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  • FBR to invite applications for 502 new posts in Inland Revenue

    FBR to invite applications for 502 new posts in Inland Revenue

    ISLAMABAD: The Federal Board of Revenue (FBR) has created 502 new posts in Inland Revenue filed formation and those will be filled through online applications, according to a notification issued on Tuesday.

    According to the notification the FBR would advertise for filling up 502 posts in BS-1 to 15 in seventeen (17) Inland Revenue field formations of FBR.

    READ MORE: FBR posts Ansari as Member Customs Operations

    As the applicants have to apply online through National Job Portal being maintained by National Information Technology Board (NITB.

    The FBR asked the NITB to complete necessary processes in their system for applying online by the candidates and convey their clearance to FBR, so that the Advertisement could be got published in the press by FBR, at the earliest.

    According to the general instructions the eligible candidates are advised to apply online through National Job Portal Link https://nip.gov.pk. No manual or hard copy of application will be accepted by any office. Candidates applying for more than one post should apply online for each post separately.

    READ MORE: Commodities’ illegal movement to be treated as smuggling

    Vacancies for BS-I to 5 shall ordinarily be filled on local basis in terms of Rule 16 of Civil Servants (Appointment, Promotion & Transfer) Rules, 1973, whereas vacancies for BS-6 to 15 shall be filled by appointment of persons domiciled in the respective province or region of each office strictly under Rule 15 of the aforesaid rules and instructions issued by the Establishment Division from time to time.

    Candidates will be required to bring original documents (Educational, domicile and Experience Certificate etc) alongwith one set of all attested copies of documents at the time of test/interview.

    Screening tests and skills tests (where required) will be conducted as per recruitment policy of the Federal Government. Besides screening test for the post of Sepoy, physical fitness i.e. height and chest of the candidates at the requisite standard, shall also be mandatory.

    READ MORE: Special tax regime for pharma sector introduced

    The contract employees (85-1 to 15), who were appointed under the Family Assistance Package for the families of Government employees, who died while in service, may also apply online for any of the above post, if they desire so, subject to their eligibility.

    10% quota for women, 5% quota for minorities (non-Muslims) and 2% quota for disabled persons shall also be strictly observed by each office as per Government instructions. Disabled persons will have to submit a Certificate as proof of disability, duly issued by recognized Social Welfare Board/office or other authorized Government organization, at the time of test/interview.

    The FBR reserves the right not to fill any vacancy or to reduce the number of vacancies, if the circumstances so warranted at the time of final selection.

    READ MORE: Defacing sales tax invoice declared as offence

    The candidates working in Public Sector Departments/Organizations shall have to submit Departmental Permission Certificates from the respective employers at the time of test/interview, failing which they will not be allowed to participate in test/interview process.

    In addition to 05 years general upper age relaxation by the Government, further upper age relaxation shall be restricted up to the following categories of candidates, as per relevant rules/policy of the Federal Government.

    Minimum and Maximum age shall be calculated on the closing date of receipt of applications.

    Information provided in the online Application Form will be verified. In case of any false or forged information, FBR reserves the right to cancel candidature of any candidate at any stage (even after employment, if so revealed later) and to initiate legal action against the applicant.

    Only short-listed candidates will be called for test/ interview. All the candidates will be allowed to appear in the test/interview on provisional basis, subject to detailed scrutiny of their eligibility as per relevant criteria.

    No TA/ DA will be admissible for the Test/ Interview.

    The candidates may apply online within 15 days from the date of publication of this Advertisement in the press. Applications received after 15 days of publication of Advertisement will not be entertained.

  • Dollar hits Rs220 to make new midday high in interbank

    Dollar hits Rs220 to make new midday high in interbank

    KARACHI: The US dollar made new record against the Pakistani Rupee to reach at Rs220 during midday trading in interbank foreign exchange market on Tuesday.

    The rupee has lost Rs4.8 so far during the day against the dollar. The exchange rate is at Rs220 to the dollar from previous day’s closing of Rs215.20.

    READ MORE: Rupee plummets record low at Rs215.20 to dollar

    The rupee fell to the record low of Rs215.20 at interbank closing on July 18, 2022.

    Currency experts said that the local unit was under pressure due to political instability.

    Furthermore, the Fitch rating agency has downgraded the Pakistan outlook to negative from positive.

    READ MORE: Fitch revises Pakistan’s outlook to negative

    The experts also believed that the falling foreign exchange reserves also putting pressure on rupee stability.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.33 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

  • Fitch revises Pakistan’s outlook to negative

    Fitch revises Pakistan’s outlook to negative

    HONG KONG: Fitch Ratings on Monday revised Pakistan’s Outlook to Negative from Stable, while affirming its Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at ‘B-‘.

    (more…)
  • Rupee plummets record low at Rs215.20 to dollar

    Rupee plummets record low at Rs215.20 to dollar

    KARACHI: The Pakistani Rupee (PKR) plunged to record low at Rs215.20 against the dollar on Monday in interbank foreign exchange market.

    The exchange rate ended with a loss of Rs4.25 in the rupee value to end at Rs215.20 to the dollar from last Friday’s closing of Rs210.95 in the interbank foreign exchange market, according to data released by the State Bank of Pakistan (SBP).

    Previously, the local currency hit the historic low at Rs211.92 on June 22, 2022.

    READ MORE: PKR slips to Rs210.95 against dollar despite IMF agreement

    Currency experts said that political uncertainty caused panic in the market. The PTI secured major seats in by-election of Punjab, which imbalanced the power in the center and the provincial level governments. Besides, the fall in foreign exchange reserves also causing rupee depreciation.

    The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022. The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $11.486 billion.

    READ MORE: Rupee recovers 30 paisas to dollar on IMF agreement

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Rupee drops to Rs210.10 against dollar in interbank

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP declined by $10.33 billion.

    The SBP on July 07, 2022 announced a hike of 125 basis points in policy rate to bring at 15 per cent. The purpose of increasing the interest rate was to curb the demand and support the rupee value. However, the effort of the SBP failed to support the rupee value.

    READ MORE: Rupee recovers to dollar ahead Eid holidays

  • Banking Mohtasib provides quarterly relief worth Rs263 million

    Banking Mohtasib provides quarterly relief worth Rs263 million

    KARACHI: The Banking Mohtasib [Ombudsman] Pakistan (BMP) has provided a relief of Rs263 million to the customs of commercial bank during the quarter ended July 30, 2022.

    The ombudsman provided this relief by disposing of 7505 complaints against commercial banks in the second quarter (April to June 2022) of the current calendar year, 2022, according to the quarterly report by the office of Banking Mohtasib on Monday.

    READ MORE: Banking Mohtasib provides relief worth Rs225 million

    The Banking Mohtasib received 7198 new complaints, including 2886 from Prime Minister’s Portal from 1st April to June 30, 2022 while it had received 8845 complaints during the same period of last year.

    With a view to protecting people from fraudulent activities which are rampant now a days, the Banking Mohtasib Pakistan, Mr. Muhammad Kamran Shehzad has emphasized upon the banking customers no to disclose their personal and financial credentials to any third person.

    READ MORE: President Alvi directs bank to refund unfair recovery

    On receipt of suspicious calls they should immediately approach the nearest branch of their bank or contact the helpline of the bank, he added.

    The Banking Mohtasib Pakistan has also decided to establish two new Regional Offices in the country within this year.

    READ MORE: President Alvi rejects FBR plea in maladministration cases

    One Regional Office will be established in Faisalabad and the other at Muzaffarabad, Azad Kashmir. With the setting up of theses Offices, the banking customers of the above-mentioned areas will benefit from the services being offered by the Banking Mohtasib Pakistan as they have to travel to Lahore/ Multan in case of Faisalabad and to Rawalpindi in case of AJK.

    This step is in the direction of Banking Mohtasib’s vision to provide justice at the doorsteps of the complainants. It may be added here that services of Banking Mohtasib are free of cost and the complainants did not need to engage an advocate to plead their case.

    READ MORE: Court hearing on Riba-free banking in Pakistan

    At present, the Banking Ombudsman has five Regional Offices, which are located in Lahore, Peshawar, Quetta, Rawalpindi and Multan, besides a Secretariat in Karachi. With the establishment of new offices, the number of Regional Offices will rise to seven.

  • Revised power tariff, taxes on electricity bills in Pakistan

    Revised power tariff, taxes on electricity bills in Pakistan

    KARACHI: Various changes have been made to rates of electricity and tariff structure in Pakistan that are effective from July 2022 under the governing laws, rules, and regulations of the Government of Pakistan and NEPRA.

    The revises rates are applicable nationwide including on consumers in KE’s service territory.

    The determination of costs of electricity to be recovered from consumers across Pakistan in their bills comes under jurisdiction of NEPRA and the Government of Pakistan.

    READ MORE: K-Electric, Siemens sign deal for KKI Grid construction

    These changes include the non-extension of relief for zero-rated industries as well as the relief on peak-hour electricity consumption for industrial consumers. The retailer tax with revised slabs has been introduced for commercial consumers. Non-Time of Use residential consumers will also see a revision in their applicable tariff along with a change in the methodology for their calculation.

    Protected and Unprotected Consumers

    As per SRO 1004 dated 7th July 2022, the tariff rates and slab structure for tariff of unprotected non-ToU residential consumers (i.e. consumers with sanctioned load below 5kW) has changed.

    READ MORE: Rupee devaluation severely affects KE’s profitability

    “Protected” consumers, as per tariff terms proposed by GoP under its Power Subsidy Rationalization Plan and by NEPRA as those non-ToU residential consumers with monthly electricity usage of 200 units or less, consistently for the past 6 months. All other non-ToU residential consumers fall in unprotected category.

    Previously, category of unprotected consumers were provided the benefit of one previous slab in their billing (i.e. their billing was done in two slabs), which has now been removed. Consumers in the unprotected category will now only be charged on one slab in which their units fall. Accordingly, tariff rates have also been adjusted downwards to minimize impact on consumers.

    Industrial Customers Bills

    Industrial consumers were previously being provided a relaxation by Government of Pakistan, allowing them to utilize electricity during peak hours at the same rates as off-peak hours. That relief was allowed until June 2022 and accordingly with no further extension. Peak rates would now be applicable on industrial consumers as well.

    READ MORE: KE’s profit up by 161% on high tariff adjustment

    Similarly, zero-rated (or export-oriented) industries were being provided electricity at a fixed rate of USD 9 cents/unit, which was applicable till June 2022, has now been removed. Now, these industries will be charged as per applicable tariff rates to normal industrial consumers.

    In addition to the above charges, it must also be noted that routine charges under FCA will be applicable in July bills within KE’s service territory.

    Retailer Tax for Commercial Consumers

    Per the Government of Pakistan Finance Act 2022 applicable across the country, retailer tax on unregistered retailers have been revised and effective from 1st July 2022. For consumers on commercial tariff, a minimum fixed tax of PKR 3,000 will be charged for bills between PKR 0 and PKR 30,000. Monthly bills between PKR 30,001 and PKR 50,000 will be taxed PKR 5,000, while those with monthly bills above PKR 50,0001 will be taxed PKR 10,000.

    Important to note that inactive income taxpayers will be charged twice the taxable amounts.

    Further, these taxes will apply even if the consumer’s premises are not in use.

    Fuel Charges Adjustments (FCA):

    READ MORE: K-Electric to raise Rs12 billion through Sukuk

    Unprecedented hikes in the price of furnace oil and RLNG were translating into higher costs of electricity production for utilities, and higher costs of electricity for consumers as well. Under the tariff mechanism determined by NEPRA, incremental costs of fuel are recovered from consumers in their bills via Fuel Charges Adjustments (FCA) after the regulator’s scrutiny and approval. Within the decision for FCA, regulator also states that in which month FCA is to be charged. For example, FCA of March 2022 was charged in the month of June 2022.

    Accordingly, in its determination for the month of April 2022, NEPRA has allowed KE to charge PKR 5.2718 per unit for units consumed in April 2022 to be billed in the month of July 2022. Further, NEPRA has allowed the FCA for May ’22 be recovered in two parts with PKR 2.6322 per unit charged in July and the remaining PKR 6.8860 per unit in the bills of August ’22. This means customers will see two entries for FCA in their July bills i.e., FCAs for April and May, respectively.

    Speaking about the changes, Spokesperson KE stated “We understand that our consumers may have a number of questions about these revisions. To assist them during this time, we have updated our website with frequently asked questions. To reiterate, these changes are introduced under the governing laws of the Government of Pakistan and the rules of the regulatory authority NEPRA and are applicable across the country.

  • Pakistan inflation crosses 33% on high petroleum prices

    Pakistan inflation crosses 33% on high petroleum prices

    ISLAMABAD: Inflation based on Sensitive Price Indicator (SPI) crossed 33 per cent in Pakistan by week ended July 14, 2022 over the same week last year mainly due to massive hike in petroleum prices.

    The Pakistan Bureau of Statistics (PBS) on Friday issued weekly SPI for the week ended July 14, 2022.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

    The SPI is computed on weekly basis to assess the price movements of essential commodities at shorter interval of time so as to review the price situation in the country. SPI comprises of 51 essential items collected from 50 markets in 17 cities of the country.

    According to the PBS, the year on year trend depicts an increase of 33.12 per cent. The major rise in prices witnessed in items, including Diesel (141.46 per cent), Petrol (119.61 per cent), Onions (89.33 per cent),  Pulse Masoor (88.60 per cent), Vegetable Ghee 1 Kg (78.92 per cent), Mustard Oil (75.72 per cent), Cooking Oil 5 litre (73.01 per cent), Vegetable Ghee 2.5 Kg (72.44 per cent), Washing Soap (59.93 per cent), Chicken (52.61 per cent), Gents Sponge Chappal (52.21 per cent), Pulse Gram (51.14 per cent), Garlic (40.54 per cent), LPG (39.95 per cent) and Pulse Mash (31.01 per cent).

    READ MORE: Average inflation estimated up to 12% in FY22

    While major decrease observed in the prices of Chillies Powdered (43.42 per cent), Sugar (15.13 per cent), Gur (2.41 per cent) and Pulse Moong (2.09 per cent).

    The SPI for the current week ended on July 14, 2022 recorded an increase of 0.01 per cent. Increase observed in the prices of food items, Potatoes (4.72 per cent), Chicken (4.45 per cent), Cooked Daal (1.43 per cent), Rice Irri 6/9 (1.17 per cent), Rice Basmati Broken (1.14 per cent), Vegetable Ghee 2.5 Kg (1.12 per cent), Gur (1.08 per cent) and Curd (1.07 per cent).

    READ MORE: Average inflation estimated up to 12% in FY22

    Non-food item Washing Soap (1.59 per cent), with joint impact of (0.17 per cent) into the overall SPI for combined group of (0.01 per cent).

    On the other hand, decrease observed in the prices of Tomatoes (24.55 per cent), Bananas (2.82 per cent), Pulse Gram (0.67 per cent), LPG (0.46 per cent) and Mustard Oil (0.05 per cent).

    During the week, out of 51 items, prices of 29 (56.86 per cent) items increased, 05 (9.81 per cent) items decreased and 17 (33.33 per cent) items remained stable.

    READ MORE: Petrol to become more precious than gold

  • Pakistan enforces austerity measures to save public money

    Pakistan enforces austerity measures to save public money

    KARACHI: Pakistan government has enforced austerity measures for the fiscal year 2022/2023 for saving public money and create space for development expenditures.

    The Federal Board of Revenue (FBR) on Friday circulated a notification of the ministry of finance related to austerity measures.

    READ MORE: Pakistan’s forex reserves drop to $15.61 billion

    According to the finance ministry that the federal cabinet in a meeting held recently approved the austerity measures.

    The federal government enforced the following austerity measures:

    1. There shall be complete ban on:

    READ MORE: SBP’s monetary policy tightening appropriate: IMF

    (i) Purchase of all types of vehicles from current and development budget except utility vehicles such as ambulances, busses for educational institutions, solid waste vehicles, etc.;

    (ii) Creation of new posts except those required for development projects;

    (iii) Treatment abroad at government expenses;

    (iv) Appointment of contingent paid / daily wages staff except for development projects;

    (v) Purchase of office furniture except for development projects;

    (vi) Purchase of machinery and equipment including air conditioners, microwave, fridge, photocopier, etc.;

    (vii) Official visits abroad by government functionaries where the Pakistan government funding is involved except obligator visits;

    READ MORE: US calls for strengthening bilateral trade with Pakistan

    (viii) Official lunches/dinners/hi-tea except for foreign delegations;

    (ix) Periodical, magazines, newspapers, etc.

    2. Principal Accounting Officers shall ensure that:

    (i) Consumption of utilities shall be reduced by 10 per cent;

    (ii) Existing entitlement for petroleum products for government functionaries should be reduced by 30 per cent;

    (iii) Avoidable travel should be curtailed by promoting use of Zoom / video links;

    (iv) Vacant / redundant / non-productive posts should be abolished.

    READ MORE: Gas price hike report baseless: Musadiq Malik

    3. In addition to above, federal government has further decided that:

    (i) The use of petroleum products by vehicles of ministries would be slashed by 40 per cent and security vehicles of cabinet members would be reduced by 50 per cent;

    (ii) VVIP cavalcades’ expenses would be reduced without compromising security.

    The federal government urged the provincial government should also adopt such austerity measures.

  • New petroleum prices in Pakistan from July 15, 2022

    New petroleum prices in Pakistan from July 15, 2022

    ISLAMABAD: Pakistan on Thursday announced reduction in prices of petroleum products effective from July 15, 2022 after a massive decline observed in the prices of oil in international markets.

    (more…)
  • Tax officials directed to submit asset declarations

    Tax officials directed to submit asset declarations

    ISLAMABAD: The government has directed all tax officials of Federal Board of Revenue (FBR) to submit their declaration of assets for the year ending June 30, 2022 by July 15, 2022.

    The FBR in this regard referring a letter of the Establishment Division, on Thursday intimated all the heads of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).

    READ MORE: KTBA seeks date extension for filing statement, tax returns

    According to the establishment division letter the declaration of assets and liabilities for the year ending July 30, 2022 are required to be submitted by all the officers / officials of the FBR by July 15, 2022.

    READ MORE: KTBA recommends separate tax fraud proceedings

    Furthermore, all the officers of IRS and PCS and all concerned serving under respective tax offices and customs stations have been directed to submit their declaration of assets and liabilities for the year ending on June 30, 2022 latest by July 15, 2022. A certificate to this effect may also be provided to the FBR Headquarter by July 25, 2022.

    READ MORE: FBR urged to remove irritants in sales tax refund

    The FBR warned all the offices that non-compliance of the instructions tantamount to misconduct it terms of the Government Servants (Conduct) Rules, 1964 and therefore conginzable under the Government Servants (Efficiency & Discipline) Rules, 1973.

    READ MORE: Unified sales tax law for all tax authorities sought