Pkrevenue.com

Author: Faisal Shahnawaz

  • MCC Appraisement West announces auction of vehicles on March 25

    MCC Appraisement West announces auction of vehicles on March 25

    KARACHI: Model Customs Collectorate (MCC) Appraisement (West) Karachi announced auction of vehicles laying at Al-Hamd International Cargo Terminal to be held on March 25, 2019.

    Following vehicles will be offered for the auction:

    S. No.DescriptionModelCapacity
    1Used Mitsubishi Car2009–
    2Used Mitsubishi Mini Cab2013–
    3Used Nissan Clipper2012–
    4Used Suzuki Stingray Wagon R (without extra goods)2013–
    5Used Toyota KX-R V620133456 ML
    6Used Honda FIT Car2014–
    7Used Suzuki Carry2013650 CC
    8Used Honda Shuttle Hybrid Car2015–
    9Used Honda FIT Hybrid Car2017–
    10Used Suzuki Lapin Car (ene-charge)2017–
    11Used Lexus NX300H (Hybrid)20152494 ML/CC
    12Old & Used Toyota Mark-II (Grande) Car20042000 CC
    13Old & Used Toyota Mark-II (Grande) Car20002000 CC
    14Old & Used Toyota Mark-X-250G20052500 CC
    15Used Toyota Hilux 4X4 Double Cabin20093000 CC
    16Used Toyota Hilux Double Cabin20042779 ML
    17Old & Used Toyota Hilux 4X420093000 CC
    18Used Toyota Hiace Van–2446 CC
    19Old & Used Toyota Hiace Van Ambulance19952446 CC
    20Old & Used Toyota Hilux Pickup D/ Cabin20082779 CC
    21Old & Used Toyota Hilux Pickup D/ Cabin20002779 CC
    22Old & Used Toyota Hilux Pickup D/ Cabin20082779 CC
    23Old and Used Toyota Vigo20052779 CC
    24Old and Used Toyota Hilux 4X420022779 CC
    25Old and Used Toyota Hilux 4X420022779 CC
    26Old & Used Toyota Hilux 4X420002779 CC
    27Old and Used Toyota Hilux 4X420022779 CC
    28Old and Used Toyota Hilux 4X420022779 CC
    29Old and Used Toyota Hilux 4X420022779 CC
    30Old and Used Toyota Hliux Pickup 4X420022779 CC
    31Old and Used Toyota Hilux 4X420002779 CC
    32Old and Used Toyota Hilux 4X420002779 CC
    33Old and Used Toyota Tsusho 4X420002779 CC
    34Old and Used Toyota Hliux Pickup 4X420022779 CC
    35Old and Used Toyota Hliux Pickup 4X420022779 CC
    36Old and Used Toyota Hliux Pickup 4X420022779 CC
    37Old and Used Toyota Hliux Pickup 4X420022779 CC
    38Old and Used Toyota Hliux Pickup 4X420002779 CC
    39Old & Used Mitsubishi Van19972477 CC
    40Used Volkswagen AG Car2013999 CC
    41Used Nissan Dayz Roox2017–
    42 Used Honda Jade Hybrid Car2015–
    43Used Honda N-ONE2015–
    44Used Daihatsu Subaru Stella Car2016658 CC
    45Used Honda ACTY Van2017–
    46Used Suzuki Alto ene-charge Car2016–
    47Used Daihatsu Mira E:S Car2015658 CC

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  • SBP directs banks to ensure OTC tax collection by March 27

    SBP directs banks to ensure OTC tax collection by March 27

    KARACHI: State Bank of Pakistan (SBP) on Friday directed all commercial banks to ensure receiving payment of duty and taxes through over the counter (OTC) channel.

    The SBP said that the finance department through circular on July 17, 2018 made it mandatory for banks to enable their Over-the-Counter (OTC) Channel for collection of taxes and duties.

    Complaints are pouring in from different quarters, regarding non-entertaining of tax payment requests through banks’ OTC Channel.

    So much so that Federal Board of Revenue (FBR) has formally launched a complaint that PSIDs generated by WeBOC system for payment of customs duty and other taxes especially the levy on Mobile devices are not being entertained, by the bank branches.

    In view of the above, all banks were advised vide email dated 15th March 2019 to improve their customer services in facilitating taxpayers with due courtesy.

    Despite the above-referred instructions, there is no visible improvement, as complaints from different quarters are still landing with us.

    It is therefore advised to share these instructions with all your branches across the country with the advice to ensure meticulous compliance and facilitate the taxpayers in payment of taxes and duties under the I Link’s OTC facility.

    The branches shall also prominently display on their respective Notice Boards that “Taxes and Duties are accepted here under the 1Link’s OTC facility”. Further, banks shall also ensure that the branch staff has adequate understanding of the mechanism for collection of taxes and duties under the said facility.

    The banks shall inform this department within 3 working days of the date of circular i.e. 27th March 2019 that these instructions have been communicated to all their branches for meticulous compliance and that the Notice Boards of branches are prominently displaying the message that “Taxes and Duties are accepted here under the 1Link’s OTC facility”.

  • Equity market gains 147 points on optimistic sentiments

    Equity market gains 147 points on optimistic sentiments

    KARACHI: The equity market gained 147 points on Friday on hopes of good news on economic front. The benchmark KSE-100 index closed at 38,532 points as against 38,385 points showing an increase of 147 points.

    Analysts at Arif Habib Limited said that the market had a relatively better session as compared to the past whole week.

    PM’s promise of sharing good news in 3 weeks did the trick for the investors, causing E&P stocks especially OGDC and PPL to take off and growing both in price and volumes.

    First session saw market increasing by 228 points with 35.2 million trading volume, which grew further in the second session by adding another 108 points to reach a total of +336 points in the index, however, selling pressure ensued in second session that resulted in erosion of almost all the gains during the day.

    Last half hour of trading saw buying activity that closed the index +207 points (unadjusted).

    Sectors contributing to the performance include E&P (+162 points), Banks (+58 points), Textile (+11 points), Power (-36 points), Food (-21 points).

    Volumes improved slightly to reach 84.6 million shares as against 81.4 million shares (+4 percent DoD).

    Average traded value also increased by 4 percent to reach US$ 31.6 million as against US$ 30.4 million.

    Stocks that contributed significantly to the volumes include PKGP, BOP, OGDC, HUBC and PPL, which formed 41 percent of total volumes.

    Stocks that contributed positively include PPL (+84 points), OGDC (+58 points), POL (+23 points), BAFL (+18 points), and PMPK (+12 points). Stocks that contributed negatively include HUBC (-37 points), NESTLE (-20 points), PSEL (-11 points), LUCK (-10 points) and ENGRO (-8 points).


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  • FPCCI welcomes FBR focal person appointment

    FPCCI welcomes FBR focal person appointment

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the appointment of focal person by Federal Board of Revenue (FBR) for resolving issues related to industry.

    In a statement on Friday FPCCI praised appointment of FBR focal person, Engr. Daroo Khan Achakzai
    Engr. Daroo Khan Achakzai, President FPCCI on behalf of Federation of Pakistan chamber of commerce & industry, praised Chairman FBR Jahanzeb Khan to appoint Ambreen Iftikhar Director Program office as focal person to solve any issue faced by business community by FBR relevant offices.

    Engr. Daroo Khan Achakzai said, FPCCI has requested Chairman FBR on his recent visit to Federation House to appoint a focal person to deal with harassment of the business community, he thanked

    Chairman for his prompt action as per his announcement made at the federation house.
    He added that, such measures will bring business community closer to FBR for better working relationship.

    Engr. Daroo Khan Achakzai also assured Chairman FBR their full cooperation & support.

  • Bank holiday

    Bank holiday

    KARACHI: State Bank of Pakistan (SBP) has announced bank holiday on March 23, 2019 on occasion of Pakistan Day.

    In a circular issued by the SBP said that the State Bank of Pakistan would remain closed on March 23, 2019 (Saturday) being public holiday on the occasion of “Pakistan Day” as declared by the Government of Pakistan.

  • Rupee declines by 61 paisas against dollar in early trade

    Rupee declines by 61 paisas against dollar in early trade

    KARACHI: The Pak Rupee significantly declined by 61 paisas against US dollar in early trade on Friday.

    The dollar is being traded at Rs140.10 in interbank foreign exchange market. The foreign currency market was ended last day at Rs139.49 to the dollar.

    Currency experts said that due to high demand for import and corporate payment and coming weekly holidays escalated the pressure.

    The latest increase in dollar value was despite the rise in foreign exchange reserves of the country.

  • Maintaining five-year record of international trade mandatory under Customs Act

    Maintaining five-year record of international trade mandatory under Customs Act

    KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years.


    According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section:

    Section 211: Maintenance of record


    Sub-Section (1): All importers, exporters and claimants of duty drawback, refunds or any notified concessions, terminal operators, owners of the warehouses, customs agents and the licensed customs bonded carriers, transport operators and tracking companies, carrying out business under this Act or rules made thereunder or under any other law, directly or indirectly, relating to international trade, shall be required to maintain and keep records and correspondence concerning import, export and transit trade transactions.


    Sub-Section (2) The records required under sub-section (1) shall be kept for a period not less than five years in such form as the Board may by notification in the official gazette, specify.


    Sub-Section (3): The provision of sub-section (1) shall not be applicable to the baggage of the passengers and crew of the conveyance and to the recipients of gifts.

    (more…)
  • PTBA demands for judicial policy compliance

    PTBA demands for judicial policy compliance

    KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday demanded the government of recruiting accountant members of tribunals of Customs and Inland Revenue should be through Federal Public Service Commission (FPSC) and approved by Supreme Court / High Court.

    The PTBA has sent communication to Dr. Farough Naseem, Federal Minister of Law & Justice, Asad Umar, Minister for Finance, Revenue and Economic Affairs and Muhammad Hammad Azhar, Minister of State for Revenue in this regard.

    The tax bar said that the appellate mechanism under tax codes provides right to appeal before the commissioner of appeals or collector of appeals in case a taxpayer is aggrieved by the assessment made by adjudicating officer.

    The tax bar said that appellate tribunal is second legal forum for taxpayers or tax department after commissioner Appeals/Collector Appeals.

    The Appellate Tribunal Inland Revenue (ATIR) functions through its benches comprising judicial and accountant members. The qualification for appointment as judicial member is similar to that for the appointment of a high court judge, and only well experienced and competent people from the legal profession and judiciary are selected.

    “Section 1340(4) of the Income Tax Ordinance, 2001 provides that the accountant member shall be either grade 21 officer of inland revenue or a commissioner having at least three year’s experience or a chartered accountant with 10 year’s experience or a cost and management accountant with at least 10 year’s experience.”

    Unless the position of accountant members are advertised through FPSC, how can a chartered accountant or a cost and management accountant ever be selected on merits as accountant member of the tribunal, the tax bar asked.

    It further said that at present officers of Inland Revenue are sent to tribunal on secondment. A person having lien with FBR cannot perform the functions independently and further it will be violative of National Judicial Policy 2009.

    To make tribunal a truly independent judicial forum, it is imperative to recruit accountant members be it from FBR cadre or chartered accountants and cost and management accountant through FPSC. Accountant member should be appointed through FPSC and as per Judicial Policy 2009.

  • SRB suspends registration of ZY & Co. Bulk Terminals

    SRB suspends registration of ZY & Co. Bulk Terminals

    KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns.

    The SRB said that the scrutiny of tax profile revealed that the company failed:

    — To make payment of Sindh sales tax on services pertaining to the tax period from December 2018 to February 2019.

    — to e-file the Sindh sales tax return in the time limitation and the manner for the aforesaid period.

    The SRB said that non-payment of SST and non-filing of SST returns within the time and manner prescribed under the law is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.

    The SRB suspended the sales tax registration of the company with immediate effect. However, it directed the company that the suspension would be revoked if following remedial measures are taken:

    — To discharge all sales tax liability

    — To e-file the true and correct monthly Sindh sales tax returns for the said tax periods.

    In case of non-satisfactory response or failure to take remedial measures as suggested on or before April 04, 2019, the case would be further proceeded for cancellation the registration with the SRB.

  • Pakistan’s forex reserves increase to $15.71 billion

    Pakistan’s forex reserves increase to $15.71 billion

    KARACHI: Pakistan’s foreign exchange reserves have increased by $743 million to $15.709 billion with inflows of $1 billion from UAE.

    The total reserves of the country increased to $15.709 billion by week ended March 15, 2019 as against $14.966 billion a week ago, according to data of State Bank of Pakistan (SBP) issued on Thursday.

    During the week ending March 15, 2019, SBP received inflow of $1 billion from UAE as placement of funds.

    After taking into account outflows relating to external debt and other official payments, SBP reserves increased by $716 million during the week, SBP said.

    The official reserves of the central bank increased to $8.838 billion by week ended March 15 from the level of $8.122 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial bank have increased by $27 million to $6.87 billion from previous week’s level of $6.843 billion.