Pkrevenue.com

Day: July 24, 2020

  • SBP allows business to avail loan scheme for early payment of salary, wages

    SBP allows business to avail loan scheme for early payment of salary, wages

    KARACHI: State Bank of Pakistan (SBP) has allowed businesses to avail loan scheme for early payment of salary and wages in the wake of Eid-ul-Azha.

    The SBP also relaxed condition for obtaining loans from more than one bank for the payment of salary and wages.

    The central bank in a notification issued on Friday said that in order to facilitate businesses facing problems in availing financing under the above schemes from one bank due to their credit limits or for any other reason, it has been decided to allow them to avail financing from more than one bank.

    However, a business cannot avail financing for a specific month from more than one bank.

    Further, businesses may avail financing under above schemes for early payment of wages/salaries for the month of July, 2020 before Eid-ul-Azha.

    Businesses may also avail reimbursement of wages/salaries of July, 2020 in case they make early disbursements from their own resources to their workers/employees due to Eid-ul-Azha.

    The central bank in April 2020 introduced loan scheme at reduced rate for businesses to ensure no layoff of employment and payment of salary and wages in the wake of spread of coronavirus.

  • Stock market recovers early day losses on above expectation result of HBL

    Stock market recovers early day losses on above expectation result of HBL

    The stock market gained 29 points on Friday, recovering from earlier losses of 319 points, thanks to the strong performance of Habib Bank Limited (HBL).

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  • SBP not to hold regular monetary policy committee meeting

    SBP not to hold regular monetary policy committee meeting

    KARACHI: State Bank of Pakistan (SBP) on Friday decided not to hold regular meeting of monetary policy committee meeting scheduled for July 2020.

    Given the number of MPC meetings that have taken place in recent months, and actions taken in those meetings, the MPC does not consider it necessary to hold the regular meeting of July 2020.

    The next regular meeting of the MPC will now be held in September 2020, the SBP said.

    The MPC continues to observe economic conditions and stands ready to take whatever further actions may become necessary in response to any adverse impact on the economy because of the pandemic or any other factor.

  • Rupee gains 36 paisas against dollar on improved inflows

    Rupee gains 36 paisas against dollar on improved inflows

    KARACHI: The Pak Rupee gained 36 paisas against dollar on Friday owing to improved inflows of export receipts and remittances.

    The rupee ended Rs167.26 to the dollar from previous day’s closing of Rs167.62 in interbank foreign exchange market.

    Currency experts said that sufficient foreign currency was available in the market to meet import payment demand.

    The workers’ remittances rose by a significant 50.7 percent during June 2020 to reach monthly record high $2.46 billion compared with $1.63 billion in June 2019.

    Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 percent over $21.74 billion during FY19.

    According to Pakistan Bureau of Statistics (PBS) the import bill of the country fell by 18.6 percent to $44.57 billion as compared with $54.76 billion in the preceding fiscal year.

    This helped the country to curtail the trade deficit for the year. The trade deficit of the country shrank by 27 percent to $23.18 billion during fiscal year 2019/2020 as compared with the deficit of $31.8 billion in the preceding fiscal year.

  • HBL announces 287 percent surge in half year profit

    HBL announces 287 percent surge in half year profit

    KARACHI: Habib Bank Limited (HBL) on Friday declared massive increase of 287 percent in half-year profit tax for the period ended June 30, 2020.

    The bank, one of the largest bank in Pakistan, declared Rs15.188 billion profit after tax for the period January 01 to June 30, 2020 as compared with Rs3.927 billion in the same period of the last fiscal year.

    The bank also declared earning per share of Rs10.32 for the period under review as compared with EPS Rs2.53 declared in the same period of the last year.

    The net mark-up income/interest income of the bank surged by 32 percent to Rs63.075 billion during first half for the period ended June 30, 2020. The bank declared Rs47.7 net interest income in the same period of the last year.

    The bank also paid income tax amounting Rs10.64 billion during January – June 2020 as compared with Rs5.96 billion in the corresponding period of the last fiscal year.

    The HBL declared Rs11.08 billion net profit for the quarter April – June 2020 as compared with Rs749 million declared in the same quarter of the last year.

    Net interest income of the bank increased to massive Rs10.86 billion during the quarter under review as compared with Rs1.3 billion in the corresponding period of the last year.

  • Rate of capital gains tax on disposal of securities

    Rate of capital gains tax on disposal of securities

    KARACHI: Following is the rate of capital gains tax on disposal of securities after the amendment made through Finance Act, 2020.

    Officials at the Federal Board of Revenue (FBR) said that the rate of capital gains tax had been kept unchanged for tax year 2021 and subsequent years.

    cgt on disposal of securities.jpg

    Provided that the rate of tax on cash settled derivatives traded on the stock exchange shall be 5 percent for the tax years 2018 to 2020.

    Provided that the rate for companies shall be as specified in Division II of Part I of First Schedule, in respective of debt securities;

    Provided further that a mutual fund or a collective investment scheme or a REIT scheme shall deduct Capital Gains Tax at the rates as specified below, on redemption of securities as prescribed, namely:—

    CategoryRate
    Individual and association of persons10 percent for stock funds 10 percent for other funds
    Company10 percent for stock funds 25 percent for other funds

    Provided further that in case of a stock fund if dividend receipts of the fund are less than capital gains, the rate of tax deduction shall be 12.5 percent:

    Provided further that no capital gains tax shall be deducted, if the holding period of the security is more than four years.”

    Explanation.- For removal of doubt, it is clarified that, the provisions of this proviso shall be applicable only in case of a mutual fund or collective investment scheme or a REIT scheme.