Pkrevenue.com

Author: Faisal Shahnawaz

  • Rupee weakens by 70 paisas ahead of weeklong Eid Holidays

    Rupee weakens by 70 paisas ahead of weeklong Eid Holidays

    KARACHI: The Pak Rupee weakened by 70 paisas against dollar on Monday owing to higher demand for import and corporate payments due to upcoming Eid holidays.

    The rupee ended Rs148.60 to the dollar from last Friday’s closing of Rs147.90 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs148.00 and Rs148.50.

    The market recorded a high of Rs148.90 and low of Rs148.00 and closed at Rs148.60.

    Currency experts said that the demand was increased due to upcoming weeklong holidays.

    The exchange rate in open market also witnessed decline in rupee value.

    The buying and selling of dollar was recorded at Rs148.00/Rs149.00 as compared with previous closing of Rs147.50/Rs148.50 in cash ready market.

  • Rs52 million approved as interest free loan for students

    Rs52 million approved as interest free loan for students

    KARACHI: The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 51.987 million as interest-free loans to deserving students for their current year of studies within Pakistan.

    State Bank of Pakistan (SBP) in a statement on Monday said that the amount, approved by Apex Committee, will be given to 966 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and Ph.D studies for the session 2016-2017.

    The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means.

    The loans are granted for a maximum tenor of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.

    National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.

    The names of successful students are available at the National Bank of Pakistan’s website: https://www.nbp.com.pk/studentloan/

  • FBR extends last date for filing income tax returns up to June 30

    FBR extends last date for filing income tax returns up to June 30

    KARACHI: The Federal Board of Revenue (FBR) on Monday extended the last date for filing income tax returns for tax year 2018 up to June 30, 2019.


    The FBR said that the extension had been granted considering the Assets Declaration Ordinance, 2019.


    The FBR extended the date for filing income tax returns and statement by salarier persons and persons falling in final tax return, whose last date was August 31, 2018 and extended up to April 30, 2019. It is now further extended up to June 30, 2019.


    The FBR further extended the date of filing return of income and statement of final taxations for companies, individuals and association of persons whose last date was September 30, 2018, which was extended to April 30, 2019 is now extended up to June 30, 2019.


    The FBR also extended the last date for corporate entities whose last date for filing income tax returns was December 31, 2018 and extended up to April 30, 2019, it is further extended up to June 30, 2019.


    Earlier, Pakistan Tax Bar Association on Saturday urged FBR to extend the last date for filing income tax returns for Tax Year 2018 up to June 30, 2019 considering the recently launched tax amnesty scheme.


    In a letter to FBR Chairman Syed Muhammad Shabbar Zaidi, the PTBA informed that the Asset Declaration Ordinance, 2019 was announced on May 16, 2019 and the last date for filing declaration is June 30, 2019.


    The PTBA urged the FBR chairman to extend the last date for filing of return of income and statement of final taxation for individuals, Association of Persons (AOPs) and companies (other than public limited companies quoted on stock exchange) to June 30, 2019.


    The last date was already extended by the FBR till April 30, 2019 through Circular No. 03/2019 dated March 31, 2019.


    The apex tax bar said that the extension would encourage the new taxpayers to bring their house in order and come into the mainstream of economic activities by availing the benefit to become active taxpayers.

  • CDC to facilitate 600 businessmen to receive sales tax refund bonds

    CDC to facilitate 600 businessmen to receive sales tax refund bonds

    KARACHI: Central Depository Company of Pakistan Limited (CDC) will facilitate 600 businessmen in receiving their sales tax refunds issued by the Federal Board of Revenue (FBR) in the shape of refund bonds.

    Out of total 600 sales tax refunds claimants, around 200 businessmen have so far opened their CDC accounts.

    The government has planned to clear around Rs40 to 60 billion worth of refund claims through this scheme and it has finalized around 600 refund claimants who can Sales Tax Refund payments through Refund Bonds.

    CDC has already facilitated 90 businesses, who had opened their CDC Accounts, in getting Rs7 billion sales tax refund payments through Refund Bonds.

    This initiative was taken subsequent to the approval of amendments in Supplementary (Second Amendment) Act, 2019 by the Federal Government.

    In this regard, the Federal Board of Revenue (FBR) has also asked the refund claimants to open Sub Account or Investor Account with Central Depository Company of Pakistan Limited (CDC) and has issued procedures for opening of such accounts.

    The issuance of these Refund Bonds in book entry form through Central Depository System (CDS) will also help create ease of doing business for claimants as the Refund Bonds will be issued electronically in the system and there will be no paper or certificate issued. The claimants may just log in to the CDC web system and confirm that their Refund Bonds have been credited.

    In addition to this, the financing against Refund Bonds by Banks will also be very simple and efficient as Banks are already using CDC system and providing financing against different type of securities worth millions of rupees on daily basis.

    All the claimants need to do is to go to the Bank and mention their CDC account number and the Bank will retrieve all the information on real time basis from CDC system through CDC Pledge functionality and create a charge against these Refund Bonds with a simple click of the button.

    While commenting on this effort, Badiuddin Akber, CEO-CDC said that “CDC has always been ready to play its part in the progress and development of the country’s economy. We are more than willing to introduce convenience in doing business through digitalization to make our economy more business friendly and this initiative is one more step towards it.”

    In order to facilitate claimants, CDC extended full support and established facilitation desks at RTO Faisalabad and Multan in addition to the services extended from its offices in Karachi, Lahore and Islamabad. In this regard, a workshop was also organized for the Towel Manufacturers Association of Pakistan at TMA House, Karachi on June 01, 2019.

    CDC is also planning to establish a special facilitation Desk for the convenience of businesses at their Head office in Karachi.

  • Sindh Bank refuses Summit Bank merger plan

    Sindh Bank refuses Summit Bank merger plan

    The board of directors of Sindh Bank Limited (SNBL) has officially rejected the proposed merger with Summit Bank Limited (SMBL), marking a significant development in the banking sector.

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  • Update: Rupee weakens 48 paisas in intraday trading

    Update: Rupee weakens 48 paisas in intraday trading

    KARACHI – The Pakistani Rupee faced a further depreciation of 48 paisas against the US Dollar in intraday trading on Monday, creating fluctuations in the currency market just ahead of the Eid Holidays.

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  • FBR promotes 17 IR officers to BS-16

    FBR promotes 17 IR officers to BS-16

    ISLAMABAD: Federal Board of Revenue (FBR) has promoted 17 supervisors (BS-14) of Inland Revenue Department to the post of Office Superintendent (BS-16) Inland Revenue.

    The promotion has been effective from May 30, 2019.

    Following officials have been promoted:

    01. Khaleeq Mohsin, Supervisor, Corporate Regional Tax Office (CRTO), Lahore.

    02. Khalil Ahmad Khan, Supervisor, CRTO Lahore.

    03. Syed Riaz Ali Shah, Supervisor, CRTO Lahore.

    04. Sohail Mehmood Butt, Supervisor, CRTO Lahore.

    05. Khalid Sharif Rana, Supervisor, CRTO Lahore.

    06. Azhar Hussain Najmi, Supervisor, CRTO Lahore.

    07. Aamir Iqbal, Supervisor, CRTO Lahore. He will actualize promotion on retirement of Syed Riaz Ali Shah, Office Superintendent, CRTO Lahore.

    08. Shoukat Ali, Supervisor, RTO Hyderabad.

    09. Khalid Hussain Qureshi, Supervisor, RTO Hyderabad.

    10. Imtiaz Ahmad Memon, Supervisor, RTO Hyderabad.

    11. Syed Shahid Hussain Jafri, Supervisor, RTO Hyderabad.

    12. Muhammad Raeesuddin, Supervisor, RTO Hyderabad.

    13. Mukhtar Ahmad, Supervisor, RTO Sahiwal.

    14. Zaheer Ahmad Imran, Supervisor, RTO Quetta.

    15. Ms. Shamim Akhtar, Supervisor, RTO Gujranwala. She will actualize promotion on retirement of Rehmat Ali Shahid, Office Superintendent, RTO Gujranwala.

    16. Ahmad Nowsherwan, Supervisor, RTO Sialkot.

    17. Liaqat Ali, Supervisor, RTO Sialkot. He will actualize promotion on retirement of Tariq Naveed, Office Superintendent, RTO Sialkot.

    The FBR said that the promotion would take effect subject to the condition that no disciplinary proceedings were pending against them.

    The FBR further said that the officers who were promoted, if drawing performance allowance/ FBR fixed allowance would continue to draw it on their promotion.

  • Asset recovery unit receives certified copies in judges’ references

    Asset recovery unit receives certified copies in judges’ references

    ISLAMABAD: The Assets Recovery Unit of the Prime Minister’s Office received a complaint/information in respect of the foreign properties of three learned Judges, said a statement on Sunday.

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  • British Airways resumes Pakistan operation on June 03

    British Airways resumes Pakistan operation on June 03

    ISLAMABAD: British Airways will resume its flight operation from Monday June 03, 2019 to Pakistan after a gap of 18 years.

    First flight of British Airways (BA- 261) is arriving at Islamabad International Airport (IIAP) on June 03, 2019 (Monday) at 9:25 A.M from Heathrow (London) where 240 passengers will arrive by the Boeing 787 Dreamliner with Pakistani and British flags in their hands, a statement said on Sunday.

    In line with the spirit of this joyous occasion, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, Zulfiqar Hussain Bukhari, Special Assistant on Overseas Pakistanis and Human Resource Development along with Shahrukh Nusrat, Secretary Aviation, senior officials of Aviation Division, and the British High Commission will welcome the passengers at Islamabad International Airport.

    The same aircraft, as flight BA- 260, will depart for Heathrow at 11:10 A.M with passengers on board from Islamabad.

    Later in the day, Ghulam Sarwar Khan, Minister for Aviation, Abdur Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industry and Production, and Ms. Firdous Ashiq Awan along with Thomas Drew, the British Higher Commission, Andrew Brem chief commercial officer British Aiways and Shshrukh Nusrat Secretary Aviation / DG CAA will hold a joint Press Conference.

    As per the flight programme during the summer season, the British Airways will fly thrice a week between London Heathrow and Islamabad. Considering presence of large Pakistani diaspora in the United Kingdom, the BA flights will provide a convenient connection between the two countries. Apart from the diaspora, the flight link will promote cultural values, tourism and business opportunities between the United Kingdom and Pakistan.

    As a new hub for air travel, Islamabad International Airport will provide easy and convenient access to all parts of Pakistan.

    Several other major air operators have shown keen interest in initiating operations to Islamabad.

    It is expected that with the growth of number of passengers and cargo traffic, the initiatives will provide impetus to the growth of the aviation sector in line with the National Aviation Policy, 2019.

    The Aviation Division stands committed to provide world-class passenger experience at Pakistan’s airports with its state-of-the-art facilities and technological excellence.

    Ghulam Sarwar Khan, Federal Minister for Aviation in a statement said that the resumption of British Airways’ flight operation will be counted as a major milestone in the aviation history of Pakistan.

    The London Islamabad route will provide direct connection and ease of transport for our diaspora based in UK.

  • MCC Appraisement East announces auction of trucks

    MCC Appraisement East announces auction of trucks

    KARACHI: Model Customs Collectorate (MCC) Appraisement East has announced auction of dump trucks and other heavy construction machinery on June 10, 2019 at East Wharf Karachi.

    Following machinery will be presented for auction:

    01. OLD AND USED ASPHALT PAVER, MODEL:PE-150B, ENGINE NO. BC0206, SERIAL NO. 76857, I/O. AND BRAND NOT SHOWN, WEIGHT: 5 MT. 1 UNIT

    02. OLD AND USED DOUBLE CABIN NISSAN TADANO CRANE, SERIAL NO. KG45S-00419, BRAND: NISSAN, I.O. NOT SHOWN, CAPACITY: 30 MT, WEIGHT: 17 MT 1 UNIT

    03. USED HONDA INSIGHT CAR, CH NO. ZE2-1308052, MODEL: 2011 1 UNIT

    04. OLD AND USED ROLLER MACHINE LONGWITH STANDARD ACCESSORIES, TYPE: CA255, SERIAL NO. *10100154LHE004719*1217, I/O. INDIA, MFG YEAR 12/2017, BRAND: DYNAPAC., WEIGHT: 13.22 MT 1 UNIT

    05. OLD AND USED ROLLER MACHINE LONGWITH STANDARD ACCESSORIES, TYPE: CA255, SERIAL NO. *10100154CHE004036*03117, I/O. INDIA, MFG YEAR 03/2017, BRAND: ATLAS COPCO., WEIGHT; 13.25 MT 1 UNIT

    06. USED LOADER WITH ARM, BOOM AND BUCKET, CH.NO.81K03165, ENGINE NO.N/S. MFG YEAR.N/S. IN BURNED FORM., WEIGHT: 15.55 MT (BURNED) 1 UNIT

    07. USED WHEEL LOADER WITH ARM, BOOM AND BUCKET, CH.NO.311R01700, ENGINE NO.N/S. MFG YEAR.N/S. IN BURNED FORM. WEIGHT: 12 MT (BURNED) 1 UNIT

    08. USED HITACHI EXCAVATOR IN BURNED FORM CH NO.N/S. ENGINE:N/S, WEIGHT; 15.500 MT (BURNED) 1 UNIT

    09. WHEEL LOADER IN BURNED FORM, CH NO.63R05550, ENGINE N/S. MFG YEAR N/S. ,WEIGHT: 11 MT ((BURNED) 1 UNIT

    10. USED ROAD ROLLER IN BURNED FORM CH NO. N/S. ENGINE NO. N/S., WEIGHT: 7.5 MT (BURNED) 1 UNIT

    11. CAT. WHEEL LOADER WITH BOOM ARM BUCKET, CH.NO. 22Z03317, ENGINE NO.N/S. IN BURNED FORM., WEIGHT: 11 MT (BURNED) 1 UNIT

    12. OLD AND USED HONDA FIT+HYBRID CAR. CH NO. GP5-1212997, TYPE: DAA-GP5 1 UNIT

    13. HOT ROLLED STEEL SHEETS IN COILS OF SECONDARY QUALITY, WEIGHT: 793 MT 36 COILS TP 10-13

    14. OLD AND USED VOLVO DUP TRUCK CHA.NO.YV2JS32G99A687488 MODEL. N/S. BRAND VOLVO, ORIGIN NOT SHOW 1 UNIT

    15. USED TOYOTA COASTER, AUTOMATIC, DIESEL, CH#.xzb50-0059570, MODEL: SKG-XZB50-ZXTEY, MFG YEAR 20185 1 UNIT

    16. USED MERCEDEZ CONCRETE PUMP, VIN#WDB6251371K11311, MODEL: SCHWINGS42SXG, ORIGING: GERMANY. WEIGHT: 41 MT AS PER KPT B.BOOK. 1 UNIT

    17. USED TRUCK MOUNTED CONCRETE PUMP, CH#.KL3PC77CIVK001127 (ENGRAVED), BRAND: PUTZMEISTER, MODEL: DCP52, ORIGINAL NOT SHOW: TOTAL WEIGHT: 37.84 M.T. AS PER KPT B. BOOK. 1 UNIT