Pkrevenue.com

Author: Faisal Shahnawaz

  • FBR transfers 53 BS-19 customs officers in major reshuffle

    FBR transfers 53 BS-19 customs officers in major reshuffle

    ISLAMABAD: Federal Board of Revenue (FBR) in a major reshuffle on Thursday transferred 53 BS-19 officers of Pakistan Customs Service (PCS) with immediate effect and until further orders.

    Following officers have been transferred and posted:

    01. Shafqat Ali Khan Niazi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Risk Management, Karachi from the post of Additional Collector, Model Customs Collectorate of Exports, Karachi.

    02. Basit Maqsood Abbasi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Lahore from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    03. Ms. Sadia Munib (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Lahore from the post of Additional Director, Directorate of Post Clearance Audit, Lahore.

    04. Syed Fawad Ali Shah (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    05. Masood Ahmed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    06. Sanaullah Abro (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (JIAP), Karachi from the post of Additional Collector, Model Customs Collectorate of Preventive, Karachi.

    07. Syed Naeem Akhtar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Hyderabad from the post of Additional Director, Directorate of Post Clearance Audit, Karachi.

    08. Muhammad Tahir (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate General of Customs Valuation, Karachi.

    09. Ms. Nyma Batool (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Additional Director, Directorate of Transit Trade, Quetta.

    10. Yousaf Haider Orakzai (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Islamabad (based at Peshawar) from the post of Additional Collector, Model Customs Collectorate, Gilgit-Baltistan.

    11. Munib Sarwar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Customs Valuation, Lahore from the post of Additional Collector, Model Customs Collectorate of Appraisement, Lahore.

    12. Muhammad Ismail (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Transit Trade, Quetta from the post of Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    13. Qasim Hafeez Cheema (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Post Clearance Audit, Lahore from the post of Additional Director, Directorate General of Internal Audit (Customs), Islamabad.

    14. Farrukh Sajjad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Post Clearance Audit, Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    15. Ms. Saira Agha (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Lahore from the post of Additional Director, Directorate of Input Output Coefficient Organization (North), Lahore.

    16. Ms. Ayesha Niaz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Rawalpindi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    17. Ms. Zeb Gul Shabbir (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Lahore from the post of Additional Director, Directorate of IPR Enforcement (Central), Lahore.

    18. Ms. Nasreen Nawaz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Lahore from the post of Additional Director, Directorate of Training & Research (Customs), Lahore.

    19. Shoukat Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    20. Abid Hussain Hakro (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Quetta from the post of Additional Director, Directorate of IPR Enforcement (South), Karachi.

    21. Jameel Ahmed Baloch (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Quetta from the post of Additional Collector, Model Customs Collectorate of Preventive, Karachi.

    22. Arbab Qaisar Hamid (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    23. Ms. Zahra Haider (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Multan from the post of Additional Collector, Collectorate of Customs (Adjudication), Lahore.

    24. Agha Saeed Ahmed (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    25. Ghulam Mustafa (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Peshawar from the post of Additional Collector, Model Customs Collectorate, Faisalabad.

    26. Ms. Sameera Sheikh (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of IPR Enforcement (Central), Lahore from the post of Additional Director, Directorate of Input Output Coefficient Organization (North), Lahore.

    27. Ms. Beelam Ramzan (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Office of the Chief Collector of Customs (Central), Lahore from the post of Additional Collector, Collectorate of Customs (Adjudication), Lahore.

    28. Muhammad Haris Ansari (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Customs Valuation, Karachi from the post of Additional Director, Directorate of Reforms and Automation (Customs), Karachi.

    29. Taimoor Kamal Malik (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Lahore from the post of Additional Director, Directorate of Internal Audit (Customs), Lahore.

    30. Muhammad Arshad Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Office of the Chief Collector of Customs (North), Islamabad from the post of Additional Director, Directorate General of Post Clearance Audit, Islamabad.

    31. Ms. Ayesha Bashir Wani (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Islamabad from the post of Additional Collector, Chief Collector Customs (North), Islamabad.

    32. Ms. Mona Aslam (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Sialkot from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    33. Nisar Ahmad (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General of Post Clearance Audit, Islamabad from the post of Additional Collector, Model Customs Collectorate, Islamabad.

    34. Naveed Iqbal (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Collectorate of Customs (Adjudication), Quetta from the post of Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi.

    35. Muhammad Ahsan Khan (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Peshawar from the post of Additional Collector, Model Customs Collectorate, Peshawar.

    36. Tasleem Akhtar (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Director, Directorate of Internal Audit (Customs), Karachi.

    37. Muhammad Farukh Sharif (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Preventive, Lahore.

    38. Yasin Murtaza (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement, Quetta from the post of Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    39. Omar Shafique (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Preventive, Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    40. Muhammad Mumtaz Ali Raza Chaudhry (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Input Output Co-efficient Organization (North), Lahore from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Lahore.

    41. Amer Rashid (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports, Custom House, Karachi from the post of Additional Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad.

    42. Ms. Mona Mehfooz (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Exports (Port Muhammad Bin Qasim), Karachi from the post of Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi.

    43. Ms. Sadia Sadaf (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Post Clearance Audit, Karachi from the post of Additional Collector, Collectorate of Customs (Adjudication-II), Karachi.

    44. Abbas Ali Babar (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Chief Collector Customs (Central), Lahore.

    45. Zubair Shah (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (West), Karachi from the post of Additional Collector, Model Customs Collectorate, Quetta.

    46. Jehan Bahadar (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Transit Trade, Peshawar from the post of Additional Collector, Collectorate of Customs (Adjudication), Islamabad.

    47. Shafiq-ur-Rehman (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Appraisement (East), Karachi from the post of Secretary, Federal Board of Revenue (Hq), Islamabad.

    48. Shahid Jan (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate, Gilgit-Baltistan from the post of Additional Director, Directorate of Intelligence & Investigation, FBR, Rawalpindi.

    49. Salman Afzal (Pakistan Customs Service/BS-19) has been transferred and posted as Secretary, Federal Board of Revenue (Hq), Islamabad from the post of Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi.

    50. Ather Naveed (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Strategic Control Division, Ministry of Foreign Affairs, Islamabad from the post of Additional Collector, Model Customs Collectorate, Islamabad.

    51. Honnak Baloch (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate of Port Muhammad Bin Qasim, Karachi from the post of Additional Director, Directorate General of Customs Valuation, Karachi

    52. Ataullah Shabbir (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Intelligence & Investigation,FBR, Gwadar from the post of Additional Collector, Collectorate of Customs (Adjudication-I), Karachi.

    53. Muhammad Tayyab (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Transit Trade, Peshawar from the post of Additional Collector, Collectorate of Customs (Adjudication), Islamabad.

    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.

  • Foreign exchange reserves flat at $14.966 billion

    Foreign exchange reserves flat at $14.966 billion

    KARACHI: The foreign exchange reserves were flat at $14.966 billion by week ended March 08, 2019, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country increased by $10 million to $14.965 billion as compared with $14.956 billion a week ago.

    The reserves held by SBP also increased by $6 million to $8.122 billion by week under review from $8.116 billion a week ago.

    The reserves held by commercial banks posted $4 million increase to $6.843 billion from previous week’s level of $6.839 billion.

    Pakistan’s foreign exchange reserves increase by $140 million to $14.956 billion

  • Equity market ends down by 120 points

    Equity market ends down by 120 points

    KARACHI: The equity market ended down by 120 points in narrow trading activities on Thursday. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,808 points as against 38,929 points showing a decline of 120 points.

    (more…)
  • Rupee sheds 38 paisas against dollar

    Rupee sheds 38 paisas against dollar

    KARACHI: The Pak Rupee lost 38 paisas against dollar on Thursday after indication of the government for entering IMF program.

    The rupee ended Rs139.19 to the dollar from previous day’s close of Rs138.81 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.92 and Rs138.99.

    The market recorded day high of Rs139.25 and low of Rs138.95 and closed at Rs139.19.

    A day earlier the finance minister hinted at entering into a new loan program with IMF.

    The exchange rate in open market also revised downward.

    The buying and selling of dollar was recorded at Rs138.70/Rs139.20 from previous day’s closing of Rs138.30/Rs138 in cash ready market.

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    Rupee maintains level against dollar

  • Foreign Remittances: Non-filers get exemption on cash withdrawal

    Foreign Remittances: Non-filers get exemption on cash withdrawal

    KARACHI: The government has granted exemption from deduction of income tax on cash withdrawal by non-filers from Pak Rupee bank accounts, which have been opened for receiving foreign remittances.

    Through Finance Supplementary (Second Amendment) Act, 2019 a clause 101A has been inserted to Second Schedule of Income Tax Ordinance, 2001.

    It said: “The provisions of Section 231A shall not apply to Pak Rupee account if the deposits in the account are made solely from foreign remittances credited directly into such account.”

    The Section 231A is related to deduction of withholding tax on cash withdrawal from banking system.

    The government through the latest Act already exempted deduction of withholding tax on cash withdrawal by filers of income tax returns.

    The instant clause also exempts the non-filers of income tax returns if their bank accounts receive foreign remittances.

    Sources in Federal Board of Revenue (FBR) said that the measures have been taken to promote inflows of foreign remittances through normal banking system.

    The sources further said that on normal transactions by non-filers a tax rate of 0.6 percent will apply on cash withdrawal of Rs50,000 per day.

  • Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase

    Advance tax rates enhanced by 50pc for non-filers on motor vehicle purchase

    KARACHI: The government has allowed non-filers to purchase locally manufactured motor vehicles but at the same time the advance tax rates for non-compliant taxpayers have been increased by 50 percent.

    Federal Board of Revenue (FBR) said that the rates have been revised upward on purchase and registration of new locally manufactured cars by non-filers and these rates would be applicable from the date of approval of Finance Supplementary (Second Amendment) Act, 2019.

    Following are the rates for non-filers on purchase of motor vehicles:

    S. NoEngine capacityOld ratesNew rates
    01Up to 850ccRs10,000Rs15,000
    02851cc to 1000ccRs25,000Rs37,500
    031001cc to 1300ccRs40,000Rs60,000
    041301cc to 1600ccRs100,000Rs150,000
    051601cc to 1800ccRs150,000Rs225,000
    061801cc to 2000ccRs200,000Rs300,000
    072001cc to 2500ccRs300,000Rs450,000
    082501cc to 3000ccRs400,000Rs600,000
    09Above 3000ccRs450,000Rs675,000

     

  • SBP urges SMEs to avail refinance benefits

    SBP urges SMEs to avail refinance benefits

    KARACHI: State Bank of Pakistan (SBP) has urged Small and Medium Enterprises (SMEs) to avail refinance facilities as the central bank put in place number of refinance facilities both for purchase of plant & machinery for SMEs and working capital finance for special sectors.


    While speaking to SMEs, Syed Samar Hasnain, Executive Director, SBP at a meeting with manufacturers and exporters belonging to SME sectors and bankers based in Sialkot on Wednesday, he emphasized that banks have been instructed to inform SMEs about their facilities.

    At the same time, he also urged the SMEs to take a step ahead and approach nearby bank branches to know about SBP’s facilitates available for them.

    Hasnain stated: “In terms of numbers, most of the entities in your region are SMEs. If you want to graduate from indirect exporter to direct exporter, you can modernize and expand your plant and equipment by availing SBP’s refinance facilities for modernization.”

    He encouraged the SMEs to avail SBP’s refinance facility for renewable energy to overcome power problem. Adding further, he said that SMEs can also use SBP’s subsidized refinance facility for setting up silos, cold storage facility and warehouses. Mr. Hasnain assured the SMEs that SBPBSC- Sialkot office will be taking stock of the financing extended to SMEs and progress in this regard will also be monitored closely.

    In a presentation, salient features of SBP’s Policy for Promotion of SME Finance were explained. It highlighted the nine pillars of the policy, namely, i) Improving Regulatory Framework; ii) Upscaling through Microfinance Banks; iii) Risk Mitigation Strategy; iv) Simplified Procedure for SME Financing; v) Program Based Lending & Value Chain Financing; vi) Capacity Building & Awareness Creation; vii) Handholding of SMEs – Non Financial Advisory Service; viii) Leveraging Technology to promote SME Financing; and, ix) Simplifying Taxation Regime for SMEs.

    The meeting/awareness sessions were attended by representatives from associations including Pakistan Sports Goods Manufacturers & Exporters Association, Pakistan Gloves Manufacturers & Exporters Association, Leather Garments Manufacturers & Exporters Association, Pakistan Hosiery Manufacturers & Exporters Association and Pakistan Cutlery & Stainless Utensils Manufacturers and Exporters Association in Sialkot.

    Regional heads, SME heads and branch managers of all banks operating in the region also participated in these meetings. Chief Manger SBP Sialkot was also present on the occasion.

  • Equity market gains 32 points in range bound trading

    Equity market gains 32 points in range bound trading

    The equity market saw modest gains on Wednesday, with the benchmark KSE-100 index closing at 38,929 points, up from the previous day’s 38,896 points, marking an increase of 32 points.

    (more…)
  • Rupee maintains level against dollar

    Rupee maintains level against dollar

    KARACHI: The Pak Rupee maintained level against dollar on Wednesday despite higher demand for import and corporate payments.

    The rupee ended Rs138.81 to the dollar from previous day’s close of Rs138.82 in interbank foreign exchange market.

    The interbank foreign exchange market was market initiated in the range of Rs138.80 and Rs138.85.

    The market recorded day high of Rs138.88 and low of Rs138.78 and closed at Rs138.81.

    Currency experts said that due to declining import bill the demand for the greenback was eased.

    The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday.

    The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of the last fiscal year.

    The import bill of the country was declined by 6.13 percent to $36.63 billion during first eight months of current fiscal year as compared with $39.03 billion in the same period of the last fiscal year.

    The exchange rate in the open market was also remained stable.

    The buying and selling of dollar was recorded at Rs138.30/Rs138.80, the same previous day’s level, in cash ready market.

  • Return filers enjoy tax free banking transactions

    Return filers enjoy tax free banking transactions

    KARACHI: The income tax filers have started enjoying withholding tax exemption on transactions of money through banking channels.

    After the implementation of amendments made through Finance Supplementary (Second Amendment) Act, 2019 the income tax return filers are no more required to pay 0.6 percent withholding tax on cash withdrawal.

    The exemption is applicable on the taxpayers, who are appeared on the Active Taxpayers List (ATL) for tax year 2018.

    Before the amendment the rate of withholding tax was 0.3 percent for return filers on cash withdrawal of Rs50,000 in aggregate from banking system per day.

    In order to give incentives to compliant taxpayers and encourage return filing the government exempted the withholding tax on cash withdrawal.

    Now the withholding tax on any banking transactions i.e. cash or non-cash transactions is only applicable on non-filers of income tax returns.

    The non-filers are required to pay 0.6 percent on transactions under Section 231A and Section 236P of Income Tax Ordinance, 2001 on transactions of Rs50,000 per day.

    Tax experts said that the withholding tax on cash withdrawal on non-filers was major impediment in improving banking deposits.

    They said that it would encourage non-compliant to file their returns and further the measure would also reduce channels of cash economy.