News stories for Hamid Waleed - Business Recorder

Hamid Waleed

'Selection of cases for audit in any of past three tax years illegal'

Selection of taxpayers' cases for income tax audit whose income tax affairs have been audited in any of the preceding three tax years is in derogation of the exemption allowed to the petitioner.

Published 28 Sep, 2019 12:00am

Finance Act 2019 termed a key step towards documentation of national economy

Steps taken in the Finance Act 2019 to discourage undocumented and non-cash economy would be a key step towards federal government's initiatives regarding documentation of the national economy, said tax experts. Talking to Business Recorder, tax expert Mu

Published 25 Sep, 2019 12:00am

'Trade misinvoicing deprives exchequer 11 percent of total revenue'

Trade misinvoicing is not only a major source of capital flight and reverse capital flight, but it also deprives the national exchequer of an amount equal to 11 percent of the total revenue generated through customs duties and export tax, said tax experts

Published 21 Sep, 2019 12:00am

Advance tax on marriage in halls: FBR chairman urged to take notice

Imposition of a minimum slab of Rs20,000 as advance tax under the Finance Act 2018 demands an early notice of Chairman Federal Board of Revenue (FBR), as a tax can only be imposed on 'income' and not on anything else, much less on expenditure, which is no

Published 19 Sep, 2019 12:00am

CRTO, Lesco join hands under tax broadening drive

The Corporate Regional Tax Office (CRTO) and Lahore Electric Supply Company (Lesco) have joined hands under the tax broadening drive of Federal Board of Revenue (FBR). A unique exercise of issuing notices to both industrial and commercial consumers, warni

Published 17 Sep, 2019 12:00am

Tax administration's discreationary powers lead to litigation, opine experts

Entering and searching property of taxpayer to seize material, including record, accounts, documents and computer etc., without due diligence is a negation of the fundamental right of taxpayers. According to tax experts, the discretionary attitude of tax

Published 16 Sep, 2019 12:00am

Disconnections: Lesco issues notices to 57,700 industrial, commercial consumers

The Lahore Electric Supply Company (LESCO), in collaboration with the Corporate Regional Tax Office (CRTO) Lahore, has issued notices to industrial and large commercial consumers for disconnection of supplies in case they failed to get National Tax Number

Published 14 Sep, 2019 12:00am

Businesses: Forceful monitoring by FBR staff inflicts negative impact

Entering of the field formation staff of the Federal Board of Revenue (FBR) to business premises and forceful monitoring of stock, production and supply of manufactured goods without any prior intimation, notice or any show-cause notice has inflicted a ne

Updated 11 Sep, 2019 06:25am

Lesco and SNGPL consumers: RTO Lahore issues 63011 sales tax registration letters/notices

The Regional Tax Office-II, Lahore has issued 63011 sales tax registration letters/notices to industrial and commercial connection holders of LESCO and SNGPL. Chief Commissioner, RTO-II, Lahore Ahmad Shuja Khan said that influx of new sales tax registrati

Published 05 Sep, 2019 12:00am

Lesco bans installment facility for commercial, industrial bills

The Lahore Electric Supply Company (Lesco) has banned the facility of installments on commercial and industrial bills while the domestic consumers would only be allowed installments up to 31st of August, said the sources.

Published 24 Aug, 2019 12:00am

Sindh PA outranks other assemblies: PILDAT

In a PILDAT comparative assessment of performance of Pakistan's four provincial assemblies in their first year after the 2018 general election, the provincial assembly of Sindh has outranked other provincial assemblies in holding sessions for most days du

Published 10 Aug, 2019 12:00am

Lesco charges 17 percent GST from zero-rated industry sans notification

The Lahore Electric Supply Company (Lesco) has charged 17 percent GST to zero-rated industrial consumers of electricity without tariff notification/direction by the government to withdraw the facility of zero rating and charge GST from them. The Lesco sta

Published 19 Jul, 2019 12:00am

Markets

Uncertainty regarding taxes brings market activities to halt

Prevailing uncertainty regarding imposition of taxes has brought market activities to a halt, as market sources are of the view that small and medium traders are clueless and totally blank with regard to new tax regime. Major retail chains have some idea

Published 16 Jul, 2019 12:00am

Denied promotion: IESCO officer commits suicide

A senior officer of the Islamabad Electric Supply Company (IESCO) committed suicide after he was dropped from promotion by the PEPCO Promotion Board. According to reliable sources, Raja Nasir Abbas, Superintending Engineer in IESCO, committed suicide on 8

Published 11 Jul, 2019 12:00am

New taxation step, tariff hike impedes revival of closed industrial units

New taxation and tariff hike have halted revival of closed industrial units, expansion of present setups and new investments, according to power sector experts. They also noted that partially operating units have also come to a halt. They said that provis

Published 10 Jul, 2019 12:00am

Markets

Five exporting sectors urge FBR to formalise 'informal' trade

The five exporting sectors circles have urged the Federal Board of Revenue (FBR) to formalize informal trade in domestic commerce as only 50 percent of domestic commerce is being fed by the local industry and remaining 50 percent is the share of informal

Published 06 Jul, 2019 12:00am

Government flouts Nepra Act by delaying issuance of tariff notification

The federal government has violated NEPRA Act by delaying in issuance of tariff notification for distribution companies, causing concerns amongst consumers especially the industrial consumers for their inability to take a decision on fresh investments.

Published 05 Jul, 2019 12:00am

Tier-1 category: Retailers demand exclusion of shops measuring 4,000 sqft

Retailers have proposed the government to exclude the shops measuring up to 4,000 square feet from the definition of tier-1 retailers till the time when majority of whole sellers and distributors got registration under Sales Tax Act, 1990. By virtue of su

Published 22 Jun, 2019 12:00am

Banks' sharing of account details with FBR: Experts term move significant development

Tax experts have termed sharing of details of accounts by the banks with the Federal Board of Revenue (FBR) as a significant development, saying that tracing out the actual owners of the accounts would be helpful in detecting benami transactions.

Published 21 Jun, 2019 12:00am

Markets

Tax experts suggest amendments in refund rules

Tax experts proposed Monday that the law/refund rules need to be appropriately amended to provide for refund with the filing of monthly sales tax return as the export data/evidence is readily available with the customs authorities.

Published 18 Jun, 2019 12:00am

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Dec 27	278.47
USD PKR Interbank Buying / Dec 27	278.22
USD to Japanese Yen / Dec 27	157.87
USD to Swiss Franc / Dec 27	0.90
Pound Sterling to USD / Dec 27	1.26
Euro to USD / Dec 27	1.04

Stock	Volume
S&P 500 / Dec 27	5,970.84
India Sensex / Dec 27	78,699.07
Tokyo Nikkei / Dec 27	40,281.16
Nasdaq / Dec 27	19,238.48
Hang Seng / Dec 27	20,090.46
FTSE 100 / Dec 27	8,149.78
Dow Jones / Dec 27	42,992.21
Germany DAX 30 / Dec 27	19,984.32

Item	Value
Crude Oil USD/Barrel / Dec 27	70.60
Gold 10 Grams PKR / Dec 27	234,225
Gold Spot USD/Ounce / Dec 27	2,621.40
Cotton US¢/pound / Dec 27	68.89
Petrol/Litre / Dec 28	252.10
Karachi Cotton PKR/37.32 KG / Dec 28	17,785

Gainers
Losers
Leaders

Stock	Price
First Capital Equities / Dec 27 First Capital Equities Limited(FCEL)	6.10 ▲ 1.00 (19.61%)
Chenab Ltd (Pref) / Dec 27 Chenab Limited (Pref)(CLCPS)	4.50 ▲ 0.60 (15.38%)
Sec. Inv. Bank / Dec 27 Security Investment Bank Limited(SIBL)	7.99 ▲ 1.00 (14.31%)
786 Invest Ltd / Dec 27 786 Investments Limited(786)	8.15 ▲ 1.00 (13.99%)
Chenab Ltd / Dec 27 Chenab Limited(CHBL)	9.61 ▲ 1.00 (11.61%)
Next Capital / Dec 27 Next Capital Limited(NEXT)	10.90 ▲ 1.00 (10.10%)
Image Pakistan / Dec 27 Image Pakistan Limited(IMAGE)	20.31 ▲ 1.85 (10.02%)
Baba Farid Sugar / Dec 27 Baba Farid Sugar Mills Limited(BAFS)	53.08 ▲ 4.83 (10.01%)
Biafo Ind. / Dec 27 Biafo Industries Limited(BIFO)	208.88 ▲ 18.99 (10.00%)

Stock	Price
Burj Clean Energy Modaraba / Dec 27 Burj Clean Energy Modaraba(GEM)(GEMBCEM)	8.10 ▼ -1.00 (-10.99%)
Blue-Ex Ltd / Dec 27 Blue-Ex Limited (GEM)(GEMBLUEX)	40.15 ▼ -4.46 (-10.00%)
Al-Khair Gadoon / Dec 27 Al-Khair Gadoon Limited(AKGL)	41.71 ▼ -4.63 (-9.99%)
Leiner Pak Gelat / Dec 27 Leiner Pak Gelatine Limited(LPGL)	131 ▼ -14.19 (-9.77%)
Jauharabad Sug / Dec 27 Jauharabad Sugar Mills Limited(JSML)	21 ▼ -2.10 (-9.09%)
Aruj Industries / Dec 27 Aruj Industries Limited(ARUJ)	8.62 ▼ -0.86 (-9.07%)
First Imrooz Mod. / Dec 27 First Imrooz Modaraba(FIMM)	200.20 ▼ -19.80 (-9.00%)
MithchellsFruit / Dec 27 Mitchells Fruit Farms Limited(MFFL)	243 ▼ -23.05 (-8.66%)
Grays Leasing / Dec 27 Grays Leasing Limited(GRYL)	5.71 ▼ -0.48 (-7.75%)

Stock	Volume
Fauji Foods Ltd / Dec 27 Fauji Foods Limited(FFL)	104,369,036 ▲ 0.78
WorldCall Telecom / Dec 27 Worldcall Telecom Limited(WTL)	72,731,608 ▲ 0.00
TRG Pak Ltd / Dec 27 TRG Pakistan Limited(TRG)	46,907,628 ▲ 1.54
Cnergyico PK / Dec 27 Cnergyico PK Limited(CNERGY)	40,110,243 ▲ 0.30
Hascol Petrol / Dec 27 Hascol Petroleum Limited(HASCOL)	34,416,789 ▲ 0.06
B.O.Punjab / Dec 27 The Bank of Punjab(BOP)	30,318,392 ▲ 0.04
Ghani Chem. Ind. / Dec 27 Ghani Chemical Industries Limited(GCIL)	26,183,062 ▲ 0.50
Sui South Gas / Dec 27 Sui Southern Gas Company Limited(SSGC)	25,823,481 ▲ 3.11
Silk Bank Ltd / Dec 27 Silkbank Limited(SILK)	25,520,925 ▼ -0.08

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