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FBR transfers 317 inspectors, IROs working in Karachi

KARACHI: Federal Board of Revenue (FBR) on Friday notified transfers and postings of 317 inspectors and Inland Revenue Officers (IROs) BS-16 working at Karachi offices with immediate effect until further orders.

Following are the officials who are transferred and posted through this notification:

1. Shabbir Hussain

2. Syed Nisar Ahmed

3. Muhammad Ali

4. Ashfaq Ali

5. Aijaz Hussain Sahto

6. Ghulam Sarwar

7. Abdul Jalil Khan

8. Yousuf Bashir

9. Muhammad Aftab Amin

10. Mukesh Kumar

11. Jamil Ahmed Soomfo

12. Abbas Jan Muhammad

13. Syed Fauzal Azim

14. Lais Hasni

15. Khawar Iqbal

16. Muhammad Arshad

17. Waheed-ul-Haq

18. Muhammad Azam Mughal

19. Muhammad Farhan Khan

20. Shahanshah Muhammad Yousaf

21. Syed Zafar Iqbal Zafri

22. Shahid Mahmood Ishaqui

23. Asif Hasan Wasti

24. Salman Zubaid

25. Syed Muhammad Kamal

26. Madad Ali Bhatti

27. Muhammad Tahir

28. Mazhar Ali Khan

29. Abdul Jabbar Bhutto

30. Muhammad Jawed

31. Rizwan Ahmed Kazmi

32. Shahid Asif Siddiqui

33. Mirza Baqaullah Baig

34. Syed Zaheer Haider Zaidi

35. Mohsin Alam Khan

36. Muhammad Parvez

37. Adeel Sikandar Yousfani

38. Arif Iqbal Qadri

39. Asim Hussain Khan

40. Ayaz Ali Shaikh

41. Ambrat Rai Chawla

42. Muhammad Nawaz Mughal

43. Athar Jawed Khan

44. Mehboob Hussain

45. Arif Hussain Shaikh

46. Muhammad Mubin Khan

47. Shujiat Hussain

48. SYe.dsIqbal -Arif

49. MaciSdodAhmed Jafri

50: Khalid,Akbar ‘

51: Aftab Ahmed Khan

52. Muhammad Nadeem

53. Anwar Siddiqui

54. Noor-Ul-Qamar Khan

55. Mukafa Shaukat

56. Khalid Masood

57. Muhammad Usman Khan

58. Muhammad Sami

59. Muhammad Shahid Irfan

60. Salem Ahmed Siddiqui

61. Asghar Ali

62. Azad Ali Cheema

63. Syed Ashraf Hussain

64. Muhammad Hafeez

65. Rais-ul-Hassan

66. Muhammad Saeed

67. Abdul Khalid Khan

68. Muhammad Javed Akhtar Awan

69. Syed Saghir Hussain •

70. Nadir Ali

71. Qaiser Anwar Khan

72. Sheikh Nazar Ahmad

73. Asif Ali

74. Syed Mateeuddin

75. Zahid Akhtar

76. Syed Zeeshan Haider

77. Abdul Khalid

78. Nadeem Ahmed

79. Muhammad Saleem Khatri

80. Zia-Ul-Hassan

81. Ahmed Mian

82. Rizwan Haider

83. Ghulam Shabbir Shaikh

84. Muhammad Saleem

85. Waqar Ahmed

86. Muhammad Aslam Khan

87. Syed Shamshad Hussain

88. Khalid Hassan Burney

89. Barkat Ali Awan

90. Masood ul Hassan

91. Syed Ali Muhammad

92. Shakeel Ahmed

93. S ibghatullah

94. Rahat H. Malik

95. Muhammad Amin

96. Bashir Muhammad

97. Manzoor’Alam

98. Yaseen Wajid

99. Mumtaz Ali Nizmani

100. Syed Shahzad Hussain Rizvi

101. Qamar Raza Rizvi

102. Muhammad Sohail Akhter Hashmi

103. Muhammad Rashid Khan

104. Manzar Kamal

105. Fareed Alam

106. Niaz Shakir

107. Saif ul Islam

108. Waqar Najmi

109. Zia Moin

110. Muhammad Abid

111. Khalid Memon

112. Muhammad Aquil Alam

113. Tasawar Sultan

114. Salman Qamar

115. Muhammad Moosa

116. Muhammad Saj id Warsi

117. Syed Masood Pervez

118. Farooq Ahmed Khan

119. Nadeem-ul-Haq

120. Syed Asif Ali

121. Nasir Mahmood

122. Arshad Mahmood

123. Nooruddin

124. Muhammad Masood Siddiqi

125. Amin Ahmed

126. Muhammad Javed Akhter Khan

127. Irfanul Haq Siddiqi

128. Muhammad Riaz

129. Munir Ahmed

130. Sheikh Adnan Aftab

131. Muhammad Yasin

132. Syed Muhammad Saleem

133. Syed Muhammad Imtiaz

134. Nasreen Begum

135. Muhammad Khalid Zafar

136. Habib-ur-Rahman

137. Syed Qamar Ali

138. Muhammad Nasim Akhtar

139. Muhammad Anjum

140. Shiraz Ali

141. Syed Sajjad Haider

142. Shaikh Muhammad AbdUllah

143. Riaz Javed

144. Syed Yaqoob

145. Syed Anjum Burney ‘

146. Shahid Mahmood

147. Faisal Rehman

148. Muhammad Shahid

149. Abdul Hameed Khan

150. Abdul Mujeeb Khan

151. Javed Haider

152. Intilar Hussain

153. Gian Chand Chawla

154. Muhainmad Anwar Khan

155. Muhammad Salahuddin Khan

156. Muhammad Anwar

157. Muhammad AYAZ

158. Syed Shahid Hussain

159. Ziauddin Ahmed Siddiqui

160. Arshad Ali Nasir

161. Muhammad Ashraf

162. Muhammad Shakir Khan

163. Abdul Waheed Khan Sherwani

164. Gulzar Bano

165. Syed Nadeem Ahmed

166. Muhammad Ali

167. Ghulam Abbas

168. Muhammad Sitwat Waqar Siddiqui

169. Muhammad Nasir Khan

170. Abdul Basit

171. Hamid Mukhtar

172. Javed Iqbal

173. Muhammad Khalid

174. Muhammad Asim Khan

175. Sadruddin Khosa

176. Shams-uz-Zaman

177. Najamul Hassan

178. Saghir Ahmed

179. Akhlaq Ahmed

180. Muhammad Ibrahim Khan

181. Salahuddin Khan

182. Abdul Mugees Khan

183. Abdul Hameed Khan Ghouri

184. Iqbal Hussain

185. Muhammad Farooq

186. Kunawar Tariq

187. Muhammad Akram

188. Zakir Ali Khan

189. Ch. Nisar Ahmed

190. Javed Iqbal

191. Muhammad Shaheen Akhtar

192. Muhammad Javed

193. Muhammad Manzoor Alam

194. Tufail Ahmed Soomro

195. Waseem Ahmad

196. Muhammad Shahid

197. Muhammad Saleem

198. Kashif Khan

199. Amir Iqbal Qureshi

200. Abdul Saleem Khan

201. Tayyaba Rahim

202. S. Muhammad Jaffar

203. Zahid Hassan

204. Mehdi Hassan

205. Shabab Raza

206. Asim Riaz

207. Faisal Saeed

208. Muhammad Izhar Khan

209. Kabir Khan

210. Asad Maqsood Siddiqui

211. Muhammad Niazuddin

212. Abdul Khaliq

213. Akhtar Hussain

214. Ahmed Ali

215. Amj ad Javed Mirza

216. Rasheed Alam Khan

217. Shahrukh Qamar Rizvi

218. Syed Samar Mehdi Rizvi

219. Syed Aftab Ahmed

220. Arshad Ali

221. Jaffar Hussain

222. Shahid Samim

223. Ismat Muab Rizvi

224. Irfanullah Fakhi

225. Zafar Mumtaz

226. Muhammad Siddique

227. Syed Imtiaz Ahmed

228. Syed Nazim Hussain

229. Gul Bahar Khan

230. Sher Muhammad Khan

231. Salahuddin Mehmood

232. Syed Majid Ali

233. Muhammad Imtiaz Alam

234. Ej az Ahmed

235. Syed Razi Hyder

236. Bader ud Duja Minai

237. AhMed Naveed

238. Salma Kanwal

239. Khurram ‘Saeed ‘

240. Muhammad 4361

241. Maqsood Alam

242. Shahabuddin Bhatti

243. Muhammad Mohsin Khan

244. Syed Mushtaq Hussain

245. Qamar Ali Khan

246. Syed Muhammad Tausif A’li

247. Qaiser Younus

248. Abid Pervez

249. Shair Gul

250. Junaid Maqbool Shaikh

251. Syed Noorul Hamid

252. Akhtar Hussain Panwar

253. Nusrat Hussain Jafri

254. Syed Tariq Hasan

255. Muazzam Ali Khan

256. Muhammad Naeemuddin

257. Abdul Ghani Qazi

258. Syed Sarwar Ali

259. Farooq Khan

260. Babar Jehangir Khan

261. Ishrat Masood

262. Tehseen Ahmed

263. Shamsher Khan

264. Saeed ur Rehman

265. Syed Waseem Farooq

266. Syed Aijaz Ali Shah

267. Rubina Habib

268. Muhammad Hassan

269. Raees Ahmad

270. Syed Muhammad Raza Alvi

271. Fahimuddin

272. Syed Nasir Hussain

273. Hamid Shahab Siddiqui

274. Naser Raees Qureshi

275. Muhammad Sohail Khan

276. Hameed Ullah Khan Niazi

277. Kashif Fida

278. Shabbir Khan

279. Kashif Nawab

280. Kamran Waqar Siddiqui

281. Muhammad Aslam.

282. AliNawz Channa

283. Muhammad Zubair Lodhi

284. Syed Irfan Ali

285. Muhammad S. Solangi

286. Muhammad Siddiq

287. Laeeq Ahmad

288. Qazi Mahmood Mohayy-ud-Din

289. Asghar Ali

290. Muhammad Rafique Abu Bakar

291. Muhammad Bilal Jilani

292. Imtiaz Ahmed Shaikh

293. Farhan Ahmed Siddiqui

294. Yasir Ashraf

295. Hanif Baig

296. Muhammad Nazim

297. Faisal Waseem

298. Muhammad Ali

299. Irshad Hussain

300. Abdul Hamid

301. Kamran Haider

302. Anzar Ali

303. Nasarullah

304. Jamil Akhtar

305. Syed Moin Iqtidar

306. Mushtaq Ahmed

307. Irshad Uz Zaman Khan

308. Muhammad Farooq

309. Syed Nadeem Ali

310. Muhammad Ajmal

311. Mateen Ahmed

312. Imran Bin Mushir

313. Faisal Jamil Butt

314. Mushtaq Ali

315. Sooraj Kumar

316. Abdul Hameed Khan Ghouri

317. Mirza Muhammad Ali

Download details of transfers and posting

The FBR said that iIf they are drawing Performance Allowance prior to issuance of this notification they will continue to draw the same on the new place of posting.

July 6, 2019
FBR extends application of locally manufactured goods list up to June 2020 for exemption, concessions

ISLAMABAD: Federal Board of Revenue (FBR) has extended the application the list of locally manufacturing goods up to June 30, 2020 for the purpose of allowing concession and exemption at customs clearance stage.

The FBR issued Customs General Order (CGO) No. 09 dated July 02, 2019 to amend previous CGOs where the list was applicable up to June 30, 2019.

For the purpose the FBR issued CGO No. 02 dated April 19, 2017 titled list of locally manufactured goods/items for the purpose of concessionary notification etc.

The FBR said that the goods detailed in the list of CGO No. 03/2017 are manufactured locally. The list is compiled and updated by Engineering Development Board (EDB) in consultation with stakeholders.

Henceforth the appended list of locally manufactured goods is applicable for reference purpose to all the exemptions and concessionary notifications.

The FBR said that the collectors of customs and the staff responsible for allowing concessions under different notifications/orders are advised to follow this list for the purposes of allowing concessions from customs duties and sales tax etc.

“The information if any, along with evidence regarding the local manufacture of goods, not indicated in the list, may be forwarded to the FBR forthwith so that the list of locally manufactured goods/items is up-dated in consultation with the EDB,” he FBR said.

The collectors are, however, authorized to allow release of goods/items indicated in the list of locally manufactured goods/items against bank guarantee for a period of three months if the importer produces a certificate issued by the renowned local manufacturers of the disputed items from EDB stating that the imported item is not being manufactured locally and the importer shall produce a clarification from FBR to this effect within the above stated period of three months.

Related CGOs

List of locally manufactured goods under CGO No. 02/2017 dated April 19, 2017.

July 6, 2019
Stock market ends down by 381 points on selling pressure

KARACHI: The stock market ended down by 381 points on Friday owing to selling pressure on the last trading of the week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,190 points as against 34,571 points showing a decline of 381 points.

Analysts at Arif Habib Limited said that the market was opened on a negative note with -45 points and continued the down trend, which ended -381 points and merely around 20 million shares by the end of first session.

Second session contributed an additional 30M shares to end the total volume traded with 51M shares. Fertilizer, O&GMCs, Cement, Banks and E&P sector came down during the trading session. Chemical Sector led the volumes with 9.3M shares, followed by Cement 7.4 million shares.
Among scrips, LOTCHEM registered highest volume with 6.9 million shares, followed by DCR 6 million shares.

Sectors contributing to the performance include Banks (-90 points), Fertilizer (-67 points), E&P (-63 points), Cement (-37 points) and Power (-36 points).

Volumes declined to 51 million shares from 112 million shares (-54 percent DoD). Average traded value also declined by 58 percent to reach US$ 11.8 million as against US$ 28 million.

Stocks that contributed significantly to the volumes include LOTCHEM, DCR, MLCF, TRG and UNITY, which formed 40 percent of total volumes.

Stocks that contributed positively include INDU (+9 points), NESTLE (+5 points), MEBL (+5 points), NATF (+4 points) and LOTCHEM (+3 points). Stocks that contributed negatively include HBL (-32 points), POL (-29 points), MCB (-28 points), ENGRO (-22 points) and FFC (-20 points)

July 6, 2019
Rupee weakens by 20 paisas on higher import payment demand

KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments.

The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market.

During the week the local currency maintained recovery trend against the greenback after hitting all time low of Rs164.05 on June 27. However, the higher demand on last trading day of the week the rupee weakened.

The foreign currency market was initiated in the range of Rs156.50/Rs157.00. The market recorded day high of Rs157.50 and low of Rs156.75 and closed at Rs156.95.

The exchange rate in the open market witnessed stability in the local currency.

The buying and selling of dollar was recorded at Rs156.00/Rs157.00 the same previous days closing in cash ready market.

July 5, 2019
Finance Act 2019: FED imposed on all imported vehicles

The federal government, under the Finance Act 2019, extended the application of Federal Excise Duty (FED) to all imported vehicles, aligning the tax regime with that of locally manufactured automobiles. This policy shift represents a significant move towards harmonizing the taxation framework across the domestic and import markets.
(more…)

July 5, 2019
Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

KARACHI: The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person will be applicable from August 01, 2019.

The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019.

However, through Finance Act, 2019 this condition now will be applicable from August 2019.

An amendment has been introduced through Finance Bill 2019 to Section 23 of Sales Tax Act, 1990 under which it was now required specifically to mention particulars on invoices in Urdu or English language. Tax Invoice is also required to reflect CNIC Number of recipient in case supplies are made to unregistered person.

The Finance Bill 2019 also proposed to require a supplier of textile yarn and fabric to mention count, denier and construction, in addition to description, on tax invoice at the time of making taxable supply.

According to commentary on Finance Act, 2019 issued by PwC A F Ferguson Chartered Accountants NTN or CNIC are now required to be mentioned in tax invoice in respect of supply to unregistered persons.

In the Finance Bill 2019, only CNIC was proposed to be mentioned on tax invoice.

Further through Finance Act 2019, such requirements have been made effective from 1st August, 2019.

However, an exception from such requirement has been introduced through the Finance Act for supplies made by a retailer where the transaction value inclusive of sales tax does not exceed rupees fifty thousand, if sale is being made to an ordinary consumer.

The term ‘Ordinary Consumer’ has also been explained in the Finance Act as a person who is buying goods for his own consumption and not for the purpose of re-sale or processing. It has been further provided in the Finance Act that in case it is subsequently proved that CNIC provided by the purchaser was not correct, liability of tax or penalty shall not arise against the seller, in case of sale made in good faith.

July 5, 2019
Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

KARACHI: The government has exempted the capital gain tax on immovable property where holding period is above eight years. The amendment has been brought through Finance Act, 2019 as it was proposed 10 years through Finance Bill 2019.

According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, prior to finance bill 2019, capital gains on disposal of immovable properties were taxable as a separate block of income at the rates specified in the First Schedule, determined on the basis of holding period of immovable property.

The bill proposed to completely revamp the taxation of capital gains on disposal of immovable properties. It was proposed to tax gain on disposal of open plots as well as constructed properties at normal rates, subject to reduction in the amount of gain on the basis of holding period exceeding the specified thresholds.

Through amended finance bill, the taxability of gain arising on disposal of immovable properties as separate block of income has been restored.

However, the slab rates specified for such taxation are now based on the amount of gain, which are specified as under:

1. Where the gain does not exceed Rs 5 million: 5 percent

2. Where the gain exceeds Rs 5 million but does not exceed Rs 10 million: 10 percent

3. Where the gain exceeds Rs 10 million but does not exceed Rs 15 million: 15 percent

4. Where the gain exceeds Rs 15 million: 20 percent

Further, the holding period of property for ascertaining capital gain has been reduced vis-à-vis that proposed in the finance bill as under:

(a) For open plot of land, the gain chargeable to tax will be reduced by 25 percent if the holding period exceeds one year but does not exceed 8 years (as against 10 years proposed in the FB). Further, where the holding period exceeds 8 years (as against 10 years proposed in the FB), gain will be taken as zero.

(b) For constructed properties, the gain chargeable to tax will be reduced by 25 percent if the holding period exceeds one year but does not exceed 4 years (as against 5 years proposed in the FB). Further, where the holding period exceeds 4 years (as against 5 years proposed in the FB), gain will be taken as zero.

July 5, 2019
US approaches WTO against India’s additional duty measures

ISLAMABAD: The United States has approached the World Trade Organization (WTO) for dispute consultations regarding additional duties imposed by India on various imported goods from the US.

A statement issued by the WTO said that the US had requested WTO dispute consultations with India concerning additional duties applied by India on certain imports of US goods.

The request was circulated to WTO members on July 04.

The United States claims that the additional duties, which India imposed through a series of notifications issued between June 2018 and June 2019, are inconsistent with provisions of the WTO’s General Agreement on Tariffs and Trade (GATT 1994) by unfairly discriminating against US imports vis-à-vis those from other WTO members and by according less favourable treatment to US goods than that provided for in India’s schedule of concessions.

The US authorities a day earlier submitted a request to the WTO for consultation with India with respect to India’s imposition of additional duties with respect to certain products originating in the United States.

“India does not impose the additional duties measure on like products originating in the territory of any other WTO Member,” according to the US.

India also appears to be applying rates of duty to US imports greater than the rates of duty set out in India’s schedule of concessions.

The US submitted the legal instruments through which India imposes the additional duties measure include the following:

Government of India, Ministry of Finance, Department of Revenue, Notification No. 48/2018 – Customs, June 20, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 49/2018 – Customs, June 20, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 56/2018 – Customs, August 3, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 62/2018 – Customs, September 17, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 77/2018 – Customs, November 1, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 80/2018 – Customs, December 15, 2018;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 03/2019 – Customs, January 29, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 06/2019 – Customs, February 26, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 11/2019 – Customs, March 29, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 14/2019 – Customs, May 1, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 15/2019 – Customs, May 14, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 16/2019 – Customs, June 15, 2019;

Government of India, Ministry of Finance, Department of Revenue, Notification No. 17/2019 – Customs, June 15, 2019;

as well as any amendments, replacements, related measures or implementing measures.

The additional duties measure appears to be inconsistent with: Article I:1 of the GATT 1994, because India fails to extend to products of the United States an advantage, favor, privilege or immunity granted by India with respect to customs duties and charges of any kind imposed on or in connection with the importation of products originating in the territory of other Members, and Article II:1(a) and (b) of the GATT 1994, because India accords less favorable treatment to products originating in the United States than that provided for in India’s schedule of concessions.

The additional duties measure appears to nullify or impair the benefits accruing to the United States directly or indirectly under the GATT 1994.

July 4, 2019
Pakistan’s foreign exchange reserves increase to $14.443 billion

KARACHI: The total foreign exchange reserves of Pakistan increased by $92 million to $14.443 billion by week ended June 28, 2019 as compared with $14.351 billion in the previous week, the State Bank of Pakistan (SBP) said on Thursday.

The SBP said that during the week ending June 28, 2019, it received inflow of $500 million from Qatar as placement of funds. After taking into account outflows relating to external debt and other official payments, SBP reserves decreased by $9 million during the week, it added.

The reserves held by commercial banks increased by $101 million to $7.17 billion as compared with $7.069 billion.

July 4, 2019
Karachi Chamber demands restoration of sales tax zero rating for export industries

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday urged the government to restore sales tax zero-rating for export oriented industries as due to withdrawal of this scheme many industries have shut down their activities.

KCCI President Junaid Esmail Makda in a statement expressed deep concerns over the worsening crises being faced by the industries across Pakistan after the withdrawal of zero-rated regime which has created a disastrous situation for the export-oriented industries and it was a matter of grave concerns that many industries, particularly the textile units and its allied industries have shut down their activities, rendering thousands of people completely jobless.

He said that the industries have been compelled to pay to 17 to 20 percent sales tax after the withdrawal of zero rated regime, which has intensified the hardships for industrial units of all sizes as they face huge liquidity crisis and more importantly industry cannot borrow the loan from commercial banks at 14-15 percent interest rate which was not a feasible option.

“If the situation is not timely addressed, we fear that the export-oriented industries will not be able to operate smoothly and they will die”, he added.

Junaid Makda stressed that keeping in view the miseries being faced by the Industry, the government must reverse its decision to restore zero-rated regime for five export oriented industries while ample opportunity must also be provided to all the stakeholders to amicably settle this serious issue otherwise Pakistan exports, which comprise mostly of textile products, will go all the way down to zero.

The poor performance of export-oriented industries was something which neither the government nor the business community could afford particularly at a time when Pakistan was struggling really hard to somehow maintain and improve its depleting foreign reserves.

July 4, 2019