ISLAMABAD: The Federal Board of Revenue (FBR) has released the updated rates of withholding tax on salary income for the fiscal year 2021-2022.
(more…)Day: August 6, 2021
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Turkey allows quarantine at dormitories for Pak students
ISLAMABAD: Pakistan’s students arriving in Turkey will now undergo the mandatory quarantine period at designated dormitories rather than private hotels, as announced by the Turkish government.
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Withholding tax rates on imports for 2021-2022
Federal Board of Revenue (FBR) has issued updated withholding tax rates on imports for year 2021/2022. The collector of customs collects withholding tax under Section 148 of Income Tax Ordinance, 2001 at the time of consignment clearance.
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Share market sheds 151 points in narrow range trading
KARACHI: The share market ended down by 151 points on Friday in narrow range trading during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,489 points as against previous day’s closing of 47,640 points, showing a decline of 151 points.
Analysts at Arif Habib Limited said that the market largely traded in a narrow range and lost a total of 216 points.
Oil and gas marketing companies, Cement, Chemical, Refinery and Technology sectors continued seeing selling pressure from the previous couple of sessions.
LUCK saw a significant drop in the closing half hour, which brought its price below LDCP by a large margin.
Among scripts, PASL led the volumes with 66.9 million shares, followed by UNITY (35.5 million) and DSL (25.9 million).
Sectors contributing to the performance include Technology (-50 points), Cement (-34 points), Vanaspati (-25 points), Textile (-18 points), Banks (+28 points) and Glas (+21 points).
Volumes declined from 546.8 million shares to 499.7 million (-9 per cent DoD). Average traded value also declined by 11 per cent to reach US$ 83.5 million as against US$ 94.1 million.
Stocks that contributed significantly to the volumes include PASL, UNITY, DSL, WTL and FFL, which formed 36 per cent of total volumes.
Stocks that contributed positively to the index include MEBL (+21 points), GHGL (+21 points), BAFL (+11 points), MCB (+7 points) and INIL (+75 points). Stocks that contributed negatively include TRG (-32 points), UNITY (-25 points), LUCK (-20 points), SYS (-13 points) and HUBC (-12 points).
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KIBOR rates for August 06, 2021
KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on August 06, 2021.
Tenor BID OFFER 1 – Week 6.93 7.43 2 – Week 6.96 7.46 1 – Month 7.02 7.52 3 – Month 7.15 7.40 6 – Month 7.34 7.59 9 – Month 7.44 7.94 1 – Year 7.53 8.03 -
List of items for sales tax on retail printed prices
The Federal Board of Revenue (FBR) has updated the list of items on which the sales tax will be collected on the basis of printed retail price.
The sales tax at the rate of 17 per cent on the retail printed price shall be applicable for tax year 2021/2022.
The items are included in the Third Schedule of Sales Tax Act, 1990 which is updated by the FBR up to June 30, 2021.
Following is the list of items:
Fruit juices and vegetable juices at harmonized system (HS) Code 20.09
Ice Cream with HS Code 2105.0000
Aerated waters or beverages with HS Code 22.01 and 20.02
Syrups and squashes with respective headings
Cigarettes with HS Code 2402.2000
Toilet soap with HS Code 3401.1100 and 3401.2000
Detergents with HS Code 3402.2000
Shampoo with HS Code 3305.1000
Toothpaste with HS Code 3306.1010
Shaving cream with HS Code 3307.1000
Perfumery and cosmetics with HS Code in respective sub-headings of 33.03 and 33.04
Tea with HS code of respective sub-headings of 09.02
Powder drinks with HS Code of 21.06
Milky drinks with HS Code of 2106.9090
Toilet paper and tissue paper with HS Code 4818.1000 and 4818.2000
Spices sold in retail packing bearing brand names and trade marks with HS codes 09.04, 09.06, 09.08 and 09.10
Shoe polish and shoe cream with HS Code 3405.1010
Fertilizers with HS Code of respective heading
Cement sold in retail packing with HS Code of respective heading
Mineral/bottled water with HS Code of respective headings
Household electrical goods, including air conditioners, refrigerators, deep freezers, televisions, recorders and players, electric bulbs, tube-lights, electric fans, electric irons, washing machines and telephone sets with HS Code of respective headings
Household gas appliances, including cooking range, ovens, geysers and gas heater with HS code of respective headings
Foam or spring mattresses and other foam products for household use with HS code of respective headings
Paints, distempers, enamels, pigments, colors, varnishes, gums, resins, dyes, glazes, thinners, blacks, cellulose lacquers and polishes sold in retail packing with HS codes of respective headings
Lubricating oils, brake fluids, transmission fluid, and other vehicular fluids sold in retail packing with HS codes of respective headings
Storage batteries excluding those sold to automotive manufacturers or assemblers with HS code of respective headings
Tyres and tubes excluding those sold to automotive manufacturers or assemblers with HS code of respective headings
Motorcycles with HS code of respective headings
Auto rickshaws with HS code of respective headings
Biscuits in retail packing with brand name with HS code of respective headings
Tiles with HS code of respective Headings
Auto-parts, in retail packing, excluding those sold to automotive manufacturers or assemblers with HS code in respective Headings
Sugar except where it is supplied as an industrial raw material to pharmaceutical, beverage and confectionery industries with HS code of respective heading.
Note: the implementation of sales tax on retail price on supply of sugar has been deferred by the FBR till November 30, 2021 through SRO 989(I)/2021 dated August 5, 2021.
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Rupee falls by 22 paisas against dollar
KARACHI: The Pak Rupee (PKR) fell by 22 paisas against the dollar on Friday as foreign currency demand for import payment remained higher.
The interbank foreign exchange market closed at Rs163.45 to the dollar from the previous day’s closing of Rs163.23.
Currency experts said that dollar demand was higher due to upcoming weekly holidays. They said that importers had purchased dollars in advance in the wake of holidays.
They further said that scheduled payment of external debt also put pressure on the local currency.
The experts said that the rupee may rebound due to expected inflows from the IMF, export receipts and workers remittances.
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SBP issues customers exchange rates for August 06
KARACHI: The State Bank of Pakistan (SBP) on Friday 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 44.4613 44.5564 AUD 120.6062 120.8573 CAD 130.5372 130.8132 CHF 179.7979 180.1689 CNY 25.2814 25.3319 EUR 193.0165 193.4386 GBP 227.1667 227.6498 JPY 1.4857 1.4889 SAR 43.5203 43.6110 USD 163.1690 163.5323 -
Tax treatment of losses under group relief
The Federal Board of Revenue (FBR) has issued an updated version of the Income Tax Ordinance, 2001 to explain tax treatment of losses under group relief.
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Group taxation under income tax
ISLAMABAD: In a bid to streamline tax treatment for holding companies and subsidiary companies within a 100% owned group, Section 59AA of the Income Tax Ordinance, 2001 has been explained by the Federal Board of Revenue (FBR).
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