Pkrevenue.com

Author: Faisal Shahnawaz

  • FBR notifies transfers, postings of IRS officers of BS-16-19

    FBR notifies transfers, postings of IRS officers of BS-16-19

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of Inland Revenue Service (IRS) officers of BS-16 to BS-19 with immediate effect until further orders.

    Following officers have been notified under the transfers and postings:

    01. Abdur Razzaq Khan (Inland Revenue Service/BS-19) has been transferred and posted as Additional Commissioner Inland Revenue Corporate Regional Tax Office, Lahore from the post of Additional Commissioner, Regional Tax Office, Sahiwal.

    02. Ms. Kehkshan Khan (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Large Taxpayers Unit, Lahore.

    03. Ms. Rukhsana Arif (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office II, Lahore.

    04. Ghulam Hussain (Inland Revenue Service/BS-18) on promotion has been transferred and posted as Additional Commissioner Inland Revenue Regional Tax Office, Bahawalpur.

    05. Ms. Amra Sarwar (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Lahore from the post of Deputy Commissioner, Corporate Regional Tax Office, Lahore.

    06. Asad Aziz (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Sargodha from the post of Deputy Commissioner, Regional Tax Office, Sargodha.

    07. Ms. Saba Rehmat (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Islamabad from the post of Deputy Director, Directorate of Immovable Property (North), Islamabad.

    08. Karim Baksh Bughio (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, (AEOI Zone) Large Taxpayers Unit, Karachi.

    09. Mrs. Saima Kenan Khan (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Peshawar from the post of Deputy Director, Addl. Directorate of Internal Audit (Inland Revenue), Peshawar.

    10. Husnain Ahmad Hali (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office II, Lahore from the post of Deputy Commissioner, (IR) Regional Tax Office II, Lahore.

    11. Kashif Hafeez (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    12. Inayat Malik (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Large Taxpayers Unit, Islamabad.

    13. Akhtar Abbas (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office II, Lahore from the post of Deputy Director, Directorate of Intelligence & Investigation (Inland Revenue), Lahore.

    14. Jamil Ahmad (Inland Revenue Service/BS-18) has been transferred and posted as Additional Director, (On acting charge) Directorate of Intelligence & Investigation (Inland Revenue), Karachi from the post of Deputy Director, (IR) Directorate of Intelligence & Investigation (Inland Revenue), Karachi.

    15. Muhammad Masood Ahmed Gorsi (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    16. Kamran Ullah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Regional Tax Office, Rawalpindi from the post of Deputy Director, Directorate General of Intelligence & Investigation (Inland Revenue), Islamabad.

    17. Laiq Zaman (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    18. Naseebullah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    19. Naseer Ahmed (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Corporate Regional Tax Office, Karachi from the post of Deputy Commissioner, Corporate Regional Tax Office, Karachi.

    20. Muhammad Sajid Ahmad (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Lahore from the post of Deputy Commissioner, Large Taxpayers Unit, Lahore.

    21. Syed Zubair Shah (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue (On acting charge) Large Taxpayers Unit, Islamabad from the post of Deputy Commissioner, Regional Tax Office, Abbottabad.

    22. Asif Jamali (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    23. Amjad Ali Moroojo (AOST/BS-18) has been transferred and posted as Assistant Director (Audit), Large Taxpayers Unit, Karachi from the post of Assistant Director (Audit), Large Taxpayers Unit-II, Karachi.

    24. Muhammad Kashif Khan (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    25. Asif Nazir (Inland Revenue Service/BS-18) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit-II, Karachi.

    26. Rabnawaz Ahmad Matiana (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue (BTB) Regional Tax Office II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    27. Danish Qamar (Inland Revenue Service/BS-17) has been transferred and posted as Deputy Commissioner Inland Revenue Large Taxpayers Unit-II, Karachi from the post of Deputy Commissioner, Large Taxpayers Unit, Karachi.

    28. Tanvir Muhammad Niaz (Inland Revenue Service/BS-17) has been transferred and posted as Assistant Commissioner (Prob) Inland Revenue Regional Tax Office, Islamabad from the post of Assistant Commissioner (Prob), Regional Tax Office, Rawalpindi.

    29. Syed M. Ghazanffar (Sales Tax Department/BS-16) has been transferred and posted as Senior Auditor, Large Taxpayers Unit-II, Karachi from the post of Senior Auditor, Large Taxpayers Unit, Karachi.

    The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

  • SBP directs banks to facilitate duty, taxes payment

    SBP directs banks to facilitate duty, taxes payment

    KARACHI: State Bank of Pakistan (SBP) on Thursday directed banks to facilitate payment of duty and taxes on Saturday, March 30, 2019.

    The central bank in a statement said in order to facilitate the collection of Government receipts/duties/taxes, NIFT will provide special clearing facility on the advice of SBP on Saturday, March 30, 2019 at 8:00 pm.

    All banks are, therefore, advised to keep their concerned branches open on March 30, 2019 (Saturday) till such time that is necessary to facilitate the special clearing for the government transactions.

  • SBP sets up help desk for MNCs, domestic businesses

    SBP sets up help desk for MNCs, domestic businesses

    KARACHI: State Bank of Pakistan (SBP) has established a facilitation desk for foreign exchange related remittances to help multinational companies and domestic businesses.

    In a statement on Thursday, the SBP said it had established the facilitation desk to cater to the queries pertaining to foreign exchange related remittances to help all stakeholders including multinational companies and domestic businesses.

    The facilitation desk will provide assistance on foreign exchange related matters pertaining to areas including registration of equity, borrowing contracts, profit repatriation; acknowledgement and approval of royalty, franchise, technical and management services; training and development fees; operational and maintenance charges; lease rentals/maintenance reserves of airlines; legal and advisory services, visa and consulate fee; approval to issue guarantees and standby letter of credits; and any other foreign exchange related matters.

    Banks have been directed to devise benchmarks for processing and due diligence of each type of transaction and ensure compliance thereof.

    The facilitation desk has been established at Foreign Exchange Operations Department, Banking Services Corporation, I.I. Chundrigar Road, Karachi.

  • Stock market plunges by 412 points on profit taking

    Stock market plunges by 412 points on profit taking

    KARACHI: The equity market fell by 412 points on Thursday reversing the yesterday’s gain on profit taking activities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,553 points as against 38,965 points showing a decline of 412 points.

    Analysts at Arif Habib Limited said that the market reversed major part of the gains made yesterday.

    Yesterday’s activity was hinged on quarter-end closing, no change in interest rates, higher crude prices and expectation of large hydro-carbon discovery in Indus offshore.

    Today’s reversal can very much can be attributed to a negative view on discovery, slight reduction in oil price and profit taking activity by institutional investors.

    A wait-and-see approach from institutional investors also kept stock prices in check, rather added to selling pressure.

    Similar to yesterday, UNITY’s right shares got the lion’s share in traded volume with 43 million shares as against a total of 132 million (33 percent).

    Other than Vanaspati, Banks, Cement and Engineering sectors contributed to the volumes, mainly to the downside.

    Sectors contributing to the performance include E&P (-132 points), Cement (-79 points), Banks (-53 points), Fertilizer (-37 points), Insurance (-21 points).

    Volumes reduced to 131.8mn shares as against 228.7 million shares yesterday (-42 percent DoD). Average traded value also declined by 29 percent to reach US$ 31.2 million as against US$ 43.9 million.

    Stocks that contributed significantly to the volumes include UNITYR1, BOP, STPL, WTL and PIBTL, which formed 47 percent of total volumes.

    Stocks that contributed positively include BAHL (+12 points), MEBL (+11 points), MTL (+9 points), KAPCO (+8 points), and FATIMA (+7 points). Stocks that contributed negatively include PPL (-67 points), OGDC (-48 points), LUCK (-37 points), UBL (-30 points) and HBL (-22 points).

  • Rupee ends firmer against dollar

    Rupee ends firmer against dollar

    KARACHI: The Pak Rupee ended firmer against the US dollar on Thursday in a range bound trading activity.

    The rupee ended Rs140.29 to the dollar from previous day’s close of Rs140.28 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs140.28 and Rs140.30.

    The market recorded day high of Rs140.30 and low of Rs140.29 and closed at Rs140.29.

    The exchange rate remained unchanged in open market.

    The buying and selling of dollar was recorded at Rs140.50/Rs141.00, the same previous day’s level, in cash ready market.

  • No change in tax rates on cash withdrawal: FBR

    No change in tax rates on cash withdrawal: FBR

    ISLAMABAD: Federal Board of Revenue (FBR) has said that the government has not revised rates or limits of withholding tax on cash withdrawal from banks.

    In a statement on Thursday, the FBR said that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and on issuance of cash denominated bank instruments such as pay orders and demand drafts under section 231AA of Income Tax Ordinance 2001.

    The FBR spokesperson has strongly refuted such news appearing on some sections of media

    There has been no change in cash limits or tax rates in any of the two provisions of law.

    The only change which has been made through Finance 2nd Supplementary Act 2019 is taking out the tax filers from the scope of both these provisions.

    Now these withholding provisions are applicable only to non-filers, the spokesperson has further clarified.

    The spokesperson added that this huge concessionary step has been taken by the Government to encourage commercial activity through banking channels which needs to be appreciated.

  • Rupee eases in early trade

    Rupee eases in early trade

    KARACHI: The Pak Rupee fell by two paisas against US dollar on Thursday in early day trading.

    The dollar is being traded at Rs140.29 in Interbank Foreign Exchange Market. The foreign currency market last day ended at Rs140.27.

  • Overstayed consignments: ECC waives Rs700 million penal surcharges

    Overstayed consignments: ECC waives Rs700 million penal surcharges

    ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Wednesday approved waiver of penal surcharges to the tune of Rs700 million on overstayed consignments at ports.

    The ECC meeting which chaired by Finance Minister Asad Umar approved a proposal of Federal Board of Revenue (FBR) to waive the accumulated penal surcharges of Rs700 million off against overstayed consignments at ports.

    The decision will enable importers to clear their overstayed cargoes and would also help reducing congestion at ports and bonded warehouses.

    On a summary of the Petroleum Division, the ECC approved gas supply to Tall and adjacent areas of district Hangu, Khyber Pakhtunkhwa.

    The Commerce Division gave a presentation about the significance of establishment of an Independent Insurance Regulator.

    The ECC directed the Commerce Division to expedite the findings of the Commission, already formed on the subject, for making informed decision.

    On a proposal of Petroleum Division regarding arrangements of additional 200 MMCFD of LNG from Qatar, the Committee directed Petroleum Division to carry out a comprehensive demand/supply analysis of LNG in the country, in consultation with stakeholders, including Law and Justice Division, and submit a summary to the Cabinet in this regard.

    Maritime Affairs Division briefed ECC about the progress on new LNG Terminal.

    The Finance Minister directed Maritime Division to expedite the process for establishment of new LNG terminal in view of the increasing demand for gas in the country.

    On the issue of the submission of Pakistan Steels’ revival business plan, ECC directed the Ministry of Industries to submit its proposals within the next fortnight.

    The Committee also accorded approval to the proposal of National Counter Terrorism Authority by granting it Technical Supplementary Grant of Rs133.156 million.

    Later, the Finance Minister also presided over a meeting of the Cabinet Committee on Energy (CCoE) and reviewed various proposals about gas losses and power recovery plan presented by Petroleum and Power Divisions separately.

    The Committee directed the Petroleum Division to take corrective measures to reduce gas losses.

    It asked the Division to submit monthly report on Unaccounted for Gas (UfG) on the pattern of the report on electricity losses presented by the Power Division.

    The Committee also directed both gas supply companies (SNGPL & SSGPL) to prepare a joint presentation, and present the same to Task Force on Energy before submission to CCoE in its next meeting.

    In order to make recovery from the defaulters, CCoE directed Power Division to implement the Electricity Act in letter and spirit by disconnecting the connections of defaulters.

    The Committee was briefed by the Power Division about the status on Efficiency Tests Report for Independent Power Producers (IPPs).

    It was informed that the mandatory test had been carried out for all the seven units. The data analysis had been completed for five units while the same with regard to the remaining two units was presently underway.

  • FBR transfers customs officers of BS-18-19

    FBR transfers customs officers of BS-18-19

    ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday issued a notification regarding the transfers and postings of BS-18 and BS-19 officers of the Pakistan Customs Service (PCS).

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  • IMF mission chief holds talks with Pak authorities for new program

    IMF mission chief holds talks with Pak authorities for new program

    ISLAMABAD: IMF mission chief for Pakistan, Ernesto Ramirez-Rigo, visited Islamabad and Karachi during March 26-27, for introductory meetings with the authorities, said a statement on Wednesday.

    Ramirez-Rigo assumed Pakistan mission chief responsibilities earlier this month. This was his first visit to the country.

    In Islamabad, Ramirez-Rigo met with the Minister of Finance, Asad Umar, the Minister of Commerce, Razzak Dawood, the Minister of Power, Omer Ayub, the State Minister for Revenues Hammad Azhar, and several government senior officials, including the Finance Secretary, Younus Dagha, the Chairman of the Federal Board of Revenues, Jehanzeb Khan, and the Advisor to the Prime Minister on Institutional Reforms and Austerity, Ishrat Hussain.

    In Karachi, he met with the Governor of the State Bank of Pakistan Tariq Bajwa and other senior officials from the State Bank of Pakistan.

    Discussions focused on recent economic developments and prospects for Pakistan in the context of ongoing discussions toward an IMF-supported program.