Pkrevenue.com

Author: Faisal Shahnawaz

  • Rupee gains against dollar for third consecutive day

    Rupee gains against dollar for third consecutive day

    KARACHI: The Pak Rupee gained for the third consecutive day against dollar on Friday owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Currency experts said that the improved inflows of workers remittances and narrowed current account deficit improved the local currency.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and 138.75.

    The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.55.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    The exchange rate in open market was remained flat.

    The buying and selling of dollar was recorded at Rs138.50/Rs138.90 from previous day’s closing of Rs138.50/139.00 in cash ready market.

  • FBR issues tax directories of parliamentarians, companies and individuals

    FBR issues tax directories of parliamentarians, companies and individuals

    ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued tax directories of parliamentarians and general taxpayers including companies in order to public the information about contribution of different segments of taxpayers.

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  • Classes of taxpayers require sales tax registration

    Classes of taxpayers require sales tax registration

    KARACHI: Federal Board of Revenue (FBR) has listed classes of taxpayers, who are required to get sales tax registration to declare their monthly transactions to the tax authorities.

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  • Rupee advances against dollar in early trade

    Rupee advances against dollar in early trade

    KARACHI: The Pakistani Rupee (PKR) extended its gains against the US Dollar in early trading on Friday, buoyed by a significant reduction in the country’s current account deficit, according to currency dealers.

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  • Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay

    KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund.

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  • Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja

    KARACHI: Amendments to Income Tax Ordinance, 2001 will help Pakistan in controlling offshore tax evasion and avoidance.

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  • KCCI expresses concerns over shifting weekly holiday rumors

    KCCI expresses concerns over shifting weekly holiday rumors

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has cautioned that any move to shift weekly holiday from Sunday to Friday would be resisted and it should not be done as it will completely cutoff Pakistan from many western countries around the world for three-and-a-half consecutive days.

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  • FPCCI laments delay in releasing refunds, duty drawback

    FPCCI laments delay in releasing refunds, duty drawback

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented delay in issuance of refunds and duty drawback to exporters.

    Engr. Daroo Khan Achakzai, FPCCI, President in a statement on Thursday urged the Finance Minister Asad Umar to release the exports sector’s overall outstanding refund claims including deferred claims; Customs Duty Drawback; DLTL etc., which have been lying pending for payment since long.

    FPCCI Chief recalled that he, during the Finance Minister’s Pre-Budget visit to FPCCI Head Office Karachi on January 12, 2019 and thereafter on his post budget visit to FPCCI Regional Office Lahore had stressed the need for an early clearance of back-log of refund claims and automatic payment within the stipulated time limit as the inordinate delay had made the exporters to suffer from liquidity crunch in meeting future export orders well in time.

    While referring to the Finance Supplementary (2nd Amendment) Bill, 2019 regarding issuance of Promissory Notes to exporters on annual profit of 10 percent with maturity period of 3 years for stuck-up refunds, he lamented: “There is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.”

    He wanted that all types of refunds including DLTL, Income Tax etc, should also be included in the Promissory Note Scheme to help the exporters to overcome financial crunch and ensure availability of working capital.

    He proposed that the Government may dole out funds – like for revival of PIA, Pakistan Steel Mills etc., – for clearance of stuck-up refunds, one time full-fledged.

  • Forex reserves decline by $101 mn to $14.795 bn

    Forex reserves decline by $101 mn to $14.795 bn

    KARACHI: Pakistan’s total foreign exchange reserves declined by $101 million to $14.795 billion by week ended February 15, 2019 as compared with Rs14.895 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    During the week ending February 15, 2019, the official reserves of SBP were decreased by $163 million to $8.043 billion from $8.206 billion a week ago, due to external debt servicing and other official payments.

    The reserves held by commercial banks however increased by $62 million to $6.751 billion as compared with $6.689 billion a week ago.