Pkrevenue.com

Month: April 2019

  • Pakistan’s foreign exchange reserves increase to $17.397 billion

    Pakistan’s foreign exchange reserves increase to $17.397 billion

    KARACHI: The foreign exchange reserves of the country increased by $1.924 billion to $17.397 billion by week ended March 29, 2019 as against $15.473 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

    The reserves held by State Bank increased by $1.931 billion to $10.492 billion by week ended under review as compared with $8.561 billion by week ended March 22, 2019.

    The SBP said that during the week ending March 29, 2019, the central bank received inflow of RMB 15 billion equivalent to US$2.2 billion as proceeds of the loan obtained by the government of Pakistan from China. After taking into account outflows relating to external debt and other official payments, SBP reserves increased by US$1,931 million during the week.

    The reserves held by commercial banks, however, declined by $9 million to $6.904 billion from previous week’s level of $6.913 billion.

  • Equity market declines by 507 points on selling pressure

    Equity market declines by 507 points on selling pressure

    KARACHI: The equity market declined by 507 points on Thursday due to selling pressure.

    The benchmark KSE-100 index closed at 37,516 points as against 38,023 points showing a decline of 507 points.

    Analysts at Arif Habib Limited said that the market took a nose-dive today with 100 index touching a low of 610 points and closed heavy red.

    Selling was seen across the board amidst rumors of resignation of key government official and change of parliamentary form of government to Presidential format.

    Initial start saw some positivity, however, selling pressure built throughout the day and stocks like Autos which performed well on the news of revocation of 10 percent FED on 1700cc and above vehicles couldn’t face the tide and eventually saw erosion of price gains made earlier.

    UNITY rights (37.5 million) again contributed significantly to the traded volume 128 million, which was followed by Banks and Technology stocks.

    Sectors contributing to the performance include Banks (-92 points), E&P (-72 points), Power (-66 points), Cement (-50 points), O&GMCs (-35 points).

    Volumes declined from 153.3 million shares to 128.0 million shares (-17 percent DoD). Average traded value also declined by 9 percent to reach US$ 23.8 million as against US$ 26.3 million.

    Stocks that contributed significantly to the volumes include UNITYR1, WTL, KEL, BOP and MLCF, which formed 56 percent of total volumes.

    Stocks that contributed positively include MCB (+20 points), FFBL (+9 points), MEBL (+7 points), SRVI (+3 points), and APL (+3 points). Stocks that contributed negatively include HUBC (-53 points), UBL (-38 points), PPL (-25 points), HBL (-22 points) and ENGRO (-22 points).

  • Rupee ends stable against dollar

    Rupee ends stable against dollar

    KARACHI: The rupee ended stable against dollar on Thursday after government assurance of no link of rupee value with IMF deal.

    The rupee ended at Rs141.40 to the dollar, the same previous day’s level, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded day high of Rs141.40 and low of Rs141.399 and closed at Rs141.40.

    The exchange rates in open market were also ended stable.

    The buying and selling of dollar was recorded at Rs142.50/Rs143.00, the same previous day’s level, in cash ready market.

  • FBR selects 14,164 audit cases through computerized balloting

    FBR selects 14,164 audit cases through computerized balloting

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases.

    The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001.

    The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax Act, 1990.

    Further, 56 cases have been selected under Section 42B of Federal Excise Act, 2005.

  • Rupee maintains level in early trade

    Rupee maintains level in early trade

    KARACHI – In the early hours of Wednesday, the Pakistani Rupee demonstrated resilience, maintaining its level against the US Dollar in the interbank foreign exchange market.

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  • Sales Tax Act 1990: zero rating on export, supply of goods

    Sales Tax Act 1990: zero rating on export, supply of goods

    KARACHI: The sales tax laws have allowed zero rating of sales tax on exports or supply of goods.

    According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 4 of the Act explained the zero rating.

    Section 4: Zero rating

    Notwithstanding the provisions of section 3 except those of sub-section (1A), the following goods shall be charged to tax at the rate of zero per cent:

    (a) goods exported, or the goods specified in the Fifth Schedule;

    (b) supply of stores and provisions for consumption aboard a conveyance proceeding to a destination outside Pakistan as specified in section 24 of the Customs Act, 1969 (IV of 1969);

    (c) such other goods as the Federal Government may, by notification in the Gazette, specify:

    Provided that nothing in this section shall apply in respect of a supply of goods which –

    (i) are exported, but have been or are intended to be re-imported into Pakistan; or

    (ii) have been entered for export under Section 131 of the Customs Act, 1969 (IV of 1969), but are not exported; or

    (iii) have been exported to a country specified by the Federal Government, by Notification in the official Gazette:

    Provided further that the Federal Government may by a notification in the official Gazette, restrict the amount of credit for input tax actually paid and claimed by a person making a zero-rated supply of goods otherwise chargeable to sales tax.

    (d) such other goods as may be specified by the Federal Board of Revenue through a general order as are supplied to a registered person or class of registered persons engaged in the manufacture and supply of goods supplied at reduced rate of sales tax.

  • Amnesty scheme will not for public office holder: Asad Umar

    Amnesty scheme will not for public office holder: Asad Umar

    ISLAMABAD: Finance Minister Asad Umar on Wednesday said that if the government introduces any tax amnesty scheme then it will not applicable for public office holders.

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  • FBR to conduct balloting for audit selection

    FBR to conduct balloting for audit selection

    ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019.

    The balloting will be conducting for audit selection of income tax returns filed for tax year 2017.

    Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of Persons and corporate entities.

    The audit selection would be made in income tax, sales tax and federal excise duty.

    The FBR conduct balloting to select audit cases under Section 214C of Income Tax Ordinance, 2001.

  • SBP to raise Rs3,600 billion through sale of securities

    SBP to raise Rs3,600 billion through sale of securities

    KARACHI: The State Bank of Pakistan (SBP) will raise Rs3,600 billion through sale of bonds during next three months for repayment against matured securities.

    According to auction target calendar issued by State Bank of Pakistan (SBP) on Wednesday, around Rs3,600 billion would be raised through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs).

    The SBP to conduct six auctions of MTBs during April to June 2019 to raise Rs3,300 billion. The amount of maturity is Rs3,100 billion.

    The central bank will also conduct three auctions of PIBs for generating Rs300 billion. The amount of repayment against matured PIBs during the period is Rs434.45 billion.

  • ECC approves import of 100,000 tons of urea

    ECC approves import of 100,000 tons of urea

    ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.

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