The Sindh Revenue Board (SRB) has taken decisive action against M/s. Sharp Telecom (Pvt) Limited, suspending its sales tax registration due to failure in making timely payments and filing monthly returns, as per an official notice issued on Friday.
(more…)Author: Faisal Shahnawaz
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Stock market gains 484 points on ease in border tension
KARACHI: The stock market on Friday gained 484 points owing to ease in tension on Pak-India borders.
The benchmark KSE-100 index closed at 39,539 points as against 39,055 points showing an increase of 484 points.
Analysts at Arif Habib Limited said that lessening of tension at the border between Pakistan and India gave the index a solid reason to leap forward although the volumes did not increase as much.
Blue chip stocks such as HBL, UBL, ENGRO, OGDC, PPL, POL contributed to todays’ performance.
Banking sector led the volumes table with 24 million shares (topped by BOP), which was followed by Engineering sector (Steel scrips).
Financial results of MUGHAL helped improved sectoral performance and otherwise had ISL as main contributor, both of which hit upper circuit and closed near day’s high.
Sectors contributing to the performance include Banks (+175 points), E&P (+93 points), Fertilizer (+56 points), O&GMCs (+29 points), Misc (+25 points).
Volumes declined from 159 million shares to 137 million shares (-14 percent DoD).
Average traded value remained unchanged at US$ 53 million.
Stocks that contributed significantly to the volumes include BOP, OGDC, KEL, PAEL and PIBTL, which formed 21 percent of total volumes.
Stocks that contributed positively include HBL (+76 points), OGDC (+56 points), DAWH (+38 points), BAHL (+36 points), and UBL (+33 points).
Stocks that contributed negatively include EFUG (-7 points), BAFL (-7 points), HMB (-6 points), ASTL (-3 points) and ICI (-3 points).
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FBR promotes 83 officers of IRS to BS-18
ISLAMABAD: Federal Board of Revenue (FBR) on Friday promoted 83 officers of Inland Revenue Service (IRS) to BS-18 from BS-17 with on regular basis immediate effect.
The following officers have been promoted:
01. Sajjad Hussain
02. Ms. Ifra Tabassum
03. Khurram Fakhar Siddique
04. Ms. Zehra Farooq
05. Zeeshan Ali
06. Essam Anwar Khokhar
07. Ms. Amina Shah
08. Ms. Naila Gul
09. Ms. Zainab Asad Munir
10. Muhammad Irfan Haider
11. Ms. Amna Tariq Shah
12. Rabnawaz Ahmed Matiana
13. Sajjad Sadique
14. Muhammad Sulaiman
15. Syed Muhammad Sharique Tanweer
16. Khan Shahzeb Bashir
17. Ms. Farah Yamin Khan
18. Muhammad Ahsan Tahir
19. Abdul Rouf
20. Muhammad Junaid Murtaza
21. Muhammad Awais Ishaque
22. Ghulam Rasool
23. Yaser Hussain Bhutto
24. Muhammad Waqas Maqsood
25. Akbar Ali
26. Abdul Ghafoor
27. Noor Rehman
28. Ms. Sana Baluch
29. Danish Qamar
30. Ms. Aisha Asad
31. Afaque Ahmed
32. Riaz Ahmed Alizai
33. Shiraz Ali
34. Ahmad Shakeel Babar
35. Muhammad Adil Khan
36. Haidar Abbas
37. Imran Yousef
38. Muhammad Faheem Sajjad Dhariwal
39. Sultan Ali
40. Bahawal Shahryar
41. Ms. Khadija Hussain
42. Ms. Sara Khan
43. Ms. Shiraza Hameed
44. Usman Ahmed
45. Ms. Mahwish Khan
46. Asim Raza
47. Sardar Ali
48. Ms. Sarwat Malik Habib
49. Mohammad Omair Khan
50. Ms. Maheen Hassan
51. Amjad Hussain Zada
52. Ms. Saqiba Mannan
53. Ms. Mahak Mansoor
54. Talat Mehmood Bosaal
55. Ms. Beenish Aruj
56. Suhail Abbas
57. Bilal Qasim
58. Usman Ijaz Rathoe
59. Abdullah Irshad
60. Ms. Asma Humayun
61. Salman Naveed
62. Junaid Manzoor
63. Ms. Fatima Ali
64. Aijaz Ali
65. Ali Hassan
66. Mehran Khan
67. Ghulam Fareed
68. Mehdi Hassan
69. Immad Alam
70. Ali Noor
71. Muhammad Faiz Hussain
72. Ejaz Shabbir Malik
73. Aqeel Ahmed Sheikh
74. Syed Hassan Abbas Rizvi
75. Muhammad Aslam Makhdoom
76. Fayyaz Ahmed Loothar
77. Abdul Qadeer
78. Muhammad Qudratullah Khan
79. Salamat Ali Khan
80. Abdul Wahab Saria
81. Ghulam Murtaza Nizamani
82. Malik Muhammad Riaz
83. Muhammad Ashraf
The FBR said that the officers who are drawing performance allowance will continue to draw the same after promotion.
The officer shall actualize/continue to work at their present place of postings.
The officers at serial number 2, 11, 17, 25, 36, 56 and 68 will actualize their promotion from the date of their joining at FBR.
FBR congratulates the officers on their regular promotion to BS-18.
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FBR promotes 17 Customs officers to BS-18
ISLAMABAD: Federal Board of Revenue (FBR) on Friday promoted 17 officers of Pakistan Customs Service (PCS) from BS-17 to BS-18 with immediate effect.
The following officers have been promoted with immediate effect:
1. Syed Itrat Hussain
2. Maryam Khalid
3. Saima Zaib Butt
4. Dr. Jam Muhammad Imran
5. Muhammad Wasif Malik
6. Amanat Khan
7. Muhammad Adnan Khan
8. Abdul Majeed
9. Mukhtar Ali Sheikh
10. Muhammad Faizan Badar
11. Sadia Usman
12. Choudhary Fahad Bashir
13. Muhammad Zohaib
14. Saiqa Abbas
15. Muhammad Ikram
16. Tariq Mashkoor
17. Shafiq Ahmed Mughal
The officer appearing at Serial No. 2 will actualize her promotion from the date she returns from deputation and join FBR.
The officers, who are drawing performance allowance, will continue to draw the same after promotion.
The officers may actualize their promotions at their present place of posting.
The FBR congratulates the aforementioned officers on their promotion.
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Rupee ends with another gain against dollar
KARACHI: The Pak Rupee gained another 29 paisas against dollar on Friday owing to positive sentiments prevailed in currency market.
The rupee ended Rs138.53 to the dollar as compared with previous day’s close of Rs138.82 in interbank foreign exchange market.
Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.
The rupee also made a sharp recovery of 44 paisas against dollar a day earlier.
The exchange rate went up to Rs139.26 to the dollar after Indian aggression on February 27.
However, during the past two days, the local unit made significant recovery.
The interbank foreign exchange market was initiated in the range of Rs138.65 and Rs138.75.
The market recorded a high of Rs138.65 and low of Rs138.50 and closed at Rs138.53.
The exchange rate was unchaged in open market.
The buying and selling of dollar was recorded at Rs138.70/Rs139.20, same previous day’s level, in cash ready market.
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FBR needs Rs2.07 tn to achieve collection target
ISLAMABAD: Federal Board of Revenue (FBR) is required to collect over Rs2.07 trillion in next four months in order to meet revenue collection target of Rs4.398 trillion for current fiscal year.
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FBR issues ATL for Tax Year 2018, active taxpayers decline to 1.6 million
ISLAMABAD: Federal Board of Revenue (FBR) on Friday launched new Active Taxpayers List (ATL) for Tax Year 2018, which is showing around 1.6 million taxpayers filed their income tax returns by respective due dates.
The FBR issues ATL for the latest tax year on every first day of March. In the latest ATL the number of active taxpayers reduced to 1.6 million from 1.84 million as per the last weekly updated ATL for Tax Year 2017, showing fall of 240,000 returns submitted to the tax authorities.
The number of active taxpayers will not further increased as late return filers have been deprived of appearing on the ATL.
The previous PML-N government in its last budget announcement made a law to restrict the list with those name, who filed their list by due date.
Through Finance Act, 2018 a new provision Section 182A was added to Income Tax Ordinance, 2001 for this purpose.
Section 182A: Return not filed within due date.—
Sub-Section (1): Notwithstanding anything contained in this Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall—
(a) not be included in the active taxpayers’ list for the year for which return was not filed within the due date; and
“Explanation.—For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002.; and
(b) not be allowed, for that tax year, to carry forward any loss under Part VIII of Chapter IV.
The appearance on ATL is important for a taxpayer to avail reduced rate of withholding tax rates.
The appearance of name has become even more important after the amendments brought in to restrict non-filers in purchase / registering new motor vehicles and immovable properties.
With the issuance of new active taxpayers’ list the FBR will also suspend the weekly updated list as the late filers have been denied to have their names on the list.
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Authorities to pay penalty for processing non-filers’ request
KARACHI: Provincial motor or immovable property registration authorities will liable to pay penalty around three percent of the value in case of processing registration request by non-filers of income tax return.
According to updated Income Tax Ordinance, 2001 issued by the Federal Board of Revenue (FBR), the government imposed restriction on registration of motor vehicle and immovable properties by non-filers under Section 227C.
A penalty of three percent of the value of motor vehicle or immovable property is liable to pay:
i. Where any registering authority of Excise and Taxation Department accepts, processes or registers any application for registration of a locally manufactured motor vehicle or for the first registration of an imported vehicle in violation of the provisions of clause (a) of section 227C.
ii. Where any authority responsible for registering, recording or attesting the transfer of immovable property accepts or processes the registration or attestation of such property in violation of the provisions of clause (b) of section 227C.
Similarly car manufacturers are also liable to pay penalty in case of selling motor car to non-filer of income tax return.
A car manufacturer is liable to pay penalty of five percent of the value of the motor vehicle:
Where any manufacturer of a motor vehicle accepts or processes any application for booking or purchase of a locally manufactured motor vehicle in violation of the provisions of clause (a) of section 227C.
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Customs I&I announces auction of vehicles on March 05
ISLAMABAD: The Directorate of Intelligence and Investigation (I&I), Customs, Federal Board of Revenue (FBR) has announced auction of confiscated vehicles to be held on March 05, 2019 at state warehouse of its regional office in Multan.
The following confiscated vehicles will be offered for the auction:
01. Honda Civic Car, Model 2002, Chassis No. NFBES56D92R106849
02. Suzuki Jimmy Jeep, Model 1998, Chassis No. JB33W105092
03. Toyota Mark X, Model 2004, Chassis No. GRX121-1000041
04. Toyota Corolla Altis Car, Mode 2005, Chassis No. MR053ZEC107098965
05. Toyota Vitz Car, Model 2002, Chassis No. SCP10-3109526
06. Toyota Vitz Car, Model 2004. Chassis No. SCP13-0049272
07. Toyota Vitz Car, Model 2003, Chassis No. SCP10-0429866
08. Toyota Vitz Car, Model 2003, Chassis No. SCP13-0011311
09. Toyota Vitz Car, Model 2007, Chassis No. SCP90-2044891
10. Toyota Vitz Car, Model 2007, Chassis No. KSP90-2043958
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Petrol price increased to Rs92.88 per liter
ISLAMABAD: The government has increased the prices of petroleum products for the month of March 2019. The price of petrol has been increased to Rs92.88 per liter.
A statement on Thursday said that the government decided to change prices of petroleum products for the month of March 2019 as follows:
Ms 92 RON Petrol has been increased by Rs2.50 from Rs90.38 to Rs92.88.
The price of High Speed Diesel (HSD) has been increased by Rs4.75 from Rs106.68 to Rs111.43 4.75.
The price of Kerosene Oil (SKO) has been increased by Rs4 from Rs82.31 to Rs86.31
The price of Light Diesel Oil (LDO) has been increased by Rs2.50 from Rs75.03 to Rs77.53.
It may be added that based on international oil prices, increase of Rs. 4.71, Rs 9.44, Rs 8.06 and Rs 5.12 per litre in the price of MS (Petrol), HSD, Kerosene Oil and LDO respectively was worked out but the government decided not to pass on the full impact of price increase to the consumers and approved a reduced level of increase as indicated in the table above.
The new prices shall be applicable from 1st to 31st March 2019.