Pkrevenue.com

Author: Faisal Shahnawaz

  • SRB suspends sales tax registration of Baba Farid Carriage

    SRB suspends sales tax registration of Baba Farid Carriage

    KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Baba Farid Carriage Company for default payment related to period January 2017 to August 2018.

    The SRB said that non-payment of Sindh sales tax on services is contravention of provincial tax laws. It said that record showed that M/s. Fauji Fertilizer Company Limited, M/s. Engro Fertilizers Limited and M/s. Efert Agritrade (Private) Limited have declared purchases of Rs211 million (including sales tax of Rs33.46 million) from M/s. Baba Farid Carriage Company during January 2017 to August 2018.

    However, M/s. Baba Farid Carriage Company have declared sales of Rs192.78 million during November 2016 to August 2018 with SRB leading to sales suppression of Rs18.62 million and short payment of Sindh Sales Tax of Rs5.98 million.

    The SRB suspended the sales tax registration of the company and directed to make remedial actions by March 18, 2019, including declaration of correct monthly sales tax returns and submit all sales and purchase record for the tax periods with income tax returns for the period of 2016/2017, 2017/2018 and copies of sales tax return filed with other provincial sales tax authorities.

    “In case of non-satisfactory response or failure to take remedial measures as suggested on or before March 18, 2019, further necessary action shall be taken under the law,” the SRB warned.

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  • Forex reserves increase by $140 million to $14.956 billion

    Forex reserves increase by $140 million to $14.956 billion

    KARACHI: Pakistan’s liquid foreign exchange (forex) reserves witnessed a notable increase during the week ended March 1, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. The total forex reserves rose by $140 million, reaching $14.956 billion, compared to $14.816 billion recorded in the previous week.

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  • FBR notifies transfers, postings of key IRS posts

    FBR notifies transfers, postings of key IRS posts

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified transfers and postings of key posts in Inland Revenue Service (IRS) with immediate effect.

    The FBR transferred and posted Zulfiqar Hussain Khan (IRS/BS-20) as the Director General (OPS), Directorate General of Internal Audit (Inland Revenue), Islamabad from the post of Chief (L&C) FBR, Islamabad.

    The FBR also transferred and posted Mir Badshah Khan Wazir (IRS/BS-20) as Director General (OPS) Broadening of Tax Base (BTB) FBR HQ Islamabad.

    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, the FBR said.

  • KSE-100 ends down by 274 points

    KSE-100 ends down by 274 points

    KARACHI: The equity market ended down by 274 points on Thursday due to selling pressure.

    The benchmark KSE-100 index closed at 39,294 points as against 39,568 points showing a decline of 274 points.

    Analysts at Arif Habib Limited said that the market was remained under pressure today and after exclusion of trades in BOP, the market has been timid since Monday.

    Banking sector again led the volumes table, and for the fourth consecutive day in this week, BOP topped with 8 million shares.

    BOP’s price went low again and the activity intensified in the last closing hour.

    Chemical sector, on the other hand, gained some ground after a while. LOTCHEM & DOL appear in the top 10 volumes table in addition to price increase.

    E&P sector was also among the sectors that caused selling pressure and pushed the index down.

    Rumors of foreigners selling block of OGDC’s shares added pressure to the already declining stock price.

    Sectors contributing to the performance include E&P (-68 points), Banks (-50 points), Power (-40 points), O&GMCs (-31 points), Fertilizer (-31 points), Autos (+37 points).

    Volumes increased slightly from 81 million shares to 83 million shares (+2 percent DoD). Average traded value decreased by 3 percent to reach US$ 27.6 million as against US$ 28.4 million.

    Stocks that contributed significantly to the volumes include BOP, STPL, LOTCHEM, DOL and KEL, which formed 32 percent of total volumes.

    Stocks that contributed positively include INDU (+18 points), MEBL (+14 points), PMPK (+10 points), PSMC (+7 points), and HCAR (+7 points). Stocks that contributed negatively include OGDC (-48 points), HUBC (-32 points), BAHL (-27 points), PPL (-23 points) and UBL (-20 points).

  • Rupee gains 20 paisas against dollar

    Rupee gains 20 paisas against dollar

    KARACHI: The Pak Rupee gained 20 paisas against dollar on Thursday owing to inflows of remittances and export receipts.

    The rupee ended Rs138.64 to the dollar from previous day’s close of Rs138.84 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.75.

    The market recorded day high of Rs138.77 and low of Rs138.63 and closed at Rs138.64.

    In the open market the exchange rate was remained unchanged.

    The buying and selling of dollar was recorded Rs138.50/Rs139.00, the same previous day level, in the cash ready market.

  • SBP directs for opening bank branches on Saturday to receive Hajj applications

    SBP directs for opening bank branches on Saturday to receive Hajj applications

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed commercial banks to open branches on March 09 (Saturday) for collection of Hajj forms.

    The SBP said that Ministry of Religious Affairs & Interfaith Harmony, Government of Pakistan has extended the date for collection of Hajj applications by designated banks from March 7, 2019 to March 9, 2019.

    Accordingly, the central bank directed banks including National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank of Punjab, Bank Alfalah, Zarai Taraqiati Bank, Faysal Bank, Askari Bank, Bank Al-Habib, Habib

    Metropolitan Bank, Meezan Bank, and Dubai Islamic Bank to open their designated branches on 9th March, 2019 (Saturday) from 10:00 a.m. to 2:30 p.m. for the purpose of collecting Hajj applications along with dues from the intending pilgrims of Hajj 2019.

  • Local car assemblers to be beneficiary on concession to non-compliant taxpayers

    Local car assemblers to be beneficiary on concession to non-compliant taxpayers

    KARACHI: The local car assemblers are main beneficiary of the government decision to allow non-compliant taxpayers for purchasing motor vehicles, analysts said on Thursday.

    A day earlier on floor of the house Finance Minister Asad Umar presented this proposal to the Finance Supplementary (Second Amendment) Bill, 2019 to allow non-filers of income tax returns to purchase any engine capacity of motor vehicles.

    Though the decision has been taken to generate tax revenue through collection of withholding tax on purchase of motor vehicles as non-filers are required to pay higher rate but it seems to be a big ‘U’ turn by the present government.

    The PML-N government in its last budget 2018/2019 announced to imposed restriction on non-filers to purchase motor vehicles of any engine capacity in order to bring large number of tax evaders into tax net.

    The present PTI government however in its Finance Supplementary (Second Amendment) Bill, 2019 initially proposed to allow non-filers for purchasing motor vehicles with engine capacity up to 1300CC. However, finalizing this bill and approval from the parliament the concession to non-filers further enhanced and now they would be able to purchase any engine capacity motor vehicle.

    The analysts at Taurus Securities Limited said that the Supplementary Finance (Second Amendment) Bill, commonly known as the ‘Mini-Budget’, passed in the National Assembly yesterday, in the midst of an opposition walk-out protesting the Bill’s contents.

    The Bill has wholly removed the ban on Non-Filers; the initial proposal allowed Non-Filers access to the market for cars with a cylinder capacity of less than 1300cc.

    All three auto players (PSMC, INDU and HCAR) will be the beneficiary of this reversal in policy, as they will now be able to clear their build-up of stock.

  • Company registration crosses over 95,500 by February

    Company registration crosses over 95,500 by February

    ISLAMABAD: Total company registration with Securities and Exchange Commission of Pakistan (SECP) has crossed 96,500 by end of February 2019.

    A statement issued by the SECP said that about 1,290 new companies were registered in February. As compared to the corresponding month of last financial year, it represents a growth of 26 percent raising the number of registered companies to 96,510.

    The massive increase is the result of the SECP’s various reforms measures, i.e. introduction of simplified combined process for name reservation and incorporation, one window facility for company incorporation and NTN generation, reduction of fee, assistance of incorporation by facilitation wings of CROs etc.

    Around 75 percent companies were registered as private limited companies, while around 22 percent were registered as single member companies. Three percent were registered as public unlisted companies and limited liability partnerships (LLP).

    The trading sector took the lead with the incorporation of 195 companies, construction with 166, services with 148, I.T. with 139, tourism with 119, food and beverages with 60, real estate development with 50, corporate agricultural farming with 45, education with 32, chemical, marketing and advertisement, and transport with 27 each, engineering, and fuel and energy with 24 each, pharmaceutical with 23, textile with 21, healthcare, and mining and quarrying with 20 each, communication with 15, auto and allied with 14, broadcasting and telecasting 13, logging 12, cables and electric goods with 11 and 58 companies were registered in other sectors.

    Foreign investment has been reported in 39 new companies. These companies have foreign investors from Argentina, China, Denmark, Germany, Jordan, Kenya, Korea South, Portugal, Russia, Singapore, Sweden and the US.

    The highest numbers of companies, i.e. 468 were registered in Islamabad, followed by 322 and 240 companies registered in Lahore and Karachi respectively.

    The CROs in Peshawar, Multan, Gilgit-Baltistan, Faisalabad, Quetta, and Sukkur registered, 81, 67, 45, 39, 24 and 4 companies respectively.

  • Non-filers allowed locally assembled motor vehicle of any engine capacity

    Non-filers allowed locally assembled motor vehicle of any engine capacity

    ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase of locally assembled motor vehicles of any engine capacity.

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  • PM approves country’s first-ever National Tariff Policy

    PM approves country’s first-ever National Tariff Policy

    ISLAMABAD: Prime Minister Imran Khan on Wednesday approved the first-ever ‘National Tariff Policy’ which is aiming to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime.

    The draft policy, approved by the prime minister, would be presented before the Federal Cabinet for its consideration.

    Highlighting salient features of the policy, Secretary Commerce Mohammad Younus Dagha said that the major objectives of the National Tariff Policy (NTP), which has been drafted after detailed and comprehensive discussions with the stakeholders, is to improve competitiveness through access to raw materials, increase employment opportunities by attracting investment through transparent and predictable tariff regime and remove anomalies in tariff structure, causing distortions.

    Policy principles include tariff as a trade policy instrument, reducing exemptions and concessions, cascading tariff structures with stage of processing of a product, strategic protection to domestic industry and competitive import substitution.

    The new policy also envisages establishment of a broad-based Tariff Policy Center in the Ministry of Commerce to formulate proposals for improving tariff structure in pursuance of the objectives of the National Tariff Policy.

    The prime minister appreciated the efforts of commerce ministry in formulating a comprehensive tariff policy for the first time in the history of the country which, he said, will greatly restore confidence of the business community by providing for a transparent, predictable and institutionalized structure for tariff setting.

    The Prime Minister observed that the economy, especially the trade and industrial development suffered in past due to ad-hocism and unpredictability of tariff structure resulting in capture of the economy by vested interests and rampant corruption.