Islamabad, July 11, 2024 – The President of Pakistan has sanctioned an Ad hoc Relief Allowance for government employees, effective from July 1, 2024. This initiative, announced by the Finance Division, will benefit federal government employees, including Armed Forces personnel, Civil Armed Forces, Civil Employees, and civilians paid from defense estimates, encompassing contingent paid staff and contract employees.
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Gold Prices Climb by Rs 600 in Karachi Amid Global Trends
Karachi, July 10, 2024 – Gold prices surged by Rs 600 on Wednesday in the Karachi bullion market, mirroring trends in the international markets.
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Pakistan Clinch Volleyball Series Against Australia
PkRevenue.com – Pakistan triumphed in the Sarsabz Volleyball Series 2024, securing the series against Australia with a decisive victory in the second match held at the Liaquat Gymnasium of Pakistan Sports Complex on Wednesday.
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Messi Delivers Record Five Assists in Inter Miami’s 6-1 Victory
Lionel Messi orchestrated a football masterclass, setting a new Major League Soccer (MLS) record by delivering five assists in a single match, propelling Inter Miami to a dominant 6-1 victory over New York Red Bulls at Chase Stadium on Saturday.
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Nadal Triumphs Over De Minaur in Madrid Open
Rafael Nadal, the Spanish tennis legend, marked a significant return to form at the Mutua Madrid Open by defeating Australian player Alex de Minaur with scores of 7-6 (6), 6-3 in a gripping second-round match.
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Pakistani Footballers Face Financial Struggles Ahead of FIFA World Cup 2026 Qualifier
As the pivotal FIFA Men’s World Cup 2026 Qualifier against Cambodia looms in October, Pakistani footballers find themselves grappling with significant financial challenges. These financial hurdles have become a growing cause for concern within the sports community.
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LTO Karachi hopes to achieve revenue collection target for 2022-2023
The Federal Board of Revenue (FBR) has recently appointed Sajidullah Siddiqui, a senior BS-21 officer, as the Chief Commissioner Inland Revenue of Large Taxpayers Office (LTO) Karachi.
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SBP imposes Rs1.45 billion penalty on 18 banks in 2021
KARACHI: The State Bank of Pakistan (SBP) has imposed Rs1.45 billion as monetary penalty on 18 financial institutions for violating regulatory provisions during the year ended December 31, 2021.
According to data compiled by PkRevenue.com related to significant action taken during the year 2021, the SBP imposed Rs1.45 billion as monetary penalty on 18 financial institutions.
The central bank issues data of significant actions against banks on quarterly basis. The detail of imposition of monetary penalty during each quarter of 2021 is as: January – March, Rs 97.6 million; April – June, Rs 525.25 million; July – June, Rs465.04 million; and October – December Rs58 million.
READ MORE: SBP imposes penalty of Rs58 million on five banks
The banks mostly violated regulatory provisions related to foreign exchange and general banking operations. Further, banks were also found violating instruction pertaining to anti-money laundering (AML) and counter financing of terrorism (CFT).
Besides, the banks had also violated instructions pertaining to customer due diligence (CDD) and know your customer (KYC).
READ MORE: SBP slaps Rs280 million penalty on National Bank
The details of penalty imposed on 18 banks is as follow:
01. Habib Bank Limited: Rs39.77 million
02. MCB Bank: Rs299.1 million
03. MCB Islamic Bank Limited: Rs 37.1 million
04. United Bank Limited: Rs49 million
05. Bank Alfalah Limited: Rs11.1 million
READ MORE: SBP imposes monetary penalty on eight banks
06. First Women Bank Limited: Rs31.57 million
07. Sindh Bank Limited: Rs62.18 million
08. Soneri Bank Limited: Rs12.6 million
09. Zarai Taraqiati Bank Limited: Rs75.76 million
10. The Punjab Provincial Cooperative Bank Limited: Rs32.5 million
11. Pak Brunai Investment Company Limited: Rs10.45 million
12. National Bank of Pakistan (NBP): Rs291 million
READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP
13. Silk Bank Limited: Rs132.44 million
14. Industrial and Commercial Bank of China-Pakistan Branches: Rs13.54 million
15. Bank Alhabib Limited: Rs 13.68 million
16. The Bank of Punjab: Rs 12.54 million
17. Standard Chartered Bank (Pakistan) Limited: Rs11.04 million
18. Askari Bank Limited: Rs10.3 million
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Incentives approved for exchange companies on dollar surrender
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved incentive program for exchange companies on surrendering dollars in interbank.
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Sales tax collection from textile sector jumps six-fold
ISLAMABAD: The collection of sales tax from textile sector registered a six-fold increase in fiscal year 2019/2020 owing to elimination of zero-rated tax regime.
According to official statistics released by Federal Board of Revenue (FBR) the sales tax collection from textile sectors sharply increased to Rs61.2 billion during fiscal year 2019/2020 as compared with Rs8.7 billion in the preceding fiscal year, showing a growth of 602 percent.
The unprecedented growth in sales tax collection from this sector can be attributed to elimination of zero-rated scheme through Finance Act, 2019.
In the budget 2019/2020, the government decided to eliminate zero-rating scheme for textile sector and imposed normal 17 percent sales tax on all supply of textile products, except for those subject to exports.
The FBR issued Circular No. 01 of 2019 dated July 26, 2019 and explained that SRO 1125(I)/2011 dated December 12, 2011, relating to zero-rating of five export-oriented sectors, had been rescinded since July 01, 2019 through SRO 694(I)/2019 dated June 29, 2019.
From July 01, 2019, the items listed in the said SRO had been charged to sales tax at 17 percent at import and local supply. However, in case of integrated retail outlets, sales tax on finished textile and leather items were subject to 14 percent sales tax, according to the circular.
Further, all Sales Tax General Orders (STGOs) granting zero-rating on supply of electricity, gas, diesel, furnace oil and coal had been rescinded through STGO 100/2019 dated June 29, 2019.
The decision to eliminate the zero-rating was taken due to gross misuse of the scheme. The scheme also attracted issuance of bogus refunds on back of fake and flying invoices resulting huge monetary losses to the national exchequer.
However, in order to resolve the issue of exports in obtaining refunds under new schemes from July 01, 2019 the FBR introduced Fully Automated Sales Tax e-Refund (FASTER) system with a commitment that the refunds would be issued in 72 hours.
Sources in the FBR said that the collection of sales tax from textile sector would have been much higher but it was restricted due to economic slowdown after COVID-19.