Section 228 to Section 230I of Income Tax Ordinance, 2001 explains the functions of Directorates under tax law.
(more…)Author: Faisal Shahnawaz
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KIBOR rates on October 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 05, 2021.
Tenor BID OFFER 1 – Week 7.20 7.70 2 – Week 7.25 7.75 1 – Month 7.29 7.79 3 – Month 7.54 7.79 6 – Month 7.90 8.15 9 – Month 8.22 8.72 1 – Year 8.47 8.97 -
SBP issues customers exchange rates for October 05
Karachi, October 05, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Tuesday, October 05, 2021.
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Exchange rates in PKR vs foreign currencies on Oct 5
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 5, 2021 (The rates are updated at 12:42 AM):
Currency Buying Selling Australian Dollar 123.10 125.10 Bahrain Dinar 386.70 388.46 Canadian Dollar 135.60 137.60 China Yuan 23.75 23.90 Danish Krone 23.45 23.75 Euro 198.60 200.10 Hong Kong Dollar 16.65 16.90 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.60 484.10 Malaysian Ringgit 36.45 36.80 NewZealand $ 96.30 97 Norwegians Krone 17.50 17.75 Omani Riyal 392.70 394.70 Qatari Riyal 39.80 40.40 Saudi Riyal 45.05 45.55 Singapore Dollar 122.60 124.10 Swedish Korona 18.30 18.55 Swiss Franc 159.80 160.70 Thai Bhat 4.80 4.90 U.A.E Dirham 46.55 47.05 UK Pound Sterling 232.10 234.60 US Dollar 172.40 173.40 Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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KIBOR rates on October 04, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on October 04, 2021.
Tenor BID OFFER 1 – Week 7.20 7.70 2 – Week 7.25 7.75 1 – Month 7.28 7.78 3 – Month 7.52 7.77 6 – Month 7.90 8.15 9 – Month 8.22 8.72 1 – Year 8.47 8.97 -
Pakistan’s trade deficit doubles in first quarter
ISLAMABAD: Pakistan’s trade deficit has doubled in first quarter (July – September) 2021/2022 owing to sharp increase in import bill, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.
The trade deficit has ballooned by 100.62 per cent to $11.66 billion during the first quarter of the current fiscal year as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill posted an unprecedented growth of 65 per cent to $18.63 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.
The exports of the country registered 27 per cent growth to $6.96 billion during July – September 2021 as compared with $5.47 billion in the same period of the last fiscal year.
The trade deficit on year on year (YoY) basis in September 2021 widened by 70 per cent to $4.1 billion as compared with the deficit of $2.41 billion. The import bill recorded an increase of 50.78 per cent to $6.48 billion in September 2021 as compared with $4.29 billion in the same month of the last year.
The exports also exhibited a growth of 26.13 per cent to $2.38 billion in September 2021 as compared with $1.88 billion in the same month of the last year.
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Rupee makes fresh lows against dollar
KARACHI: The Pak Rupee (PKR) fell to a new record low against the dollar at Rs170.80 on Monday. The high demand for import and corporate payments kept the local unit under pressure.
The rupee fell by 32 paisas to Rs170.80 to the dollar from last Friday’s closing of Rs170.48 in the interbank foreign exchange market.
Currency experts attributed the fresh low of rupee to the opening of the market after two weekly-holiday. They further said that higher import bill also escalated the demand for the dollar.
The rupee hit all-time low at Rs170.66 against the dollar on September 30, 2021.
The State Bank of Pakistan (SBP) last week announced measures to discourage imports and support balance of payment. However, these measures have failed so far to support the local currency.
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SBP issues customers exchange rates for October 04
Karachi, October 04, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Monday, October 04, 2021.
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Reward for officials, whistleblowers in tax recovery
Section 227A and Section 227B of Income Tax Ordinance, 2001 have laid down procedure for reward to officials of Federal Board of Revenue (FBR) and whistleblowers in recovery of tax evaded amount.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 227A and Section 227B of Income Tax Ordinance, 2001:
227A. Reward to officers and officials of Inland Revenue.— (1) In cases (i) involving concealment or evasion of income tax and other taxes, cash reward shall, only after realization of part or whole of the taxes involved in such cases, be sanctioned to the officers and officials of Inland Revenue for their meritorious conduct in such cases and (ii) for other meritorious services and to the informer providing credible information leading to such detection.
(2) The Board may, by notification in the official Gazette, prescribe the procedure in this behalf and also specify the apportionment of reward sanctioned under this section for individual performance or to collective welfare of the officers and officials of Inland Revenue.
227B. Reward to whistleblowers.—(1) The Board may sanction reward to whistleblowers in cases of concealment or evasion of income tax, fraud, corruption or misconduct providing credible information leading to such detection of tax.
(2) The Board may, by notification in the official Gazette, prescribe the procedure in this behalf and also specify the apportionment of reward sanctioned under this section for whistleblowers.
(3) The claim for reward by the whistleblower shall be rejected, if—
(a) the information provided is of no value;
(aa) the information is not supported by any evidence;
(b) the Board already had the information;
(c) the information was available in public records; or
(d) no collection of taxes is made from the information provided
from which the Board can pay the reward.
(4) For the purpose of this section, “whistleblower” means a person who reports concealment or evasion of income tax leading to detection or collection of taxes, fraud, corruption or misconduct, to the competent authority having power to take action against the person or an income tax authority committing fraud, corruption, misconduct, or involved in concealment or evasion of taxes.”
Following are the text of Section 227C, Section 227D and Section 227E:
227C. Restriction on purchase of certain assets. [this section has been deleted through Finance Act, 2019]
227D.- Automated impersonal tax regime.- (1) The Board may design an alternate impersonal taxation regime whereby personal interaction will be minimized.
(2) The Board may, by notification in the official Gazette, prescribe the procedure in this behalf.
(3) This section shall be applicable only for low risk and compliant taxpayers as may be prescribed.
227E. E-hearing.— (1) The Board may design and prescribe e-hearing module for the purpose of conducting hearings, granting opportunity of being heard and electronically receiving any information for the purpose of this Ordinance.
(2) The recording of e-hearing proceedings shall be admissible as evidence before any forum or court of law for the purpose of this Ordinance.
(3) The Board may make rules for the purpose of this section.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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No legal proceedings in civil courts against tax orders
Section 227 of Income Tax Ordinance, 2001 has explained that no suit or other legal proceedings would be brought in any civil court against any order made under this ordinance.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 227 of Income Tax Ordinance, 2001:
227. Bar of suits in Civil Courts.— (1) No suit or other legal proceeding shall be brought in any Civil Court against any order made or any notice issued under this Ordinance, and no prosecution, suit or other proceedings shall be made against any person for anything which is in good faith done or intended to be done under this Ordinance or any rules or orders made or notices issued thereunder.
“Explanation.—For the removal of doubt, it is clarified that Civil Court includes any court exercising power of the civil court.”
(2) Notwithstanding anything contained in any other law for the time being in force, no investigation or inquiry shall be undertaken or initiated by any governmental agency against any officer or official for anything done in his official capacity under this Ordinance, rules, instructions or direction made or issued there-under without the prior approval of the Board.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)