ISLAMABAD – Pakistan has formally requested the Financial Action Task Force (FATF) to take immediate action against what it alleges to be India’s concerted efforts to politicize the international watchdog and influence decisions to place Pakistan on the grey list.
(more…)Day: July 19, 2021
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Banks to reopen on Friday July 23, 2021
KARACHI: Banks will observe three holidays on account of Eid ul Adha from July 20 to July 22, 2021.
The banks will reopen on Friday July 23, 2021, as per the announcement.
A statement issued by the State Bank of Pakistan (SBP) said that the central bank will observe Eid ul Adha holidays on July 20, July 21 and July 22, 2021 as announced by the federal government.
The banking activities will resume from July 23, 2021.
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SBP to eliminate electronic import form for PSW
KARACHI: The State Bank of Pakistan (SBP) on Monday notified amendments to foreign exchange manual to eliminate Electronic Import Form for Pakistan Single Window (PSW).
The central bank in a statement on Monday said it was in the process of revising the foreign exchange regulations.
The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions. It will delegate more powers to banks to facilitate stakeholders.
The SBP has notified revisions in foreign exchange regulations for imports of goods into Pakistan (Chapter 13 of the FE Manual).
The key changes include amendment in existing regulations to facilitate import transactions through the forthcoming PSW facilities. The revision will eliminate the requirement of Electronic Import Form (EIF).
The SBP and Pakistan Customs implemented EIF Module in WeBOC system from September 1, 2016. EIF is an electronic declaration. Banks approve this declaration detailing payment information for import of goods.
Importers submit this form at the time of filing of Good Declaration.
Under the Pakistan Single Window (PSW) the form will no more require.
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Tax on shipping, air transport income of non-residents
ISLAMABAD: Section 7 of Income Tax Ordinance, 2001 deals with tax chargeability on shipping, air transport income of non-residents.
The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.
Section 7: Tax on shipping and air transport income of a non-resident person.— (1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division V of Part I of the First Schedule, on every non-resident person carrying on the business of operating ships or aircrafts as the owner or charterer thereof in respect of –
(a) the gross amount received or receivable (whether in or out of Pakistan) for the carriage of passengers, livestock, mail or goods embarked in Pakistan; and
(b) the gross amount received or receivable in Pakistan for the carriage of passengers, livestock, mail or goods embarked outside Pakistan.
(2) The tax imposed under sub-section (1) on a non-resident person shall be computed by applying the relevant rate of tax to the gross amount referred to in sub-section (1).
(3) This section shall not apply to any amounts exempt from tax under this Ordinance.
Section 7A. Tax on shipping of a resident person.—(1) In the case of any resident person engaged in the business of shipping, a presumptive income tax shall be charged in the following manner, namely:—
(a) ships and all floating crafts including tugs, dredgers, survey vessels and other specialized craft purchased or bare-boat chartered and flying Pakistan flag shall pay tonnage tax of an amount equivalent to one US $ per gross registered tonnage per annum;
(b) ships, vessels and all floating crafts including tugs, dredgers, survey vessels and other specialized craft not registered in Pakistan and hired under any charter other than bare-boat charter shall pay tonnage tax of an amount equivalent to fifteen US cents per ton of gross registered tonnage per chartered voyage provided that such tax shall not exceed one US $ per ton of gross registered tonnage per annum:
Explanation.—For the purpose of this section, the expression “equivalent amount” means the rupee equivalent of a US dollar according to the exchange rate prevalent on the first day of December in the case of a company and the first day of September in other cases in the relevant assessment year; and
(c) A Pakistan resident ship owning company registered with the Securities and Exchange Commission of Pakistan after the 15th day of November, 2019 and having its own sea worthy vessel registered under Pakistan Flag shall pay tonnage tax of an amount equivalent to seventy five US Cents per ton of gross registered tonnage per annum.
(2) The provisions of this section shall not be applicable after the 30thJune, 2030.”
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
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Stock market gains 39 points in range bound trading
KARACHI: The stock exchange gained 39 points on Monday in range bound trading activities.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,873 points. The market closed at 47,834 points last Friday, showing an increase of 39 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range.
Being a short trading week, investors were reluctant to go long. They preferred to close the intra-day positions regardless of the pertinent stock prices.
The falling rupee value adversely affected many scrips. However, SNGP and SSGC hitting upper circuit on the back of High Court’s decision. The court has decided in favor of gas utilities to maintain transmission UFG benchmark.
Technology stocks saw consistent upward movement in AVN. It hits upper circuit and an uptick in SYS that maintained such levels till end. Among scrips, BYCO topped the volumes with 24.2 million shares, followed by DNCCR (23.1 million) and SNGP (18.5 million).
Sectors witnessed improvement are include: Misc (+33 points), O&GMCs (+29 points). Further Banks (+18 points), Autos (+10 points), Cement (-24pt) and Technology (-14 points) have also seen improvement.
Volumes declined further from 348.5 million shares to 320.9 million shares (-8 per cent DoD). Average traded value also declined by 18 per cent to reach US$ 73.9 million as against US$ 90.3 million.
Stocks that contributed significantly to the volumes include BYCO, DNCCR, SNGP, ASC and TREET. They formed 29 per cent of total volumes.
Stocks contributed positively to the index included: PSEL (+33 points) and SNGP (+25 points). Further MEBL (+12 points), FFC (+11 points) and SSGC (+8 points) have also contributed. Stocks contributed negatively include LUCK (-22 points), TRG (-21 points), ENGRO (-12 points), HBL (-10 points) and BAFL (-8 points).
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SRB extends date for sales tax payment, return filing
The Sindh Revenue Board (SRB) announced on Monday an extension of the deadline for sales tax payment and the filing of returns for June 2021.
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KIBOR rates on July 19, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 19, 2021.
Tenor BID OFFER 1 – Week 6.94 7.44 2 – Week 6.97 7.47 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.45 7.95 1 – Year 7.54 8.04 -
Rupee weakens by Rs1.54 against dollar
KARACHI: The Pak Rupee fell by Rs1.54 against dollar on Monday due to higher demand for foreign currency ahead of Eid holidays.
The rupee ended at Rs161.48 to the dollar from last Friday’s closing of Rs159.94 to the dollar.
Currency experts said that the dollar demand for imports remained higher owing to three holidays announced by government for Eid ul Adha.
The rupee has lost around Rs3.61 against the foreign currency since the start of the current month.
Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Qadir Memon posted as chief collector enforcement south
The Federal Board of Revenue (FBR) has announced significant transfers and postings in the Pakistan Customs Service (PCS), affecting key positions in Karachi. Abdul Qadir Memon, a seasoned BS-20 officer of the PCS, has been appointed as the Chief Collector, Enforcement (South), Karachi.
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SBP issues exchange rates for July 19, 2021
KARACHI: The State Bank of Pakistan (SBP) on Monday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.
The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.
They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 43.7932 43.8874 AUD 118.6202 118.8760 CAD 127.0745 127.3408 CHF 174.7586 175.1290 CNY 24.8315 24.8817 EUR 189.7139 190.1315 GBP 220.9921 221.4699 JPY 1.4616 1.4648 SAR 42.8562 42.9471 USD 160.7127 161.0759