KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Friday warned the government of mass job cuts due to prevailing economic crisis.
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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.
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Pakistani exporters fear order cancellation
KARACHI: Now the situation is that the orders of the exporters are feared to be cancelled due to which Pakistan will lose its reputation in the global market.
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Pakistan sharply cuts petroleum prices effective from Dec 16, 2022
ISLAMABAD: Pakistan on Thursday sharply reduced the prices of petroleum products for next fortnight effective from December 16, 2022.
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Pakistan foreign exchange reserves ease to $12.57 billion
KARACHI: Pakistan foreign exchange reserves have eased by $12 million to $12.57 billion by week ended December 09, 2022, State Bank of Pakistan (SBP) said on Thursday.
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FBR decides forensic analysis of audio, video evidence in disciplinary cases
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.
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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.
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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.
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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
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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.
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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.