Pkrevenue.com

Author: Faisal Shahnawaz

  • GlaxoSmithkline’s drugs seized for illegal price increase

    GlaxoSmithkline’s drugs seized for illegal price increase

    ISLAMABAD: Federal Minster Aamer Mehmood Kiani and Chief Executive Officer (CEO) Drug Regulatory Authority of Pakistan (DRAP) Asim Rauf visited UDL distribution along with area Federal Inspector of Drugs.

    “Stock of GlaxoSmithkline was seized on unauthorized increase in the price,” said a statement on Thursday.

    In continuation of the crackdown against companies for unauthorized increase in the prices of their medicines, DRAP has been directed to take strict action by Federal Minister of Health.

    Across the country, inspectors of DRAP are involved in active surveillance.

    Various medicines were seized in Lahore, Karachi, Islamabad, Faisalabad and Peshawar.

    Stock of overpriced medicine seized in Faisalabad from IBL distribution. Around 39 medicines with unauthorized increase in pricing were seized from various pharmacies in Lahore.

    Karachi’s MM traders raided by Federal Inspector of Drugs. Huge stock of overpriced medicine seized. Action against unauthorized increase in prices of medicines:

    DRAP seized stocks from various medical stores in Peshawar.

    Balouch enterprises raided in Multan: seizure of stock of overpriced medicine.

    Federal Minister said that legal action will be taken against those involved in unauthorized increase in prices of medicine.

    He added that reduction in prices of 395 prices was notified and strict compliance of the companies shall be ensured.

    The crackdown will continue against those companies who are not selling medicine on approved prices.

  • FBR sets up complaint cell against corrupt officials

    FBR sets up complaint cell against corrupt officials

    ISLAMABAD: Federal Board of Revenue (FBR) has established a dedicated cell to facilitate taxpayers in filing complaints against corrupt practices of officials of Inland Revenue and Pakistan Customs.

    The FBR on Wednesday said that it had established Integrity Management Cell (IMC) to facilitate general public / taxpayers for filing of complaints against corrupt practices of officers/officials of FBR.

    The FBR said that following modes may be adopted to lodge complaints:

    — By directly calling helpline at 111-772-772 for information.

    — By visiting field offices of Inland Revenue & Pakistan Customs.

    — By sending an email at [email protected]

    — By filing complaint on FBR online portal.

    — By submitting either a hard copy of the complaint through post or meeting in person with Secretary (IMC), FBR (HQ), Constitution Avenue, Islamabad.

  • Equity market gains 208 points in narrow band trading

    Equity market gains 208 points in narrow band trading

    KARACHI: The equity market ended with gain of 208 points on Thursday in a narrow band trading.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,787 points as against 36,579 points showing an increase of 208 points.

    Analysts at Arif Habib Limited said that the market traded in a narrow band today, although tilted towards positive, but oscillated between -80 points and +331 points during the session.

    Highlight of today’s session remained Cement Sector, which saw trading volumes of 38M (contributed by FCCL, MLCF & DCL) and contributed negatively to the points table.

    Selling pressure was observed in the Cement sector, whereby MLCF saw several touchdowns on lower circuit, but otherwise DGKC and LUCK saw considerable buying activity. E&P, Refinery, Banks and Engineering sector performed positive today.

    Sectors contributing to the performance include Banks (+48 points), E&P (+46 points), O&GMCs (+36 points), Power (+24 points), Fertilizer (+20 points) and Cement (-20 points).

    Volumes increased from 141.2 million shares to 143.8 million shares (+2 percent DoD). Average traded value also increased by 7 percent to reach US$ 31.2 million as against US$ 29.1 million.

    Stocks that contributed significantly to the volumes include TRG, FCCL, MLCF, KEL and WTL, which formed 39 percent of total volumes.

    Stocks that contributed positively include OGDC (+29 points), PSO (+24 points), HUBC (+22 points), LUCK (+22 points), and HBL (+14 points). Stocks that contributed negatively include DGKC (-13 points), FCCL (-9 points), MLCF (-9 points), HASCOL (-5 points) and CHCC (-5 points).

  • Rupee ends flat in interbank market

    Rupee ends flat in interbank market

    The Pakistani Rupee concluded Thursday’s trading session without significant changes against the US Dollar, maintaining a stable position despite initial gains.

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  • Adil Rashid appointed as CEO Wateen Telecom

    Adil Rashid appointed as CEO Wateen Telecom

    KARACHI: Wateen Telecom Board of Directors announced today that Adil Rashid has been appointed as Chief Executive Officer of the company effective April 22 and he will replace Rizwan Tiwana, who has resigned for personal reasons.

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  • forex reserves deplete by $169m to $17.228bn

    forex reserves deplete by $169m to $17.228bn

    Karachi – The foreign exchange reserves of Pakistan experienced a decline of $169 million, reaching $17.228 billion for the week ended April 5, 2019, according to the State Bank of Pakistan (SBP).

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  • FBR asks financial institutions to provide account holders details for automatic exchange of information

    FBR asks financial institutions to provide account holders details for automatic exchange of information

    KARACHI: Federal Board of Revenue (FBR) has asked financial institutions to provide details of their account holders by May 31, 2019 for the purpose of automatic exchange of information with OECD member countries.

    In a notice sent to Pakistan Stock Exchange (PSX), the FBR said that as per section 165(B) and 107(1) of Income Tax Ordinance, 2001 and other applicable domestic laws and rules related to Automatic Exchange of Information (AEOI), the Reporting Financial Institutions are required to obtain and maintain certain information about their account holders in accordance with the CRS Rules notified by FBR through SRO166(I)/2017 on March 15, 2019, which has to be reported to FBR on an annual basis on May 31 of every year.

    The FBR said that reports from RFIs are due on May 31, 2019. In this regard the FBR asked the stock exchange to direct the RFIs that report to or are under the control of the stock market to ensure timely compliance as per law and rules.

    The FBR warned that in case of failure the RFIs would be penalized under Section 182 of the Income Tax Ordinance, 2001.

  • United Brands Limited stops consumer products’ distributions of leading brands

    United Brands Limited stops consumer products’ distributions of leading brands

    KARACHI: A leading distributor of consumer goods has discontinued distribution of leading brands from its business portfolio which may cause monthly loss of Rs58 million.

    According to a notification to Pakistan Stock Exchange (PSX) on Thursday United Brands Limited, which is involved in distribution of consumer products, informed that it had discontinued following businesses from business portfolio, which would result in loss of revenue by approximately Rs58 million or Rs696 million annual loss:

    a. Mars

    b. Wrigley’s

    c. Haleeb Foods

    d. Unilever

    e. Heinz

    f. IFFCO

  • Rupee gains 4 paisas in early trade on declining import bill

    Rupee gains 4 paisas in early trade on declining import bill

    KARACHI: The Pak Rupee gained 4 paisas against dollar in early day trading on Thursday after the reports of significant fall in import bill in March 2019.

    The dollar is being traded at Rs141.34 to the dollar in interbank foreign exchange market. The foreign currency market was ended at Rs141.38 to the dollar.

    The import bill has been declined by 21 percent in March 2019 to $4.15 billion as compared with $5.25 billion in March 2017.

    The total import bill during first nine months of current fiscal year fell by 8 percent to $40.75 billion as compared with $44.28 billion in July – March 2017/2018.

  • Sales Tax Act 1990: Recovery of amount erroneously refunded

    Sales Tax Act 1990: Recovery of amount erroneously refunded

    KARACHI: The officers of Inland Revenue have been authorized for recovery of refunded amount erroneously issued to taxpayer along with penalties and default surcharge.

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