ISLAMABAD: Dr. Faiz Illahi Memon, a senior officer of Inland Revenue Service (IRS) has been posted as Executive Director of State Life Insurance Corporation of Pakistan on deputation basis for three years.
A notification issued on Tuesday, the Federal Board of Revenue (FBR) said that Dr. Faiz Illahi Memon, BS-21 officer of IRS presently posted as Member (FATE) FBR, Islamabad has been placed at the disposal of State Life Insurance Corporation of Pakistan for posting as Executive Director, State Life Insurance Corporation of Pakistan, on deputation basis for a period of three years or till the date of his superannuation, whichever is earlier, on standard terms and conditions of deputation.
Grant of performance allowance of the officer has been discontinued during his deputation period, the FBR added.
According to another notification, Dr. Faiz Illahi Memon has relinquished the charge of the post of Member (FATE) FBR Islamabad with effect from December 22, 2020.
ISLAMABAD: Federal Board of Revenue (FBR) on Monday asked officers of Inland Revenue Service (IRS) of BS-19 to submit their CVs, who intend to post in National Accountability Bureau (NAB) on deputation basis.
The FBR said that the NAB had urgently required services of BS-19 officers having sufficient experience in Information Technology for their posting in NAB against equivalent posts on deputation basis in NAB (Headquarters), Islamabad and its regional offices.
The FBR directed the intended officers to provide their CVs by December 22, 2020.
The NAB in its letter on December 10, 2020 requested the establishment division for provisions of panels of BS-19 officers for selection of suitable officers for their posting in NAB on deputation basis.
The NAB – the apex anti-corruption organization of Pakistan – is striving hard for efficient performance of its functions so as to fulfil its vision of making the country free from corruption and corrupt practices.
In order to accomplish the task, which is also a national cause, the bureau urgently requires the services of BS-19 officers, having sufficient experience in information technology for their posting in NAB against equivalent posts, on deputation basis in NAB (HQ), Islamabad and its regional offices.
ISLAMABAD: Federal Board of Revenue (FBR) has issued updated rates of duty and tax for customs clearance of imported vehicle.
The Federal Government of Pakistan has extended various benefits / exemptions to the taxpayers for importing vehicles, according to updated rates up to June 30, 2020.
The details concessions / exemptions are given as under:-
i. S.R.O. 577(I)/2005 Dated 06.06.2005 (Exemption from customs duty, sales tax, withholding tax on import of certain specified Old and used automotive vehicles)
The import of old and used automotive vehicles of Asian makes meant for transport of persons, specified in column (2) of the Table below, falling under PCT heading No. 87.03 of the First Schedule to the Customs Act, 1969 (IV of 1969), is exempted from so much of the customs-duty, sales tax and withholding tax as are in excess of the cumulative amount specified in column (3) thereof,
Sr. No
Automotive vehicles of Asian makes meant for transport of persons.
Duty and taxes in US$ or equivalent amount in Pak rupees.
(1)
(2)
(3)
1
Up to 800cc
US$4800
2
Up to 801-1000cc
US$6000
3
From 1001 – 1300cc
US$13200
4
From 1301 – 1500cc
US$18590
5
From 1501 – 1600cc
US$22550
6
From 1601 – 1800cc (Excluding Jeeps)
US$27940
It is relevant to mention that the Federal Government has fixed the leviable duty and taxes of automotive vehicles of Asian makes meant for transport of persons as discussed above irrespective of their physical condition. The Customs officers do not have any discretionary power to increase / decrease the leviable duties / taxes, the FBR said.
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ISLAMABAD: Following is the table of valuation of immovable properties in Karachi issued by the Federal Board of Revenue (FBR) for the purpose of deduction and collection of withholding tax.
The valuation of immovable properties in Karachi has been issued through SRO 837(I)/2019 dated July 23, 2019 in supersession of notification SRO 120(I)/2019 dated February 01, 2019.
The valuation of immovable properties is applicable from July 24, 2019.
The FBR said that:
(i) Values in the above table are in rupees;
(ii) value is per square yard of the covered area of ground floor plus covered area for the additional floors;
(iii) commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floors, if any;
(iv) built up industrial property value is per square yard of the plot area per square foot;
(v) the value in respect of a residential building consisting of more than one storey shall be increased by 25 percent for each additional storey i.e. value of each storey other than ground floor shall be calculated at 25 percent of the value of the ground floor;
(vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall in the adjacent lowest category of the Appendix;
(vii) whether the land has been granted for more than one purpose. Viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;
(viii) a flat means the covered residential tenement having separate property unit number / sub-property unit number;
(ix) in residential, multi storey building, additional storey shall be charged if it consists of bed room and bath room;
(x) the rates for basements of built in commercial property in categories I, II, III and IV shall be Rs13,500 per square yard; and
(xi) area-wise categories are in the following appendix
ISLAMABAD: Federal Board of Revenue (FBR) on Friday constituted a provincial complaint resolution committee for settlement of issues relating of sales tax refund matters for Khyber Pakhtunkhwa (KPK).
The FBR constituted the complaint resolution committee Khyber Pakhtunkhwa comprising following members for settlement of sales tax refund issues for taxpayers falling under the jurisdiction of field formations of Khyber Pakhtunkhwa:
ISLAMABAD – A tax amnesty providing relief on undeclared money to builders and developers for new housing projects is set to expire on December 31, 2020.
ISLAMABAD: Directorate General of Intelligence and Investigation. Customs, Multan has announced auction of huge quantity of POL products on December 22, 2020 at the directorate office.
The directorate will auction POL products, included: High Speed Diesel (HSD) 295,200 liters; Kerosene Oil 111,630 liters; and base oil 94,200 liters.
The directorate said that the quotations for the auction had been invited only from Oil Market Companies (OMCs) to purchase the same on as is where is basis.
The successful bidder shall pay 10 percent withholding tax of the accepted bid amount of the auctioned subject POL products.
It said that the sealed tenders/offers must be received up to 1:00PM on December 22, 2020. The tenders/offers shall be opened at 2:00PM on the same day by the competent authority in the presence of all the participants.
The highest tender/offer shall be considered for processing of the case and submit to the competent authority in terms of Rule 73 of Customs Rules. In case of acceptance of the offer by the competent authority under aforementioned rules, rest of the amount shall be paid by the successful bidder within a period of seven days under Rule 68 of the Customs Rules.
In case of rejection of the bid earnest money shall be refunded to the bidder under Rule 74 of Customs Rules.
ISLAMABAD: Federal Board of Revenue (FBR) has issued updated list of Tier-1 retailers, who have integrated their Point of Sales (POS) with the online system of the tax authorities.
Only a customer of Tier-1 retailer is eligible to get cash back of five percent sales tax out of total amount of sales tax paid at the time of purchase from such retailers.
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:
(a) a retailer operating as a unit of a national or international chain of stores;
(b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;
(c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;
(d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and
(e) a retailer, whose shop measures one thousand square feet in area or more.
Following is the list of Tier-1 retailers who integrated their POS with the FBR:
001. RANA TRADING COMPANY (RTC)
002. HI GOLD INTERNATIONAL ENTERPRISES
003. IFFI ELECTRONICS
004. M/S:- TAYYAB SUPER STORE & BUILDERS
005. AFZAL ELECTRONICS
006. AL HAFEEZ ELECTRONICS
007. M/S SEASONS FOODS PRIVATE LIMITED
008. MUNAWAR ASSOCIATES
009. TEAM-A VENTURE (PRIVATE) LIMITED
010. TAFRAL NIAZI TRADERS
011. MS ZUBAIDA ASSOCIATES
012. M/S SUPER ASIA ELECTRONICS,
013. M/S 3-STAR TRADING COMPANY,
014. REWAYAT
015. SEATS
016. TAZ & CO.
017. BIZTECH INTERNATIONAL
018. RETAIL 21
019. WOW SOLUTION (PVT.) LIMITED
020. PAKISTAN ELECTRONICS.
021. AL FALAH SWEETS & BAKERS
022. HAQ’S INTERNATIONAL
023. HOUSE OF CHARIZMA
024. RETAIL CONCEPTS.
025. TILE SELECT (PRIVATE) LIMITED
026. SAVE’N SAVE (PVT) LIMITED
027. SULAFAH
028. WORLD EELCTRONICS
029. KAHF INTERNATIONAL.
030. SAVE MART I-8
031. SAUDA SULF.
032. SHAHEEN CHEMIST
033. KHADIJA ENTERPRISES
034. SPEED (PRIVATE) LIMITED
035. M/S UNITED RETAIL (SMC-PRIVATE) LIMITED
036. H KARIM BUKSH ENTERPRISES
037. M/S PENSY GARMENTS (PVT) LTD
038. M/S PUNJAB CASH AND CARRY BAHRIA TOWN PHASE 4
