Pkrevenue.com

Author: Faisal Shahnawaz

  • No decision on amnesty scheme, cabinet to consider tomorrow

    No decision on amnesty scheme, cabinet to consider tomorrow

    ISLAMABAD: The federal cabinet has discussed the planned tax amnesty scheme and it will decide in tomorrow’s meeting, sources said on Tuesday.

    The federal cabinet was met under the chair of Prime Minister Imran Khan. Finance Minister Asad Umar briefed the meeting about the proposed amnesty scheme.

    The sources said that the prime minister directed the ministry to take input from general public on such scheme besides before launching it there should be proper public awareness.

    In this regard a committee was formed headed by the finance minister. The committee will finalize the amnesty scheme.

    The sources said that the government was planning to introduce the amnesty scheme through promulgation of presidential ordinance.

    The sources said that the PTI government was in difficult situation regarding launching the amnesty scheme as the ruling party had taken mandate to bring tax evaders and looters behind the bar instead giving amnesty.

  • Meezan Bank, Regal Auto sign MoU for Sharia financing solutions

    Meezan Bank, Regal Auto sign MoU for Sharia financing solutions

    KARACHI: Meezan Bank, Pakistan’s leading Sharia compliant bank, has signed a Memorandum of Understanding (MoU) with Regal Automobile Industries Limited to provide exclusive Shariah-compliant financing solutions and value-added services to its customers.

    Arshad Majeed – Group Head Consumer Finance, Meezan Bank signed the MoU with Sohail Usman, Chairman, Regal Automobile Industries Limited – in Karachi, along their respective senior team members.

    Arshad Majeed, while speaking at the occasion, expressed his appreciation to Regal Automobile Industries for creating an opportunity to enhance customer experience by offering priority processing, fast track vehicle delivery as well as after-sales benefits.

    He further added: “As a leader in Islamic Car Finance in the country, Meezan Bank aims to enhance its product offering by actively working with new automobile manufacturers such as Regal Automobile Industries Limited to offer additional value-added services to its customers.

    “We are hopeful that this recent alliance will prove to be mutually beneficial for both the organizations and help in reaching to a larger market.”

    Regal Automobile has recently entered into the Pakistani auto market, with a license to locally produce the DFSK (Dongfeng) vehicles originating from China, under the ‘Prince’ brand name. DFSK (Dongfeng) comes under the umbrella of Dongfeng Motor Corporation, the state-owned auto giant.

    As per the MoU, Meezan Bank will facilitate the provision of Shariah-compliant car financing solution while Regal Automobile’s brand ‘Prince’ will ensure priority delivery of Vehicles including Glory 580, K07 and C37 with after-sales support services to Meezan Bank’s customers across Pakistan.

  • FBR issues procedure for obtaining NTN, company registration

    FBR issues procedure for obtaining NTN, company registration

    ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for getting National Tax Number (NTN) and registration with Securities and Exchange Commission of Pakistan (SECP) through Virtual One Stop Shop (VOSS).

    The FBR and SECP have launched a one-window facility for Company incorporation and National Text Number (NTN) registration.

    This facility enables companies to be registered with SECP and FBR in one go without having to visit FBR offices or its website.

    For the convenience of all stakeholders, the process to be followed is outlined as under:

    Step 1- Taxpayer will visit the SECP website (https://www.secp.gov.pk) and complete the company incorporation application as before;

    Step 2- As soon as company is incorporated, data of the company and its directors will be forwarded to FBR through an automated web service;

    Step 3- FBR system will run an auto-process to verify if all the directors registered taxpayers of FBR. If all the directors are already registered taxpayers, then process will jump to Step 6;

    Step 4- If any Director(s) are not registered with FBR, system will automatically register each unregistered director on the basis of data provided by SECP;

    Step 5- System will send confirmation email and SMS to each director on successful registration;

    Step 6- System will automatically create FBR registration application on behalf of company, process the application and register the company within FBR;

    Step 7- System will send confirmation email and SMS to company representative on successful registration;

    Step 8- FBR will intimate SECP about registration of Taxpayers within FBR.

    The FBR said that the process from Step-3 to Step-8 is totally system-based without any human involvement which will save time and effort of the taxpayer and improve the efficiency of the system.

  • Stock market ends down by 122 points on profit taking

    Stock market ends down by 122 points on profit taking

    KARACHI: The stock market ended down by 122 points on Tuesday following profit taking during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,382 points as against 37,504 points showing a decline of 122 points.

    Analysts at Arif Habib Limited said that the market saw attrition of 91 points (unadjusted) by session’s end, where the index swayed +132 points and -165 points during the day.

    Profit booking became the mantra for investors, who keenly waited for ISL’s results, they added.

    Financial results were announced close to session’s end and disappointed investors and analysts alike.

    The stock ultimately hit lower circuit and dampened investor sentiment too.

    Cement sector remained in the limelight with 29 million traded volume, however, the underlying scrips witnessed selling pressure on the back of disagreement among Cement manufacturers regarding sales quota.

    KEL saw activity to the downside in last half hour of trading that saw price dropping below Rs. 5 shortly. The sector that stood out and defied the selling pressure was Autos, which saw most scrips trading at Upper circuit.

    Sectors contributing to the performance include Banks (-39 points), E&P (-22 points), Engineering (-17 points), O&GMCs (-16 points), Tobacco (-16 points), Autos (+14 points).

    Volumes declined further from 172 million to 140 million shares (-19 percent DoD). Average traded value also declined by 24 percent to reach US$ 33.3 million as against US$ 43.6 million.

    Stocks that contributed significantly to the volumes include UNITYR1, KEL, PAEL, PIOC and MLCF, which formed 41 percent of total volumes.

    Stocks that contributed positively include UBL (+18 points), FFC (+16 points), HUBC (+7 points), HASCOL (+7 points), and AICL (+6 points).

    Stocks that contributed negatively include MCB (-17 points), POL (-15 points), PMPK (-12 points), ISL (-12 points) and PSO (-11 points).

  • Rupee ends unchanged against dollar

    Rupee ends unchanged against dollar

    KARACHI: The Pak Rupee ended unchanged against dollar in interbank foreign exchange market on Tuesday amid lackluster trading.

    The rupee ended Rs141.40 to the dollar, the same previous day’s closing level, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs 141.39 and Rs141.40.

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

    In open market the exchange rate, however, the rupee gained 10 paisas against the greenback.

    The buying and selling of dollar was recorded at Rs141.70/Rs142.20 from previous day’s closing of Rs141.80/Rs142.30 in cash ready market.

  • Cabinet to approve money whitening amnesty scheme today

    Cabinet to approve money whitening amnesty scheme today

    ISLAMABAD: The federal cabinet may consider and approve the new amnesty scheme today which is meant for whitening the ill-gotten money.

    The scheme may continue till the end of current fiscal year and it would be offered for domestic and foreign undisclosed assets. The scheme may be prolonged beyond July 2019.

    The amnesty would also be offered for gold and cash in bank accounts at different rate of taxes.

    After approval from federal cabinet the government would introduce the scheme through promulgation of presidential ordinance and subsequently would approve from the parliament through finance bill.

    Many stakeholders are not in favor of giving tax dodgers another opportunity through money whitening scheme as the domestic and international laws are strengthened against tax evasion.

    The FBR during the last three months also demonstrated efforts against tax evaders through confiscation of properties and other assets besides arrests in tax evasion.

    However, the FBR sources believed that the fear created during the past three months and data gathered regarding businessmen was sufficient to make the amnesty scheme a success.

  • Sales Tax Act 1990: maintaining record for taxable supplies

    Sales Tax Act 1990: maintaining record for taxable supplies

    KARACHI: A person making taxable supplies is required to maintain record of goods and keep at his office for scrutiny by tax officials.

    (more…)
  • FBR issues procedure for making payment through internet, ATM, mobile banking

    FBR issues procedure for making payment through internet, ATM, mobile banking

    ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for payment of duty and taxes through alternate delivery channels (ADC) including internet banking, ATM and mobile banking.

    The FBR said that it had launched the system of payment of taxes through ADC under which taxpayers would now be able to make payments of federal taxes and duties i.e. income tax, sales tax, customs duty and Federal Excise Duty (FED) from any commercial bank account through internet banking, ATM, mobile banking and contact centers/

    Availability of these options will improve the efficiency of the system, provide convenience for taxpayers and improve ease of doing business in Pakistan.

    The FBR outlined the process for making payment for the convenience of all stakeholders:

    Taxpayer will login to the FBR system (https://e.fbr.gov.pk) and prepared the PSID as before. However, he / she will select the ADC payment mode on the PSID;

    Taxpayer will note down the PSID number for further processing;

    Taxpayer will login to the online banking system of his/her bank through computer or mobile phone or visit ATM facility. The bill payment screen of the bank shall reflect ‘FBR’ as biller. The taxpayer shall click the option ‘FBR’. The bank/ATM screen shall require the taxpayer to enter the PSID number. The screen will appear for making payment to FBR.

    By entering PSID, the payment details shall be visible to the taxpayer for approval of the payment of taxes. Upon confirmation, the bank account of taxpayer shall be debited and a message of successful transaction shall be visible on the screen;

    Within three hours of confirmation, the payment will be marked as paid. A CPR will be provided to the taxpayer through e-mail and confirmation message sent on SMS. At the same time CPR will be available on FBR system for further use.

  • LG dualcool air conditioners attract visitors at InnoFest MEA

    LG dualcool air conditioners attract visitors at InnoFest MEA

    KARACHI: LG Electronics (LG) attracted visitors at InnoFest MEA with its new split air and floor standing dualcool air conditioners for 2019.

    (more…)
  • IMF mission to visit Pakistan by end of April

    IMF mission to visit Pakistan by end of April

    KARACHI: An IMF mission will visit Pakistan by the end of April to continue discussions for new loan program, a statement said on Monday.

    It said that the Pakistani authorities and IMF staff held constructive discussions during the IMF/World Bank Spring Meetings in Washington DC towards an IMF-supported program.

    At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.