Pkrevenue.com

Month: October 2021

  • LEAs to get cash reward under Customs Rules

    LEAs to get cash reward under Customs Rules

    ISLAMABAD: Federal Board of Revenue (FBR) will give cash rewards to law enforcement agencies (LEAs) for recovery and confiscation of smuggled or non-duty paid goods under Customs laws.

    The FBR issued SRO 1398(I)/2021 dated October 20, 2021, and proposed to include law enforcement agencies (LEAs) in Customs Reward Rules, 2021.

    According to the draft amendment, the FBR proposed to include in reward rules the “officers and officials of other law enforcement agencies who assist Customs officers and officials or are actually instrumental in the seizure of smuggled goods and vehicles as confirmed by the respective collectorate of customs, for their meritorious conduct in such cases only after realization of part or whole of the duty and taxes involved in such cases.”

    At present, the eligibility for reward stated that cash reward shall be sanctioned under the rules to the following categories of persons in cases involving evasion of duty and other taxes, and confiscation of goods, namely:

    (a) officers and officials of Pakistan Customs Service for their contribution in such cases; and

    (b) informer providing credible information leading to such confiscation or detection, as the case may be.

    As per SRO 1386(I)/2012 dated November 26, 2021, the determination of reward has been explained as the amount of reward, in cases involving evasion of duty and other taxes, and confiscation of goods shall be determined in the following manner:

    01. Where the amount of customs duty and other taxes realized is Rs500,000 or less, the amount of reward shall be 20 per cent of the customs duty and other taxes.

    02. Where the amount of customs duty and other taxes realized is more than Rs500,000 but not more than Rs1,000,000, the amount of reward shall be Rs100,000 plus 10 per cent of the customs duty and other taxes in excess of Rs500,000.

    03. Where the amount of customs duty and other taxes realized is over Rs1,000,000, the amount of reward shall be Rs150,000 plus 5 per cent of the customs duty and other taxes in excess of Rs1,000,000.

    FBR announces waiver of penal surcharge
  • KE’s profit up by 161% on high tariff adjustment

    KE’s profit up by 161% on high tariff adjustment

    KARACHI: K-Electric Limited (KE), the power generating and supply company, on Thursday announced massive 161 per cent growth in net profit for quarter ended September 30, 2021, mainly surge in revenue in the shape of tariff adjustment.

    The profit after tax of the KE grew by 161 per cent to Rs2.9 billion for the quarter ended September 30, 2021 as compared with Rs1.11 billion in the same quarter of the last year.

    The company announced Rs0.11 as earnings per share (EPS) for the quarter under review as compared with Rs0.04.

    The revenue of KE exhibited sharp growth of 33 per cent to Rs114.14 billion for the quarter ended September 30, 2021 as compared with Rs85.55 billion in the same quarter of the last year.

    The sales of energy grew by 27 per cent to Rs86.92 billion for the quarter under review as compared with Rs68.40 billion in the same quarter of the last year.

    In the head of tariff adjustment, the revenue of the company recorded 58.72 per cent increase to Rs27.22 billion for the quarter ended September 30, 2021 as compared with Rs17.15 billion in the same quarter of the last year.

    Cost of sale grew by 36 per cent to Rs97.49 billion as against Rs71.68 billion.

    Operating expenses of KE recorded a significant increase to Rs1.81 billion for the quarter ended September 30, 2021 as compared with Rs338 million in the same quarter of the last year.

    PSO registers 120% growth in quarterly profits
  • Dollar slides to Rs172.26 in interbank

    Dollar slides to Rs172.26 in interbank

    KARACHI: The dollar continued to slide against Pak Rupee (PKR) on Thursday following an announcement of Saudi Arabia to support Pakistan in its balance of payment.

    The rupee ended Rs172.26 to the dollar from the previous day’s closing of Rs172.78 in the interbank foreign exchange market.

    The Saudi government on October 26, 2021 announced to deposit $3 billion with the State Bank of Pakistan (SBP) to support the country for balance of payment.

    The local currency has made a gain of Rs3.01 or 1.72 per cent against the greenback during the past two days. The rupee hit the historic low at Rs175.27 on October 27, 2021.

    Saudi Arabia late Tuesday night announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    According to the Saudi Press Agency – SPA, the Saudi Fund for Development in a “generous gesture” announced a deposit of $3 billion dollars with the State Bank of Pakistan (SBP) to help the government support its foreign currency reserves and counter the impact of the Corona pandemic.

    Rupee rebounds 1.44% against dollar on Saudi package
  • FBR announces waiver of penal surcharge

    FBR announces waiver of penal surcharge

    The Federal Board of Revenue (FBR) has decided to waive the penal surcharge on goods that have overstayed at warehouses.

    (more…)
  • SBP issues customers exchange rates for October 28

    SBP issues customers exchange rates for October 28

    Karachi, October 28, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for customers on this Thursday, October 28, 2021.

    (more…)
  • PSO registers 120% growth in quarterly profits

    PSO registers 120% growth in quarterly profits

    KARACHI: Pakistan State Oil (PSO) on Thursday announced a massive jump in its quarterly net profit by over 120 per cent for the period ended September 30, 2021.

    According to consolidated results, the profit of the company surged to Rs11.53 billion for the quarter ended September 30, 2021, as compared with Rs5.22 billion in the same quarter of the last year.

    PSO announced Rs24.93 as earning per share for the quarter ended September 30, 2021 as compared with Rs11.07 in the same quarter of the last year.

    The company in its board of management meeting held on October 28, 2021 approved the results and recommended no dividend for the period.

    The company posted a gross profit of Rs 22.1 billion with gross margins set at 4.80 per cent in the first quarter of 2021/2022 compared to gross profit of Rs 11.5 billion (4.09 per cent gross margins) in the prior year.

    Analysts view noteworthy changes in ex-refinery prices that resulted in inventory gains of around Rs 7 billion in 1QFY22 compared to inventory gains of Rs 1.5 billion in same period last year.

    Other operating income decreased by 87 per cent QoQ to Rs 1,786 million in 1QFY22. We believe, absence of Late Payment Surcharge (LPS) resulted in decline in other income.

    Meanwhile, finance costs nosedived by 92 per cent QoQ and 27 per cent YoY to Rs 626mn which is owing to lower reliance on short term borrowings and lower interest rates, we view.

    The company recorded effective taxation at 32.6 per cent in 1QFY22 compared to 33.0 per cent in 1QFY21.

    PSO’s prudent planning helps considerable savings
  • PIA incurs loss of Rs42.72 billion in nine months

    PIA incurs loss of Rs42.72 billion in nine months

    KARACHI: Pakistan International Airlines, the national flag carrier, on Wednesday declared a loss of Rs42.72 billion during the first nine months (January – September) of 2021.

    The losses of the national flag carrier were over Rs40 billion in the same period of the last year.

    The board of directors of PIA in its meeting on October 27, 2021, approved the financial results for the period ended September 30, 2021.

    The board has not approved any cash dividend, bonus shares, or right shares for the period.

    The revenue of the airline significantly declined to Rs49.36 billion during January – September 2021 as compared with Rs74.36 billion in the same period of the last year.

    On account of aircraft fuel, the airline has spent Rs13.44 billion during the period under review as compared with Rs18.08 billion in the corresponding period of the last year.

    Administrative expenses of PIA reduced to Rs3.97 billion during the first nine months of the current year as compared with Rs4.53 billion in the same period of the last year.

    The exchange losses of the company were at Rs5.18 billion for the period under review as compared with Rs7.57 billion.

    PIA transports 5.9 million new batch of COVID vaccines
  • Dollar moves back to Rs171.50 in intraday trading

    Dollar moves back to Rs171.50 in intraday trading

    KARACHI: The Pak Rupee (PKR) continued to make gains and brought down the dollar to Rs171.50 during intraday trading on Thursday.

    The rupee recovered Rs3.77 against the dollar so far in the interbank foreign exchange market since the announcement of the Saudi package.

    The rupee ended Rs172.78 to the dollar on October 27, 2021, after hitting an all-time low of Rs175.27 on October 26, 2021.

    A day earlier the Saudi government announced to deposit $3 billion with the State Bank of Pakistan to help the country in the balance of payment.

    The rupee made an all-time low of Rs175.27 on October 26, 2021 due to external payment pressure.

    Currency experts said that the foreign currency market had witnessed positive sentiments throughout the day.

    Saudi Arabia day before yesterday announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    Rupee rebounds 1.44% against dollar on Saudi package
  • Pakistan’s open market exchange rates on October 28

    Pakistan’s open market exchange rates on October 28

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 28, 2021 (The rates are updated at 11:15 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)128.00130.00
    Bahrain Dinar (BHD)386.75388.50
    Canadian Dollar (BHD)140.50142.50
    China Yuan (CNY)23.7523.90
    Danish Krone (DNK)23.4523.75
    Euro (EUR)200.50203.00
    Hong Kong Dollar (HKD)16.7016.95
    Indian Rupee (INR)2.032.10
    Japanese Yen (JPY)1.411.44
    Kuwaiti Dinar (KWD)481.70484.20
    Malaysian Ringgit (MYR)36.4536.80
    NewZealand $ (NZD)96.4597.15
    Norwegians Krone (NOK)17.5017.75
    Omani Riyal (OMR)392.70394.70
    Qatari Riyal (QAR)39.9040.50
    Saudi Riyal (SAR)46.5047.00
    Singapore Dollar (SGD)128.00130.00
    Swedish Korona (SEK)18.4518.70
    Swiss Franc (CHF)159.90160.80
    Thai Bhat (THB)4.804.90
    U.A.E Dirham (AED)48.9049.40
    UK Pound Sterling (GBP)239.00241.50
    US Dollar (USD)174.40175.50

    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.

  • PSW to link 27 banks for trade facilitation

    PSW to link 27 banks for trade facilitation

    KARACHI: Naveed Abbas, Additional Director and Chief Domain Officer, Pakistan Single Window (PSW) has said that 27 banks will be integrated with the PSW for the facilitation of import and exports.

    He was addressing at an orientation session organized by Pakistan Hosiery Manufacturers & Exporters Association (PHMA) on Wednesday.

    He said that the facility will help reduce time, cost, and complexity to ensure ease of business, besides supporting the government agencies in adopting an integrated risk management approach for efficient enforcement of control on cross-border trade.

    Under the PSW platform, he said, an ICT-based port community system will also be established and all stakeholders including FIA, Customs, terminal operators, and others will be integrated for efficient cargo management at seaports, airports, dry ports, and land border crossings.

    The implementation of PSW by June 2022 will enable Pakistan to achieve compliance with WTO’s Trade Facilitation Agreement besides helping to unlock its potential in becoming a hub for trade and transit.

    He informed that thousand of registrations have been received so far in the PSW portal whereas 27 banks will also be integrated with PSW which would save the business community from visiting banks to fulfill the requirement of Export and Import forms. Right now in the first phase, PSW have five large banks integrated and other are under process.

    Yawar Nawaz, Additional Director (PSW) gave a detailed presentation on the main context of Pakistan Single Window (PSW) is to efficient cross border trade management – key enabler for FDI, GVCs integration, International Trade & Transit; 75 Regulators – working in silos with weak controls, limited resources, antiquated regulations/enforcement; Resultant Thick Borders  – nullifies strategic location of Pakistan & investment in allied infrastructure and NSW to overhaul management of external trade/transit & fulfil commitment under WTO’s TFA.

    The Scope of PSW is that Single ICT based National Trade Platform for processing cross border trade; Process re-engineering & back-end automation of participating government departments; Port Community System for removing logistic side inefficiencies; Integrated Risk Management for smarter controls, compliance & facilitation; Integrated Tariff Management System for simplified compliance; A robust Business Model for sustainable operations & phased expansion.

    The Core Services of PSW are Integrated Tariff Management System, Unified Registration System, Unified e-Payment System, Integrated Lab Management, Integrated Risk Management System, Joint Inspections, Port Community System, Trade Information Portal, Alignment of WeBOC, Hardware, Change Management and Implementation Plan.

    The Cardinals for PSW is to eliminating redundancy & duplication, least physical engagement among stakeholders, use of standardized and harmonized data elements, incremental submission of structured data with parallel processing, automatic routing & verifications and real time information exchange. Samar Jamil, BPM Head (PSW) briefed the Registration Process step by step.

    After detailed presentation, exporters asked several questions related to PSW which was answered by the PSW Team of Officials.

    Muhammad Jawed Bilwani Chief Coordinator & Former Central Chairman PHMA welcomed the PSW Officials at PHMA for this orientation seminar to enlighten the exporters about the main features of PSW which will provide single electronic platform for facilitating compliance with regulatory regime for cross border trade in Pakistan and to answer questions asked by exporters.

    Shahzad Azam Khan, Central Chairman PHMA; Abdul Rehman, Chairman (SZ) PHMA; Abdul Kadir Bilwani, Senior Vice-Chairman; Faisal Arshad Shaikh, Vice-Chairman also participated in the Seminar and appreciated this imperative initiative which is a need of time to provide single and unified platform for business requirements which will decrease the cost of manufacturing and shall increase the ease of doing business.

    FBR appoints CEO for Pakistan Single Window Company