KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced bank holiday on August 14, 2021.
The State Bank will remain closed on Saturday, August 14, 2021 on the occasion of Independence Day as declared by the government of Pakistan.
The central bank through a circular informed the presidents and chief executives of all banks, development financial institutions (DFIs) and Microfinance Banks (MFBs).
Section 65G of Income Tax Ordinance, 2001 has allowed tax credit for capital investment in specified industrial undertakings.
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Section 65F of Income Tax Ordinance, 2001 has allowed tax credit for certain persons against their incomes.
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Tax credit for establishing industrial undertaking has been clarified by the Federal Board of Revenue (FBR) to facilitate the business community.
(more…)Tax incentive for companies on purchase of machinery and expansion has been clarified by the Federal Board of Revenue (FBR).
(more…)Tax credits for various provisions of law have outlined by the Federal Board of Revenue (FBR) as explained under Section 65 of the Income Tax Ordinance, 2001.
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KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on August 10, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 6.91 | 7.41 |
| 2 – Week | 6.95 | 7.45 |
| 1 – Month | 7.00 | 7.50 |
| 3 – Month | 7.15 | 7.40 |
| 6 – Month | 7.35 | 7.60 |
| 9 – Month | 7.45 | 7.95 |
| 1 – Year | 7.52 | 8.02 |
KARACHI: Pakistan Stock Exchange (PSX) on Tuesday witnessed range bound trading activity during the day. The benchmark KSE-100 index gained 11 points to end at 47,135 points as against previous day’s closing of 47,124 points, showing an increase of 11 points.
Analysts at Arif Habib Limited said that the market traded range bound with an oscillation between -195 points and +149 points.
Activity remained tilted towards Technology sector, which helped the Index put an increment and in volume terms led the index.
Most of the volume went to WTL, however, NETSOL, TRG and AVN contributed to an uptick in Index. On a net basis, Cement, Textile, Pharma and Steel traded in the positive region, whereas E&P, Banks generally contributed to the negative side of the Index.
Among scrips, WTL topped the volumes with 42.9 million shares, followed by TELE (29.4 million) and ANL (28.4 million).
Sectors contributing to the performance include Power (-23 points), Banks (-16 points), Chemical (-13 points), Cement (+30 points), Food (+16 points) and Pharma (+11 points).
Volumes increased from 337.3 million shares to 370.0 million shares (+10 per cent DoD). Average traded value also increased by 7 per cent to reach US$ 74.1 million as against US$ 69.2 million.
Stocks that contributed significantly to the volumes include WTL, TELE, ANL, TPL and GGL, which formed 37 per cent of total volumes.
Stocks that contributed positively to the index include LUCK (+22 points), ENGRO (+15 points), FCEPL (+14 points), TRG (+12 points) and UNITY (+11 points). Stocks that contributed negatively include MCB (-18 points), COLG (-17 points), HUBC (-16 points), DAWH (-14 points) and SYS (-11 points).
ISLAMABAD: The Federal Board of Revenue (FBR) has explained tax treatment of erstwhile FATA/PATA domiciled industries after amendment brought through Finance Act, 2021.
The FBR in a circular No. 03 issued on Tuesday said a number of significant amendments have been introduced through Finance Act, 2021 in the Sales Tax Act, 1990 as applicable to various industries located in erstwhile FATA/PATA regions.
The most important change brought about by the Finance Act 2021, is vis-A-vis the new entry No. 74 added in 8th Schedule to the Sales Tax Act, 1990, to charge sales tax at the rate of 16 per cent on all “goods supplied from tax-exempt areas of erstwhile FATA/PATA to the taxable areas.”
Accordingly, a FATA/PATA-domiciled person having status of “active taxpayer” in terms of Section 2(1) of the Sales Tax Act, 1990 would continue to import raw materials for consumption at his own manufacturing site against deposit of post-dated cheques (PDC) in line with its determined installed production capacity.
The importation, transportation, exemption (from import-stage income tax), and consumption of raw materials have been elaborately dealt with vide FBR‘s CGO # 1 of 2021, Circular # 5 of 2021, Circular # 9 of 2021 and Circular No.13 of 2021, which continue to be applicable.
In order to facilitate the operationalization of benefits laid down in the law, the FATA/PATA-domiciled industrial units may acquire installed capacity determination certificate (ICDC) from the Khyber Pakhtunkhwa Department of Industries or the Ministry of Industries, Government of Pakistan.
The Commissioner concerned shall accept the ICDC presented until he has reasons to believe that the actual capacity installed is less than the capacity determined and certified.
“It goes without saying that only the goods meant for value addition are to be imported and not finished products,” the FBR said.
In order to undertake foolproof surveillance of exit points from non-taxable to taxable territories, Inland Revenue Enforcement Network (IREN) check posts under Section 40D of the Sales Tax Act, 1990 are being established and functionalized to ensure that due tax is paid at the rate of 16 per cent on goods supplied into taxable territories.
The Regional Tax Office (RTO), Peshawar shall also establish a tax office in Malakand Division for prompt release of consignments, processing of consumption and exemption certificates and effective and timely implementation of law in letter and spirit.
KARACHI: The Pak Rupee (PKR) gained 14 paisas against the dollar on Tuesday. The inflows of workers’ remittances helped the rupee to make gain.
The rupee closed at Rs163.76 to the dollar in the interbank foreign exchange market. The local unit ended at Rs163.90 to the dollar a day earlier.
Currency experts said that the inflows of remittances helped the local currency to appreciate.
The inflows of workers’ remittances were at $2.71 billion in July 2021. The SBP issued details of remittances today.
According to the State Bank of Pakistan (SBP) the remittances were remained above $2.0 billion for the 14th consecutive month.
The experts said that the rupee likely to make further gain in coming days. The said that the country is expecting inflows of $2.8 billion from IMF by month end.