Pkrevenue.com

Blog

  • Rupee gains nine paisas against dollar

    Rupee gains nine paisas against dollar

    KARACHI: The Pak Rupee gained nine paisas against dollar on Friday owing to inflows of remittances and export receipts.

    The rupee ended Rs138.55 to the dollar from previous day’s close of Rs138.64 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.60 and Rs138.65.

    The market recorded day high of Rs138.65 and low of Rs138.52 and closed at Rs138.55.

    In the open market the exchange rate was remained unchanged.

    The buying and selling of dollar was recorded Rs138.50/Rs139.00, the same previous day level, in the cash ready market.

    Related Stories
    Rupee gains 20 paisas against dollar

  • PSX opening bell marks Women Day

    PSX opening bell marks Women Day

    KARACHI: Pakistan Stock Exchange (PSX) on Friday celebrated World Women Day as a prominent woman rang the bell for opening trading.

    Dr. Shamshad Akhtar, former governor State Bank of Pakistan (SBP), rang the opening bell on the occasion of Women Day.

    Women from different sectors of the economy attended the event and also rang the bell.

    The stock exchange has important role in promoting women participation in financial market of the country.

    The latest event is also part of those efforts to encourage women increase their participation.

  • FBR investigates tax evasion by 200 Sindh govt employees

    FBR investigates tax evasion by 200 Sindh govt employees

    KARACHI: Federal Board of Revenue (FBR) has initiated investigation into massive tax evasion by at least 200 employees of Sindh government.

    The investigation has been launched by Broadening of Tax Base (BTB) wing of Regional Tax Office (RTO)-II Karachi, according to official documents received on Friday.

    Sources said that the BTB wing selected high profile cases of government employees in Sindh on the basis of their expenditures and income.

    The sources said that preliminary scrutiny revealed that their income and expenses were not matched.

    They also said that such identified government employees had also not filed their income tax returns and wealth statement.

    The RTO-II Karachi has issued notices to the persons for filing their income tax returns otherwise department would prepare unilateral assessment and initiate action.

    The sources said that in case of non-compliance by them in payment due taxes their bank account would be attached for recovery.

    The tax office also issued notices to high profile 16,000 salaried persons working in private sector. The sources said that such persons had been given opportunity of being heard and in case they failed in doing so such harsh provisions of the tax law would be invoked against them.

    The sources said that the RTO-II also issued notices to 2,000 persons who had purchased huge amount immovable properties but had not declared or not filed their returns.

    The investigation has been launched by Broadening of Tax Base (BTB) wing of Regional Tax Office (RTO)-II Karachi, according to official documents received on Friday.

    Sources said that the BTB wing selected high profile cases of government employees in Sindh on the basis of their expenditures and income.

    The sources said that preliminary scrutiny revealed that their income and expenses were not matched.

    They also said that such identified government employees had also not filed their income tax returns and wealth statement.

    The RTO-II Karachi has issued notices to the persons for filing their income tax returns otherwise department would prepare unilateral assessment and initiate action.

    The sources said that in case of non-compliance by them in payment due taxes their bank account would be attached for recovery.

    The tax office also issued notices to high profile 16,000 salaried persons working in private sector. The sources said that such persons had been given opportunity of being heard and in case they failed in doing so such harsh provisions of the tax law would be invoked against them.

    The sources said that the RTO-II also issued notices to 2,000 persons who had purchased huge amount immovable properties but had not declared or not filed their returns.

  • If FBR not fixed, new tax authority will be created: PM

    If FBR not fixed, new tax authority will be created: PM

    ISLAMABAD: Prime Minister Imran Khan on Thursday said that reforming Federal Board of Revenue (FBR) is priority of the government.

    If the FBR fails to deliver then we will replace with a new tax authority, he said while addressing at the 11th All Pakistan Chambers President Conference.

    He said that the reforms in the taxation system was need of the hour because without it the government would not able to meet its developmental expenditures.

    The prime minister informed the business community that he was regularly discussing with Commerce Adviser Abdul Razak Dawood and Finance Minister Asad Umar on ways to boost revenue generation and making the FBR a business-friendly organization.

    “But I should also tell you this: if we realise that the FBR cannot be fixed, we will create a new FBR,” he said.
    Imran Khan said that the economy was facing challenging conditions and revenue generation was a must.

    He also urged the nation to come into the tax net, adding that in return he would guarantee that their tax would not be misspent.

    He assured the nation that each and every penny of Pakistanis’ tax collection will be spent with great caution, he said.
    He said that the government will end all unnecessary expenses. He urged the business community to pursue people that it is impossible for any country to succeed without paying their taxes.

    The prime minister said that it was shocking that only 72,000 taxpayers were declaring Rs200,000 or more monthly income out of 210 million people in Pakistan.

    The prime minister assured the business community that his government will do all he can to facilitate them, indicating that “some more incentives are coming your way in the upcoming days”.

  • KTBA requests FBR to include late-filers’ name into ATL

    KTBA requests FBR to include late-filers’ name into ATL

    KARACHI: The Karachi Tax Bar Association (KTBA) on Thursday requested tax authorities to include names of late filers of income tax returns, who already applied for extension, into Active Taxpayers List (ATL).

    The KTBA requested the chairman of Federal Board of Revenue (FBR) to issue instructions for inclusion of the names of those taxpayers who had duly applied for extension for filing of return of income and the rejection order of which was not passed by the commission and they filed return of income by the requested due date and also those taxpayers who are registered with FBR after June 2018 and are entitled for inclusion as per SRO831(I)/2015 dated August 21, 2015 in the ATL issued by the FBR.

    It said that the instruction will be in accordance with the true spirit of law and for the facilitation of taxpayers who fulfilled their responsibility as compliant taxpayers and will also encourage new taxpayers, consequently helping in increasing the tax base.

    The tax bar further said that it cannot be considered reasonable that these taxpayers should be treated as non-filer for the entire next year equating them with those non-filers who did not even bother to file return at all and you will be agree that both should not be treated in the same manner.

    Under Section 182A of Income Tax Ordinance, 2001 the taxpayers, who filed their returns after due date, have been denied to have their names into ATL for tax year 2018.

  • SRB suspends sales tax registration of Baba Farid Carriage

    SRB suspends sales tax registration of Baba Farid Carriage

    KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Baba Farid Carriage Company for default payment related to period January 2017 to August 2018.

    The SRB said that non-payment of Sindh sales tax on services is contravention of provincial tax laws. It said that record showed that M/s. Fauji Fertilizer Company Limited, M/s. Engro Fertilizers Limited and M/s. Efert Agritrade (Private) Limited have declared purchases of Rs211 million (including sales tax of Rs33.46 million) from M/s. Baba Farid Carriage Company during January 2017 to August 2018.

    However, M/s. Baba Farid Carriage Company have declared sales of Rs192.78 million during November 2016 to August 2018 with SRB leading to sales suppression of Rs18.62 million and short payment of Sindh Sales Tax of Rs5.98 million.

    The SRB suspended the sales tax registration of the company and directed to make remedial actions by March 18, 2019, including declaration of correct monthly sales tax returns and submit all sales and purchase record for the tax periods with income tax returns for the period of 2016/2017, 2017/2018 and copies of sales tax return filed with other provincial sales tax authorities.

    “In case of non-satisfactory response or failure to take remedial measures as suggested on or before March 18, 2019, further necessary action shall be taken under the law,” the SRB warned.

    Related Stories

    SRB suspends sales tax registration of Sharp Telecom

    SRB suspends sales tax registration of Multinet Pakistan

  • Forex reserves increase by $140 million to $14.956 billion

    Forex reserves increase by $140 million to $14.956 billion

    KARACHI: Pakistan’s liquid foreign exchange (forex) reserves witnessed a notable increase during the week ended March 1, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. The total forex reserves rose by $140 million, reaching $14.956 billion, compared to $14.816 billion recorded in the previous week.

    (more…)
  • FBR notifies transfers, postings of key IRS posts

    FBR notifies transfers, postings of key IRS posts

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified transfers and postings of key posts in Inland Revenue Service (IRS) with immediate effect.

    The FBR transferred and posted Zulfiqar Hussain Khan (IRS/BS-20) as the Director General (OPS), Directorate General of Internal Audit (Inland Revenue), Islamabad from the post of Chief (L&C) FBR, Islamabad.

    The FBR also transferred and posted Mir Badshah Khan Wazir (IRS/BS-20) as Director General (OPS) Broadening of Tax Base (BTB) FBR HQ Islamabad.

    The officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting, the FBR said.

  • KSE-100 ends down by 274 points

    KSE-100 ends down by 274 points

    KARACHI: The equity market ended down by 274 points on Thursday due to selling pressure.

    The benchmark KSE-100 index closed at 39,294 points as against 39,568 points showing a decline of 274 points.

    Analysts at Arif Habib Limited said that the market was remained under pressure today and after exclusion of trades in BOP, the market has been timid since Monday.

    Banking sector again led the volumes table, and for the fourth consecutive day in this week, BOP topped with 8 million shares.

    BOP’s price went low again and the activity intensified in the last closing hour.

    Chemical sector, on the other hand, gained some ground after a while. LOTCHEM & DOL appear in the top 10 volumes table in addition to price increase.

    E&P sector was also among the sectors that caused selling pressure and pushed the index down.

    Rumors of foreigners selling block of OGDC’s shares added pressure to the already declining stock price.

    Sectors contributing to the performance include E&P (-68 points), Banks (-50 points), Power (-40 points), O&GMCs (-31 points), Fertilizer (-31 points), Autos (+37 points).

    Volumes increased slightly from 81 million shares to 83 million shares (+2 percent DoD). Average traded value decreased by 3 percent to reach US$ 27.6 million as against US$ 28.4 million.

    Stocks that contributed significantly to the volumes include BOP, STPL, LOTCHEM, DOL and KEL, which formed 32 percent of total volumes.

    Stocks that contributed positively include INDU (+18 points), MEBL (+14 points), PMPK (+10 points), PSMC (+7 points), and HCAR (+7 points). Stocks that contributed negatively include OGDC (-48 points), HUBC (-32 points), BAHL (-27 points), PPL (-23 points) and UBL (-20 points).

  • Rupee gains 20 paisas against dollar

    Rupee gains 20 paisas against dollar

    KARACHI: The Pak Rupee gained 20 paisas against dollar on Thursday owing to inflows of remittances and export receipts.

    The rupee ended Rs138.64 to the dollar from previous day’s close of Rs138.84 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.75.

    The market recorded day high of Rs138.77 and low of Rs138.63 and closed at Rs138.64.

    In the open market the exchange rate was remained unchanged.

    The buying and selling of dollar was recorded Rs138.50/Rs139.00, the same previous day level, in the cash ready market.