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  • High valued building at PECHS detected as benami; FBR attaches, initiates proceedings

    High valued building at PECHS detected as benami; FBR attaches, initiates proceedings

    KARACHI: Anti-Benami Initiative Zone-III Karachi of Federal Board of Revenue (FBR) has detected residential cum commercial high valued building as benami property, which is located in posh area of the city.

    According to details, the anti-benami zone investigated the source of income for the purchase of the property and discovered that the owners or benamidars were never in financial position to purchase the said immovable properties.

    The sources said that the zone provisionally attached the property and launched investigation to dig out the beneficial owners.

    The zone while exercising powers under Benami Transactions (Prohibition) Act, 2017 issued notices to the benamidars of plot Nos. 167C and 168C Commercial Area, Block 2 PECHS after having sufficient reasons to believe that the land was benami.

    The notices were sent to Muhamma Yaseen benamidar of plot no. 167C and Kashif Hasan benamidar of plot no. 168C to provide all relevant documents for the purchase of property and source of income besides producing record of submitted annual income tax returns.

    Meanwhile, during the provisional attachment the benamidars and others have been prohibited and restrained from transferring of immovable properties or subjecting the same to a charge in any manner and that all persons have been prohibited from taking any benefit under such transfer or charge.

    The sources said that the one building was constructed by joining both the plots. Therefore, it was believed that there would be one beneficial persons in both the plots.

  • Weekly Review: market performance to remain subdued on cornovirus fear

    Weekly Review: market performance to remain subdued on cornovirus fear

    KARACHI: The fears over Coronavirus and its impact on the economy, as well as the continuation in pressure on global equities is likely to keep market performance subdued.

    That said, valuations across the board particularly in blue-chips have reached attractive levels, analysts at Arif Habib Limited said.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.9x (2020) compared to Asia Pac regional average of 11.6x and while offering DY of ~7.2 percent versus ~2.8 percent offered by the region.

    A significantly lower inflationary reading for February 2020 (12.4 percent vs 14.6 percent in Jan’20) provided respite to investors as expectations of a rate cut in the MPS this month set in, creating positive sentiment in cyclical sectors (Cement sector attracted buying).

    However, with the total number of Coronavirus cases in Pakistan rising to 6, and with the continuous rise in cases outside China (close to 20,000 now), the trickle-down effect of a global-sell off in equities did create pressure in the index. However, the KSE-100 Index closed at 38,220 points, up 236 points WoW (+0.62 percent)

    Sector-wise negative contributions came from i) Banks (388pts) led by expectations of a rate cut this month, ii) Power generation & Distribution (49pts) and iii) Miscellaneous (10pts).

    Positive contributions came from Cement primarily (329pts). Scrip-wise negative contributions were led by HBL (119pts), UBL (71pts), and BAFL (54pts) while positive contributions were led by LUCK (113pts), and DGKC (51pts).

    Foreign selling continued this week clocking-in at USD 16.7 million compared to a net sell of USD 22.5 million last week.

    Selling was witnessed in Cement (USD 5.1 million) and E&P (USD 3.5 million). On the domestic front, major buying was reported by Mutual Funds (USD 15.4 million) and Companies (USD 11.1 million).

    Average Volumes remained stable at 243 million shares while average value traded clocked-in at USD 65 million (up by 35 percent WoW).

  • FBR may invoke provisions for third party recovery

    FBR may invoke provisions for third party recovery

    ISLAMABAD: Federal Board of Revenue (FBR) may invoke provisions related to third party recovery of tax defaulted by a taxpayer.

    FBR sources said that the tax authorities may invoke Section 140 of Income Tax Ordinance, 2001 in order to make recovery from a defaulter.

    The FBR recently notified draft rules through SRO 111(I)/2020 dated February 14, 2020 to implement Section 140 of the Ordinance.

    As per the draft rules the tax authorities would be empowered to recover tax from a defaulter through third party, who owes money to the defaulted taxpayer.

    The sources said that the FBR soon issue the notification to make draft rules to part of the statute.

    The FBR is facing huge revenue shortfall for achieving this revenue collection target. Therefore, the tax machinery may apply all possible ways to recovery outstanding amount.

    The Section 140 explains the procedure of recovery through third party.

    Section 140: Recovery of tax from persons holding money on behalf of a taxpayer

    Sub-Section (1): For the purpose of recovering any tax due by a taxpayer, the Commissioner may, by notice, in writing, require any person –

    (a) owing or who may owe money to the taxpayer; or

    (b) holding or who may hold money for, or on account of the taxpayer;

    (c) holding or who may hold money on account of some other person for payment to the taxpayer; or

    (d) having authority of some other person to pay money to the taxpayer, to pay to the Commissioner so much of the money as set out in the notice by the date set out in the notice:

    “Provided that the Commissioner shall not issue notice under this sub-section for recovery of any tax due from a taxpayer if the said taxpayer has filed an appeal under section 127 in respect of the order under which the tax sought to be recovered has become payable and the appeal has not been decided by the Commissioner (Appeals), subject to the condition that ten per cent of the said amount of tax due has been paid by the taxpayer.”

    Sub-Section (2): Subject to sub-section (3), the amount set out in a notice under sub-section (1) —

    (a) where the amount of the money is equal to or less than the amount of tax due by the taxpayer, shall not exceed the amount of the money; or

    (b) in any other case, shall be so much of the money as is sufficient to pay the amount of tax due by the taxpayer.

    Sub-Section (3): Where a person is liable to make a series of payments (such as salary) to a taxpayer, a notice under sub-section (1) may specify an amount to be paid out of each payment until the amount of tax due by the taxpayer has been paid.

    Sub-Section (4): The date for payment specified in a notice under sub-section (1) shall not be a date before the money becomes payable to the taxpayer or held on the taxpayer’s behalf.

    Sub-Section (5): The provisions of sections 160, 161, 162 and 163, so far as may be, shall apply to an amount due under this section as if the amount were required to be deducted from a payment under Division III of Part V of this Chapter.

    Sub-Section (6): Any person who has paid any amount in compliance with a notice under sub-section (1) shall be treated as having paid such amount under the authority of the taxpayer and the receipt of the Commissioner constitutes a good and sufficient discharge of the liability of such person to the taxpayer to the extent of the amount referred to in such receipt.

    Sub-Section (10): In this section, “person” includes any Court, Tribunal or any other authority.

  • Sindh collects Rs4.77 billion as motor vehicle tax

    Sindh collects Rs4.77 billion as motor vehicle tax

    KARACHI: The Sindh government has collected Rs4.77 billion as motor vehicle tax during first eight months (July – February) 2019/2020.

    This was informed at a meeting presided over by Provincial Minister for Excise and Taxation – Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla on Friday.

    At the meeting the provincial minister directed the officers to ensure timely and complete recovery of taxes and especially to speed up the collection of property tax and motor vehicle tax.

    The meeting was also attended by Secretary Excise and Taxation & Narcotics Control Abdul Rahim Sheikh, Director General Shoaib Ahmed Siddiqui and other officers.

    Briefing the meeting, Director General Excise and Taxation & Narcotics Control Shoaib Ahmed Siddiqui said that Rs. 651.480 million was collected in the month of February in term of motor vehicle tax.

    He further stated that Rs. 4036.314 million from Karachi, Rs 340.999 million from Hyderabad and Rs 199.325 million from Sukkur while Rs 74.183 million was received from Shaheed Benazirbad, Rs 75.943 million from Larkana and Rs 43.399 million from Mirpur Khas as motor vehicle tax.

    Addressing the meeting, Provincial Minister Mukesh Kumar Chawla directed the officers to pay special attention to motor vehicle tax collection and a comprehensive road checking campaign should be launched as soon as possible to collect the tax from the tax defaulting vehicles.

    He said that officers who failed to meet the tax targets would be taken to task and no negligence would be tolerated in the collection of taxes.

  • MCC Preventive Peshawar announces auction of vehicles, mobile phones on March 09

    MCC Preventive Peshawar announces auction of vehicles, mobile phones on March 09

    ISLAMABAD: The Model Customs Collectorate (MCC) Preventive Peshawar has announced auction of vehicles and mobile phones to be held on March 09, 2020.

    Following vehicles to be auctioned at State Warehouse Peshawar:

    Mercedes Benz (Bullet Proof) Model 1982, Chassis No. WDB-12603312037551

    Toyota Hilux Pick Up Model 2007, Chassis No. MROCS12G400043443

    Toyota Land Cruiser Model 2004, Chassis No. LTERB71J800020686

    Toyota Camry Car Model 2014 (as per Website), Chassis No. 6T1BF3FK-40X056581

    Toyota Land Cruiser 1993, Chassis No. KZJ78-0007642

    Toyota Hilux Surf Model 1996 (as per Website), Chassis No. RZN185-0009061

    Hino Truck Model 2001 (as per documents), Chassis No. FB113K-159995

    Honda Heavy Bike Model 1993-94 (as per documents), Chassis No. NC31-1391982

    Hino truck (06-wheeler) Model 1992 (as per Website), Chassis No. FD3HLA-30343

    Toyota Fielder “X” Car Model 2003 (as per Website), Chassis No. NZE121-0270224

    Following vehicles to be auctioned at State warehouse Mardan

    Daihatsu Mira Car (Avy) Model 2003 (as per Website), Chassis No. L250S-1014196

    Suzuki Mini Jeep (Jimney) Model 1991 (as per Website), Chassis No. JA11-155470

    Daihatsu Rush Jeep Model 2007 (as per Website), Chassis No. J200E-0014339

    Hino Truck Model 1986 (as per Website), Chassis No. FD171B-20894

    Toyota Hiace Van Model 2003 (as per Website), Chassis No. TRH112-0008465

    Toyota Fielder “X” Car Model 2005 (as per Website), Chassis No. NZE121-0335174

    Toyota Fielder “X” Car Model 2005 (as per Website), Chassis No. NZE121-3325647

    Following vehicle to be auctioned at State Warehouse Abottabad

    Toyota Mark-X Car Model 2005 (as per Website), Chassis No. GRX120-0009539

    Following vehicles to be auctioned at State Warehouse Frontier Corps

    Daewoo Car Model 1992, Chassis No. KLATF19TINB-522281

    Mark-1 Motor Car Model Nil, Chassis No. LA3VS-216474

    Motor Car Model 1978, Chassis No. M-430-300918

    Toyota Corolla Car Model 2003 (as per Website), Chassis No. NZE120-6005014

    Toyota Corolla Saloon Car Model 2004 (as per Website), Chassis No. ZZE121-9010983

    Toyota Corolla Car Model 2001 (as per Website), Chassis No. CE100-9020816

    Toyota Corolla Car Model 2000 (as per Website), Chassis No.CE100-9013329

    Toyota Corolla Car Model 1993 (as per Website), Chassis No. CE100-3029431

    Toyota Corolla Car Model 1991 (as per Website), Chassis No. EE90-5665542

    Following mobile phones will be auctioned:

    F/o SAMSUNG GALAXY CORE 2 DUOS =22-Nos & SAMSUNG GALAXY J1 =33-Nos Total 55-Nos.

    F/o SAMSUNG GALAXY J1 =23-Nos & SAMSUNG GALAXY CORE 2 DUOS =30-Nos Total 53-Nos.

    F/o Q 3310 Mini Mobile Phones =1987-Nos.

    F/o SAMSUNG MOBILE PHONE (J56SM-J510-F/DS) =45-Nos

    F/o Voice Mobile Phone V-105 =580-Nos, V-840 60-Nos & V-2426 160-Nos Total =800-Nos.

    F/o Q MOBILE (L9) =174-Nos

    F/o Nokia 1134 Mobile Phones =119-Nos, 1110 116-Nos, 1035 80-Nos, 944 45-Nos, 1136 62-Nos & 1133 59-Nos Total =481-Nos.

    F/o Samsung Galaxy Alpha Mobile Phones =04-Nos & IPhone GSM=01-No Total =05-Nos.

    F/o Samsung G570F =18-Nos, Samsung G610F 01-No, Samsung G313 01-No Motorolla XT1030 01-No & HTC X200 01-No Total =22-Nos.

    F/o Samsung Galaxy Alpha SM-G580 F Mobile Phones =02-Nos

    F/o Samsung Galaxy Core 2 Duos SM-G355H =112-Nos, Samsung Galaxy Note 4 01-No, Samsung Iphone =01 No, Samsung Galaxy Tab 5 02-Nos & Tab 4 01-No Total =117-Nos.

    F/o Q Mobile Commando 1 =99-Nos.

    F/o Samsung Galaxy J5 23-Nos Galaxy J2 25-Nos & Samsung A3 (6) 16-Nos Total =64-Nos.

    F/oQ Mobile Phone Assorted Model/Brands = Total =2150-Nos

    F/o Gamma M2 Mobile Phone =501-Nos.

  • Stock market plunges by 1162 points on massive selling

    Stock market plunges by 1162 points on massive selling

    KARACHI: The stock market plunged by 1162 points on Friday owing to massive selling activities during the last trading day of the week.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,220 as against 39,382 points showing the decline of 1162 points.

    Analysts at Topline Securities said that spillover of the selloff in the global markets was observed at the local bourse as the index declined by 3 percent to close at 38,220 level.

    Global markets declined as fear of coronavirus resurfaced after multiple new cases of the lethal virus were reported in leading world economies.

    OPEC’s vow to cut down oil production by 1.5 million barrels a day failed to give support to the oil prices, as concerns over global demand and ambiguity on whether Russia will participate in production cut weighed down on the price.

    As a result E&P sector lost -4.56 percent during the trading session. Banking sector too closed down -3.67 percent as investor’s factored in potential decline in policy rate in upcoming Monetary Policy statement. MLCF was today`s volume leader with 27 million shares.

  • Banks directed to observe working on weekly holidays for Hajj form collection

    Banks directed to observe working on weekly holidays for Hajj form collection

    KARACHI: In a move to ease the process for prospective Hajj pilgrims, the State Bank of Pakistan (SBP) has issued a directive to banks, instructing them to keep their doors open on weekends.

    (more…)
  • Gas leakage incident occurs at Engro chemical plant

    Gas leakage incident occurs at Engro chemical plant

    KARACHI: Engro Polymer and Chemcial said that an isolated incident of gas leak occurred it plant at Port Qasim on Friday morning.

    In a statement the company said that it was gathering complete details related to the incident.

    “Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.

    The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.

    It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.

  • Investment in registered prize bonds witnesses 213% growth

    Investment in registered prize bonds witnesses 213% growth

    KARACHI: The investment in registered prize bonds of Rs40,000 denomination have registered phenomenal increase of 213 percent following discontinuation of bearer instruments of same denominations, official data revealed.

    The investment in premium prize bonds surged to Rs18.37 billion by end of January 2020 as compared with Rs5.86 billion in the same month of the last year.

    The sharp growth in investment into premium prize bonds has been attributed to discontinuation of bearer bonds of same denomination.

    In order to document the economy the government launched premium prize bonds in April 2017. The premium prize bonds are being issued only against CNIC with valid bank accounts.

    Further to make the instrument attractive the government also announced bi-annual profit, which transferred directly to the bond holders.

    The participation of investors into registered bonds increased sharply after the announcement of the government on June 24, 2019 to discontinue the bearer bonds of Rs40,000.

    The bearer bonds of Rs40,000 will be completely discontinued for legal tender by March 2020.

    A massive withdrawal of investment has been seen in the bearer instrument as the total investment which was at Rs258 billion in May 2019 reduced to Rs9.57 billion by January 2020.

    The State Bank of Pakistan (SBP) through a circular said that the bearer instrument can be exchanged in savings schemes such as Special Saving Certificates (SSC) or Defence Saving Certificates (DSC). The third mode of exchange the bearer bonds was direct transfer to bank accounts.

    The investment in registered bonds was also increased after the government initiatives to document all instruments of National Saving Schemes as per conditions of Finance Action Task Force (FATF).

    In this regard the ministry of finance notified National Savings Schemes (AML and CFT) Rules, 2019.

    Under these rules the Central Directorate of National Saving (CDNS) through third party will conduct Know Your Customer (KYC) and Customers Due Diligence (CDD) of all existing and new investors.

    The CDNS will ask all the investors about their annual investment and source of earnings under KYC and CDD in order to ensure clean money invested in the schemes.

  • Pakistan Customs offers fresh lot of imported cars for auction on March 7

    Pakistan Customs offers fresh lot of imported cars for auction on March 7

    KARACHI: Pakistan Customs has announced auction of fresh lot of vehicles lying at Bay West, West Wharf Road, Karachi to be held on March 07, 2020.

    Following vehicles to be presented for auction:

    01. Suzuki Escudo, Chassis No. TDA4W-271562, manufacturing year 2013, capacity 2400CC

    02. Toyota Aqua, Chassis No. NHP10-6450900, manufacturing year 2015, capacity 1500CC

    03. Toyota Passo, Chassis No. NGC30-0028061, manufacturing year 2015 capacity 1.3L

    04. Daihatsu Hijet, Chassis No. S321V-0244061, manufacturing year 2016, capacity 658CC

    05. Toyota Passo Car, Chassis No. M700A-0011255, manufacturing year 2016, capacity 996CC

    06. Suzuki Lapin Car, Chassis No. HE33S-157788, manufacturing year 2016, capacity: not shown

    07. Daihatsu Mira ES, Chassis No. LA300S-1412557, manufacturing year 2017, capacity 658cc

    08. Mitsubishi EK Wagon, Chassis No. B11W-0209546, manufacturing year 2016, capacity: not shown

    09. Suzuki Alto, chassis no. HA36S-282005, manufacturing year 2016, capacity: not shown

    10. Toyota Aqua Hybrid Car, chassis No. NHP10-2560634, capacity 1496ml, manufacturing year 2016

    11. Suzuki Every Van, chassis No. DA64V-838690, model 2014

    12. Suzuki Every, chassis No. DA64V-848504, manufacturing year 2014

    13. Suzuki Every, Chassis No. DA64V-849366, manufacturing year 2014

    14. Daihatsu Mira, Chassis No. LA300S-1376089, Capacity 658CC, manufacturing year 2016

    15. Toyota Aqua Hybrid, Chassis No. NHP10-6567616, manufacturing year 2016, capacity 1496ml

    16. Honda N-WGN, Chassis No. JH1-1359525, capacity: not shown, manufacturing year 2017

    17. Honda Acty Van, Chassis No. HH5-1913290, capacity: not shown, manufacturing year 2014

    18. Honda van, Chassis No. HH5-1913288, manufacturing year 2014, capacity: not shown

    19. Daihatsu Move Car, Chassis No. LA150S-011718, manufacturing year 2017, capacity 658CC

    20. Suzuki Alto, Chassis No. RU3-1211698, manufacturing year 2017, capacity: not shown

    21. Honda Vezel, Chassis No. RU3-1211698, manufacturing year 2016, capacity: not shown

    22. Suzuki Alto, Chassis No. HA36S-297791, manufacturing year 2016, capacity: not shown

    23. Honda N-WGN Car, chassis No. JH2-1110932, capacity: not shown, manufacturing year 2016

    24. Daihatsu Move Car, Chassis No. LA150S-0140712, manufacturing year 2017, capacity 658CC

    25. Toyota Fielder Car, Chassis No. NKE165-7146560, manufacturing year 2016

    26. Suzuki Alto Car, Chassis No. HA36S-269634, capacity: not shown, manufacturing year 2016

    27. Suzuki Hustler, Chassis No. MR41S-231305, capacity: not shown, manufacturing year 2016

    28. Suzuki Hustler Car, Chassis No. MR41S-618818, capacity: not shown, manufacturing year 2016

    29. Daihatsu Hijet Van, Chassis No. S321V-02286632, manufacturing year 2014, capacity 658CC

    30. Daihatsu Hijet Van, Chassis No. S321V-0231498, manufacturing year 2017, capacity: not shown

    31. Nissan Dayz Car, Chassis No. B21W-0424159, manufacturing year 2017, capacity: not shown

    32. Toyota Pixis Car, Chassis No. LA360A-0001264, Capacity: 658CC, manufacturing year 2017

    33. Toyota Passo, Chassis No. M700A-0023868, manufacturing year 2016, capacity 996CC

    34. Toyota Prius Car, Chassis No. ZVW51-6049019, capacity 1797mL, manufacturing year 2017

    35. Daihatsu Hijet Van, Chassis No. LA250S-0039904, manufacturing year 2016, capacity 658CC

    36. Toyota Pixis Van, Chassis No. S321M0011982, Capacity 658CC, manufacturing year 2015

    37. Daihatsu Move, Chassis No. LA150S-1055880, Capacity 658CC, manufacturing year 2017

    38. Toyota Vitz Car, Chassis No. KSP130-2166216, manufacturing year 2016, capacity 996mL

    39. Daihatsu Mira, Chassis No. LA300S-1401705, Capacity 658CC, manufacturing year 2016

    40. Suzuki Wagon R Car, Chassis No. MH44S-182602, manufacturing year 2016, capacity: not shown

    41. Honda Vezel, Chassis No. RU3-1039552, manufacturing year 2014, capacity not shown

    42. Nissan Van, Chassis No. DR17V-117715, manufacturing year 2015, capacity not shown

    43. Sabaru Pleo, Chassis No. LA350F-0004571, manufacturing year 2018, capacity 658CC

    44. Daihatsu Move, Chassis No. LA150S-0118900, Capacity 658CC, manufacturing year 2017

    45. Toyota Passo Car, Chassis No. M700A-0044070, manufacturing year 2016, capacity 996CC

    46. Suzuki Every, Chassis No. DA64V-863676, manufacturing year 2014, capacity not shown

    47. Daihatsu Move, Chassis No. LA150S-0085181, manufacturing year 2016, capacity 658CC

    48. Suzuki Wagon R Car, Chassis No. MH34S-530465, manufacturing year 2016, capacity: not shown

    49. Honda Vezel, Chassis No. RU3-1039633, capacity: not shown, manufacturing year 2014