Pkrevenue.com

Author: Faisal Shahnawaz

  • Equity market gains 147 points on optimistic sentiments

    Equity market gains 147 points on optimistic sentiments

    KARACHI: The equity market gained 147 points on Friday on hopes of good news on economic front. The benchmark KSE-100 index closed at 38,532 points as against 38,385 points showing an increase of 147 points.

    Analysts at Arif Habib Limited said that the market had a relatively better session as compared to the past whole week.

    PM’s promise of sharing good news in 3 weeks did the trick for the investors, causing E&P stocks especially OGDC and PPL to take off and growing both in price and volumes.

    First session saw market increasing by 228 points with 35.2 million trading volume, which grew further in the second session by adding another 108 points to reach a total of +336 points in the index, however, selling pressure ensued in second session that resulted in erosion of almost all the gains during the day.

    Last half hour of trading saw buying activity that closed the index +207 points (unadjusted).

    Sectors contributing to the performance include E&P (+162 points), Banks (+58 points), Textile (+11 points), Power (-36 points), Food (-21 points).

    Volumes improved slightly to reach 84.6 million shares as against 81.4 million shares (+4 percent DoD).

    Average traded value also increased by 4 percent to reach US$ 31.6 million as against US$ 30.4 million.

    Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC and PPL, which formed 41 percent of total volumes.

    Stocks that contributed positively include PPL (+84 points), OGDC (+58 points), POL (+23 points), BAFL (+18 points), and PMPK (+12 points). Stocks that contributed negatively include HUBC (-37 points), NESTLE (-20 points), PSEL (-11 points), LUCK (-10 points) and ENGRO (-8 points).


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  • FPCCI welcomes FBR focal person appointment

    FPCCI welcomes FBR focal person appointment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the appointment of focal person by Federal Board of Revenue (FBR) for resolving issues related to industry.

    In a statement on Friday FPCCI praised appointment of FBR focal person, Engr. Daroo Khan Achakzai
    Engr. Daroo Khan Achakzai, President FPCCI on behalf of Federation of Pakistan chamber of commerce & industry, praised Chairman FBR Jahanzeb Khan to appoint Ambreen Iftikhar Director Program office as focal person to solve any issue faced by business community by FBR relevant offices.

    Engr. Daroo Khan Achakzai said, FPCCI has requested Chairman FBR on his recent visit to Federation House to appoint a focal person to deal with harassment of the business community, he thanked

    Chairman for his prompt action as per his announcement made at the federation house.
    He added that, such measures will bring business community closer to FBR for better working relationship.

    Engr. Daroo Khan Achakzai also assured Chairman FBR their full cooperation & support.

  • Bank holiday

    Bank holiday

    KARACHI: State Bank of Pakistan (SBP) has announced bank holiday on March 23, 2019 on occasion of Pakistan Day.

    In a circular issued by the SBP said that the State Bank of Pakistan would remain closed on March 23, 2019 (Saturday) being public holiday on the occasion of “Pakistan Day” as declared by the Government of Pakistan.

  • Rupee declines by 61 paisas against dollar in early trade

    Rupee declines by 61 paisas against dollar in early trade

    KARACHI: The Pak Rupee significantly declined by 61 paisas against US dollar in early trade on Friday.

    The dollar is being traded at Rs140.10 in interbank foreign exchange market. The foreign currency market was ended last day at Rs139.49 to the dollar.

    Currency experts said that due to high demand for import and corporate payment and coming weekly holidays escalated the pressure.

    The latest increase in dollar value was despite the rise in foreign exchange reserves of the country.

  • Maintaining five-year record of international trade mandatory under Customs Act

    Maintaining five-year record of international trade mandatory under Customs Act

    KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years.


    According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section:

    Section 211: Maintenance of record


    Sub-Section (1): All importers, exporters and claimants of duty drawback, refunds or any notified concessions, terminal operators, owners of the warehouses, customs agents and the licensed customs bonded carriers, transport operators and tracking companies, carrying out business under this Act or rules made thereunder or under any other law, directly or indirectly, relating to international trade, shall be required to maintain and keep records and correspondence concerning import, export and transit trade transactions.


    Sub-Section (2) The records required under sub-section (1) shall be kept for a period not less than five years in such form as the Board may by notification in the official gazette, specify.


    Sub-Section (3): The provision of sub-section (1) shall not be applicable to the baggage of the passengers and crew of the conveyance and to the recipients of gifts.

    (more…)
  • PTBA demands for judicial policy compliance

    PTBA demands for judicial policy compliance

    KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday demanded the government of recruiting accountant members of tribunals of Customs and Inland Revenue should be through Federal Public Service Commission (FPSC) and approved by Supreme Court / High Court.

    The PTBA has sent communication to Dr. Farough Naseem, Federal Minister of Law & Justice, Asad Umar, Minister for Finance, Revenue and Economic Affairs and Muhammad Hammad Azhar, Minister of State for Revenue in this regard.

    The tax bar said that the appellate mechanism under tax codes provides right to appeal before the commissioner of appeals or collector of appeals in case a taxpayer is aggrieved by the assessment made by adjudicating officer.

    The tax bar said that appellate tribunal is second legal forum for taxpayers or tax department after commissioner Appeals/Collector Appeals.

    The Appellate Tribunal Inland Revenue (ATIR) functions through its benches comprising judicial and accountant members. The qualification for appointment as judicial member is similar to that for the appointment of a high court judge, and only well experienced and competent people from the legal profession and judiciary are selected.

    “Section 1340(4) of the Income Tax Ordinance, 2001 provides that the accountant member shall be either grade 21 officer of inland revenue or a commissioner having at least three year’s experience or a chartered accountant with 10 year’s experience or a cost and management accountant with at least 10 year’s experience.”

    Unless the position of accountant members are advertised through FPSC, how can a chartered accountant or a cost and management accountant ever be selected on merits as accountant member of the tribunal, the tax bar asked.

    It further said that at present officers of Inland Revenue are sent to tribunal on secondment. A person having lien with FBR cannot perform the functions independently and further it will be violative of National Judicial Policy 2009.

    To make tribunal a truly independent judicial forum, it is imperative to recruit accountant members be it from FBR cadre or chartered accountants and cost and management accountant through FPSC. Accountant member should be appointed through FPSC and as per Judicial Policy 2009.

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.

  • Pakistan’s forex reserves increase to $15.71 billion

    Pakistan’s forex reserves increase to $15.71 billion

    KARACHI: Pakistan’s foreign exchange reserves have increased by $743 million to $15.709 billion with inflows of $1 billion from UAE.

    The total reserves of the country increased to $15.709 billion by week ended March 15, 2019 as against $14.966 billion a week ago, according to data of State Bank of Pakistan (SBP) issued on Thursday.

    During the week ending March 15, 2019, SBP received inflow of $1 billion from UAE as placement of funds.

    After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $716 million during the week, SBP said.

    The official reserves of the central bank increased to $8.838 billion by week ended March 15 from the level of $8.122 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial bank have increased by $27 million to $6.87 billion from previous week’s level of $6.843 billion.

  • Option of refund through bonds can be availed by March 25: FBR

    Option of refund through bonds can be availed by March 25: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) has asked sales tax refund claimants to avail option of bonds by March 25, 2019.

    “Those who wish to be included in the first phase of bond issuance may furnish their options by March 25, 2019,” the FBR said in a notice on Thursday.

    The FBR said that in order to facilitate exporters and other businesses, it has been decided to issue them sales tax refund bonds in the Sales Tax Act, 1990 for this purpose:

    The bonds shall be tradeable, SLR eligible and shall act as collateral for getting bank loans.

    The bonds also carry simple profit of 10 percent per annum over three-year maturity period.

    The FBR said that those claimants willing to get refund payment through bonds may furnish their options.

  • Equity market sheds 163 points in ongoing losses

    Equity market sheds 163 points in ongoing losses

    KARACHI: The equity market ended with decline of 163 points on Thursday in its ongoing loss making trail. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,385 points as against 38,548 points showing a decline of 163 points.

    Analysts at Arif Habib Limited said that KSE-100 index continued the loss making trail from past several sessions.

    The market turned positive for a brief while in the morning but reverted to selling pressure which saw selling activity in Banks, Cement, Steel, Fertilizer, Autos, & OMCs.

    During the session the news of Supreme Court’s acceptance of Bahria Town deal felt a fresh breathe, however, the wave lived short. By the close of market, selling pressure mounted back resulting in index sliding down by 205 points (unadjusted).

    Sectors contributing to the performance include Fertilizer (-47 points), Power (-36 points), O&GMCs (-22 points), E&P (-13 points), Cement (-12 points).

    Volumes declined slightly from 83mn shares to 81mn shares (-2 percent DoD). Average traded value however, increased by 22 percent to reach US$ 30.4mn from U$ 24.9mn.

    Stocks that contributed significantly to the volumes include BOP, PAEL, HUBC, SSGC and WTL, which formed 24 percent of total volumes.

    Stocks that contributed positively include POL (+21 points), BAHL (+12 points), HBL (+5 points), UBL (+5 points), and KOHC (+4 points). Stocks that contributed negatively include HUBC (-33 points), MARI (-22 points), ENGRO (-20 points), OGDC (-16 points) and PMPK (-12 points).