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TPL Trakker to use Telenor’s location based services

KARACHI: TPL Trakker and Telenor Pakistan have signed an agreement under which Telenor Pakistan will provide location base services (LBS).

TPL Trakker powers the technology via TPL Maps, the company’s mapping arm and Pakistan’s first digital mapping service licensed by the Survey of Pakistan, a statement said on Thursday.

Using LBS, Telenor Pakistan will make use of the most detailed and localized location dataset ever offered in Pakistan. Following the partnership, Telenor Pakistan will have access to data covering 600,000 km of road network, 3 million points of interest (POIs), which will enable the telecom operator to offer tailored products and solutions for B2B customers as per their needs.

The move is in line with TPL Trakker’s vision to create value for different industry verticals through digital transformation, enhancing connectivity between people, mobile assets and businesses.

This will pave the way for Mobile Network Operators to venture into diverse location-centric solutions adding to the rising popularity of TPL’s cutting edge mapping and automation API solutions for apps.

Speaking on the collaboration, Sarwar Ali Khan, CEO, TPL Trakker said, “TPL has developed indigenous Location Based Services to fuel the rapid growth of technology companies in Pakistan. Mobile Network Operators are ingrained in the national economy and they rely heavily on cutting-edge location data and services. We expect closer collaboration with each player for our Location Based Services as we look forward to a long and fruitful relationship with one of Pakistan’s leading Mobile Network Operators.”

With a plan to accelerate the growth of the telecommunication services industry, the two companies will create a modern, value-driven and globally competitive Pakistan.

July 9, 2020
Pakistan’s foreign exchange reserves increase by $819 million

KARACHI: The liquid foreign exchange of the country increased by $819 million to $18.79 billion by week ended July 03, 2020, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were at $17.971 billion a week ago ended on June 26, 2020.

The official reserves held by the SBP increased by $811 million to $12.042 billion by week ended July 03, 2020 as compared with $11.231 billion a week ago.

The SBP attributed the increase in reserves to proceeds of $1,000 million as GOP loan disbursement from China.

During the week, SBP also made government external debt payments of $ 231.2 million.

The foreign exchange reserves held by commercial bank witnessed nominal growth of $8 million to $6.748 billion by week ended July 03, 2020 as compared with $6.74 billion a week ago.

July 9, 2020
Rupee gains 18 paisas on improved inflows

KARACHI: The Pak Rupee gained 18 paisas against dollar on Thursday owing to improved inflows of export receipts and workers’ remittances.

The rupee ended at Rs166.58 to the dollar from previous day’s closing of Rs166.76 in interbank foreign exchange market.

Currency experts said that the lowering demand for import and corporate payments and improved inflows helped the rupee to make gain.

They said that the import bill of the country massively reduced during the fiscal year 2019/2020.

According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

July 9, 2020
SBP revises banking timings from July 13

KARACHI: State Bank of Pakistan (SBP) on Thursday revised timings for banks and microfinance banks to be observed from July 13, 2020.

The central bank said that effective from July 13, 2020, the banks/MFBs shall observe the following office timings till further orders.

However, banks/MFBs may prescribe business hours for branches as per their business requirement subject to observance of SBP business (banking) hours for public dealings as notified vide BPRD Circular Letter No. 20 dated April 23, 2020.

The timings shall be:

Monday to Thursday: 09:00 a.m. to 5:30 p.m. (with prayer / lunch break from 1:30 p.m. to 2:00 p.m.)

Friday: 09:00 a.m. to 5:30 p.m. (with prayer / lunch break from 1:00 p.m. to 2:30 p.m.)

The SBP said that all banks / MFBs are accordingly advised to ensure compliance of the above-mentioned timings in letter and spirit.

July 9, 2020
SBP asks banks not to accept institutional investment in saving schemes

KARACHI: State Bank of Pakistan (SBP) on Thursday informed banks about restriction imposed on institutional investment in saving schemes.

The central bank said that the Central Directorate of National Savings (CDNS) on July 01, 2020 restricted participation of institutional investors in national saving schemes.

In this connection, the SBP advised all authorized commercial banks to review the instructions contained in the above mentioned letters and ensure that no institutional investment of any kind should be accepted in National Savings Schemes (NSS) dealt by banks i.e. Special Savings Certificate (SSC) / Defence Savings Certificate (DSC) on or after July 01, 2020.

The SBP asked the banks to disseminate necessary instructions down the line to all authorized branches and concerned officials for information and strict compliance.

July 9, 2020
Fee for filing tax appeals increased substantially

ISLAMABAD: A substantial increase has been made to fee amount for filing appeal against an assessment order. The increase has been made part of statute through Finance Act, 2020.

Officials at Federal Board of Revenue (FBR) said that an amendment to sub-section 4 of the Section 127 of Income Tax Ordinance, 2001 has been made through Finance Act, 2020. Prior to this amendment the fee amount of Rs1,000 was prescribed for all taxpayers for filing appeal.

However, through the amendment the prescribed fee shall be Rs5,000 in case of company and Rs2,500 in case of other than a company.

The fee for filing appeal in other than assessment cases has also been increased. The fee in case of company has been increased to Rs5,000 from Rs1,000. In case of other than company the fee amount has been increased to Rs1,000 from Rs200.

Another amendment has been made to section 131 of the Income Tax Ordinance, 2001 regarding fee for filing appeal before appellate tribunal.

Prior to the amendment an amount of Rs2,000 was prescribed as fee for filing appeal. However, post amendment the prescribed fee shall be Rs5,000 in case of a company and Rs2,500 in case of other than a company.

July 9, 2020
FBR to adopt new measures to achieve Rs4,963 billion collection target

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take new enforcement and administrative measures to achieve revenue collection target of Rs4,963 billion assigned for current fiscal year.

The federal government in the latest budget assigned FBR to collect Rs4,963 billion during 2020/2021, which is 25 percent higher than the collection of Rs3,957 billion collected during 2019/2020.

In order to achieve the revenue collection target of current fiscal year the FBR chairman directed chief commissioners and chief collectors to submit their proposals and suggestions for taking new administrative and enforcement measures.

The FBR sought the proposals for increasing revenues and plugging loopholes.

All chief commissioners and chief collectors have been asked to furnish their proposals by July 15, 2020.

It is worth mentioning that the FBR was assigned Rs5,550 billion revenue collection target during fiscal year 2019/2020 however due to slow economic activities early in the fiscal year and adverse impact on economy due to coronavirus the revenue collection significantly declined.

Later considering the situation the FBR was assigned the reduced collection target of Rs3,907 billion, which was surpassed by more than Rs50 billion.

Despite the achievement of revenue collection target the FBR chairperson Ms. Nausheen Javaid Amjad was removed from the post and Muhammad Javaid Ghani was assigned additional charge of the post of FBR chairman.

Sources in the FBR said that the administrative and enforcement measures would only work when a regular chairman has been appointed.

July 9, 2020
Finance ministry issues strategy for release of funds for development budget

ISLAMABAD: The finance ministry on Wednesday issued strategy for release of funds for development budget during fiscal year 2020/2021.

The undersigned is directed to refer to the subject mentioned above and to state that keeping in view the Public Finance Management Act (PFM) Act, 2019, the following strategy for release of funds relating to Development Budget for Financial Year 2020-21 shall be followed with immediate effect and until further orders:-

a) Funds for Development Budget shall be released by Finance Division at the level of 20 percent for the 1st Quarter, 30 percent each for 2nd and 3rd Quarter and 20 percent for 4th Quarter.

b) Ministry of Planning, Development and Special Initiative s shall devise project-wise/Division-wise strategy for release of funds for Public Sector Development Program (PSDP) within the appropriations approved by the National Assembly and included in the Schedule of Authorized Expenditure in terms of Article 83 of the Constitution.

c) All payments shall be made through the pre-audit system of the Accountant General Pakistan Revenue (AGPR)/ Military Accountant General (MAG)/ Accounting Offices/ Sub-Offices, or through Assignment Account procedure issued by the Finance Division. No direct payment through the State Bank of Pakistan shall be made, except with the prior approval of the Finance Secretary.

d) No authority shall incur or commit any expenditure from the “Federal Consolidated Fund” until the same has been sanctioned by the National Assembly and the expenditure has been provided for the financial year through (a) schedule of authorized of expenditure in terms of Article 83 of the Constitution, or (b) supplementary grant or technical supplementary grant as per Article 84 of the Constitution has been approved by the Federal Government, or (c) re-appropriation as per Sections 2(u) and 11 of the Public Finance Management Act, 2019.

e) There shall be no requirement of ways and means clearance from Budget Wing and endorsement of sanction letters by Expenditure Wing, Finance Division for the fund releases for PSDP approved projects.

f) All the sanctions for expenditure (in all forms) shall be issued and entered into SAP system by the Principle Accounting Officers (PAOs) before making payment by the Accounting Offices.

g) AGPR and other Accounting Offices shall not enter the sanction letters issued by the PAO into the SAP system and shall process the payments on verification of budget, fund release and sanction letter.

h) The provisions of Public Finance Management Act, 2019 shall be strictly adhered to by all the PAOs and the Accounting Offices.

i) The instructions with regard to all forms of supplementary grants shall be issued by the Budget Wing, Finance Division, separately.

j) The Development Wing of Finance Division shall coordinate and oversee the matters relating to release of funds for development of budget and other ancillary matters.

July 8, 2020
Assessment oversight committees formed to settle taxpayers’ cases

ISLAMABAD: Assessment oversight committees have been formed at all tax offices of Inland Revenue in order to settle the cases of taxpayers in expeditious manner, officials at Federal Board of Revenue (FBR) said.

The committees have been formed following amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020, which was recently approved by the National Assembly.

The committee shall comprise the following tax authorities having jurisdiction over the taxpayer, namely:

(a) the Chief Commissioner Inland Revenue;

(b) the Commission Inland Revenue; and

(c) the Additional Commissioner Inland Revenue.

A new section 122D has been inserted to Income Tax Ordinance, 2001 for agreed assessment in certain cases.

Under this section where as taxpayer, in response to a notice under sub-section of Section 122, intends to settle his case, he may file offer of settlement in the prescribed form before the assessment oversight committee in addition to filing reply to the commissioner.

The committee after examining the offer may call for the record of the case and after affording opportunity of being heard to the taxpayer, may decide to accept or modify the offer of the taxpayer through consensus and communicate its decision to the taxpayer.

Where the taxpayer is satisfied with the decision of the committee:

(a) the taxpayer shall deposit the amount of tax payable including any amount of penalty and default surcharge as per decision of the committee;

(b) the commissioner shall amend assessment in accordance with the decision of the committee after tax payable including any amount of penalty and default surcharge as per decision of the committee has been paid;

(c) the taxpayer shall waive the right to prefer appeal against such amended assessment; and

(d) no further proceedings shall be undertaken under this ordinance in respect of issues decided by the committee unless the tax has not been deposited by the taxpayer.

According to the amendment, where the committee has been able to arrive at the cons or where the taxpayer is not satisfied with the decision of the committee, the case shall be referred back to the commissioner for decision on the basis of reply of the taxpayer in response to notice under section 122 notwithstanding proceedings or decision, if any, of the committee.

This section shall not apply in cases involving concealment of income or where interpretation of question of law is involved having effect on other cases.

Further, the FBR may make rules regulating the procedure of the committee and for any matter concerned with, or incidental to the proceedings of the committee.

July 8, 2020
Pak Qatar Family Takaful to offer products, services through digital media

KARACHI: Pak-Qatar Takaful Group has decided to use digital media to offer its products and services in the wake of COVID-19 in order to provide the best possible convenience to its valuable members and customers.
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July 8, 2020