Pkrevenue.com

Author: Faisal Shahnawaz

  • List of Customs officers fail to furnish asset declaration

    List of Customs officers fail to furnish asset declaration

    ISLAMABAD: Federal Board of Revenue (FBR)on Friday issued a list of officers of Pakistan Customs Service (PCS) in BS-19 and BS-20, who have failed to furnish asset declaration and Performance Evaluation Reports (PERs).

    A circular issued by the FBR stated that it is intimated that the performance evaluation report (PERs) or Declaration of Assets or both of the following officers of PCS BS-19 and BS-20, who are in the  promotion zone, are missing:

    BS-20 officers

    1. Dr. Naeem Khan

    2. Imtiaz Ahmad Sheikh

    3. Muhammad Asghar Khan

    4. Abdul Qadir Memon

    5. Asif Saeed Khan Lughmani

    6. Muhammad Ali Raza Hanjra

    7. Muhammad Imran Khan Mohmand

    8. Ms. Zeba Azhar Zeba Bashir Ahmad

    9. Iftikhar Ahmad

    10. Muhammad Saeed Khan Jadoon

    11. Syed Shakeel Shah

    12. Muhammad Junaid Jalil Khan

    BS-19 Officers:

    1. Ms. Mehnaz Bhaur

    2. Ms. Misbah Khatana

    3. Sajjad Hyder Jhin Jhin

    4. Shafqat Ali Khan Niazi

    5. Kh. Khurram Naeem

    6. Syed Naeem Akhtar

    7. Ms. Saira Agha

    8. Ms. Ayesha Niaz

    9. Muhammad Ashfaq

    10. Ms. Nasreen Nawaz

    11. Engr. Habib Ahmad

    12. Shoukat Ali

    13. Abid Hussain Hakro

    14. Azhar Hussain Merchant

    15.  Jameel Ahmed Baloch

    16. Arbab Qaisar Hamid

    17. Dr. Moin-ud-Din Ahmad Wani

    18. Nadeem Ahsan

    19. Ziaullah Shams

    20. Asdaq Afzal Sensera

    21. Agha Saeed Ahmad Phatan

    22. Rizwan Salabat

    23. Suleman Yaqub Khan

    24. Ghulam Mustafa

    25. Junaid Ahmed Memon

    26. Ms. Sameera Sheikh

    27. Naveed Illahi

    28. Ms. Beelam Ramzan

    29. Muhammad Saeed Asad

    30. Ms. Mahreen Naseem

    31. Muhammad Masood Sabir

    32. Ms. Saadia Sheeraz

    33. Muhammad Hans Ansari

    34. Azood ul Mehdi

    The FBR said that failure in the submission of above documents by 03-09-2021 i.e. today, the officer himself/herself will be responsible for non-consideration/ deferment/ supersession.

    FBR officers found non-compliant to asset declaration
  • SBP issues customers exchange rates on September 03

    SBP issues customers exchange rates on September 03

    Karachi, September 03, 2021 – The State Bank of Pakistan (SBP) has published the exchange rates for customers on Friday, September 03, 2021.

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  • Commissioner can revise the assessment order

    Commissioner can revise the assessment order

    Section 122B of Income Tax Ordinance, 2001 has provided that the Chief Commissioner has the authority to revise assessment order.

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  • Commissioner empowered to call taxpayer’s record

    Commissioner empowered to call taxpayer’s record

    Section 122A of the Income Tax Ordinance, 2001 tells that the commissioner can call for any taxpayer’s record.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    Following is the text of Section 122A of Income Tax Ordinance, 2001:

    122A. Revision by the Commissioner.—(1) The Commissioner may, call for the record of any proceeding under this Ordinance or under the repealed Ordinance in which an order has been passed by any Officer of Inland Revenue other than the Commissioner (Appeals).

    (2) Subject to sub-section (3), where, after making such inquiry as is necessary, Commissioner considers that the order requires revision, the Commissioner may make such revision to the order as the Commissioner deems fit.

    (3) An order under sub-section (2) shall not be prejudicial to the person to whom the order relates.

    (4) The Commissioner shall not revise any order under sub-section (2) if—

    (a) an appeal against the order lies to the Commissioner (Appeals) or to the Appellate Tribunal, the time within which such appeal may be made has not expired; or

    (b) the order is pending in appeal before the Commissioner (Appeals) or has been made the subject of an appeal to the Appellate Tribunal.

    (5) If any order is remanded back to any lower authority by the Commissioner for modification, alteration, implementation of directions or de novo proceedings, the order giving effect to the directions of the Commissioner shall be issued within one hundred and twenty days.

    (Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

  • PM directs launching portal to facilitate investors

    PM directs launching portal to facilitate investors

    In a bid to facilitate both local and foreign investors, Prime Minister Imran Khan on Thursday instructed relevant authorities to expedite the launch of a one-window portal designed to streamline investor facilitation in Pakistan.

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  • FX reserves reach all-time high at $27.227 billion

    FX reserves reach all-time high at $27.227 billion

    KARACHI: The country’s liquid foreign exchange (FX) reserves have reached a historic high of $27.228 billion by the week ended August 27, 2021.

    The foreign exchange reserves have increased by $2.609 billion during the week under review.

    The total liquid exchange reserves of the county were $24.619 billion by the week ended August 20, 2021, the State Bank of Pakistan (SBP) said on Thursday.

    The official reserves of the SBP also reached a historic high of $20.146 billion by the week ended August 27, 2021.

    The SBP said that during the week ended Aug 27, 2021, the central bank received proceeds of IMF SDR allocation amounting to US$ 2.752 billion. After accounting for external debt payments, the reserves have increased by $ 2.567 billion to $20.146 billion.

    The foreign exchange reserves held by commercial banks increased nominally to $7.082 billion by the week ended August 27, 2021 as against $7.040 billion a week ago.

  • KSE-100 index plunges by 510 points on profit-booking

    KSE-100 index plunges by 510 points on profit-booking

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 510 points on Thursday. The index fell owing to profit booking during the day.

    The index closed at 46,903 points as against the previous day’s closing of 47,413 points, showing a decline of 510 points.

    Analysts at Arif Habib Limited said that the market saw a draw-down of 539 points during the session, which came in the backdrop of depreciating rupee, rising costs of commodities (particularly coal for Cement) and redemption calls at mutual funds end.

    The cement sector saw significant selling pressure followed by Banks and Technology stocks due to cost pressures and limited flexibility to pass on the costs.

    Weak investor sentiment as evident from longer than anticipated consolidation of the KSE-100 benchmark made even the depreciating rupee a negative factor for Technology, Textile, and E&P stocks, which would otherwise benefit.

    Among scrips, GGL topped the volumes with 57.9 million shares, followed by WTL (53.3 million) and ANL (42.1 million).

    Sectors contributing to the performance include Banks (-138 points), Cement (-125 points), Fertilizer (-43 points), E&P (-38 points) and Technology (-32 points).

    Volumes increased from 536.6 million shares to 544.4 million shares (+1 percent DoD). The average traded value also increased by 12 percent to reach US$ 96.2 million as against US$ 8.1 million.

    Stocks that contributed significantly to the volumes include GGL, WTL, ANL, SERFR, and TELE, which formed 41 percent of total volumes.

    Stocks that contributed positively to the index include NRL (+8 points), PSX (+7 points), ATRL (+7 points), BYCO (+6 points), and MARI (+4 points). Stocks that contributed negatively include UBL (-41 points), HBL (-40 points), LUCK (-36 points), MCB (-30 points) and CHCC (-25 points).

  • SBP issues house financing guidelines

    SBP issues house financing guidelines

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued guidelines for financing the housing units in under-construction projects.

    The SBP said that builders/developers are developing and marketing a number of multistorey projects of housing units across the country.

    Although these under-construction projects are exposed to project completion risk and performance risk of builders/developers, many individuals are attracted to book housing units in these projects owing to their affordability and option of payments through installments.

    However, the banks/DFIs have traditionally shied away from financing the housing units in under-construction projects due to issues in the availability of legally enforceable title documents and registration of mortgages as per requirements of Prudential Regulations (PR) for Housing Finance.

    It may be noted that banks/DFIs extend project financing to builders/developers for the construction of multistorey housing projects after adequately securing their project and builder risks through mortgage of project land and other securities.

    Utilizing these already established security arrangements with the builders/developers, the banks/DFIs may also extend housing finance against housing units in multistorey housing projects.

    This will expand options of affordable housing to individual borrowers. This will also facilitate banks/DFIs in ensuring repayment/ settlement of their project financing through conversion of the same in housing finance.

    In view of the above considerations, State Bank has decided to issue guidelines to encourage banks/DFIs to extend housing finance to the housing units in under-construction projects for which they have already entered into arrangements of project financing with builders/developers.

    These Guidelines for Financing of Housing Units in Under-construction Projects have been developed considering current market norms of buying/selling of housing units in under-construction projects by addressing issues of legally enforceable rights and responsibilities.

    While guidelines comprehensively cover various aspects, it may be noted that all payments to the builder/developer for completion of construction/project shall be routed through an escrow account maintained by the bank/lead bank of the consortium.

    The builder’s/developer’s equity and purchasers’ equity contribution and subsequent payments of the purchasers through mortgage financing shall be routed through the same account.

    Accordingly, the State Bank has decided to exempt banks/DFIs extending housing finance for under-construction housing units from requirements as specified under Regulation HF 8: Creation of Mortgage for Housing Finance.

    This exemption will be available till the arrangement of the completion certificate, NOCs, approvals, utility connections, and registered title deed between builder/developer and buyers of housing units. In order to avail of this exemption, the banks/DFIs will, however, be required to meticulously comply with provisions of Guidelines for Financing of Housing Units in Under-construction Projects.

  • KIBOR rates on September 02, 2021

    KIBOR rates on September 02, 2021

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the following Karachi Interbank Offered Rates (KIBOR) on September 02, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.957.45
    1 – Month7.017.51
    3 – Month7.137.38
    6 – Month7.307.55
    9 – Month7.397.89
    1 – Year7.508.00
    KIBOR rates on September 01, 2021
  • SBP issues customers exchange rates on September 02

    SBP issues customers exchange rates on September 02

    Karachi, September 02, 2021 – The State Bank of Pakistan (SBP) has issued the exchange rates for customers on Thursday, September 02, 2021.

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