Individuals who assist in or encourage tax evasion face severe penalties under Pakistan’s tax laws. Specifically, a person can be sentenced to up to three years in prison for aiding, abetting, or inciting another individual to commit a tax offense. The Federal Board of Revenue (FBR) has emphasized the strict nature of punishments associated with tax evasion, concealment, and willful non-compliance as outlined in the Income Tax Ordinance of 2001.
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Headline inflation rises by 8.2 percent in February
ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 8.2 percent on year-on-year basis in February 2019 as compared to an increase of 7.2 percent in the previous month.
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Rupee ends firmer in cash ready market
KARACHI: The Pak Rupee ended firmer against US dollar in cash ready market on Saturday. The buying and selling of dollar was recorded at Rs138.70/Rs139.20, the same previous day’s level, in open market.
The rupee made significant recovery in the interbank market during the outgoing week.
The Pak Rupee gained 29 paisas against dollar on Friday owing to positive sentiments prevailed in currency market.
The rupee ended Rs138.53 to the dollar as compared with previous day’s close of Rs138.82 in interbank foreign exchange market.
Currency dealers said that good-will gesture shown by Pakistan for releasing captured Indian pilot for normalization the situation resulted in prevalence of positive sentiments in the market.
The rupee also made a sharp recovery of 44 paisas against dollar on Thursday.
The exchange rate went up to Rs139.26 to the dollar after Indian aggression on February 27.
However, during the past two days, the local unit made significant recovery.
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Weekly Review: Market likely to bounce back on easing Pak-India stand off
KARACHI: After witnessing decline the equity market likely to bounce back during next week after ease in stand off between Pakistan and India.
Analysts at Arif Habib Limited hoped that the market to bounce back next week with tension between India and Pakistan to face a significant suppression following the release of the IAF pilot today.
Enticing valuations of various stocks open up lucrative buying opportunities.
The benchmark KSE-100 index remained in the red this week primarily owing to immense tension between Pakistan and India following the Pulwama attacks.
The intensity of the situation resulted in cross border intrusions by both countries’ respective air forces, and Pakistan arresting one IAF pilot after striking down a fighter jet.
Following intervention of international powers, especially of President Trump, the investor sentiment improved and the market responded positively to the defusing tension towards the end of the week.
The KSE-100 index declined 477 points this week, to close at 39,539 points.
Sector-wise negative contributions came from i) Cements (125 points), ii) Oil & Gas Exploration Companies (70 points), iii) Oil & Gas Marketing Companies (58 points), iv) Commercial Banks (58 points), and v) Power Generation (47 points).
On the flip side, sectors that contributed positively include i) Tobacco (92 points) and ii) Miscellaneous (7 points). Scrip-wise major losers were LUCK (61 points), MCB (54 points), PPL (46 points), NESTLE (33 points) and UBL (30 points).
Foreign selling was witnessed this week clocking-in at USD 1.3 million compared to a net buy of USD 3.5 million last week.
Selling was witnessed in Commercial Banks (USD 1.9 million) and Exploration & Production (USD 0.4 million).
On the domestic front, major buying was reported by Insurance Companies (USD 15.6 million) and Companies (USD 4.7 million).
Volumes during the week settled at 160 million shares (up by 52 percent WoW) whereas value traded arrived at USD 51 million (up by 33 percent WoW).
Other major news: i) Up to 10 percent hike in petroleum prices proposed, ii) RLNG-based power project: Signing of PPA, RA with SNGPL allowed, iii) Singapore offers help in building 5 million low-cost houses, iv) SBP allows Islamic banks to offer refinance.
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Stock market gains 484 points on ease in border tension
KSE-100 gains 362 points amid Pak-India border tension -
Two-year jail on deliberate non filing of return, statement
KARACHI: Federal Board of Revenue (FBR) is going to invoke certain provisions of tax laws, including prosecution for non-compliance to return and statement filing, under which about two years jails suggested for failing in return filing.
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SPI inflation increases by 10.63 percent
ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has increased by 10.63 percent by the week ended February 28, 2019, as compared with the corresponding week a year ago, according to details released by the Pakistan Bureau of Statistics (PBS) on Friday.
The weekly SPI with base 2007-08=100 covering 17 urban centers and 53 essential items for all income groups/quintiles and combined has been computed.
According to the PBS, inflation increased by 7.40 percent over the year for the lower-income group up to Rs8,000.
The detail of inflation for other income is: 7.63 percent for income group Rs8001-120000; Rs7.62 percent for income group Rs12001-18000; 11.57 percent for income group Rs18001-35000; and 14.93 percent for income group above Rs35000.
The basic items which witnessed significant growth in prices over the year are included: telephone calls; high-speed diesel; washing soap; gas charges; fabric-cloth; cigarettes; red chilli; cooking oil etc.
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Customs valuation meeting at commerce division
A high-level meeting on Customs Valuation was held on Friday at the Commerce Division, chaired by Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industries & Production, and Investment. The meeting focused on improving valuation mechanisms and addressing the persistent issue of under-invoicing in imports.
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SRB suspends sales tax registration of Sharp Telecom
The Sindh Revenue Board (SRB) has taken decisive action against M/s. Sharp Telecom (Pvt) Limited, suspending its sales tax registration due to failure in making timely payments and filing monthly returns, as per an official notice issued on Friday.
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Stock market gains 484 points on ease in border tension
KARACHI: The stock market on Friday gained 484 points owing to ease in tension on Pak-India borders.
The benchmark KSE-100 index closed at 39,539 points as against 39,055 points showing an increase of 484 points.
Analysts at Arif Habib Limited said that lessening of tension at the border between Pakistan and India gave the index a solid reason to leap forward although the volumes did not increase as much.
Blue chip stocks such as HBL, UBL, ENGRO, OGDC, PPL, POL contributed to todays’ performance.
Banking sector led the volumes table with 24 million shares (topped by BOP), which was followed by Engineering sector (Steel scrips).
Financial results of MUGHAL helped improved sectoral performance and otherwise had ISL as main contributor, both of which hit upper circuit and closed near day’s high.
Sectors contributing to the performance include Banks (+175 points), E&P (+93 points), Fertilizer (+56 points), O&GMCs (+29 points), Misc (+25 points).
Volumes declined from 159 million shares to 137 million shares (-14 percent DoD).
Average traded value remained unchanged at US$ 53 million.
Stocks that contributed significantly to the volumes include BOP, OGDC, KEL, PAEL and PIBTL, which formed 21 percent of total volumes.
Stocks that contributed positively include HBL (+76 points), OGDC (+56 points), DAWH (+38 points), BAHL (+36 points), and UBL (+33 points).
Stocks that contributed negatively include EFUG (-7 points), BAFL (-7 points), HMB (-6 points), ASTL (-3 points) and ICI (-3 points).
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FBR promotes 83 officers of IRS to BS-18
ISLAMABAD: Federal Board of Revenue (FBR) on Friday promoted 83 officers of Inland Revenue Service (IRS) to BS-18 from BS-17 with on regular basis immediate effect.
The following officers have been promoted:
01. Sajjad Hussain
02. Ms. Ifra Tabassum
03. Khurram Fakhar Siddique
04. Ms. Zehra Farooq
05. Zeeshan Ali
06. Essam Anwar Khokhar
07. Ms. Amina Shah
08. Ms. Naila Gul
09. Ms. Zainab Asad Munir
10. Muhammad Irfan Haider
11. Ms. Amna Tariq Shah
12. Rabnawaz Ahmed Matiana
13. Sajjad Sadique
14. Muhammad Sulaiman
15. Syed Muhammad Sharique Tanweer
16. Khan Shahzeb Bashir
17. Ms. Farah Yamin Khan
18. Muhammad Ahsan Tahir
19. Abdul Rouf
20. Muhammad Junaid Murtaza
21. Muhammad Awais Ishaque
22. Ghulam Rasool
23. Yaser Hussain Bhutto
24. Muhammad Waqas Maqsood
25. Akbar Ali
26. Abdul Ghafoor
27. Noor Rehman
28. Ms. Sana Baluch
29. Danish Qamar
30. Ms. Aisha Asad
31. Afaque Ahmed
32. Riaz Ahmed Alizai
33. Shiraz Ali
34. Ahmad Shakeel Babar
35. Muhammad Adil Khan
36. Haidar Abbas
37. Imran Yousef
38. Muhammad Faheem Sajjad Dhariwal
39. Sultan Ali
40. Bahawal Shahryar
41. Ms. Khadija Hussain
42. Ms. Sara Khan
43. Ms. Shiraza Hameed
44. Usman Ahmed
45. Ms. Mahwish Khan
46. Asim Raza
47. Sardar Ali
48. Ms. Sarwat Malik Habib
49. Mohammad Omair Khan
50. Ms. Maheen Hassan
51. Amjad Hussain Zada
52. Ms. Saqiba Mannan
53. Ms. Mahak Mansoor
54. Talat Mehmood Bosaal
55. Ms. Beenish Aruj
56. Suhail Abbas
57. Bilal Qasim
58. Usman Ijaz Rathoe
59. Abdullah Irshad
60. Ms. Asma Humayun
61. Salman Naveed
62. Junaid Manzoor
63. Ms. Fatima Ali
64. Aijaz Ali
65. Ali Hassan
66. Mehran Khan
67. Ghulam Fareed
68. Mehdi Hassan
69. Immad Alam
70. Ali Noor
71. Muhammad Faiz Hussain
72. Ejaz Shabbir Malik
73. Aqeel Ahmed Sheikh
74. Syed Hassan Abbas Rizvi
75. Muhammad Aslam Makhdoom
76. Fayyaz Ahmed Loothar
77. Abdul Qadeer
78. Muhammad Qudratullah Khan
79. Salamat Ali Khan
80. Abdul Wahab Saria
81. Ghulam Murtaza Nizamani
82. Malik Muhammad Riaz
83. Muhammad Ashraf
The FBR said that the officers who are drawing performance allowance will continue to draw the same after promotion.
The officer shall actualize/continue to work at their present place of postings.
The officers at serial number 2, 11, 17, 25, 36, 56 and 68 will actualize their promotion from the date of their joining at FBR.
FBR congratulates the officers on their regular promotion to BS-18.
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