Pkrevenue.com

Author: Faisal Shahnawaz

  • FPCCI deplores ignoring national chamber at China visit

    FPCCI deplores ignoring national chamber at China visit

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly criticized the ministry of commerce for ignoring the apex trade body at the recent important visit of Prime Minister Imran Khan to China.

    President FPCCI Engr. Daroo Khan Achakzai regretted that the ministry of commerce specially the Advisor to Prime Minister on Commerce for not helping the Prime Minister and wasting all his efforts due to their attitude and disconnect with the business community.

    In a statement on Tuesday, he cited an example that during the recent important visit of the Prime Minister to China, MOC arranged Pakistan business forum and B2B meetings between Pakistani and Chinese businessmen.

    “It was surprising that Pakistan Business Council (PBC) represented the business community of Pakistan at this important forum.”

    PBC is a non-elected body of few elite businessmen originally formed under the patronage of present Advisor to PM on Commerce and Industry.

    PBC Irrespective of its Professional merits or demerits, it cannot be a substitute to the democratically elected representatives of business community FPCCI, the national chamber of the country, but somehow the unjustified patronage of Advisor to PM has given it a more prominent role in shaping the trade and economic policies, whereas genuine stakeholders have been sidelined.

    This has resulted in deterioration of Business confidence as the policies are formulated more on intellectual ideas of few instead of input of ground realities based on input from the real stakeholders. Such policies would not help the Government to come out of its present crisis.

    The FPCCI president praised the recent achievements of the Prime Minister during his visit to China. The Signing of FTA-II and ML-1 projects will go a long way in bringing up Country’s economy.

    He said that the vision and hard work of PM is unprecedented in the history of the Country. His five points agenda of at OBR forum of mitigating climate change, establishing a BRI tourism corridor for promoting people-to-people contacts inter-cultural understanding, anti-corruption cooperation, poverty alleviation fund, and further liberalizing trade and investment flows by encouraging private sector and businesses is revolutionary ideas and were appreciated at all levels.

    Unfortunately he has inherited an economy, which is very difficult to manage, and he faces gigantic task to stabilize this. The business community has always resolved support for the Prime Minister in his efforts.

    It is worth mentioning that while Country’s own Ministry of Commerce ignored FPCCI, the apex trade body of the Country while the Councils of Promotion of International Trade (CCPIT) of Chongqing, Tianjin and Xin Jiang Provinces met the President of FPCCI and immediately signed MoUs with him during the Belt and Road Forum at Beijing thus recognizing the importance of the elected representative of the business community.

    President FPCCI has urged the Prime Minister that his hard work and vision will only yield fruitful results, when his team will take the entire business community into confidence instead of patronizing few.

    He requested the prime minister to direct all concerned trade, investment, economic Ministries and departments to engage the elected bodies of Business community specially FPCCI for their input on all economic issues and give weightage to their nominations for advisory and consultative bodies, trade delegations and important forums abroad.

  • Rupee makes gain against dollar

    Rupee makes gain against dollar

    KARACHI: The Pak Rupee made gain against dollar on Tuesday after maintaining levels for 11 consecutive days.

    The rupee ended at Rs141.39 to the dollar from previous day’s closing of Rs141.40 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded a high of Rs141.398 and low of Rs141.39 and closed at Rs141.39.

    Currency experts said that the market was remained range bound and buyers were eying on the talks between Pakistan and IMF for the new loan program.

    The exchange rate in open market was remained unchanged.

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

  • ExxonMobil chief discusses offshore drilling with minister

    ExxonMobil chief discusses offshore drilling with minister

    ISLAMABAD: Chairman of ExxonMobil, Alex Volkov with his team met Ali Haider Zaidi, Minister for Maritime Affairs here on Tuesday.
    In a tweet message by the minister stated that productive discussions took place on the LNG requirements in Pakistan and the offshore drilling project off the coast of Karachi.

  • Sales Tax Act, 1990: FBR may posts IR officer to business premises

    Sales Tax Act, 1990: FBR may posts IR officer to business premises

    KARACHI: Federal Board of Revenue (FBR) may post an officer of Inland Revenue to the premises of a registered taxpayer to monitor sale, purchase and production activities.

    The Section 40 of updated Sales Tax Act, 1990 explained the powers of FBR and Inland Revenue officers under the law.

    Section 40: Searches under warrant

    Sub-Section (1): Where any officer of Inland Revenue has reason to believe that any documents or things which in his opinion, may be useful for, or relevant to, any proceedings under this Act are kept in any place, he may after obtaining a warrant from the magistrate, enter that place and cause a search to be made at any time.

    2) The search made in his presence under sub-section (1) shall be carried out in accordance with the relevant provisions of the Code of Criminal Procedure, 1898 (V of 1898).

    Section 40B: Posting of Inland Revenue Officer

    Subject to such conditions and restrictions, as deemed fit to impose, the Board, may post Officer of Inland Revenue to the premises of registered person or class of such persons to monitor production, sale of taxable goods and the stock position.

    Section 40C: Monitoring or Tracking by Electronic or other means

    Sub-Section (1): Subject to such conditions, restrictions, and procedures, as it may being fit to impose or specified, the Board may, by notification in the official Gazette, specify any registered person or class of registered persons or any good or class of goods in respect of which monitoring or tracking of production, sales, clearances, stocks or any other related activity may be implemented through electronic or other means as may be prescribed.

    Sub-Section(2): From such date as may be prescribed by the Board, no taxable goods shall be removed or sold by the manufacturer or any other person without affixing tax stamp, bandrole stickers, labels, barcodes, etc. in any such form, style and manner as may be prescribed by the Board in this behalf.

    Sub-Section (3): Such tax stamps, banderols, stickers, labels, barcodes etc., shall be acquired by the registered person referred to in sub-section (2) from a licensee appointed by the Board for the purpose, against price approved by the Board, which shall include the cost of equipment installed by such licensee in the premises of the said registered person.

  • Sindh receives Rs441.8 billion in nine months: finance ministry

    Sindh receives Rs441.8 billion in nine months: finance ministry

    ISLAMABAD: The ministry of finance on Monday said that Sindh has received Rs441.8 billion during the first nine months of current fiscal year.

    While clarifying media reports that the federal government had delayed or reduced transfers of funds to provinces, said that the government of Sindh has received Rs441.8 billion, as federal transfers, during the first three quarters (July – March 2018–19) of the current fiscal year compared to Rs418.1 billion during the corresponding period of the last fiscal year entailing a 5.7 percent increase i.e. Rs23.7 billion higher than the last year.

    Similarly, Punjab and Khyber Pakhtunkhwa have received Rs 866.6 billion and Rs. 290.4 billion, respectively, compared to Rs 801.7 billion and Rs 269.3 billion received during the corresponding period last year that has resulted in 8.1 percent and 7.9 percent increase in their Federal transfers.

    Balochistan also saw a12.8 percent increase in its Federal Transfers by receiving Rs. 180.3 billion compared to Rs. 159.9 billion during the same corresponding period.

    The ministry said that all the provinces have been receiving their share in the Federal Transfers in accordance with the NFC Award.

    The Federal Government makes these transfers, fortnightly, on the same day of reporting of the collections by the collecting agencies (i.e. Federal Board of Revenue and Petroleum Division).

    Any shortfall in revenue collections results in a uniform change in the share of the Federation and the provinces in the Federal Transfers.

  • SRB extends return filing date for telecom service providers

    SRB extends return filing date for telecom service providers

    KARACHI: The Sindh Revenue Board (SRB) has announced an extension for the filing of returns. The revised deadline, now set for May 3, 2019, pertains specifically to the tax period of March 2019.

    (more…)
  • Equity market ends down by 104 points on panic selling

    Equity market ends down by 104 points on panic selling

    KARACHI: The equity market ended down by 104 points on Monday owing to panic selling.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 37,026 points as against 37,130 points showing a decline of 104 points.

    Analysts at Arif Habib Limited said that the market commenced on a positive note today and continued the rally that took place last week.

    During the session, the index increased by 307 points that was caused by Cement sector stocks hitting upper circuit.

    However, rumor regarding failure of negotiation amongst Cement manufacturers caused panic selling by investors, which resulted in index sliding in negative territory and erosion of price gains made earlier.

    Cement Sector topped the volumes with 34 million shares, followed by Banks (24 million).

    Among scrips, PIBTL led the volumes with 14 million shares followed by PAEL (11 million).

    Major sentiment dampener turned out to be E&P sector that saw heavy selling in all the E&P scrips on the back of falling international oil prices.

    Sectors contributing to the performance include Transport (+20 points), Tobacco (+19 points), E&P (-100 points), Fertilizer (-43 points), Power (-9 points), Textile (-8 points) and Cement (-7 points).

    Volumes increased from 144 million shares to 177 million shares (+23 percent DoD).

    Average traded value also increased by 22 percent to reach US$ 44.8 million as against US$ 36.7 million.

    Stocks that contributed significantly to the volumes include PIBTL, PAEL, BOP, FCCL and KEL, which formed 32 percent of total volumes.

    Stocks that contributed positively include PIBTL (+20 points), HBL (+16 points), HMB (+10 points), PMPK (+10 points), and PAKT (+9 points). Stocks that contributed negatively include PPL (-46 points), OGDC (-34 points), POL (-23 points), ENGRO (-19 points) and LUCK (-13 points).

  • Rupee maintains level for 11th consecutive trading day

    Rupee maintains level for 11th consecutive trading day

    KARACHI: The Pak Rupee maintained level against the US dollar for the 11th consecutive trading day on Monday owing to lackluster trading activities.

    The rupee ended Rs141.40 to the dollar, same level on last Friday, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.3950 and closed at Rs141.40.

    The exchange rate in open market ended with 10 paisa depreciation in rupee value.

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

  • FBR IR offices to remain open till 8:00pm on April 30 to facilitate return filing

    FBR IR offices to remain open till 8:00pm on April 30 to facilitate return filing

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed the offices of Inland Revenue to observe extended working hours to facilitate taxpayers for filing their income tax returns and payment of duty and taxes.

    As per the FBR directives the Inland Revenue offices, including Large Taxpayers Units (LTUs), Regional Tax Offices (RTOs) and Corporate Regional Tax Offices (CRTOs) would remain open till 8:00 PM on April 30, 2019 to facilitate the taxpayers in payment of duties and taxes besides facilitating the filing of income tax returns/statements.

    The FBR instructed the Chief Commissioners of Inland Revenue to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan (NBP) to ensure transfer of tax collection by these branches on April 30, 2019 to the respective branches of the SBP on the same date so as to account for the same towards the collection for the month.

  • April 30 last day for filing annual return; eyes on amnesty scheme for further extension

    April 30 last day for filing annual return; eyes on amnesty scheme for further extension

    ISLAMABAD: Tomorrow April 30, 2019 is the last day for filing income tax return for Tax Year 2018, which was extended many times since the actual filing date.

    Sources in on Monday said that the Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns with the launch of proposed tax amnesty scheme.

    Previously the FBR on March 31, 2019 extended the last date for filing income tax returns by month up to April 30 through Circular No. 03/2019.

    It was second extension, when the FBR on March 15 extended the date for filing income tax returns up to March 31, 2019.

    The salary persons are required to file their annual returns by August 31 and business individuals and companies having special year required to file returns by September 30. Companies having normal tax year (July – June) are required to file annual return by December 31.

    For tax year 2018 the FBR previously extended the last date for filing income tax returns up to December 15, 2018 in case of salary individuals, business individuals, FTR taxpayers and companies having special tax year.

    Through Finance Act, 2018 a new section 182A was inducted to Income Tax Ordinance, 2001 under which the taxpayers who filed their annual returns after due date were disqualified to appear on Active Taxpayers List (ATL). The ATL is an important document to avail the benefits of reduced rate of withholding taxes. The restriction was also disabled the late return filers to avail advantage in purchasing motor vehicles and immovable properties.

    This restriction also reduced the number of return files massively by due date ended in December 2018. The FBR received income tax returns around 1.59 million as per new ATL for tax year 2018 issued on March 01, 2019. The FBR received 1.84 million returns up to February 28, 2019 for tax year 2017.

    Stakeholders have demanded the FBR to find out way for including late filers into ATL and increase the number of returns.

    Following the extension the date for filing returns on March 15, 2019 the FBR has received over 1.9 million returns for tax year 2018 up to April 15, 2019.