The Pakistani Rupee made a slight gain against the US Dollar on Tuesday, closing at Rs154.42 compared to the previous day’s rate of Rs154.43 in the interbank foreign exchange market. This modest increase comes amid significant demand for the greenback for import and corporate payments, according to market dealers.
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Pulses prices fall up to Rs20/kg in wholesale market
KARACHI: Prices of pulses have come down up to Rs20 per kilogram in wholesale market due to lower demand and improved supply, market sources said.
Anis Majeed, patron in chief, Karachi Wholesale Grocer’s Association (KWGA) and Malik Zulfiqar Ali, chairman, in a statement on Tuesday, said pulses prices have decreased in the market by 10 to 20 rupees per kg.
KWGA Leaders said due to low demand and huge supply of pulses, Dal Chana price has reduced by 20 rupees from Rs150 per kg to Rs130.
Similarly, the price of Dal Masoor has reduced by 15 rupees from Rs. 115 to Rs. 100 per kg, dal mash price has reduced by 20 rupees from Rs.185 to 165 rupees per kg, dal moong price has reduced by 10 rupees from Rs.220 to 210 rupees per kg and white chana price has reduced by 10 rupees from Rs.110 to 100 rupees per kg.
Anis Majeed and Malik Zulfiqar Ali have asked retailers to cut down on retail prices and benefit consumers by providing relief to the masses in the recent inflation and prove that they are a responsible trader.
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FBR starts enforcing NTN displaying at business premises
KARACHI: Federal Board of Revenue (FBR) has started enforcement dive to ensure displaying National Tax Number (NTN) at place of business.
Sources in FBR said on Tuesday that the tax offices had started campaign to ensure displaying of NTN at place of the business.
The tax authorities will imposed penalty of around Rs5000 on persons who fail to display the NTN at the place of business as required under Income Tax Ordinance, 2001.
Section 181C of Income Tax Ordinance, 2001 explains the displaying of National Tax Number.
Every person deriving income from business chargeable to tax, who has been issued a National Tax Number, shall display his National Tax Number at a conspicuous place at every place of his business.
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FBR, Iranian customs sign agreement for electronic data exchange
ISLAMABAD: Federal Board of Revenue (FBR) and Iranian Customs authorities on Monday signed an agreement for Electronic Exchange of Data.
The signing ceremony was chaired by Member (Customs-Policy/Operation), FBR Muhammad Javed Ghani, and subsequently presided over by the acting Chairperson, FBR, Nausheen Javaid Amjad.
The Customs Mutual Assistance Agreement was signed between the Government of the Islamic Republic of Iran and the Islamic Republic of Pakistan on March 04, 2004.
In light of the said agreement, it was felt imperative by FBR to make progress on a number of important areas for protecting economic interests of Pakistan involved in bilateral trade between Iran and Pakistan.
Under the agreement, it was decided to finalize of the MoU on Electronic Data Exchange between Pakistan Customs and Iran Customs.
It was also emphasized to exchange values or documents on real time basis in case of the goods to be imported or exported and to roll-out a fully automated clearance system having advance information about goods and passengers at Taftan – Mirjaveh Border stations (as a pilot project) and at other border stations in a phased manner.
To this effect, the Iranian customs authorities were approached and meetings were held on February 18-20, 2019 and October 16-17, 2019.
In the last meeting, on October 16-17, 2019 milestones were achieved and consensus was developed on the areas as listed in above Para.
In furtherance of the subject matter, the Islamic Republic of Iran Customs Administration (IRICA) nominated, the Director General of Information Technology Department Mrs. Haideh Bagheripour to come over to Pakistan for signing the MoU on behalf of her Customs Administration.
While welcoming the distinguished guests from Iran Customs, the Chairperson, FBR, Nausheen Javaid Amjad stated that implementation of this MoU will have a number of benefits for both Iran Customs and Federal Board of Revenue such as availability of advance information about values, descriptions and quality of the goods to be imported into Pakistan from Iran and reduced costs on clearance of goods at the borders. Moreover, accurate valuation of the imported goods will lead to realization of greater revenues, she said.
Member (Customs-Policy), Muhammad Javed Ghani, while speaking on the occasion, warmly welcomed the esteemed guests from Iran Customs on their visit to Pakistan.
He said the proposed cooperation through the Memorandum of Understanding would go a long way in fostering a long-term relationship between both customs administrations and would enable them to successfully cope with the challenges that they were facing.
According to him, implementation of this MoU would ensure optimum trade facilitation through quick examination /assessment of the imported goods and more transparency and lesser human interface.
He assured Iran customs of full cooperation from Pakistan Customs on any area pertaining to mutual assistance and collaboration.
Ambassador of Iran in Pakistan, Mohammad Ali Hosseini, was also present on the occasion.
He has conveyed felicitations to all the present officers of Federal Board of Revenue and appreciated both customs administrations for working untiringly to reach the consensus on the provisions of MoU and, finally, converging to sign it.He expressed his pleasure over the fact that there were a number of important areas wherein both customs administrations could work together in the best interests of Iran and Pakistan.
After signing of MoU, the instrument was exchanged between relevant officers of Iran Customs and Federal Board of Revenue.
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SRB probes foreign transactions of goods carrier, suspends sales tax registration
KARACHI: Sindh Revenue Board (SRB) has launched investigation into identifying source of foreign transactions by a goods carrier company. Further the SRB suspended the sales tax registration of the company for filing untrue monthly statement.
The SRB on Monday said that it had suspended sales tax registration of M/s. 3 Unicorns Private Limited for concealing facts in its monthly statements.
The SRB said that available records of the company revealed that it had declared foreign income of around Rs37 million (in its income tax return) for the tax periods from July 2016 to June 2017, and has received consideration of Rs109 million for the tax periods from July 2016 up to February 2019 in his business bank account maintained under the title of ‘3 Unicorns Pvt Ltd’ in Bank Al Habib Limited, as declared in his registration profile.
Furthermore, the official website of the company revealed that the registered person also provides customs brokerage and customs clearance services and transportation services from Karachi to Afghanistan.
However, t is observed that the registered person has continuously filed Null sales tax return with the SRB during the aforementioned tax periods i.e. July 2016 to February 2019 despite receiving aforementioned huge consideration in his bank account which was voluntarily declared in registration form.
“The registered person has failed to justify the aforesaid Null declarations and has failed to provide details of sales and purchases till date which shows mala fide intention on part of the registered person towards short payment of SST and violation of Section 8, 9 and 30 of the Act.”
The SRB said that non-payment of Sindh sales tax and non-filing of true and correct sales tax return within the time and manner prescribed under the law is contravention of provisions of the Act and rules made thereunder.
Therefore, this notice is being issued under Section 25 of the Act, 2011 to the effect that registration status of M/s. 3 Unicorns Pvt Ltd is hereby temporary suspended with immediate effect, which shall be revoked if he takes remedial actions by February 14, 2020.
The SRB directed the company to submit copies of complete annual accounts statement for the financial year 2016/2017, 2017/2018 and 2018/2019 with details of sales and purchases.
The company has been asked to provide details of transactions with sources of amounts received for the tax periods from July 2016 up to January 2020.
Reconcile all Sindh sales tax dues of the aforementioned tax periods and deposit along with default surcharge. Further, the company also has been directed to provide copies of rent agreements for the periods.
“In case of non-satisfactory response or failure to take remedial measures as suggested above on or before aforementioned date, further necessary action shall be taken as envisaged under the Act,” the SRB said.
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‘Business Optimism Index’ launched: Business optimistic on situation to improve
KARACHI: Dun & Bradstreet has launched its World Renowned ‘Business Optimism Index’ for Pakistan according to which Businesses in Pakistan are overall optimistic about their outlook for Q1, 2020.
The composite Business Optimism Score stands at 144.6 points compared to a benchmark neutral value of 100 points.
As per the report, Large Companies are relatively more optimistic than Small and Medium Enterprises (SMEs), as the composite score for large companies stands at 149.5 points compared to 137.3 points for SMEs. Additionally, companies in the Services Sector are more optimistic than Trading and Manufacturing Sectors.
Dun & Bradstreet’s ‘Business Optimism Index’ was initiated in the early 1900’s has now made its way to Pakistan. This report will be published every quarter and aims to measure the pulse of the business community, and serve as a tool to assess the business outlook in Pakistan.
The responses for the business situation reflect respondents’ outlook in regards to the current business situation (Q4, 2019) and forecast business situation (Q1, 2020).
Based on the results, respondents are more optimistic with respect to forecast business situation vis-a-vis to the current business situation. About 66 percent of the respondents expect business situation to be good in the upcoming quarter compared to 42 percent of respondents in the current quarter.
About 9 percent of the respondents expect their business situation to be poor in the upcoming quarter, compared to 16 percent in the current quarter which is a positive indicator for businesses.
Key business challenges highlight issues perceived by businesses at the end of Q4, 2019 that have impacted near term business growth and development.
According to the results, 42 percent of the respondents consider Government fees / taxes as one of the major challenges followed by competition (34 percent), and unfavorable business regulations (30 percent).
About 40 percent of respondents also reported other factors to be major challenges amongst which exchange rate fluctuation (7 percent), political instability (6 percent) and economic slowdown (3 percent) were most prominent.
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ECC bans sugar export to control prices
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday banned the export of sugar to maintain the prices in domestic market.
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FBR notifies transfer, postings of BS-20 IRS officers
ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of senior officers of Inland Revenue Service (IRS) of BS-20 with immediate effect and until further orders.
The FBR notified transfers and postings of following officers:
01. Rizwan Ahmed Urfi (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (PAC-DT) Federal Board of Revenue (Hq), Islamabad from the post of Chief, Federal Board of Revenue (Hq), Islamabad.
02. Sheikh Zahid Masood (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Enforcement) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the post of Chief, Federal Board of Revenue (Hq), Islamabad.
03. Muhammad Asghar Khan Niazi (Inland Revenue Service/BS-20) has been transferred and posted as Commissioner Inland Revenue (Bahawalpur Zone) Regional Tax Office, Bahawalpur from the post of Commissioner-IR, (Rahimyar Khan Zone) Regional Tax Office, Bahawalpur. The officer is assigned the additional charge of the post of CIR (Rahimyar Khan Zone), RTO, Bahawalpur till the posting of a regular incumbent.
04. Masood Akhtar (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Legal Wing) Federal Board of Revenue (Hq), Islamabad from the post of Commissioner-IR, (Bahawalpur Zone) Regional Tax Office, Bahawalpur.
05. Mohy ud Din Ismail (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (ST &FE) (IR-Policy Wing) Federal Board of Revenue (Hq), Islamabad from the post of Chief, (Legal) Federal Board of Revenue (Hq), Islamabad.
The FBR said that 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.
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MCB Bank submits SOQ for SME Bank privatization
KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited.
In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer.
Accordingly, MCB Bank Limited submitted an expression of interest to the Privatization Commission on December 16, 2019, and consequently received a request for statement of qualification (RSOQ) issued by the Privatization Commission in respect of the proposed transaction.
In response to the RSOQ, MCB Bank Limited is required to submit a Statement of Qualification (SOQ) to the Privatization Commission by February 10, 2020.
As per the stated requirement, MCB Bank Limited has submitted the SOQ today (February 10, 2020). MCB Bank Limited said that it would keep updated the market participants about any further developments as and when they occur.
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Stock market plunges by 847 pts on political uncertainty
KARACHI: The stock market plunged by 847 points on Monday owing to political uncertainty and high inflation numbers.
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