FBR posts officials at retail outlets for sales monitoring

Aug 11

Taxation

FBR posts officials at retail outlets for sales monitoring

KARACHI: The Federal Board of Revenue (FBR) has initiated action against big retailers by posting tax officials at business premises for monitoring of sales. Corporate Tax Office (CTO) Karachi, an arm of the FBR, has posted its staff at eight outlets of a big retailer for checking sales, purchase and production of saleable goods. The […]

by Mrs. Anjum Shahnawaz

SBP to launch rewards for inward remittances

Aug 11

Finance

SBP to launch rewards for inward remittances

ISLAMABAD: State Bank of Pakistan (SBP) will launch incentives/ rewards for overseas Pakistanis on transactions of inward remittances. The SBP will launch a mobile phone application for overseas Pakistanis, which will offer incentives/rewards to overseas Pakistani against each remittance transaction in accordance under criteria. The above application will be formally launched towards the end of […]

by Mrs. Anjum Shahnawaz

Aug 11

Money & Banking

KIBOR rates for August 11, 2021

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued following Karachi Interbank Offered Rates (KIBOR) on August 11, 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 7.44 7.94 1 – Year […]

by Faisal Shahnawaz

Car sales sharply increase by 114% on tax cuts

Aug 11

Automotive

Car sales sharply increase by 114% on tax cuts

KARACHI: The car sales posted a sharp rise of 114 per cent in July 2021 owing to tax cuts announced in the Finance Act, 2021. The car sales increased to 24,918 units in July 2021 as compared with 11,659 units in the same month of the last year. Analysts at Topline Securities said that the […]

by Mrs. Anjum Shahnawaz

FBR increases minimum prices of steel products

Aug 11

Taxation

FBR increases minimum prices of steel products

The Federal Board of Revenue (FBR) announced on Wednesday that it has increased the minimum prices of steel products in an effort to align them with the rising costs observed in both domestic and international steel markets.

by Faisal Shahnawaz

KSE-100 index up by 241 points on better earning hopes

Aug 11

Stock & Commodity

KSE-100 index up by 241 points on better earning hopes

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 241 points on Wednesday on better earning hopes in listed entities. The index closed at 47,377 points as against 47,135 points showing, an increase of 241 points. Analysts at Arif Habib Limited said that the market gained close to 500 points during the session. […]

by Mrs. Anjum Shahnawaz

MCB Bank’s 2QCY21 results above market expectations

Aug 11

Corporate, Money & Banking

MCB Bank’s 2QCY21 results above market expectations

KARACHI: MCB Bank on Wednesday announced a profit after tax of Rs7.9 billion for second quarter ended June 30, 2021. Analysts at Khadi Ali Shah Bukhari (KASB) said that the result is above estimates and street consensus. The deviation is mainly on account of recognition of provisioning reversal worth Rs1.8 billion during the quarter. The […]

by Mrs. Anjum Shahnawaz

Dollar advances to Rs163.92 in interbank

Aug 11

Money & Banking

Dollar advances to Rs163.92 in interbank

KARACHI: The US Dollar appreciated to Rs163.92 in the interbank foreign exchange market on Wednesday. The market witnessed higher demand for the foreign currency for import payment. The closing rate of the dollar in the interbank foreign exchange market was Rs163.75. Currency experts said that value of the Pak Rupee (PKR) eased against the dollar […]

by Faisal Shahnawaz

Aug 11

Exchange Rates

SBP issues customers exchange rates for August 11

KARACHI: On Wednesday, August 11, 2021, the State Bank of Pakistan (SBP) released the latest exchange rates for customers based on the weighted average rates of commercial banks.

by Faisal Shahnawaz