Pkrevenue.com

Author: Faisal Shahnawaz

  • FPCCI to draft proposals for new tax amnesty scheme

    FPCCI to draft proposals for new tax amnesty scheme

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has decided to finalize draft proposals for new tax amnesty scheme.

    FPCCI President Engr. Daroo Khan Achakzai called a meeting of stakeholders on Tuesday to discuss the proposals for New Tax Amnesty Scheme 2019 at Federation House, Karachi, Regional office Lahore and Capital Office Islamabad via video link.

    The meeting decided that a committee will be formed consisting of experts which will be headed by President FPCCI for the finalization of draft of new amnesty scheme.

    The meeting was attended by S. M. Muneer, former President FPCCI, Iftikhar Ali Malik, Sr. Vice President SAARC-CCI & Former President FPCCI, Dr. Mirza Ikhtair Baig, Sr. Vice President FPCCI, all Vice Presidents of FPCCI and the representatives of different chambers and associations.

    While welcoming the participants of meeting, Engr. Daroo Khan Achakzai informed the house about the outcomes of last amnesty schemes and focused on the need of new amnesty scheme for the documentation of economy and enhancement of tax revenue.

    He also highlighted his discussion with the Prime Minister of Pakistan who showed his desire to launch another amnesty scheme and advised President FPCCI to formulate recommendations in consultation with stakeholders with the aim to document the economy by declaring of foreign and domestic assets.

    In his remarks, Iftikhar Ali Malik emphasized to create awareness about converting the black money into white money, to increase the confidence of tax payer, incentives for the SMEs, exports warehouses, agriculture sector, removal of piracy, mis-declaration and smuggling.

    S. M. Muneer underlined the need of revival of last amnesty scheme with some necessary amendments announced in April 2018 for three months.

    Dr. Mirza Ikhtair Baig, Sr. Vice President FPCCI also stressed on the same tax rates of last amnesty scheme 2018 and continuation of Foreign Exchange Reforms Act which allowed opening of account, transactions and remittance facility in foreign currency.

    During the meeting, the stakeholders suggested that the new scheme should be based on same rules, regulation and tax rates 2 percent, 3 percent and 5 percent announced in last amnesty scheme in 2018.

    The stakeholders also stressed on the strict monitoring of tax collection system, measures of discretionary power to conduct audit of tax filers, removal of harassment and ease of documentation.

    They argued that the tax collection system in Pakistan is very complicated which needs to be reviewed as per global requirement.

    Moreover, the tax amnesty scheme should also boost industrialization and create new investment in other than real estate sector of economy and improve cost/ease of doing business.

    The house also advocated imposing of taxes on agriculture and other sectors which are currently not under tax net instead of putting extra burden on minuscule number of existing tax payers.

    They also suggested to announce incentives for filer/ taxpayers and should announce clean chit if taxpayers pay 2 percent or 5 percent additional tax and this scheme should be for three to five years.

  • FBR freezes 4,000 bank accounts for arrears recovery

    FBR freezes 4,000 bank accounts for arrears recovery

    KARACHI: Federal Board of Revenue (FBR) has frozen around 4,000 bank accounts of tax defaulters in a major crackdown, according to media reports on Tuesday.

    These bank accounts have been attached during last three months to recover outstanding amount from tax defaulters.

    In the major action against tax defaulters the FBR recovered around Rs8.2 billion through various means provided under income tax laws.

    Besides freezing bank accounts, the FBR also attached 78 immovable properties and 46 vehicles for the recovery.

    Further, about nine people were arrested in this recovery drive. The arrests have been made each in Faisalabad and Peshawar. Further, warrants for arrest in two cases have been issued.

  • Asad Umar meets IMF mission chief

    Asad Umar meets IMF mission chief

    ISLAMABAD: Finance Minister of Pakistan Asad Umar met the IMF Mission Chief Ernesto Ramirez Rigo in Islamabad, on Tuesday.

    The minister and the Mission Chief discussed all issues including fiscal, monetary, structural reforms and energy sector, a statement said.

    Asad Umar briefed Ramirez Rigo about the steps taken by the government for improving the economy of the country.

    The minister informed that the structural reforms and other economic initiatives introduced by the government were yielding desired results.

    The minister said that the government would continue to address the macroeconomic imbalances and would take necessary corrective measures in this regard.

  • Govt. decides to end open sky policy: Fawad

    Govt. decides to end open sky policy: Fawad

    ISLAMABAD: The government has decided to end the open sky policy in order to prevent losses to national flag carrier i.e. Pakistan International Airlines (PIA).

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  • PTCL signs agreement for clean, green Pakistan

    PTCL signs agreement for clean, green Pakistan

    ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) and Ministry of Climate Change (MoCC) have signed an agreement to support the Clean Green Pakistan Movement.

    This collaboration will enable to tackle issues of low forest cover and poor cleanliness in urban & rural areas of Pakistan, said a statement on Tuesday.

    Under this MoU, PTCL and MoCC agreed upon afforestation of 200,000 trees across PTCL sites in the next five years.

    The MoU was signed by Syed Mazhar Hussain, Chief Human Resource Officer, PTCL and Babar Hayat Tarar, Additional Secretary, Ministry of Climate Change, followed by plantation of saplings at PTCL HQ.

    Furthermore, PTCL will initiate cleanliness drives in Karachi, Lahore and Islamabad to assist the solid waste management.

    In the initial phase, the company pledges to ban non-recyclable plastics in PTCL HQ in Islamabad.

    The company shall also arrange clean drinking water for its employees in connection with its resolve to implement health care and better environment to the workforce.

    Moreover, PTCL will also install filtration units to provide clean drinking water for the general public.

    On the occasion, Ms. Zartaj Gul Wazir, State Minister for Climate Change, said, “We are glad to collaborate with PTCL on Clean Green Pakistan Movement, which is to create awareness across the country regarding the importance of environmental preservation. PTCL has initiated a comprehensive awareness campaign on converting customers from paper bill to eBilling, which is a step in the right direction. As a nation, we need to come together to tackle issues like pollution and low forest cover. Under the Prime Minister Imran Khan’s vision of clean and green Pakistan, partnerships like this are going to pave the way in achieving our objective.”

    On the occasion, Rashid Khan, President and CEO, PTCL, said, “As a national company, it is our responsibility to support Clean Green Pakistan Movement. We are happy to collaborate with Ministry of Climate Change to create awareness and conduct trainings on environmental preservation. To promote this initiative, our teams across Pakistan will be executing afforestation campaigns.”

    In the past, PTCL has partnered with WWF for plantation of200,000 mangrove seeds in Balochistan, as part of the conservation organizations nationwide tree plantation campaign, called ‘Rung Do’. PTCL HQ is also Green Office certified by WWF.

    Recently, the company has also taken steps to ensure that numerous avenues are open for customers to opt for eBilling like PTCL website, Touch App and helpline 1218, to go paperless and save trees.

    PTCL is constantly contributing towards saving the environment and a greener Pakistan.

  • FBR notifies promotion of IRS officers to BS-22

    FBR notifies promotion of IRS officers to BS-22

    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.

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  • Eatery owners knowingly ignore hygiene requirements: Sindh Food Authority

    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.

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  • Equity market gains 200 points on improved sentiments

    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).

  • Rupee ends with two paisas gain

    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.

  • MCC Preventive announces auction of confiscated vehicle on March 28

    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.