ISLAMABAD – In a significant development, the Federal Board of Revenue (FBR) announced the promotions of two distinguished officers from the Inland Revenue Service (IRS) to the coveted BS-22 rank.
(more…)Author: Faisal Shahnawaz
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Eatery owners knowingly ignore hygiene requirements: Sindh Food Authority
KARACHI: Eatery owners are well aware about their shortcomings yet they ignore hygiene requirements and compromise with public health, Abrar Ahmed Sheikh, Director Operations, Sindh Food Authority (SFA) said on Tuesday.
Talking at Karachi Chamber of Commerce and Industry (KCCI), the director urged the owners of all eateries, restaurants, bakeries and other food-related businesses to improve the hygienic conditions in their business premises and provide safe & healthy food to the public otherwise strict action will continue to take place and no compromise will be made over the quality and hygienic conditions.
Abrar Sheikh said: “It is impossible that the eatery owners are not aware of the shortcomings. They know what exactly is going wrong and they simply cannot deny it yet they ignore it, do not take remedial measures and continue to play with lives of the masses by providing unhygienic and hazardous food which cannot be tolerated.”
President KCCI Junaid Esmail Makda, Senior Vice President Khurram Shahzad, Vice President Asif Sheikh Javaid, Former President AQ Khalil, Former Vice President Agha Shahab Ahmed Khan, Chairman All Pakistan Restaurants Association Shaukat Ali Omerson, Managing Committee members and a large number of businessmen associated with food-related businesses also attended the meeting.
Director Operations SFA further stated that SFA works under a transparent mechanism in which the working parameters for food technologists and food safety officers have been defined in such a manner that leave absolutely no room for any kind of under the table deal therefore, all businessmen associated with food businesses should stop thinking about bribing the officers and must rectify their shortcomings, improve the hygienic conditions and provide healthy food to the masses otherwise they will be taken to task by the Authority.
He explained that SFA never seals any business premises immediately after identifying hygiene and food quality related shortcomings as the authority initially issues an improvement notice and also raises awareness about the hygiene and food quality requirements, which is followed by a warning notice and penalty if the eatery owners fail to improve.
Subsequently, if the eatery owners continue to avoid taking corrective steps even after the imposition of penalty and warning notice, it leaves no other option for SFA but to seal the business premises under Section 45 of CrPC that results in temporary suspension of commercial activities until all the SFA requirements are complied.
Referring to President KCCI’s remarks, Director SFA said, “We also want to promote the ease of doing business but no compromise will made over the food quality and hygienic conditions. It is high time to change which has become inevitable now.
“We firmly believe in consultation rather than taking decisions in isolation, which is the basic reason why SFA carries out awareness drives prior to issuing any warning notice or imposing penalty.”
He further informed that work was in progress at SFA for setting up a world-class state-of-the-art laboratory where the facility to carry out all forms of tests and verifications will be available which will be acceptable globally.
Vegetables being cultivated by using the sewage water cannot be tolerated which was a very serious issue therefore, the SFA has decided to initiate a massive drive in which all such productions will be completely bulldozed and strategies will be devised to make that no sewage water is used in future for cultivation of vegetables, he added.
He stressed that both institutions will have to work collectively to create a healthier society. “We need KCCI’s support otherwise we cannot move forward”, he added.
Speaking on the occasion, President KCCI Junaid Esmail Makda stated that the Karachi Chamber has been successfully playing the role of bridge between the business community and SFA therefore, any grievance being faced by businessmen be brought to Chamber’s notice so that the issue could be amicably resolved.
“The authorities at Sindh Food Authority must also work closely with KCCI and carry out all its operation in consultation with KCCI in order to create an enabling business environment”, he added.
He was of the opinion that prior to taken any action, SFA must hold frequent awareness sessions and make people aware of the required hygienic conditions and food quality as it takes many years to build a brand name which is destroyed within minutes as it has been observed that all the activities being carried out by SFA were being widely broadcasted in the media.
He also underscored the need to adopt uniform policies by all the food authorities across Pakistan as it has been observed that these policies vary in Sindh, Punjab and KPK, creating a confusing situation for businessmen.
Referring to SFA operation largely confined to Karachi only, he said that the department should expand its operations to other cities of Sindh as well where hundreds of people were suffering terribly due to unhygienic and low-quality food stuff.
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Equity market gains 200 points on improved sentiments
KARACHI: The equity market gained 200 points on Tuesday after improved trading sentiments.
The KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,329 points as against 38,129 points showing an increase of 200 points.
Analysts at Arif Habib Limited said that the market sentiment improved after a long time and the index closed positive.
After an initial down side of 89 points at the beginning of session, the market turned positive and investors took positive bets on the outcome of Supreme Court’s decision relating to Nawaz Sharif, which is considered to be a sign of resolving political stalemate at the parliament and focusing on core economic issues by the government.
Cement, Fertilizer, Autos and E&P sector contributed the most to the upside, especially by the end of session. O&GMCs, especially SSGC, also went up with expectation of financial results to be announced soon as the extension got turned down by SECP.
Sectors contributing to the performance include E&P (+101 points), Autos (+22 points), Fertilizer (+20 points), Engineering (+14 points) and O&GMCs (+13 points).
Volumes increased significantly from 56.5 million shares to 86.1 million shares. Average traded value also increased by 33 percent to reach $ 25.2 million as against $ 19 million.
Stocks that contributed significantly to the volumes include WTL, KEL, OGDC, FCCL and TRG, which formed 38 percent of total volumes.
Stocks that contributed positively include OGDC (+54 points), PPL (+30 points), MARI (+12 points), SNGP (+11 points), and SEARL (+9 points). Stocks that contributed negatively include FCCL (-8 points), PSO (-7 points), SPWL (-5 points), KTML (-5 points) and HBL (-4 points).
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Rupee ends with two paisas gain
KARACHI: The Pak Rupee gained two paisas against dollar on Tuesday amid higher demand for import and corporate payments.
The rupee ended Rs140.27 to the dollar from previous day’s closing of Rs140.29 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs140.25 and Rs140.30.
The market recorded day high of Rs140.30 and low of Rs140.26 and closed at Rs140.27.
The exchange rate in open market however ended with appreciation of local currency against the dollar.
The buying and selling of dollar was recorded at Rs140.50/Rs141.00 from previous day’s closing of Rs140.80/Rs141.30 in cash ready market.
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MCC Preventive announces auction of confiscated vehicle on March 28
KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced auction of confiscated vehicle to be held on March 28, 2019 at Anti-Smuggling Organizations (ASO), Ghasbandar, East Wharf, Karachi.
The following vehicles will be presented for the auction:
1. Mitsubishi Pajero Jeep ( Used) GS-2000 Model-1994, Reg. GS-2000 / V46 – 4034791.
2. Used Lexus Car – Reg No. UC – 868 -Model – 2006 – 3450cc, JTHBG 963905034702.
3. Used Toyota Premio Car VVT – Reg no. AAH – 747 Model – 2007, ZZT240 0140149.
4. Used Toyota Harrier Jeep Reg no. JAA – 452 – Model – 1998 – 2999 cc, Chassis no. MCU – 10 – 0013510 Engine no. IMZ – FE 6688090.
5. Used Toyota Hilux Surf – Reg no- CP – 0693/ Model – 1990/ 2958cc, Chassis no. LN – 130 – 0009771.
6. Used Honda Saloon Accord Car/ Reg no. BFT – 418/ Model 2003/ 1990cc, Chassis no. LC7 – 3006339/ Engine no. 33101802.
7. Toyota Hiluc Surf SSR – X – 3.0/ Reg no. BD – 8045/ Model KD – KZN130W – GKPQT/ 2962 cc, Chassis no. KZN 130 – 9048116/ Engine no. IKZ – TE.
8. Used Mercedes Benz ( AG) Fake Reg no. AB – 1001/ 2999cc, Chassis no. WDB1240312B476728.
9. Used Toyota Mark – II Saloon Car/ Reg no. BBL – 708/ Model – 2000/ 1800HP, Chassis no. JZX110 – 6000922/ Engine no. 1JZ – 075 – 075010.
10. Used Toyota Hilux Surf/ Reg no. BD – 1688/ Model – 1994 ( As per seat belt), Chassis no. LN – 130 – 0123784.
11. Used Toyota AXIO – X Car – White colour – Reg no. BFE – 068 – 1496 cc – Model – 2007, Chassis no. NZE – 141 – 6028039/ Engine no. INZ – CO360547.
12. Toyota Primo Car Used – Reg no. AAM – 095 – Model – 2005 – 1794 cc, Chassis no. ZZT – 240 – 5039822/ Engine no. IZZFE – 12557.
13. Used Honda Civic Saloon Car – White Colour Reg no. AAM – 988 (Quetta) – Model – 2007, Chassis no. FD – 31001100/ Engine no. MF – 5100586 – 1800cc.
14. Used Toyota Land Cruiser Jeep – Silver Colour – Reg no. BG – 1131 – Model – 1989 – 3431 cc, Chassis no. BJ 60 – 023765 – Engine no. 38 – 1098887(As per Reg.Book).
15. Used Toyota Corolla Car – Model – 2015, Reg no. BDE – 852 – Chassis no. NZE170R4016729.
16. Used Toyota Crown Saloon Car – Model – 2004, Reg no. BHK – 012/ Chassis no. GRS182 – 5014910 – Engine no. 3GR – FSF – 2994cc.
17. used toyota saloon car XE-Model -1999 – 1500cc chassis No AE-100-5171778-engine No SA-FE-1500cc
18. Used Toyota Mark-X Car, Reg no BGB-453-Model -2005, Chassis No GRX-121-3000684-Engine No 3GR-FSE0077053-2497cc.
19. Used Toyota Premio Saloon Car Reg No, AXE-317, Chassis No ZZT 240-0124717- Engine No 1ZZ-2614685.
20. Used Toyouta Premio Saloon Car, Reg No BFM-306-Model- 2004, Chassis No AZT240-0017447, engine No 1AZ-4802097-1998cc.
21. Used Toyota Mark-X Car, Reg No BBC-301, Model -2005, Chassis No GRX-120-0042956-Engine No 4GR-FSE-2499cc.
22. Used Landcruiser Jeep, Reg No E-1132, Model -1997, Chassis No KZJ95-0080245, Engine No IKZ-TE-0547566-2982cc.
23. Used Toyota Hilux Surf Jeep, Reg No BJ-933, Model -2000, Chassis No RZN-185-9029667-Engine No 3RZ-FE-2122003-2963cc.
24. Used Toyota Vitz Car, Reg No RFL-1788, MOdel -2004, Chassis No SCP-13-0048794-Engine No 2SZ-FE-1297cc.
25. Used Toyota Land Cruiser Jeep, Reg No GR-541, Model-2015, chassis No TRJ150-051668, Engine No 2TR-FE.
26. Used Toyota Crown Royal Saloon (G)Car, Fake Reg No BEZ-998, Model-2005, Chassis No GRS 182-1015624-Engine No 0123426, 2994cc.
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Income Tax Ordinance 2001: Corporate tax rate to be reduced to 25pc
The government of Pakistan has undertaken a strategic initiative to gradually reduce corporate income tax rates, aiming to bring them down to 25% by the tax year 2023 and onwards.
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Restriction on non-filers for car buying considerably reduces own money
KARACHI: The restriction on non-filers to purchase cars during first half of current fiscal year has reduced the delivery time and also reduce the own money for immediate delivery in the grey market.
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PNSC adds MoGas Carrier vessel to its fleet
KARACHI: Pakistan National Shipping Corporation (PNSC) has added MoGas Carrier LR-1 vessel to its fleet on Monday, Federal Minister for Maritime Affairs Syed Ali Haider Zaidi said.
The ship, which has been named Bolan, will help reduce the dependency on foreign vessels and will help in saving million of dollars in freight chares, he said in a tweet.
He termed it as another step towards self reliance of the country.
Zaidi said that the with the addition of latest carrier the PNSC fleet increased to 10, out of which five ships are bulk cargo and four were crude oil.
He congratulated chairman PNSC for successful acquisition. Zaidi said that another ship would be added to PNSC fleet before end of Summer 2019.
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Tax rates for salary, business individuals
KARACHI: Following are the tax rates for individuals under First Schedule of Income Tax Ordinance, 2001.
The tax rate as updated through Finance Supplementary (Amendment) Act, 2018 to Income Tax Ordinance, 2001, issued by Federal Board of Revenue (FBR).
Rates of tax for individuals
(1) The rates of tax imposed on the taxable income of every individual, not being an individual to which paragraph (1A) of this Division applies, shall be as set out in the following table, namely:—
Table
S. No. Taxable Income Rate of Tax 01 Where the taxable income does not exceed Rs. 400,000 0 percent 02 Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000 Rs1,000 03 Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000 Rs2,000 04 Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs. 2,400,000 5 percent of the amount exceeding Rs. 1,200,000 05 Where the taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,000,000 60,000 + 15 percent of the amount exceeding Rs. 2,400,000 06 Where the taxable income exceeds Rs. 3,000,000 but does not exceed Rs. 4,000,000 150,000 + 20 percent of the amount exceeding Rs. 3,000,000 07 Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 5,000,000 350,000 + 25 percent of the amount exceeding Rs. 4,000,000 08 Where the taxable income exceeds Rs. 5,000,000
600,000 + 29 percent of the amount exceeding Rs. 5,000,000 Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.
Salary persons
(1A) Where the income of an individual chargeable under the head “salary” exceeds fifty per cent of his taxable income, the rates of tax to be applied shall be as set out in the following table, namely:—
Table
S.No. Taxable Income Rate of Tax 01 Where the taxable income does not exceed Rs. 400,000 0 percent 02 Where the taxable income exceeds Rs. 400,000 but does not exceed Rs. 800,000 Rs1,000 03 Where the taxable income exceeds Rs. 800,000 but does not exceed Rs. 1,200,000 Rs2,000 04 Where the taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,500,000 5 percent of the amount exceeding Rs. 1,200,000 05 Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs. 4,000,000 65,000 + 15 percent of the amount exceeding Rs. 2,500,000 06 Where the taxable income exceeds Rs. 4,000,000 but does not exceed Rs. 8,000,000 290,000 + 20 percent of the amount exceeding Rs. 4,000,000 07 Where the taxable income exceeds Rs. 8,000,000 1,090,000 + 25 percent of the amount exceeding Rs. 8,000,000 Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.
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Prize bonds investment soars by 17.07 percent to Rs929.64bn
KARACHI: The investment in prize bonds has soared to Rs929.64 billion by January 2019 as compared with Rs794.09 billion by the same month of the last year, showing an increase of 17.07 percent.
According to statistics issued by State Bank of Pakistan (SBP), the savings mobilized through prize bonds had increased to Rs929.64 billion January 2019 through different categories of prize bonds.
The statistics have shown the investment in higher denomination prize bonds increased more rapidly then the lower denomination.
Following is the position of investments in different prize bonds:
(Rs in million)
S. No. Prize Bonds Jan 2019 Jan 2018 % Increase 01 Rs100 9,771 8,795 11.09 02 Rs200 29,325 27,076 8.30 03 Rs750 98,590 86,520 13.95 04 Rs1,500 105,019 90,078 16.58 05 Rs7,500 96,221 75,317 27.75 06 Rs15,000 173,803 144,780 20.04 07 Rs25,000 156,923 135,080 16.17 08 Rs40,000 259,130 225,586 14.86 Related Stories
Investment in registered prize bonds surges by 30pc