS) and transferred and posted 41 officers of BS17 and BS-18 with immediate effect and until further order.

    The FBR notified transfers and postings of following officers:

    01. Ms. Tayyaba Bukhari (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Deputy Director, Directorate of Input Output Coefficient Organization (North), Lahore.

    02. Khaldun Ul Haq (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Deputy Director, Directorate General of Intelligence & Investigation, FBR, Islamabad.

    03. Mohammad Rehan Akram (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Deputy Director, Directorate of Reforms and Automation (Customs), Karachi.

    04. Muhammad Azam (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate General of Transit Trade, Karachi from the post of Deputy Director, Directorate of Intelligence & Investigation-FBR, Quetta.

    05. Ms. Nazia Saleem (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Islamabad from the post of Deputy Collector, Model Customs Collectorate of Appraisement, Lahore.

    06. Wahaj Saghir (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Deputy Director, Directorate General of Transit Trade, Karachi.

    07. Asfand Yar Khan (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad from the post of Deputy Collector, Model Customs Collectorate, Gilgit-Baltistan

    08. Abdul Qudoos (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Quetta from the post of Deputy Director, Directorate General of Customs Valuation, Karachi.

    09. Ms. Sadia Usman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Director, Directorate of Intelligence & Investigation,FBR, Rawalpindi from the post of Deputy Collector, Model Customs Collectorate, Islamabad

    10. Tariq Mashkoor (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Deputy Director, Directorate of Input Output Coefficient Organization (South), Karachi.

    11. Nawabzada Kamran Khan Jogezai (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate General of Post Clearance Audit, Islamabad from the post of Deputy Director, (OPS) Directorate General of Internal Audit (Customs), Islamabad.

    12. Ms. Maryam Khalid (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the post of Deputy Director, (OPS) Strategic Control Division, Ministry of Foreign Affairs, Islamabad.

    13. Ghulam Muhammad (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Director, (OPS) Directorate General of Customs Valuation, Karachi from the post of Deputy Collector, (OPS) Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi.

    14. Malik Muhammad Ahmed (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate, Gwadar from the post of Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    15. Muhammad Ibrahim (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Deputy Collector, Model Customs Collectorate, Quetta.

    16. Asim Rehman (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Preventive, Quetta from the post of Deputy Collector, Model Customs Collectorate, Quetta.

    17. Muhammad Faisal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, MCC of JIAP, Karachi from the post of Deputy Collector, Model Customs Collectorate of Preventive, Karachi.

    18. Junaid Mahmood (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Deputy Collector, Model Customs Collectorate, Quetta.

    19. Dr. Tahir Iqbal Khattak (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Deputy Collector, Model Customs Collectorate, Peshawar.

    20. Imran Afzal (Pakistan Customs Service/BS-18) has been transferred and posted as Deputy Collector, MCC of JIAP, Karachi from the post of Deputy Collector, Model Customs Collectorate of Preventive, Karachi.

    21. Maqbool Ahmad (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Collector, (OPS) Model Customs Collectorate of Appraisement, Quetta from the post of Deputy Collector, (OPS) Model Customs Collectorate, Quetta.

    22. Najeeb Arjumand (Pakistan Customs Service/BS-17) has been transferred and posted as Deputy Collector, (OPS) Model Customs Collectorate of Preventive, Peshawar from the post of Deputy Collector, (OPS) Model Customs Collectorate, Peshawar.

    23. Waseem Feroz (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, MCC of JIAP, Karachi from the post of Assistant Collector, Model Customs Collectorate of Preventive, Karachi.

    24. Shah Faisal (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Preventive, Quetta from the post of Assistant Collector, Model Customs Collectorate, Quetta.

    25. Syeda Sadaf Ali Shah (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Assistant Collector, Model Customs Collectorate, Peshawar.

    26. Asma Javed Paracha (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector (Prob), Model Customs Collectorate of Appraisement, Peshawar from the post of Assistant Collector (Prob), Model Customs Collectorate, Peshawar.

    27. Akmal Shahzad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Assistant Collector, Model Customs Collectorate, Quetta.

    28. Sajid Khan (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector (Prob), Model Customs Collectorate of Preventive, Peshawar from the post of Assistant Collector (Prob), Model Customs Collectorate, Peshawar.

    29. Rana Umair Arshad (Pakistan Customs Service/BS-17) has been transferred and posted as Assistant Collector (Prob), Model Customs Collectorate of Preventive, Quetta from the post of Assistant Collector (Prob), Model Customs Collectorate, Quetta.

    30. Nadeem Ahmed (SuperintendentC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate General of Customs Valuation, Karachi from the post of Superintendent, Large Taxpayers Unit, Karachi.

    31. Mumtaz Khan (SuperintendentC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of Intelligence & Investigation, FBR, Peshawar from the post of Superintendent, Model Customs Collectorate, Peshawar.

    32. Muhammad Nazarul Hassan (SuperintendentC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of Input Output Coefficient Organization (South), Karachi from the post of Superintendent, Large Taxpayers Unit, Karachi.

    33. Muhammad Zahid Khan (SuperintendentC/BS-17) on promotion Assistant Director, Directorate of Transit Trade, Peshawar from the post of Superintendent, Model Customs Collectorate, Peshawar.

    34. Muhammad Javed Mehmood (SuperintendentC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of IPR Enforcement (Central), Lahore from the post of Superintendent, Model Customs Collectorate, Faisalabad.

    35. Muzaffar Ali Rizvi (PAC/BS-17) on promotion has been transferred and posted as Assistant Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Principal Appraiser, Model Customs Collectorate of Appraisement (East), Karachi.

    36. Israr Hussain (PAC/BS-17) on promotion has been transferred and posted as Assistant Collector, Model Customs Collectorate, Islamabad from the post of Principal Appraiser, Model Customs Collectorate, Islamabad.

    37. Syed Shahid Hussain Rizvi (PAC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate General of Transit Trade, Karachi from the post of Principal Appraiser, Model Customs Collectorate, Gwadar.

    38. Riaz Hussain Bhatti (PAC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of Post Clearance Audit, Lahore from the post of Principal Appraiser, Model Customs Collectorate of Appraisement, Lahore.

    39. Saleem Yosuf (PAC/BS-17) on promotion has been transferred and posted as Assistant Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Principal Appraiser, Directorate of Intelligence & Investigation, FBR, Karachi.

    40. Ishtiaq Ahmed (PAC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of IPR Enforcement (North), Islamabad from the post of Principal Appraiser, Model Customs Collectorate, Islamabad.

    41. Muhammad Saleem (SPSC/BS-17) on promotion has been transferred and posted as Assistant Director, Directorate of Internal Audit (Customs), Karachi from the post of SPS, Model Customs Collectorate of Preventive, Karachi.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.


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  • Equity market recovers 550 points on IMF loan program

    Equity market recovers 550 points on IMF loan program

    KARACHI: The equity market made recovery of over 550 points on Friday on reports of IMF loan program.

    The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 37,338 points as against 36,787 points showing an increase of 550 points.

    Analysts at Arif Habib Limited said that the index saw significant recovery today.

    The session commenced with cautious optimism and initial test of -46 points, market sprung strongly with 633 points and closed at 550 points.

    Cement Sector again contributed significantly to the rise in Index with 33 million shares followed by Banks (30 million shares).

    BOP (Bank of Punjab) topped the volumes chart with around 23million shares and closed near upper circuit.

    As against the trades in past sessions, Cement sector rebounded strongly on the back of a significant decline in international coal prices, which prompted investors to take positive bets.

    Asad Umar’s announcement of near conclusion of IMF package also helped revive investor sentiment.

    Sectors contributing to the performance include Banks (+149 points), Cement (+100 points), O&GMCs (+58 points), Fertilizer (+52 points), Pharma (+30 points).

    Volumes increased from 143.8 million shares to 189.4 million shares (+32 percent DoD). Average traded value also increased by 21 percent to reach US$ 37.8 million as against US$ 31.2 million.

    Stocks that contributed significantly to the volumes include BOP, UNITYR1, KEL, WTL and FCCL, which formed 41 percent of total volumes.

    Stocks that contributed positively include LUCK (+51 points), PSO (+36 points), HBL (+35 points), BAHL (+27 points), and ENGRO (+23 points). Stocks that contributed negatively include HUBC (-15 points), PMPK (-13 points), APL (-11 points), PPL (-3 points) and HMB (-3 points).

  • FBR promotes officers to BS-16 superintendent

    FBR promotes officers to BS-16 superintendent

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday promoted assistant tax officials of BS-16 to the post of superintendent (BS-16) with immediate effect.

    Following officers have been promoted:

    01. Ms. Parveen Rafique

    02. Najam Zafar

    03. Muhammad Sarwat Hussain Qadri

    04. Ms. Asia Iqbal

    05. Syed Hamid Baseer

    The FBR said that the officers would be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment would be deemed to be held until further orders.

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    The Pakistani Rupee maintained its firm position against the US Dollar on Friday, driven by a lack of robust demand for imports and corporate payments.

    (more…)