Islamabad: The Federal Board of Revenue (FBR) has taken a significant step towards ensuring the integrity of disciplinary proceedings by deciding to employ forensic analysis for audio and video evidence in cases involving its officials.
(more…)Category: Top stories
Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
-
FBR promotes 11 IRS officers to BS-21
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday promoted 11 officers of Inland Revenue Service (IRS) with immediate effect.
The following BS-20 officers of Inland Revenue Service are promoted to BS-21 on regular basis with immediate effect:-
READ MORE: FBR notifies promotions of customs officers to BS-21
01. Yousif Hyder Shaikh
02. Afaque Ahmed Qureshi
03. Ms. Tehmina Aamer
04. Syeda Naureen Zahra
05. Nasir Iqbal
06. Khurshid Ahmad Khan Marwat
READ MORE: FBR strictly implementing tax laws for revenue collection
07. Nasir Khan
08. Abid Mehmood
09. Faheem Mohammad
10. Aqeel Ahmed Siddiqui
11. Muhammad Tariq Arbab
The FBR said that the officers already posted/working against BS-21 posts on OPS basis will actualize their promotions against their present places of posting.
The officer at Sr. No. 1 will actualize his promotion at his present place of posting i.e. Commissioner-IR (Appeals-I), Karachi. The said post is hereby upgraded to BS-21 to the personal effect of the officer.
READ MORE: Last date for filing income tax return is Dec 31
The officer at Sr. No. 4 will actualize her promotion at her present place of posting i.e. Chief Commissioner-IR, Regional Tax Office, Sialkot. The said post is hereby upgraded to BS-21 to the personal effect of the officer.
The officer at Sr. No. 6 will actualize his promotion as Member (BS-21), Federal Board of Revenue (Hq), Islamabad.
READ MORE: FTO intervention helps taxpayer to get withholding certificate
The officer at S. No. 9 will actualize his promotion against his present place of posting i.e. Accountant Member (BS-21), Appellate Tribunal Inland Revenue (Bench-II), Islamabad.
The officers if drawing special allowance prior to this notification shall continue to draw this allowance on their promotion.
The FBR congratulated the officers on their promotion to BS-21.
-
Pakistan registers 10pc decline in inflow of foreign remittances
KARACHI: Pakistan has registered around 10 per cent decline in inflows of foreign remittances during first five months (July – November) of current fiscal year.
According to data released by State Bank of Pakistan (SBP) on Wednesday, the inflows of workers remittances declined to $12 billion during first five months of the current fiscal year as compared with $13.29 billion, showing a decrease of 9.7 per cent.
READ MORE: Pakistan remittances decline by 15.7% in October 2022
Experts in financial markets said that overseas Pakistanis were reluctant to send money due to prevailing uncertain exchange rate. Besides, many overseas Pakistanis have option to send their money through informal channels in order to get better exchange rate.
READ MORE: Home remittances decline to $7.68 billion in 1QFY23
The interbank foreign exchange market closed at PKR 224.71 to the dollar on Wednesday December 14, 2022. Whereas, the dollars are not available in the open market and if available the exchange rate has gap of PKR 20 to PKR 30 comparing interbank rates.
READ MORE: Pakistan remittances from Saudi Arabia fall by 7.5% in two months
A sharp decline of 14.23 per cent in inflow of remittances has been recorded in November 2022, when the country received $2.11 billion as compared with $2.46 billion in the same month of the last year.
Similarly, the remittances witnessed a decline of 4.52 per cent on Month on Month (MoM) basis as the country received $2.21 billion in the month of October 2022.
-
FBR imposes $5,000 cash carrying limit for foreign travel
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday imposed cash carrying limit of $5,000 for travelling abroad.
The FBR issued SRO 2201(I)/ 2022 dated December 12, 2022 to make part of law the amendment made to Baggage Rules, 2006. Previously, draft amendments to the rules were introduced through SRO 2043(I)/2022 on November 15, 2022.
READ MORE: FBR exempts CVT on assets of Reko Diq Mining Company
According to the latest notification, any person travelling abroad (except to Afghanistan) is allowed to take out Pakistan US Dollars or equivalent thereof in other foreign currencies as per the limits give below:
For individuals 18 years and above, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $5,000 and annual limit per person in US$ (or equivalent in other foreign currencies) is $30,000.
For individuals below 18 years, the maximum limit per person per visit in US$ (or equivalent in other foreign currencies) is $2,500 and annual limit per person in US$ (or equivalent in other foreign currencies) is $15,000.
READ MORE: FBR chairman directs chief commissioners to meet December collection target
In case of passengers travelling to Afghanistan, the maximum limit per person per visit (US$ or equivalent in other foreign currencies) is $1,000 and annual limit per person (US$ or equivalent in other foreign currencies) is $6,000.
The FBR said that the annual limits for outbound passengers for the respective countries mentioned above for a calendar year starting from the year 2023. However, for calendar year 2022, the existing annual limits in vogue before the issuance of this notification will continue to be effective till December 31, 2022.
READ MORE: SRB says cases worth Rs 80 billion stuck in litigation
The FBR further stated that any person taking foreign currency or any other prohibited or restricted item out of Pakistan shall file a declaration before or at the time of departure, electronically in the WeBOC or pass track or manual at the airport.
According to the amendments to Baggage Rules, 2006, the incoming passenger when in possession of foreign currency exceeding $10,000 or equivalent, or any other prohibited restricted items, shall also file a declaration.
READ MORE: Customs appraising officer awarded major penalty for inefficiency
-
State Bank not to accept old design banknotes after Dec 31
KARACHI: State Bank of Pakistan (SBP) on Tuesday said it will not accept old designed large size bank notes after December 31, 2022.
The central bank in a statement said that the federal government through Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, had extended the last date for exchange of old design large size banknotes of Rs 10, 50, 100 & 1000 by one year.
READ MORE: State Bank unveils revision in PM’s youth loan program
The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of the SBP Banking Services Corporation (BSC) by December 31, 2022.
It is once again emphasized that this is the last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP BSC and thus will lose their value.
READ MORE: SBP tightens transaction data reporting for exchange companies
The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP BSC Field Offices by December 31, 2022 and protect the value of their savings in these banknotes.
-
FBR exempts CVT on assets of Reko Diq Mining Company
KARACHI: Federal Board of Revenue (FBR) on Monday exempted capital value tax (CVT) on all assets of Reko Diq Mining Company.
The FBR issued SRO 2200(I)/2022 to announce that the federal government had exempted all assets of the Reko Diq Mining Company (Private) Limited (formerly) Tethyan Copper Company Pakistan (Private) Limited from the whole of the capital value tax payable under sub-section of section 8 to the Finance Act, 2022.
READ MORE: FBR chairman directs chief commissioners to meet December collection target
It is worth mentioning that the Economic Coordination Committee of the Cabinet (ECC) a day earlier took important decisions regarding Reko Diq.
The ECC considered and approved two important agenda items related to Reko Diq project, thus paving the way for early start of the Reko Diq Project. Ministry of Energy (Petroleum Division) submitted a summary on accrued interest with respect to the amount held in an escrow account in connection with the Reko Diq Project dispute settlement.
READ MORE: SRB says cases worth Rs 80 billion stuck in litigation
It was presented that government of Pakistan (GoP) and Provincial Government of Baluchistan (GoB) entered into an out-of-court dispute settlement with M/s Tethyan Copper Company Pvt Limited- a consortium of Barrick Gold Corporation of Canada and M/s Antofagasta PLC of Chile, in respect of Reko Diq Copper-Gold Project in Chaghai district of Baluchistan.
As per settlement terms, Government of Pakistan has to clear liabilities to Antofagasta PLC. In the light of the terms of agreed settlement, the ECC allowed Finance Division to direct GHPL (for its own as well as GoB’s share), OGDCL and PPL to deposit the aggregate amount of interest to the sum of US$ 22,718,173/- in the escrow account from March 31, 2022 to December 15, 2022.
READ MORE: Customs appraising officer awarded major penalty for inefficiency
The ECC further allowed Finance Division to arrange the interest payable for GoB’s share amounting to US$ 8,519,314 /- from the loan of Rs. 65 billion already raised by the GHPL with the GoP guarantee.
Further, the ECC allowed the concerned Divisions of GoP and the SOEs to act in such a manner to ensure that the deposited amount alongwith interest deposited by the SOEs in the escrow account to form part of the consideration for share purchase of Reko Diq Mining Company Limited.
READ MORE: Further tax collection on pharmaceutical products unlawful: KTBA
The ECC also considered and approved a proposal of Finance Division through a summary on funding plan of Government of Pakistan for share of Government of Baluchistan in Reko Diq Project.
As per proposal, overall funding commitment of US$ 717 million over the period of 6 years by GoP in respect of GoB SPV Project Capital Commitment to be provided by the Government of Pakistan.
-
State Bank unveils revision in PM’s youth loan program
KARACHI: State Bank of Pakistan (SBP) Monday issued revision in loan program under Prime Minister (PM) Kamyab Jawan Youth Entrepreneur Scheme (PMKJ-YES).
(more…) -
Pakistan may cut petroleum prices on Dec 15, 2022
Pakistan may reduce petroleum prices on December 15 to be effective for last fortnight of the year 2022. Experts believe that the government may reduce the prices of petroleum products in the wake of sharp decline in oil prices in global markets.
Benchmark Brent crude is ended at $76 per barrel in the international trade. The Brent crude has hit above $120 per barrel during mid-June this year and now fell to the present level leaving ample room to the present government to revise downward the prices to provide relief the domestic consumers.
READ MORE: New petroleum prices in Pakistan effective from December 01, 2022
An energy expert told PkRevenue that the country may revise the petroleum prices for the next fortnight amid sharp fall in international oil prices.
However, on the other hand the depreciation in rupee value and imminent imposition of sales tax on petroleum products the benefit of decline in international oil prices may not pass on to domestic consumers.
READ MORE: Pakistan may impose petroleum tax to avert revenue shortfall
The expert believed that the imposition of sales tax on petroleum products would increase the retail prices as well as result in high inflation.
However, experts believed that rise in petroleum prices were imminent in the next review as the government was under immense pressure from the IMF to impose sales tax on petroleum products.
At present the government adopted a policy to keep zero sales tax on petroleum products instead flat rate of 17 per cent. Furthermore, the government also committed to apply petroleum levy to generate more revenue for curtailing budget deficit.
READ MORE: Petroleum prices in Pakistan for next fortnight effective from November 16, 2022
The government on December 01, 2022 revised the latest petroleum prices. According to a notification, the prices of petroleum products with effect from December 01, 2022 till December 15, 2022 are be as follows:
Petrol price will be remained unchanged at Rs224.80 per liter.
The rate of high speed diesel (HSD) will also be remained unchanged at Rs235.30 per liter.
The price of kerosene has been reduced by Rs10 per liter to Rs181.83 from Rs191.30.
READ MORE: Petroleum prices in Pakistan effective from November 01, 2022
Likewise, the price of light diesel oil has been reduced by Rs7.50 per liter to Rs179.00 from Rs186.50.
The exchange rate is again showing a deterioration in rupee value against the dollar. The US dollar continued to make gain against the Pakistani Rupee (PKR) on December 09, 2022 and reached PKR 224.40 in the interbank foreign exchange market.
-
FBR chairman directs chief commissioners to meet December collection target
KARACHI: Asim Ahmed, Chairman, Federal Board of Revenue (FBR) on Saturday directed chief commissioners to ensure meeting revenue collection target for the month of December 2022.
The FBR chairman visited Large Taxpayers Office (LTO) Karachi and held meeting with Chief Commissioners of all the field formations stationed at Karachi.
READ MORE: SRB says cases worth Rs 80 billion stuck in litigation
Asim Ahmed reviewed the performance of all Chief Commissioners vis-à-vis targets assigned for the month of December, 2022.
Detailed presentations, outlining the projection and strategy for achieving the budgetary target for the current month were given by all Chief Commissioners Inland Revenue.
The CCIRs gave workable strategy and new avenues for achieving the target set for the month of December, 2022 and closure of 2nd Quarter for the Financial Year 2022-2023.
READ MORE: Customs appraising officer awarded major penalty for inefficiency
FBR chairman directed all CCIRs to leave no stone unturned to safeguard Revenue and to meet the budgetary target fixed for the month of December, 2022 and 2nd quarter ending December 31, 2022.
Chairman FBR further reiterated that facilitation of taxpayers is the harbinger for successful implementation of policies of FBR and taxpayers must be facilitated in resolving their pending issues with the Department, invariably.
READ MORE: Further tax collection on pharmaceutical products unlawful: KTBA
He also directed the CCIRs that the revenue stuck in appeals should be effectively pursued and cases pending test of appeal should be argued, based on strong legal footings, to win the test of appeal thereby safeguarding the revenue and its realization thereafter.
Asim Ahmed appreciated the field formations on achieving the budget target assigned in the preceding month i.e. November, 2022 and at the same time expected the same zeal and commitment to achieve the targets assigned to them for the Financial Year 2022-2023.
-
SBP tightens transaction data reporting for exchange companies
KARACHI: State Bank of Pakistan (SBP) has tightened transaction data reporting for exchange companies.
The central bank of Friday issued a notification in this regard.
According to the circular, the SBP invited attention of all Exchange Companies and Exchange Companies of ‘B’ category towards the instructions contained in Para 4, Chapter 7 of Exchange Companies Manual and EPD Circular Letter No. 16 dated July 04, 2017.
READ MORE: Pakistan will continue to make timely debt repayments: SBP governor
In order to enhance monitoring of data submitted by Exchange Companies and Exchange Companies of ‘B’ category, it has been decided to increase the frequency of transaction data reporting by them, with effect from December 19, 2022. Accordingly, the relevant instructions in the following Para of Exchange Companies Manual stand replaced as under:
Para 4, Chapter 7 of Exchange Companies Manual
READ MORE: Pakistan official forex reserves plunge multi years low to $6.72 billion
“Exchange Companies shall also submit data according to their scope of business in CSV format at Data Acquisition Portal (DAP). The data will be submitted by Exchange Companies on daily basis by next working day. For transactions conducted on Saturday & Sunday, ECs will submit data on next working day i.e. Monday.
READ MORE: Daraz highlights problem of cross-border payments
“While submitting the data under this reporting system, Exchange Companies shall ensure daily matching of opening/closing balances of Summary Statements of head office and each branch/outlet. The Summary Statements and Descriptions are given at Annexure – 21.”
All other instructions on the subject remain unchanged. For any queries related to reporting issues, SBP officers may be contacted.
READ MORE: Pakistan purchases 450,000 metric tons wheat from Russia
Failure to comply with these instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947.