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  • Pakistan’s forex reserves increase to $17.655 billion

    Pakistan’s forex reserves increase to $17.655 billion

    KARACHI: The liquid foreign exchange reserves of the country have increased by $1.607 billion, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves increased to $17.655 billion by week ended on December 13, 2019 as compared with $16.048 billion a week ago.

    The foreign exchange reserves of the central bank increased $1.659 billion to $10.892 billion by week ended December 13, 2019 as compared with $9.233 billion a week ago.

    The reserves held by the commercial banks declined nominally to $6.762 billion by December 13, 2019 as compared with $6.814 billion a week ago.

  • Equity market plunges by 948 points on detailed judgment in treason case

    Equity market plunges by 948 points on detailed judgment in treason case

    KARACHI: The equity market plunged by 948 points on Thursday following detailed judgment release by a special court in high treason case.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,655 points as against 41,604 points showing a decline of 948 points.

    Analysts at Arif Habib Limited said that the market take a major plunge today upon release of detailed judgment of Pervez Musharraf that caused panic among investors and raised concern about the ongoing spat between the State Institutions.

    Besides, start of roll-over week is also close which along with situation at border cautioned investors to better book profits than hold positions. The index dropped 1189 points during the session, besides an increase of 193 points, earlier in the session.

    Buying activity was observed in MoC that helped recovery of ~250 points, closing the index at -948 points. O&GMCs garnered most volume with 30.9 million shares followed by Vanaspati (26.4 million) and Cement (25.9 million). Among scrips, UNITY realized trading volume of 26.4 million shares, followed by HASCOLR1 (13.2 million) and FFL (12.6 million).

    Sectors contributing to the performance include Banks (-212 points), E&P (-172 points), Fertilizer (-94 points), Power (-68 points) and Cement (-63 points).

    Volumes declined from 276.3 million shares to 260.1 million shares (-6 percent DOD). Average traded value also declined by 7 percent to reach US$ 73.2 million as against US$ 78.5 million.

    Stocks that contributed significantly to the volumes include UNITY, HASCOLR1, FFL, EPCL and TRG, which formed 28 percent of total volumes.

    Stocks that contributed positively include SHFA (+10 points), MTL (+2 points), SPWL (+0 points), DCR (+0 points). Stocks that contributed negatively include HBL (-71 points), OGDC(-60 points), PPL (-57 points), HUBC (-54 points), and DAWH (-52 points).

  • Rupee gains four paisas amid lackluster payment demand

    Rupee gains four paisas amid lackluster payment demand

    KARACHI: The Pak Rupee made four paisas against dollar on Thursday owing to lackluster demand for import and corporate payments, dealers said.

    The rupee ended Rs154.90 to the dollar from previous day’s closing of Rs154.95 in interbank foreign exchange market.

    The dealers said that the foreign currency demand for import and corporate payments was remained lackluster.

    The foreign currency market was initiated in the range of Rs154.91 and Rs154.95. The marked witnessed day high of Rs154.91 and low of Rs154.90 and closed at Rs154.90.

    The exchange rate in open market was remained unchanged. The buying and selling of dollar was recorded at Rs154.40/Rs154.70, the same previous day’s closing, in cash ready market.

  • FBR launches sales tax invoice verification system

    FBR launches sales tax invoice verification system

    ISLAMABAD: Federal Board of Revenue (FBR) has launched online system for verification of invoices, which issued against purchases from retail outlets.

    The FBR launched the integration of sales and purchases by Tier-1 retailers with aim to encourage 100 percent invoice submission to the revenue body.

    The FBR has given deadline of December 15, 2019 to all Tier-1 retailers, who are required to integrate their Point of Sale (POS) with the FBR system for submission of sale invoice on real-time basis.

    The FBR issued following procedure for reduced sales tax on invoices issued through online system:

    • Customers visit the counter to pay for his/her shopping

    • Customer visit the counter to pay for his/her shopping

    • Counter Boy Prepare the Invoice

    • Invoice is forwarded to FBR system for invoice number

    • Fiscal Invoice is generated, encrypted and stored in FBR Sale Data Controller and returns a fiscal invoice number to POS.

    • FBR Sale Data Controller Synch. the data with FBR central server on periodic basis.

    • POS generate the QR Code for fiscal invoice.

    • The receipt is printed out from the POS and physically delivered to the customer

    • Customer receive the printed fiscal invoice and verify it from FBR System using any of proposed mode.

    • On verification of invoice, FBR system mark this invoice for 6 percent tax collection. In case of non-verification of invoice, Bill will be changed as 9 percent tax collection.

    • Customer pay the bill according to the applied tax.

  • IR commissioners empowered to issue trial registration number

    IR commissioners empowered to issue trial registration number

    KARACHI: Commissioners of Inland Revenue have been empowered to issue trial registration number to taxpayers, who failed to comply with notices issued in this regard.

    Officials in Federal Board of Revenue (FBR) said that tax laws empowered IR commissioners to enforce income tax registration.

    They said that a commissioner having jurisdiction over a case may register a person as a taxpayer where he is satisfied that the income of the person is taxable and is required to file a return of income under section 114 of Income Tax Ordinance, 2001.

    The Commissioner shall issue to the taxpayer a letter under sub-section(2) of section 181 to submit an application for registration prescribed under rule 80 along with documents specified therein within a reasonable time given in the said letter.

    In case of compliance NTN certificate shall be issued accordingly.

    “In case of failure of the taxpayer to comply with the letter issued under sub-section (2) of section 181, the Commissioner shall register the taxpayer on a Trial Registration Number (TRN) for which a serially numbered Trial Register shall be maintained by the Commissioner.”

    The Trial Register shall contain the basic information of the taxpayer like name of the person or business, available address, CNIC “if provided”, nature of income generating activity and any other information regarded useful by the Commissioner. In such case, statutory notices shall be issued for assessment of income or other legal obligation of the taxpayer under the Ordinance on TR Number:

    Provided that before allotment of Trial Registration Number the Commissioner shall verify and match the particulars of the taxpayer from the NTN Master Index to avoid duplication of registration.

    In case any assessment is made or any liability is created by the Commissioner under the Income Tax Ordinance, 2001 against the taxpayer, the Commissioner on the basis of information as contained in Trial Register, allot an NTN to the taxpayer within fifteen days of the date of completion of assessment or creation of a liability under the Ordinance.

  • Customs Intelligence announces auction of non-duty paid vehicles on December 26

    Customs Intelligence announces auction of non-duty paid vehicles on December 26

    ISLAMABAD: Directorate of Customs Intelligence and Investigation, Rawalpindi has announced auction of confiscated non-duty paid vehicles on December 26, 2019 at State Warehouse.

    The directorate to offer following non-duty paid vehicles for the auction:

    01. Mercedes Benz Car (Bullet Proof), Model 1994, Chassis No. WDB1400322A114335

    02. BMW 7 Series, Model 2003, Chassis No. WBAGN42070DE20464

    03. BMW 735 Li Car, Model 2003, Chassis No. WBAGN42050DE21385

    04. Honda City Car, Model 2003, Chassis No. GD8-1004386, Engine Capacity, 1300CC

    05. Toyota Corolla Car, Model 1995, Chassis No. AE100-3302749, Engine Capacity 1498CC

    06. Mercedes Benz Car, Model 1994, Chassis No. WDB2020182F044548

    07. Toyota Hilux Surf, Model 2004, Chassis No. VZN215-0006957, Engine Capacity 3378CC

    08. Toyota Mark-X Car, Model 2011, Chassis No. GRX130-6043630, Engine Capacity 2500CC

    09. Toyota Land Cruiser Cygnus, Model 2004, Chassis No. UZJ100-0149702, Engine Capacity 4663CC

    10. Toyota Crown Car, Model 2004, Chassis No. GRS180-5009970

    11. Toyota Hilux Surf, Model 1998, Chassis No. RZN185-9016724, Engine Capacity 2700CC

    12. Toyota Premio Car, Model 2004, Chassis No. NZT240-0065261, Engine Capacity 1797CC

    13. Toyota Mark X Car, Model 2014, Chassis No. GRX130-6084786, Engine Capacity 2499CC

    14. Honda Civic Reborn Car, Model 2005, Chassis No. FD3-1000784

    15. Toyota Corona Car, Model 1996, Chassis No. AT210-0001448, Engine Capacity 1600CC

    16. Suzuki Swift Car, Model 2007, Chassis No. ZC71S-426827

    17. Toyota Premio Car, Model 2007, Chassis No. ZRT260-3015732, Engine Capacity 1797CC

    18. Suzuki Intruder Motorcycle Heavy Bike, Chassis No. VK54A-100630

    19. Honda Civic Reborn Car, Model 2006, Chassis No. FD3-1004646

    20. Toyota Land Cruiser, Model 2003, Chassis No. UZJ100-0141251, Engine Capacity 4668CC

    21. Toyota Mark – X Car, Model 2010, Chassis No. GRZ130-6034481, Engine Capacity 2500CC

    22. Toyota Mark – X Car, Model 2005, Chassis No. GRX120-0031681, Engine Capacity 2500CC

    23. Honda Airwave Car, Model 2005, Chassis No. GHI-1036512, Engine Capacity 1496CC

    24. Toyota Mark – X Car, Model 2010, Chassis No. GRX130-6011393, Engine Capacity 2500CC

    25. Toyota Crown Car, Model 2002, Chassis No. JZS171-0086674

    26. Toyota Premio Car, Model 2008, Chassis No. ZRT261-3005333, Engine Capacity 1800CC

    27. Toyota Feilder Car, Model 2006, Chassis No. NZE121-0335592, Engine Capacity 1500CC

  • SBP directs banks to ensure facilitation in donations for Dam Fund

    SBP directs banks to ensure facilitation in donations for Dam Fund

    KARACHI: State Bank of Pakistan (SBP) on Wednesday directed banks to facilitate people in depositing their donations for Diamer-Bhasha and Mohmand Dam Fund.

    The SBP said that in compliance with the directives of the Supreme Court of Pakistan in the Constitution Petition No.57/2016, the State Bank of Pakistan (SBP) vide Circular No. 04 dated July 10, 2018 and Circular No. 07 dated September 7, 2018 prescribed the mode, manner and channels for collection and deposit of donations to the subject Fund.

    Specifically, following channels were made available to the domestic donors:-

    a) Counters of the banks: Donors may deposit their donations and contributions at the counters of any branch of any bank in Pakistan, including microfinance banks, and remittance of donation so deposited to the principal account of the Fund at SBP within 30 minutes through Pakistan Real- time Interbank Settlement Mechanism;

    b) Alternate Delivery Channels (ADCs): In order to facilitate donors and to obviate the need to visit the branches; Internet Banking, Automatic Teller Machines (ATM) and other ADCs were also activated for collection and subsequent remittance thereof to the Fund Account at SBP; and

    c) Branchless Banking: The commercial and microfinance banks offering Branchless Banking (BB) were directed to facilitate the donors in depositing donations through their BB agents.

    Similarly, Overseas donors were facilitated to deposit their donations by using any of the following channels:-

    a) Wire transfer to SBP Nostro account with NBP, New York;

    b) Transfer through Money Service Bureaus, Money Transfer Operators and Exchange Houses;

    c) Deposit of donations at Pakistan Missions and Embassies abroad;

    d) Deposit of donations at branches of domestic banks abroad; and

    e) Transfer through Debit/Credit Cards

    The apex court in its recent hearing observed that donors still encounter difficulties in depositing their donations, both locally and overseas.

    The banks are directed that instructions, so far issued on the subject, vide circulars referred above must be meticulously complied with especially with regards to display of banners and panaflex advertising “DONATIONS TO THE SUPREME COURT OF PAKISTAN AND PRIME MINISTER OF PAKISTAN’S DIAMER BHASHA AND MOHMAND DAMS FUND ARE ACCEPTED HERE”.

  • Stock market ends down by 165 points on political uncertainty

    Stock market ends down by 165 points on political uncertainty

    KARACHI: The stock market fell by 165 point on Wednesday owing to ongoing political uncertainty.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,604 points as against 41,769 points showing a decline of 165 points.

    Analysts at Arif Habib Limited said that the market took a bearish tone today with the ongoing political uncertainty that caused investors to book profits.

    E&P stocks, particularly, bore significant selling pressure and traded in the red zone.

    During the session, index oscillated between +152 points and -379 points and closed the session -165 points. Oil & Gas chain had the most impact on index.

    Sectors contributing to the performance include E&P (-136 points), O&GMCs (-31 points), Tobacco (-18 points), Investment Banks (+51 points), Power (+29 points) and Banks (+25 points).

    Volumes declined from 412.4 million shares to 276.2 million shares (-33 percent DoD). Average traded value also declined by 31 percent to reach US$ 78.5 million as against US$ 113.6 million.

    Stocks that contributed significantly to the volumes include BOP, UNITY, FFL, KEL, HASCOLR1, which formed 24 percent of total volumes.

    Stocks that contributed positively include DAWH (+55 points), HUBC (+42 points), MEBL (+15 points), SHFA (+9 points) and UBL (+9 points). Stocks that contributed negatively include OGDC (-66 points), PPL (-55 points), NESTLE (-17 points), BAHL (-15 points), and LUCK (-15 points).

  • Sindh launches crackdown against tax defaulting motor vehicles from December 23

    Sindh launches crackdown against tax defaulting motor vehicles from December 23

    KARACHI: The Sindh government has decided to launch crackdown against tax defaulting motor vehicles across the province.

    The operation against tax defaulting motor vehicles will be launched from December 23, 2019.

    This decision was taken at a meeting, chaired by the Minister of Excise and Taxation and Narcotics Control and Parliamentary Affairs, Mukesh Kumar Chawla.

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

    Giving the briefing to the meeting, Director General Shoaib Ahmed Siddiqui said that a massive public awareness campaign had been launched through media so that they could deposit their taxes in a timely manner and on the occasion of the road checking campaign, tax defaulting vehicles would be confiscated and the vehicles would be returned only after payment of due taxes and the arrears.

    Addressing the meeting, the Minister for Excise and Taxation and Narcotics Control and Parliamentary Affairs, Mukesh Kumar Chawla, advised the owners of the vehicles to transfer the vehicles into their names immediately after purchasing the vehicle because driving on open litter is a crime.

    He added that if the vehicle was used in a crime, then the person whose name was at that time, would be considered legally the original owner while there were 15 branches of National Bank of Pakistan for the convenience of the people to deposit their due taxes have been assigned and the details of these branches are posted on the department’s website and published in newspapers as well.

    On this occasion DG Shoaib Ahmed Siddiqui told that National Bank Branches were at Awami Markaz, Clifton, Site Area, Nazimabad, Shahbaz Building Hyderabad, Millat Road, Korangi Industrial Area, M.A. Jinnah, Dinsu Hall, Fatima Road Jinnah Road Hyderabad, DHA, PIDC, I.I Chandigarh Road, Gulshan and High Court.

    Provincial Minister Mukesh Kumar Chawla advised the owners of tax defaulting vehicles to deposit their taxes before December 23 to avoid any unpleasant situation on the roads