Pkrevenue.com

Author: Faisal Shahnawaz

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.

  • Pakistan’s forex reserves increase to $15.71 billion

    Pakistan’s forex reserves increase to $15.71 billion

    KARACHI: Pakistan’s foreign exchange reserves have increased by $743 million to $15.709 billion with inflows of $1 billion from UAE.

    The total reserves of the country increased to $15.709 billion by week ended March 15, 2019 as against $14.966 billion a week ago, according to data of State Bank of Pakistan (SBP) issued on Thursday.

    During the week ending March 15, 2019, SBP received inflow of $1 billion from UAE as placement of funds.

    After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $716 million during the week, SBP said.

    The official reserves of the central bank increased to $8.838 billion by week ended March 15 from the level of $8.122 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial bank have increased by $27 million to $6.87 billion from previous week’s level of $6.843 billion.

  • Option of refund through bonds can be availed by March 25: FBR

    Option of refund through bonds can be availed by March 25: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) has asked sales tax refund claimants to avail option of bonds by March 25, 2019.

    “Those who wish to be included in the first phase of bond issuance may furnish their options by March 25, 2019,” the FBR said in a notice on Thursday.

    The FBR said that in order to facilitate exporters and other businesses, it has been decided to issue them sales tax refund bonds in the Sales Tax Act, 1990 for this purpose:

    The bonds shall be tradeable, SLR eligible and shall act as collateral for getting bank loans.

    The bonds also carry simple profit of 10 percent per annum over three-year maturity period.

    The FBR said that those claimants willing to get refund payment through bonds may furnish their options.

  • Equity market sheds 163 points in ongoing losses

    Equity market sheds 163 points in ongoing losses

    KARACHI: The equity market ended with decline of 163 points on Thursday in its ongoing loss making trail. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,385 points as against 38,548 points showing a decline of 163 points.

    Analysts at Arif Habib Limited said that KSE-100 index continued the loss making trail from past several sessions.

    The market turned positive for a brief while in the morning but reverted to selling pressure which saw selling activity in Banks, Cement, Steel, Fertilizer, Autos, & OMCs.

    During the session the news of Supreme Court’s acceptance of Bahria Town deal felt a fresh breathe, however, the wave lived short. By the close of market, selling pressure mounted back resulting in index sliding down by 205 points (unadjusted).

    Sectors contributing to the performance include Fertilizer (-47 points), Power (-36 points), O&GMCs (-22 points), E&P (-13 points), Cement (-12 points).

    Volumes declined slightly from 83mn shares to 81mn shares (-2 percent DoD). Average traded value however, increased by 22 percent to reach US$ 30.4mn from U$ 24.9mn.

    Stocks that contributed significantly to the volumes include BOP, PAEL, HUBC, SSGC and WTL, which formed 24 percent of total volumes.

    Stocks that contributed positively include POL (+21 points), BAHL (+12 points), HBL (+5 points), UBL (+5 points), and KOHC (+4 points). Stocks that contributed negatively include HUBC (-33 points), MARI (-22 points), ENGRO (-20 points), OGDC (-16 points) and PMPK (-12 points).

  • Rupee depreciates by five paisas against dollar

    Rupee depreciates by five paisas against dollar

    KARACHI: The Pak Rupee depreciated by five paisas against the US dollar on Thursday due to import and corporate payments.

    The rupee ended Rs139.49 to the dollar from previous day’s closing of Rs139.44 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs139.48 and Rs139.50. The market recorded day high of Rs139.50 and low of Rs139.49.

    The exchange rate in open market also deteriorated.

    The dollar’s buying and selling was recorded at Rs139.70/Rs140.20 as compared with Rs139.30/Rs139.80 in the cash ready market.

  • FBR notifies promotion of IR officers to BS-16

    FBR notifies promotion of IR officers to BS-16

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotions of steno-typists and supervisors/head clerks of Inland Revenue Department to BS-16 with immediate effect.

    Through a notification following steno-typists have been promoted as assistant private secretary (BS-16) on regular basis with immediate effect:

    01. Alamgir Khan, RTO Peshawar

    02. Sirajuddin, RTO Peshawar

    03. Zaheer Iqbal, RTO Rawalpindi (He will actualize promotion with effect from April 14 on retirement of Javaid Mukhtar, APS (BS-16), RTO Rawalpindi.

    04. Khalid Mehmood, RTO Gujranwala

    05. Muhammad Khalid, RTO Gujranwala

    Through another notification, the following supervisors/head clerks of Inland Revenue Department have been promoted to the post of Office Superintend Inland Revenue (BS-16) with immediate effect:

    01. Muhammad Ramazan, Supervisor, RTO Islamabad

    02. Noor Zaman, Supervisor, RTO Peshawar

    03. Muhammad Mukhtiar, head clerk, RTO Peshawar

    04. Muhammad Younis, Supervisor, RTO Sahiwal

    05. Muhammad Mushtaq, Supervisor, RTO Sahiwal

    The FBR said that promotion would take effect subject to the condition that no disciplinary proceedings are pending against them.

  • Investment in registered prize bonds surges by 30pc

    Investment in registered prize bonds surges by 30pc

    ISLAMABAD: The investment into premium prize bonds of Rs40,000 has registered significant increase of 30 percent owing to attractive avenue for persons having legitimate money.

    The investment into the premium prize bonds increased to Rs5.86 billion by January 2019 as compared with Rs4.52 billion in the same period of the last year.

    In order to promote documentation of economy, the registered bonds with denomination of Rs40,000 was launched two years ago.

    The first prize of the premium bond is Rs80 million and the winner of the draw will get the prize money directly to his bank account.

    The registered bond is only issued against Computerized National Identity Card (CNIC) and account maintenance certificate of the account number mentioned in application.

    The bond has bi-annual profit at three percent per annum for all premium prize bond holders.

  • Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee

    Income Tax Ordinance 2001: return filers can claim tax adjustment paid on educational fee

    KARACHI: Income tax return filers can claim adjustment of advance tax paid on educational fee.

    According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the advance tax collected on education fee under Section 236I is adjustable against total income tax liability of a taxpayer.

    Section 236I: Collection of advance tax by educational institutions

    Sub-Section (1): There shall be collected advance tax at the rate specified in Division XVI of Part-IV of the First Schedule on the amount of fee paid to an educational institution.

    The rate of collection of tax under section 236I shall be 5 percent of the amount of fee.

    Sub-Section (2): The person preparing fee voucher or challan shall charge advance tax under sub-section (1) in the manner the fee is charged.

    Sub-Section (3): Advance tax under this section shall not be collected from a person on an amount which is paid by way of scholarship or where annual fee does not exceed two hundred thousand rupees.

    Sub-Section (4): The term “fee” includes, tuition fee and all charges received by the educational institution, by whatever name called, excluding the amount which is refundable.

    Sub-Section (5): Tax collected under this section shall be adjustable against the tax liability of either of the parents or guardian making payment of the fee.

    Sub-Section (6): Advance tax under this section shall not be collected from a person who is a non-resident and,—

    (i) furnishes copy of passport as an evidence to the educational institution that during previous tax year, his stay in Pakistan was less than one hundred eighty-three days;

    (ii) furnishes a certificate that he has no Pakistan-source income; and
    (iii) the fee is remitted directly from abroad through normal banking channels to the bank account of the educational institution.

  • Credit Suisse consultants for RLNG plants privatization

    Credit Suisse consultants for RLNG plants privatization

    ISLAMABAD: The government has accorded approval to a consortium led by Credit Suisse to act as financial consultants for the privatization of the RLNG power plants.

    The approval was given at a meeting of the Board of Privatization Commission chaired by Federal Minister of Aviation and Privatization Muhammad Mian Soomro.

    The transparent and appropriately appraised value of privatization of state owned enterprises is one of the major priorities of the current government and shall be successfully undertaken with due regard to every possible minutiae, Soomro said.

    The meeting was attended by Secretary Privatization Rizwan Malik and the board members of the Privatization Commission.

    A number of essential issues were on the agenda. The Minister was briefed about the progress made in the Privatization process of a number of state owned enterprises.

    These enterprises include Mari Petroleum, SME Bank and First Woman’s Bank. Other state owned entities which are to be privatized on priority basis were also discussed. These include Services Hotel and Convention Centre, Islamabad.

    The Minister was apprised of the current status of the process for each entity and the Minister ordered that it should be ensured that every possible step is taken to ensure a transparent and financially feasible privatization.

    The meeting also confirmed the minutes of the Third Meeting (03/2018) of Privatization Commission Board which was held on 18th December, 2018 and also reviewed the status of decisions of the Third Meeting of the PC Board. The appointments of Consultants of the Privatization Commission were also discussed.

    It was also decided in the meeting that a steering committee headed by the Minister for Privatization, including relevant stakeholders shall over see the implementation process of privatization.

  • PTCL promotes digital billing to save environment

    PTCL promotes digital billing to save environment

    KARACHI: In an effort to save environment, Pakistan Telecommunication Company Limited (PTCL) has urged its customers to opt for digital billing instead of monthly paper bills.

    A statement on Wednesday said that this initiative will, not only create awareness on preserving nature but, also gives customers an opportunity to contribute towards this cause.

    On the occasion, Moqeem ul Haque, Chief Commercial Officer, PTCL said, “PTCL, being a national company, takes its responsibility to reduce paper usage throughout our company that can have a significant impact in going green.

    “We strive to provide our customers with easy and convenient options like eBilling that is secure and saves time.”

    The company has taken steps to ensure that numerous avenues are open for customers to opt for eBilling.

    Customers can subscribe online through the PTCL website and through the TouchApp (Android & iOS).

    The customers can also call on the PTCL helpline 1218, subscribe to eBilling and opt out of receiving paper bills. All new customers are now receiving only eBills.

    Furthermore, customers can pay their bills without showing a paper bill using UPaisa. They only need to provide a telephone number with the area code.

    PTCL is contributing towards saving the environment and a greener Pakistan.