Pkrevenue.com

Author: Faisal Shahnawaz

  • FBR to conduct balloting for audit selection

    FBR to conduct balloting for audit selection

    ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019.

    The balloting will be conducting for audit selection of income tax returns filed for tax year 2017.

    Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of Persons and corporate entities.

    The audit selection would be made in income tax, sales tax and federal excise duty.

    The FBR conduct balloting to select audit cases under Section 214C of Income Tax Ordinance, 2001.

  • SBP to raise Rs3,600 billion through sale of securities

    SBP to raise Rs3,600 billion through sale of securities

    KARACHI: The State Bank of Pakistan (SBP) will raise Rs3,600 billion through sale of bonds during next three months for repayment against matured securities.

    According to auction target calendar issued by State Bank of Pakistan (SBP) on Wednesday, around Rs3,600 billion would be raised through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs).

    The SBP to conduct six auctions of MTBs during April to June 2019 to raise Rs3,300 billion. The amount of maturity is Rs3,100 billion.

    The central bank will also conduct three auctions of PIBs for generating Rs300 billion. The amount of repayment against matured PIBs during the period is Rs434.45 billion.

  • ECC approves import of 100,000 tons of urea

    ECC approves import of 100,000 tons of urea

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.

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  • FBR extends suspension period of two customs officers

    FBR extends suspension period of two customs officers

    ISLAMABAD: Federal Board of Revenue (FBR) has extended in suspension period of two customs officers posted in Karachi for further three months.

    In a notification issued on Wednesday, the FBR extended the suspension period of Sultan Aurangzeb, Principal Officer (BS-17), Model Customs Collectorate of Port Muhammad Qasim, Karachi for a period of three months effective from March 31, 2019.

    The FBR suspended Sultan Aurangzeb on December 31, 2019 while taking disciplinary action against the officer.

    In another notification, the FBR extended in suspension period of Muhammad Sarfaraz Hayat, Preventive Officer (BS-16), Model Customs Collectorate of Preventive, Karachi for a period of three months effective from March 31, 2019.

    The FBR suspended Muhammad Sarfaraz Hayat on December 31, 2019 while taking disciplinary action against the officer.

  • KSE-100 index declines by 13 points in narrow band trading

    KSE-100 index declines by 13 points in narrow band trading

    The Pakistan Stock Exchange (PSX) witnessed a modest decline on Wednesday, with the benchmark KSE-100 index closing down by 13 points, ending the day at 38,023 points compared to the previous session.

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  • Rupee ends down by 30 paisas against dollar

    Rupee ends down by 30 paisas against dollar

    KARACHI: The Pak Rupee depreciated by 30 paisas against dollar on Wednesday owing to reports of IMF conditionalities for new loan program.

    The rupee ended down by 30 paisas to close at Rs141.40 to the dollar from previous day’s close of Rs141.10 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.39 and closed at Rs141.40.

    The exchange rate in open market also witnessed devaluation of local currency.

    The buying and selling of dollar was recorded at Rs142.50/Rs143.00 from previous day’s close of Rs142.00/Rs142.50 in cash ready market.

  • Ministry assures softening labeling conditions on imported consignments till June 30

    Ministry assures softening labeling conditions on imported consignments till June 30

    In a significant relief to the industry, the government has agreed to relax labeling conditions until the end of June 2019 to expedite the clearance of consignments stuck at ports. This decision was confirmed by industry sources on Wednesday.

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  • Rupee falls by 26 paisas in mid-day trading

    Rupee falls by 26 paisas in mid-day trading

    KARACHI: The rupee depreciated by 26 paisas against dollar on Wednesday owing to hike in policy rate and petroleum products.

    The dollar is being traded at Rs 141.36 in mid-day trade in interbank foreign exchange market. The foreign currency market ended last day at Rs 141.10 to the dollar.

  • Another tax amnesty scheme amid claims to bring back looted money

    Another tax amnesty scheme amid claims to bring back looted money

    ISLAMABAD: The tall claims of present ruling party for bringing back looted money into the kitty are fading away as the PTI government is introducing a tax amnesty for looter and plunderers.

    Finance Minister Asad Umar on Tuesday confirmed that the PTI government is going to announce new tax amnesty for undeclared foreign and domestic assets.

    Media reports quoting Umar said that business community was demanding the government to introduce such scheme.

    During the last government of PML-N an amnesty was introduced for undeclared foreign and domestic assets, which was remained available for two months i.e. June and July 2018. This amnesty resulted in tax money of Rs120 billion.

    At that time it was said by the then government that the business community had demanded the amnesty for the last time.

    The PTI government which had come into the power with pledges to bring back looted money is taking U-turn in this matter as Asad Umar defended the tax evaders that should they declare their money in jail.

    Asad Umar said that the government was planning to introduce the amnesty scheme before the budget, which was scheduled next month.

  • Rupee ends down by 21 paisas in interbank

    Rupee ends down by 21 paisas in interbank

    KARACHI: The rupee depreciated by 21 paisas against dollar on Tuesday owing to hike in policy rate and petroleum products.

    The rupee ended Rs141.10 to the dollar from last Friday’s close of Rs140.89 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs140.90 and Rs140.95.

    The market recorded day high of Rs141.10 and low of Rs140.95 and closed at Rs141.10.

    The exchange rate in open market was moved in favour of the local unit.

    The buying and selling of dollar was recorded at Rs142.00/Rs142.50 to the dollar from last day’s closing of Rs142.00/Rs142.70 in cash ready market.