KARACHI: Federal Board of Revenue (FBR) is set to launch survey in existing and new shopping markets in Karachi for identifying tax evaders.
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Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice
KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer.
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SRB suspends sales tax registration of Multinet Pakistan
KARACHI: Sindh Board of Revenue (SRB) has suspended sales tax registration of an IT service provider for failure in timely payment of provincial government dues and filing sales tax return.
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SRB issues list of 1,289 non-filer customs agents
KARACHI: In a bid to reinforce tax compliance and streamline revenue collection, the Sindh Revenue Board (SRB) has taken decisive action against customs clearing agents who have repeatedly failed to fulfill their monthly return filing obligations.
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Rupee makes gain in open market
KARACHI: The rupee gained 10 paisas against dollar on Saturday in open market owing to inflows of foreign currency.
The buying and selling of dollar was recorded at Rs138.30/Rs138.80 from previous day’s closing of Rs138.50/Rs138.90.
The local currency was remained buoyant against the greenback in interbank foreign exchange market during the week owing to significant fall in current account deficit.
Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.
According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.
The exchange rate in interbank market ended at Rs138.55 on Friday as rupee gained for the third consecutive day against the dollar.
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Procedure for obtaining sales tax registration
KARACHI: The Federal Board of Revenue (FBR) has introduced a streamlined procedure for sales tax registration, aiming to facilitate taxpayers engaged in making taxable supplies in Pakistan.
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Weekly Review: equity market to rebound on improved economic indicators
KARACHI: The equity market is expected to rebound next week after tracking negative leads in the past three weeks, analysts said.
Analysts at Arif Habib Limited said that the benchmark index to witness a rebound given improvement in economy as current account deficit has narrowed by 17 percent to USD 8.4 billion coupled with tension between Pakistan and India cooling off and materialization of Saudi deal which will improve the investment climate.
On the other hand, rising international oil prices and expected result announcement of INDU, DGKC, NML, ASTL, PPL, SEARL and BOP may keep these scrips under limelight.
This week trading commenced on a negative note despite historic visit of the Saudi Crown Prince where both the governments signed an investment deal worth $ 21 billion.
The analysts believed market activity remained sluggish and the index hovered sideways on the back of i) tension between Pakistan and neighboring country India post Pulwama terrorist attack which led to the imposition of 200 percent regulatory duty on Pakistani exports; this triggered a selling pressure in cement scrips, ii) Lower than expected results of heavy weight scrips (UBL, HBL, HUBC and KAPCO), and iii) ongoing meeting of the Financial Action Task Force (FATF) to review Pakistan’s status.
As a result, the benchmark KSE-100 index closed at 40,016 points, down by 471 points or 1.16 percent WoW.
Contribution to the downside was led by i) Power Generation and Distribution (-142 points) due to absence of dividend in their recent result announcement, ii) Commercial Banks (-139 points) amid lower than expected results, iii) Pharmaceuticals (-35 points), iv) Transport (-27 points), and v) Tobacco (-26 points).
Scrip wise major losers were UBL (-120 points), HBL (-115 points), HUBC (-68 points), KAPCO (-56 points) and SNGP (-37 points). While, the only sector that contributed positively to the index was Oil and Gas Exploration Companies (+85 points) due to surge in international oil prices.
Foreign buying continued this week clocking-in at USD 3.5 million compared to a net buy of USD 12.1 million last week. Major buying was witnessed in Cements (USD 3.3 million) and Commercial Banks (USD 1.4 million).
On the local front, selling was reported by Individuals (USD 4.7 million) followed by Companies (USD 1.0 million).
That said, average daily volumes for the outgoing week were down by 22 percent to 105 million shares likewise value traded decline by 14 percent to USD 39 million.
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Income Tax Ordinance 2001: Taxpayers require to keep 6-year tax record for audit
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, emphasizing the importance of maintaining accurate records by taxpayers.
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Customs recovers huge quantity of drugs, smuggled goods
KARACHI: Customs authorities in Karachi conducted two major operations on Friday, resulting in the recovery of a significant quantity of contraband and smuggled goods.
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NBP’s annual profit falls by 13pc on massive provisioning, write-offs
KARACHI: The net annual profit of National Bank of Pakistan (NBP) has declined by 13 percent owing to sharp increase in provisioning and write-offs.
The net profit of the bank was at Rs20 billion in 2018 as compared with Rs23 billion in the previous year.
In its financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared earnings per share at Rs9.41 as compared with previous year’s EPS at Rs10.82.
The net mark-up income and interest income of the bank had been increased to Rs60.66 billion in the year 2018 as compared with Rs54.25 billion in a year ago.
Meanwhile, non-mark up income and interest income of the bank was at Rs36.248 billion for the year under review as compared with Rs31.065 billion a year ago.
The cost of provisioning and write-offs increased massively to Rs11.3 billion as compared with Rs1.19 billion.