KARACHI: The Pak Rupee depreciated by 12 paisas against the US dollar in early trade on Tuesday owing to high demand for import and corporate payment.
The dollar is being traded at Rs138.80 in interbank foreign exchange market. The exchange rate was ended a day earlier at Rs138.68 in the foreign exchange market.
Currency dealer said that due to higher demand of dollar for import and corporate payment the rupee was witnessing decline.
KARACHI: Every withholding agent is required to provide details of each person whose withholding tax is deducted or whom withholding tax is paid through a monthly statement to Federal Board of Revenue (FBR).
According to updated Income Tax Ordinance, 2001 the withholding agent is required to provide information including name, CNIC and address of each persons from whom tax had been collected.
Section 165: Statements
Sub-Section (1): Every person collecting tax under Division II of this Part or Chapter XII or deducting tax from a payment under Division III of this Part or Chapter XII shall, furnish to the Commissioner a monthly statement in the prescribed form setting out—
(a) the name, Computerized National Identity Card Number, National Tax Number and address of each person from whom tax has been collected under Division II of this Part or Chapter XII or to whom payments have been made from which tax has been deducted under Division III of this Part or Chapter XII in each month;
(b) the total amount of payments made to a person from which tax has been deducted under Division III of this Part or Chapter XII in each month;
(c) the total amount of tax collected from a person under Division II of this Part or Chapter XII or deducted from payments made to a person under Division III of this Part or Chapter XII in each month; and
(d) such other particulars as may be prescribed:
Provided that every person as provided in sub-section (1) shall be required to file withholding statement even where no withholding tax is collected or deducted during the period.
Explanation.— For the removal of doubt, it is clarified that this sub-section overrides all conflicting provisions contained in the Protection of Economic Reforms Act, 1992 (XII of 1992), the Banking Companies Ordinance, 1962 (LVII of 1962), the Foreign Exchange Regulation Act, 1947 (VII of 1947) and the regulations made under the State Bank of Pakistan Act, 1956 (XXXIII of 1956), if any, on the subject, in so far as divulgence of information under section 165 is concerned.
Sub-Section (2): Every prescribed person collecting tax under Division II of this Part or Chapter XII or deducting tax from payment under Division III of this Part or Chapter XII shall furnish or e-file statements under sub-section (1) by the 15th day of the month following the month to which the withholding tax pertains.
Sub-Section (2A): Any person who, having furnished statement under sub-section (1) or sub-section (2), discovers any omission or wrong statement therein, may file a revised statement within sixty days of filing of statement under sub-section (1) or sub-section (2), as the case may be.
Sub-Section (3): Board may prescribe a statement requiring any person to furnish information in respect of any transactions in the prescribed form and verified in the prescribed manner.
Sub-Section (4): A person required to furnish a statement under sub-section (1), may apply in writing, to the Commissioner for an extension of time to furnish the statement after the due date and the Commissioner if satisfied that a reasonable cause exists for non-furnishing of the statement by the due date may, by an order in writing, grant the applicant an extension of time to furnish the statement.
Sub-Section (5): The Board may make rules relating to electronic furnishing of statements under this section including,-
(a) mandatory electronic filing of statements; and
(b) determination of eligibility of the data of such statements and e-intermediaries, etc.
Sub-Section (6): Every person deducting tax from payment under section 149 shall furnish to the Commissioner an annual statement in the prescribed form and manner.
Through Finance Supplementary (Second Amendment) 2019, the following changes have been proposed in section 165,—
(A) in sub-section (1),—
(a) for the word “monthly”, wherever occurring, the word “biannual” shall be substituted;
(b) for the word “month”, wherever occurring, the word “half-year” shall be substituted; and
(B) for sub-section (2), the following shall be substituted, namely:—
“(2) Every prescribed person collecting tax under Division II of this Part or Chapter XII or deducting tax under Division III of this Part of Chapter XII shall furnish statements under sub-section (1) as per the following schedule, namely:—
(a) in respect of the half-year ending on the 30th June, on or before the 31st day of July;
(b) in respect of the half-year ending on the 31st December, on or before the 31st day of January”; and
(C) after sub-section (2A), the following new sub-section shall be inserted, namely:—
“(2B) Notwithstanding anything contained in this section, the Commissioner as he deems fit, may by notice in writing, require any person, collecting or deducting tax under this Ordinance, to furnish a statement for any period specified in the notice within such period of time as may be specified in the notice.”
KARACHI: The recent increase of 20 percent is benefiting about 388,684 pensioners of Employees Old-Age Benefit Institution (EOBI), said a statement on Monday.
The present government has honored its commitment of EOBI pension. Therefore, EOB Pension rate is now increased by 20 percent effective from September, 2018.
The total increase of Rs5 billion is shared by EOBI and the government which has paid its share of Rs2.4 billion to EOBI.
A total of 388,684 pensioners are benefited from this increase. The minimum pension now stands at Rs6,500/- whereas maximum pension is now Rs13,416 per month.
In order to keep the institution financially viable and to sustain the increase in EOBI pension rates the EOBI has requested to Employers Community to fulfill their legal and moral obligations for the coverage of their employees to pay EOBI contribution under current minimum wage of Rs.15,000/- i.e. an employer share of Rs.750/- per employee per month and an employee share of Rs.150/- per month.
The higher wages would result in higher Pension for registered employees.
As part of its responsibility in ease of Doing Business sprint-IV, EOBI with the co-operation of Board of Investment (BoI), Statement Bank of Pakistan and SECP has taken the initiative of On-line payment facility for its Contributors. Regd. Employers can generate payment vouchers and pay EOB Contribution by using internet banking from their offices without visiting bank branches.
For the facilitation of EOBI pensioners, EOBI has introduced Pension payments through ATMs since October 2016, Pensioners can draw their Pensions from any ATM without incurring “switch fee”. To ensure genuine payments, Pensioners are required to provide bi-annual proof of life through biometric verification.
EOBI is a pioneer Institution of the country which provides Pension through ATM Card.
ISLAMABAD: Pakistan Customs has surpassed its target by collecting Rs 444 billion in first eight months of the current financial year i.e. July-February 2018-19, Federal Board of Revenue (FBR) said on Monday.
Target for collection of customs duty for first eight months was Rs 436 billion, 21 percent higher than the target for the same period of the previous financial year.
In addition, an amount of Rs 518 billion Sales tax has been collected at import stage against collection of Rs 521 billion in the previous financial year.
The decline in collection of Sales Tax mainly owes to decrease in quantity and value of petroleum products.
Moreover, Customs Wing has collected Rs 152 billion Withholding Tax which is 6 percent higher than previous year collection.
Also Federal Excise Duty (FED) collection at import stage during first eight months of the current financial year has registered significant growth of 23 percent at Rs 9.1 billion in the current financial year as compared to Rs 7.4 billion in the previous financial year.
KARACHI: Prime Minister Imran Khan has asked business community to give their suggestions for a new tax amnesty scheme, said Junaid Makda, President, Karachi Chamber of Commerce and Industry (KCCI) on Monday.
Makda said that the prime minister recently met representatives of chambers and associations of the country, including KCCI, to take feedback on the economy.
At the meeting the challenges to business community was discussed, Makda said.
The meeting was also attended by federal ministers and advisers.
The prime minister discussed about improving GDP growth. The prime minister also expressed reservations over failure of past amnesty schemes, Makda said.
The prime minister invited suggestions for new amnesty scheme, Makda said, adding that the KCCI suggested amnesty for local taxpayers.
KCCI president said that the business community informed the prime minister that due to difficult tax environment most people preferred out of tax net.
Makda suggested that litigation against taxpayers should be withdrawn. Those taxpayers paying more should be given priority, he added.
KCCI president said that division of filers and non-filers created immense problems. Besides, zero rated and non-zero rated also created difficulties at industrial level, he added.
He also demanded that notices to beneficiaries of past amnesty schemes from NAB and FIA should be stopped.
KARACHI: The equity market ended with gain of 211 points as tension eases between Pakistan and India.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,750 points as against 39,539 points showing an increase of 211 points.
Analysts at Arif Habib Limited said that the market seems to have taken the path to complete recovery.
The concerns of India-Pakistan confrontation are apparently put to rest by the investors, and participation in stock market is also picking pace.
Today’s highlight was BOP’s financial result announcement that declared dividend in addition to high EPS, in comparison with corresponding figures.
Total traded volume in BOP was 90.8 million (54 percent of total market volume), while the scrip hit upper circuit.
Overall, the banking sector garnered 102 million shares, followed by Technology and Engineering (Steel) Sectors.
Post BOP’s result announcement, investors took positive bets in other scrips, such as SSGC, SNGP, NETSOL etc.
Sectors contributing to the performance include Banks (+118 points), Fertilizer (+58 points), O&GMCs (+44 points), Power (+26 points), Insurance (+19 points), E&P (-25 points).
Volumes increased from 137 million shares to 168 million shares (+23 percent DoD). However, average traded value declined by 21 percent to reach US$ 42 million as against US$ 53 million.
Stocks that contributed significantly to the volumes include BOP, TRG, PAEL, PIBTL and ISL, which formed 62 percent of total volumes.
Stocks that contributed positively include HBL (+54 points), UBL (+28 points), BOP (+24 points), PSO (+21 points), and EFERT (+18 points). Stocks that contributed negatively include PPL (-26 points), MCB (-18 points), SEARL (-14 points), HMB (-7 points) and MARI (-7 points).
KARACHI: The Pak Rupee ended down by 15 paisas against dollar on Monday owing to demand for import and corporate payments.
The foreign currency market ended at Rs138.68 to the dollar as compared with last Friday’s closing of Rs138.53.
The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.85. The market recorded day high of Rs138.95 and low of Rs138.65 and closed at Rs138.68.
Currency experts said that the market opened after two weekly holidays and the demand was higher for import and corporate payments.
The local currency however gained in the open market.
Buying and selling of dollar was recorded at Rs138.50/Rs139.00 from last Saturday’s closing of Rs138.70/Rs139.20 in cash ready market.
KARACHI: Pakistan State Oil (PSO) has said it received Rs60 billion as partial settlement of receivable from power sector companies.
In a notice to Pakistan Stock Exchange (PSX) on Monday, the state run oil marketing company said that it had received an aggregate amount of Rs60 billion as partial settlement of receivables related to certain power sector companies on March 01, 2019 after close of normal business hours.
Consequently, PSO’s principal receivables balance from these power sector companies has reduced accordingly. The amount received by the company has been used for partial repayment of its bank borrowing, the company said.
KARACHI: Philip Morris (Pakistan) Limited, an American multinational cigarette and tobacco manufacturing company, has decided to close down its factory located in Kotri.
In a notice to Pakistan Stock Exchange (PSX) on Monday, the company said that as part of a strategic review to optimize process efficiencies and operational effectiveness and to best position the company for a strong and viable future growth, management of Philip Morris (Pakistan) Limited has decided to reorganize its operational footprints by closing its factory in Kotri located on Plot No. E-15, S I T E Kotri, Pakistan.
The company said it will file an application for closure of the factory and retrenchment of permanent workers employed by PMPKL with the provincial labor department.
KARACHI: The Pak Rupee has lost 12 paisas against the US dollar in early trade on Monday owing to demand for import and corporate payments.
The dollar is being traded at Rs138.65 in foreign currency market.
The exchange rate was ended at Rs138.53 to the dollar in interbank foreign exchange market.
Currency experts said that market was opened after two weekly holidays, which increased dollar demand for import and corporate payments.