Category: National

FBR, PTA introduce temporary registration of cell phones

ISLAMABAD: Federal Board of Revenue (FBR) and Pakistan Telecommunication Authority (PTA) have jointly introduced a temporary registration of cell phones to facilitate overseas Pakistanis.

To address the repeated concerns raised by Overseas Pakistanis (including those working abroad or Pakistani students studying overseas) and foreign nationals visiting Pakistan on short term visits regarding blocking of their mobile devices via DIRBS, FBR and PTA have jointly developed a new system for their temporary registration in collaboration with Federal Investigation Agency (FIA) and Mobile Phone Operators, a statement said on Tuesday.

READ MORE: PM Imran directs implementing incentives for IT industry

This module has been introduced for those overseas Pakistanis and foreign nationals who do not intend to keep their mobile device in Pakistan and will be applicable for only one (1) mobile handset device.

To avail this facility, the applicant shall provide his/her credentials including passport No., date of arrival and intended date of departure, mobile SIM issued in his/her name, and IMEI(s) of the device.

READ MORE: Ufone 4G ranked top voice and data network

The new system shall carry out real time validation from FIA IBMS to verify the date of arrival of the applicant. On lapse of 120 days of the stay of the applicant, the IMEI(s) utilized under this facilitation shall be suspended and swill not be utilized on local network services. In case, same applicant visits Pakistan again, he/she will be required to re-apply for this temporary facilitation, by re-entering the credentials which were used for the 1st or previous registration under this scheme.

This system will not only facilitate overseas Pakistanis and foreign nationals coming to Pakistan on short term basis but will also create a positive image of the country. Likewise, the checks introduced under this system will ensure that only the genuine overseas Pakistani/foreign national avails the said facility.

READ MORE: Supernet wins ZTBL projects worth Rs450 million

It is pertinent to mention that FBR has already introduced a number of innovative digital interventions to ensure taxpayers facilitation and ease of doing business through technology. In the recent past, the country’s premier revenue collection organisation has collaborated with FIA and NADRA in developing an automated facility for Currency Declaration at ports to fight the menace of money laundering and thereby rule out the possible flight of foreign currency from Pakistan.

Therefore, the above initiative comes as yet another wonderful step taken by FBR to maximize taxpayers facilitation, in particular, the Overseas Pakistanis and Foreign Nationals visiting Pakistan for a short period of time.

READ MORE: PM Imran announces setting up technology startup fund

March 8, 2022
ECC approves Ramzan relief package worth Rs8.28 bn

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a Relief Package worth Rs8.28 billion to provide essential items at subsidized rates during the holy month of Ramzan.

The ECC approved a summary tabled by Ministry of Industries and Production for Ramzan Relief Package 2022.

The ECC after discussion approved Ramzan Relief Package 2022 for 19 essential items to be sold at subsidized rates at Utility Stores Corporation (USC) with total subsidy of Rs. 8.28 billion.

READ MORE: PM Imran reduces, freezes POL prices

Federal Minister for Finance and Revenue Shaukat Tarin presided over the ECC meeting.

Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Railways Muhammad Azam Khan Swati, Federal Minister for Energy Hammad Azhar, Federal Secretaries and senior officers attended the meeting.

ECC approved Kamyab Overseas Programme (KOP) as a new component of Kamyab Pakistan Programme. The new initiative is meant for prospective low income overseas workers having confirmed foreign job offer, employment agreement and valid travel documents and registered with NSER to avail interest free loans under KPP.

READ MORE: PM Imran announces setting up technology startup fund

Maximum amount of loan would be Rs. 300,000 and returned in easy installments starting after three months of departure. The loan will be provided to 10,180 beneficiaries with estimated required funds of Rs. 3 billion for the 4th quarter of 2021-2022.

ECC considered and approved a summary presented by Ministry of Commerce on proposed amendments in the import and export policy order 2020 for the development of Integrated Tariff Management System (ITMS) for Pakistan Single Window (PSW).

Ministry of Energy (Petroleum Division) submitted a summary for allocation of Gas from Togh Field on commercial basis.

The ECC after discussion allowed up to 16 MMCFD gas from Togh Field to SNGPL on commercial basis. The wellhead price of the gas will be decided by the concerned regulator under the applicable rules and policy. Ministry of Energy (Petroleum Division) submitted a summary to allow amending the Petroleum Concession Agreement, allowing GHPL Assignment of Working interest in Wali, Jandaran West, Saruna and Pesu block of OGDCL.

The ECC approved to amend the respective Petroleum Concession Agreements by allowing GHPL to increase its Working Interest above its statutory Working Interest of 2.5 per cent being state participator in Wali, Jandran West,Saruna and Pesu blocks of OGDCL.

Ministry of Energy (Power Division) submitted a summary on incentive package announced by the Prime Minister regarding reduction in price of electricity.

The ECC considered and approved PM’s relief package of Rs. 5 per unit by way of reduction in electricity charges base rate for the relief period of four months (March 2022 to June 2022).

The relief package will be applicable to all commercial and domestic non- ToU consumers having monthly consumption up to 700 units, excluding life-line consumers.

The cash flow requirement for the PM Relief Package is Rs. 136 billion. Ministry of Energy (Petroleum Division) submitted another summary on reimbursement of price differential claims of oil marketing companies (OMCs) and refineries, in line with PM relief package of reduction in the consumer prices of Motor Spirit and Diesel by Rs. 10 per litre. The price differential would be paid to the Oil Marketing Companies/ Refineries by the Government as a subsidy to avert any shortage in the market.

The ECC approved special PDC disbursement mechanism to pay the PDC speedily within 15 days, opening of special assignment account with PSO and initial amount of Rs20 billion to PSO in accordance with the mechanism.

The ECC also considered and approved following Technical Supplementary/ Supplementary Grants:

i. Rs. 428.90 million to Foreign Affairs Division to meet the expenditure for holding of 48th session of the OIC Council of Foreign Ministers to be held in Islamabad on 22-23 March, 2022.

ii. Rs. 47.561 million to poverty Alleviation and Social Safety Division.

iii. Rs. 135.078 billion for principal and interest payments against Naya Pakistan Certificates and Islamic Naya Pakistan Certificates.

March 7, 2022
FBR allows 20-year old house value to open plot

ISLAMABAD: The Federal Board of Revenue (FBR) has allowed the value of immovable property constructed more than 20 years equal to the value of open plot.

According to property valuation for Karachi issued through SRO 345(I)/2022, the FBR issued a fresh property valuation for the residential and open plots located in various parts of the city.

READ MORE: FBR re-notifies valuation of immovable properties

The property registrar of the provincial government will collect withholding tax on the behalf of the FBR on the basis of property valuation fixed by the federal tax authority.

The FBR allowed reduction in valuation of properties on the basis of age of the built up structure.

It said that the value of residential built up property (including basement and first floor) is allowed to be reduced according to the following criteria:

01. Age of built up structure up to five years: no reduction is allowed in value.

02. Age of built up structure between five to 10 years: five per cent has been allowed as reduction in value.

03. Age of built up structure between 10 to 15 years: 7.5 per cent has been allowed as reduction in value.

04. Age of built up structure between 15 to 20 years: 10 per cent has been allowed as reduction in value.

05. Age of built up structure more than 20 years: the value shall be equal to an open plot.

The FBR further allowed reduction in value of built up properties (flats and apartments) according to following criteria:

01. Age of built up structure up to five years: no reduction will be allowed in value.

02. Age of built up structure between five to 10 years: 10 per cent has been allowed as reduction in value.

03. Age of built up structure between 10 to 20 years: 20 per cent has been allowed as reduction in value.

04. Age of built up structure between 20 to 30 years: 30 per cent has been allowed as reduction in value.

05. Age of built up structure more than 30 years: 50 per cent has been allowed as reduction in value.

The FBR also allowed reduction in value of commercial built up property according to the following criteria:

01. Age of built up structure up to 10 years: no reduction is allowed.

02. Age of built up structure between 10 to 15 years: 5 per cent has been allowed as reduction in value.

03. Age of built up structure between 15 to 20 years: 8 per cent has been allowed as reduction in value.

04. Age of built up structure more than 20 years: 10 per cent has been allowed as reduction in value.

The FBR said that the value of Commercial Plots of Defence Housing Authority facing Khayaban is increased by 10 per cent.

The value of commercial built up excluding ground floor has been reduced by 25 per cent.

The value of Residential Plots (Defence Housing Authority) of following categories may be decreased by 25 per cent:-

01. Nala facing plot

02. Commercial facing plot

03. School facing, mosque facing plot/Graveyard facing plot.

04. Rear plot (Back Side plot)/Triangle plot

For further details download new FBR’s property valuation for Karachi city.

March 7, 2022

FBR re-notifies valuation of immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) has re-notified fresh and revised valuation of immovable properties.

The FBR on March 02, 2022 issued re-notified the valuation tables of immovable properties for major cities of the country.

The FBR on December 01, 2021 issued fresh and updated valuation tables for around 40 major cities of the country. However, the FBR deferred the implementation of the new valuations of immovable properties till January 15, 2022 and further deferred till January 31, 2022. The FBR once again deferred the implementation on the valuation table till February 28, 2022.

The revenue body decision to defer the implementation came after several complaints received by the FBR those were pertaining to high valuation in the new tables.

The complaints were lodged by stakeholders including real estate agents and town developers, who pointed out extraordinary rise in property rates in the latest valuation tables.

The FBR issued detailed instructions to the tax offices on the procedure to be adopted to review the anomalies in the property rates and rationalize the same.

Accordingly, it has been decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by a stakeholder.

The FBR asked all the Chief Commissioners Inland Revenue (CCIRs) to constitute Valuation Review Committees (VRCs), and notify them by December 10, 2021.

Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021. Chief Commissioners will undertake consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations.

To issue the fresh and revised valuation tables, the FBR exercised its powers vested in the Income Tax Ordinance, 2001. The aim was to bring the FBR values at par with the fair market values.

However, certain objections from stakeholders highlighted anomalies and aberrations in the newly notified valuation tables. Although, the notified valuations have been arrived at by FBR Field Formations through a rigorous consultative process and wherefore have largely been well-received, yet the possibility of error cannot be ruled out, and the same cannot be taken as carved in stone.

Following are the valuation tables re-notified by the FBR:

PM Imran directs implementing incentives for IT industry

ISLAMABAD: Prime Minister Imran Khan on Friday directed the authorities to timely implement incentives for freelancers and IT industry as announced by the government.

The prime minister, chairing a meeting to review the incentives being provided to the IT sector, said the government was extending maximum facilitation to the sectors with immense potential to support the national economy.

READ MORE: PM Imran reduces, freezes POL prices

Mentioning the historic package announced by the government for promotion of the IT sector, he said the government had introduced massive reforms to facilitate the business sector.

He viewed that the facilitation of the skilled freelancers would lead to increasing the remittances as promotion of the IT exports was among the government’s priorities.

The participants of the meeting were apprised of the implementation status of the incentives for the startups, industrial sector and IT companies.

READ MORE: PM Imran announces setting up technology startup fund

It was told the implementation of the government’s recently announced industries and IT package was going on with fast pace and an increase in the number of freelancers had been witnessed consequent to the government’s measures.

The meeting was told that the one-step registration of freelancers through the portal of Pakistan Software Export Board had been ensured which would automatically register them with the Federal Board of Revenue.

READ MORE: Tax reduced on POL products to ease inflation: PM Imran

Moreover, the State Bank of Pakistan was also taking steps to ensure the transfer of freelancing funds from abroad through the banking channels. Besides, a mechanism to take benefit from the tax exemptions for the IT companies would also be in place very soon.

An awareness system to ensure the implementation of the announced facilities through commercial banks would also be initiated.

READ MORE: PM Imran launches 2nd phase of Raast payment system

Federal ministers Asad Umar, Hammad Azhar, Chairman of Special Technology Zones Authority Amer Hashmi, and senior officers attended the meeting. Governor of State Bank Raza Baqir joined via video link.

March 5, 2022
Loans of Rs1 trillion to be given to deserving households

ISLAMABAD: Prime Minister Imran Khan has said that loans worth Rs1 trillion will be provided to 4.5 million deserving households by next year.

He said that this loans will be disbursed under Kamyab Pakistan Program to lift them out of poverty and enable them earn their livelihoods.

READ MORE: PM Imran reduces, freezes POL prices

The Prime Minister was addressing a ceremony in connection with launch of disbursement of interest free loans under Kamyab Pakistan Program in Islamabad on Wednesday.

He said that loans to the tune of 2.5 billion rupees have already been disbursed under the program.

The Prime Minister said Kamyab Pakistan Program, aimed at taking the country towards a welfare state, will be further expanded.

READ MORE: PM Imran, President Putin discuss regional development

Imran Khan said Kamyab Pakistan Program envisages interest free loans of five hundred thousand rupees for businesses, three hundred and fifty thousand rupees for the farmers and two million rupees for the construction of houses.

He said technical training will also be provided to one member of each deserving family in order to help them stand on their own feet.

Alluding to other pro people initiatives including health insurance scheme, he said this path, which was envisioned by Philosopher Poet Allama Iqbal, will take the country towards greatness.

READ MORE: PM Imran announces setting up technology startup fund

Imran Khan regretted that Pakistan in the past could not achieve its due place in the comity of nations because it did not pursue the ideology for which it was created. He noted that the nations which forget their ideology never succeed.

The Prime Minister said he is inaugurating Rahmatul-lil Alameen authority tomorrow and the aim is to acquaint our youth with the life and teachings of Hazrat Muhammad Rasool Allah Khatam-un-Nabiyeen Sallallaho Alaihe Wa Ala Alayhee Wa Ashabehi Wassalam.

READ MORE: Tax reduced on POL products to ease inflation: PM Imran

Prime Minister Imran Khan also expressed satisfaction over the record revenue collection made by the FBR saying it is because of enhanced revenue, the government was able to reduce the prices of petrol and diesel by ten rupees per liter and the electricity tariff by five rupees per unit. Urging the people to pay their taxes, he assured that this revenue will be used to uplift the poor class and reduce the burden of inflation on the people.

Finance Minister Shaukat Tarin, on the occasion, highlighted the key features of Kamyab Pakistan Program.

March 2, 2022
Food inflation rural increases by 14.6% in February 2022

ISLAMABAD: Food inflation based on consumer price index (CPI) has increased by 14.6 per cent in February 2022 for people living in rural areas as compared with 11.8 per cent in the previous months, according to data released by Pakistan Bureau of Statistics (PBS) on Tuesday.

Meanwhile, the food inflation increased by 14.3 per cent in February 2022 for people living in urban areas as compared with 13.3 per cent in the previous month.

READ MORE: Pakistan’s inflation climbs up 24-month high in January

However, non-food inflation for rural areas increased by 12.2 per cent in February 2022 as compared with 13.9 per cent in the previous month. The non-food inflation also grew by 9.9 per cent for people living in urban areas in February 2022 as compared with 12.8 per cent in the previous month.

CPI inflation general, increased by 12.2 per cent on year-on-year basis in February 2022 as compared to an increase of 13.0 per cent in the previous month and 8.7 per cent in February 2021. On month-on-month basis, it increased by 1.2 per cent in February 2022 as compared to increase of 0.4 per cent in the previous month and increase of 1.8 per cent in February 2021.

READ MORE: Sales tax exempted on all petroleum products

CPI inflation general for urban areas increased by 11.5 per cent on year-on-year basis in February 2022 as compared to an increase of 13.0 per cent in the previous month and 8.6 per cent in February 2021. On month-on-month basis, it increased by 0.9 per cent in February 2022 as compared to increase of 0.1 per cent in the previous month and increase of 2.3 per cent in February 2021.

CPI inflation general for rural, increased by 13.3 per cent on year-on-year basis in February 2022 as compared to an increase of 12.9 per cent in the previous month and 8.8 per cent in February 2021. On month-on-month basis, it increased by 1.5 per cent in February 2022 as compared to increase of 0.9 per cent in the previous month and increase of 1.1 per cent in February 2021.

READ MORE: PM Imran reduces, freezes POL prices

Inflation based on Sensitive Price Indicator (SPI) on YoY increased by 18.7 per cent in February 2022 as compared to an increase of 20.9 per cent a month earlier and an increase of 11.9 per cent in February 2021. On MoM basis, it increased by 1.3 per cent in February 2022 as compared to decrease of -0.8 per cent a month earlier and increase of 3.1 per cent in February 2021.

READ MORE: Mini-budget likely to push up inflation: SBP

Wholesale Price Indicator (WPI) on YoY basis increased by 23.6 per cent in February 2022 as compared to an increase of 24.0 per cent a month earlier and an increase of 9.5 per cent in February 2021. WPI inflation on MoM basis increased by 1.9 per cent in February 2022 as compared to increase of 0.6 per cent a month earlier and an increase of 2.2 per cent in corresponding month i.e. February 2021.

March 1, 2022
Sales tax exempted on all petroleum products

ISLAMABAD: The government on Tuesday granted sales tax holiday on supply of all petroleum products to bring down the impact of high prices.

In order to implement sales tax exemption on all the petroleum products, the Federal Board of Revenue (FBR) issued SRO 321(I)/2022.

As per the SRO the sales tax has brought to zero per cent on petroleum products, including petrol, high speed diesel, kerosene and light diesel oil.

The FBR previously issued SRO 183(I)/2022 on February 10, 2022 to notify reduction the sales tax rates on petroleum products. According to this notification, the light diesel oil was cut to zero per cent sales tax. The sales tax rates on other petroleum products were: 0.79 per cent on petrol; 3.17 per cent on high speed diesel; and 5.3 per cent on kerosene.

READ MORE; FBR announces sharp cut in sales tax on POL products

A day earlier, Prime Minister Imran Khan announced major relief by reducing prices of petroleum products and cut in electricity tariff. The prime minister also announced to keep the prices unchanged till upcoming budget. The prices of petrol and diesel have been slashed by Rs10 per liter on both the products.

The latest move to bring the sales tax at zero per cent on supply of petroleum products is also connected to the announcement. By reducing the sales tax the government has absorbed impact of high oil prices and prevent passing the high prices to the masses.

READ MORE: FBR slashes sales tax rates on petrol, HSD

A statement issued by the Finance Division a day earlier stated that the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.

The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

March 1, 2022
Pakistan cuts petroleum prices amid Russia-Ukraine War

ISLAMABAD: Pakistan on Monday decided to reduce the prices of petroleum products despite the high international oil prices in the wake of Russia-Ukraine war.

The finance division issued the notification to cut the prices of petrol and diesel by Rs10 per liter each from March 01, 2022.

READ MORE: Pakistan raises petrol price to record high at Rs160/liter

According to a statement issued by the finance division, the global prices of petroleum products are tracking the Ukraine-Russia war and resultantly surged to $100 per barrel. “The unprecedented increase is very risky for the domestic fuel prices and inflation,” it added.

The situation leaves very few options for the government, it said, adding that prior to review on February 28, 2022, the government had left more than Rs70 billion per month to keep the prices lower and providing relief to the masses.

READ MORE; Petroleum prices kept unchanged for next fortnight

In the fortnightly review on February 28, 2022, the Oil and Gas Regulatory Authority (OGRA) recommended Rs10 per liter increase in the prices of petroleum products.

“The prime minister has not only rejected the increase but also announced to decrease the prices of petroleum products by Rs10 per liter in his address to the nation in order to provide maximum relief to the consumers, despite the limited fiscal space,” it added.

READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

According to the statement the new prices of the petroleum products effective from March 01, 2022 are:

The price of petrol slashed by Rs10 to Rs149.86 per liter from Rs159.86.

The rate of high speed diesel has been reduced by Rs10 to Rs144.15 per liter from Rs154.15.

READ MORE: Prices of all POL products increased to wish New Year

The price of kerosene oil has been brought down by Re1 to Rs125.56 per liter from Rs126.56.

Similarly, the rate of light diesel oil has been slashed by Rs5.66 to Rs118.31 per liter from Rs123.97.

March 1, 2022
PM Imran reduces, freezes POL prices

ISLAMABAD: Prime Minister Imran Khan on Monday announced reduction in prices of petroleum products and electricity tariff and further announced to freeze the reduced rates till upcoming federal budget.

The Prime Minister provided the relief by slashing prices of petroleum and electricity to provide massive relief to the people.

In his address to the nation on Monday, he said prices of petrol and diesel will be reduced by ten rupees per litre and electricity by five rupees per unit.

The Prime Minister also announced to award internship to all jobless graduates worth 30,000 rupees per month. He said 26,000 scholarships, costing 38 billion rupees will be given to students.

He said his recent visits to China and Russia will have far reaching impact on country’s economy.

The Prime Minister said we are going to import two million tons of wheat and gas from Russia, while we have better understanding on the second phase of China-Pakistan Economic Corridor.

Imran Khan said he believes in an independent policy in the best interest of the people of Pakistan.

He urged the people to not vote for a party, whose leader is involved in corruption as such parties cannot pursue an independent foreign policy.

PM Imran, President Putin discuss regional development

February 28, 2022