Federal Board of Revenue (FBR) will not extend the last date for filing income tax returns, this was stated by Sardar Ali Khawaja, Chief Commissioner Inland Revenue at the Regional Tax Office (RTO) in Peshawar.
(more…)Day: July 29, 2021
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Sindh to set up new industrial zone in Karachi
KARACHI: The Sindh government has expedited work on a proposal to set up a new industrial zone “NKATI 2” like North Karachi Industrial Area.
For this purpose a site is being sought and in consultation with the North Karachi Association of Trade & Industry (NKATI). It will be finalized later.
This was stated by Minister Information & Local Government Sindh, Syed Nasir Hussain Shah during a meeting with a delegation led by Faisal Moiz Khan, President NKATI, SVP Shabir Ismail and Syed Yasir Hussain, Chairman Sub-Committee Local Bodies at his residence.
Syed Nasir Hussain Shah further said that promotion of trade & industry is the top priority of Sindh government and PPP chairman Bilawal Bhutto has also the same vision.
Therefore, all resources will be utilized to create vast employment opportunities and promote industrialization. He also directed the MD Water Board to ensure uninterrupted supply of water to the industries.
The Provincial Minister also assured the Sindh Building Control Authority to regularize the factories located in North Karachi Industrial Area and solve the issues related to District Municipal Corporation. He further said that Capt. A Moiz Khan Road would also be inaugurated and a notification would be issued soon.
In a meeting with the Provincial Minister, Faisal Moiz Khan, President NKATI, apprised the industrialists of the problems faced by them, and said that production activities were being severely affected due to non-supply of water to North Karachi industries. However, the issues related to DMC are also increasing day by day which needs immediate attention.
“The Sindh government should set up a new industrial zone like North Karachi Industrial Zone to promote industries so that more and more new industries could be set up and vast employment opportunities could be created”, he suggested. Faisal Moiz Khan also requested the provincial minister to regularize the factories from Sindh Building Control Authority.
Expressing satisfaction over the assurance of the provincial minister to resolve the issues under discussion at the meeting, NKATI president said that industrialists would extend all possible cooperation with Sindh government to increase production activities and promote industries.
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Tax rates on usage of telephone and internet
The Federal Board of Revenue (FBR) collects withholding income tax on telephone and internet usage under Section 236 of Income Tax Ordinance, 2001.
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Stock market ends stable after early day losses
KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed selling and lost around 363 points. But it recovered by end of the day.
The benchmark KSE-100 index closed at 47,312 points as against previous day’s close of 47,318 points, showing a decline of 6 points.
Analysts at Arif Habib Limited said that the market lost another 363 points during the session today, however, covered a lot of ground and ended the session -6 points.
Banks, E&P, Cement, Power and Technology sectors saw selling pressure on the concern of lockdown as well as rollover positions, whereby investors preferred selling in ready market and bought futures.
LUCK saw abrupt movement where the stock price remained depressed the entire session, moved up in the half closing hour and saw a major sell-off in the closing minute to end at the lowest price of the session.
Among scrips, WTL led the volumes with 49.5 million shares, followed by BYCO (47.1 million) and UNITY (16.1 million).
Sectors contributing to the performance include Banks (-40 points), Chemical (+19 points), Refinery (+12 points), Autos (+12 points), Fertilizer (+12 points) and Inv Banks (+11 points).
Volumes increased from 365.7 million shares to 376.4 million shares (+3 per cent DoD). Average traded value declined slightly by 0.4 per cent to reach US$ 75.7 million as against US$ 75.8 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, UNITY, FFBL and HUMNL, which formed 36 per cent of total volumes.
Stocks that contributed positively to the index include THALL (+13 points), EFERT (+12 points), LUCK (+11 points), DAWH (+9 points) and ICI (+8 points). Stocks that contributed negatively include HBL (-32 points), UBL (-9 points), HCAR (-9 points), ANL (-6 points) and PSMC (-5 points).
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KIBOR rates on July 29, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on July 29, 2021.
Tenor BID OFFER 1 – Week 6.91 7.41 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.46 7.96 1 – Year 7.54 8.04 -
Rupee ends firmer against dollar
KARACHI: The Pak Rupee ended firmer against the dollar on Thursday owing to better inflows to meet demand for import payments.
The rupee ended at Rs161.89 to the dollar from previous day’s closing of Rs161.90 in the interbank foreign exchange market.
Currency experts said that the market had seen dollar demand for import payments. However, supply of the foreign currency was sufficient to meet the demand.
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SBP issues customers exchange rates for July 29
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 44.0481 44.1423 AUD 119.3867 119.6360 CAD 129.4700 129.7462 CHF 177.8768 178.2481 CNY 25.0127 25.0624 EUR 191.7175 192.1402 GBP 225.2407 225.7249 JPY 1.4726 1.4759 SAR 43.1108 43.2024 USD 161.6499 162.0132 -
Honda Cars posts Rs928 million quarterly profit after tax
In a remarkable financial turnaround, Honda Atlas Cars (Pakistan) Limited has announced a profit after tax of Rs928 million for the quarter ended June 30, 2021.
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Expenses on scientific research against tax liability
Section 26 of the Income Tax Ordinance, 2001, provides a significant incentive for businesses in Pakistan. The Federal Board of Revenue (FBR) has incorporated this provision, updated up to June 30, 2021, through the Finance Act, 2021, encouraging businesses to engage in scientific research.
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Pak Rupee to Saudi Riyal on July 29, 2021
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 29, 2021:
Buying: Rs 42.50 to the Saudi Riyal
Selling: Rs 43.00 to the Saudi Riyal
We update rates hourly so we can offer you the best SAR to PKR.
The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.
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.