Pkrevenue.com

Day: November 3, 2021

  • Joint, several liability in tax default

    Joint, several liability in tax default

    Section 8A of Sales Tax Act, 1990 has explained joint and several liability of registered persons in supply chain where tax unpaid.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 8A of Sales Tax Act, 1990:

    8A. Joint and several liability of registered persons in supply chain where tax unpaid.– Where a registered person receiving a taxable supply from another registered person is in the knowledge or has reasonable grounds to suspect that some or all of the tax payable in respect of that supply or any previous or subsequent supply of the goods supplied would go unpaid, of which the burden to prove shall be on the department such person as well as the person making the taxable supply shall be jointly and severally liable for payment of such unpaid amount of tax:

    Provided that the Board may by notification in the official gazette, exempt any transaction or transactions from the provisions of this section.

    (Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

    Tax credit on certain supplies not allowed
  • Pakistan’s open market exchange rates on November 03

    Pakistan’s open market exchange rates on November 03

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 03, 2021 (The rates are updated at 09:02 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)126127.5
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (BHD)136137.50
     China Yuan (BHD)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)195197
     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)44.5045
     Singapore Dollar (SGD)124.50126
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)4747.50
     UK Pound Sterling (GBP)231.50234
     US Dollar (USD)169.70171.20

    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.

    Pakistan’s open market exchange rates on November 02
  • Pakistan’s October oil sales highest after May 2018

    Pakistan’s October oil sales highest after May 2018

    KARACHI: Pakistan’s domestic oil sales in October 2021 recorded 1.99 million tons, which is the highest since May 2018, analysts at Topline Research said on Tuesday.

    Pakistan’s oil sales have increased by 17 per cent YoY to 1.99 million tons in October 2021 (and also up 3 per cent MoM), which is the highest monthly sales after May-2018.

    In first four months of fiscal year 2021/2022, Pakistan oil sales have increased by 22 per cent YoY to 7.8 million tons driven by macro recovery.

    High Speed Diesel (HSD) registered strong growth in October 2021 and was up by 25 per cent YoY to 0.8 million tons. The analysts attribute the growth to increased transportation activity and Large Scale Manufacturing (LSM) growth.

    Petrol sales were up 12 per cent YoY to 0.8 million in October 2021 led by rising car sales. This is despite a 12 per cent increase in petrol prices during the month indicating strong demand.

    Furnace Oil (FO) sales also grew by 12 per cent YoY to 0.3 million tons. FO growth may improve further in the winter season as Pakistan is likely to witness gas and RLNG shortages.

    Amongst the listed companies, Pakistan State Oil (PSO) and Shell Pakistan (SHEL) remained outperformers as sales were up 35 per cent YoY and 22 per cent YoY, respectively.

    On other hand, Hascol Petroleum (HASCOL) and Attock Petroleum (APL) reported sales decline of 73 per cent YoY and 3 per cent YoY, respectively.

    PSO achieved a market share of 52 per cent in October 2021 compared to 45 per cent in October 2020. MS and HSD sales of PSO have grown by 32 per cent and 46 per cent YoY, respectively.

    SHEL sales were mainly led by higher HSD and MS sales (up 38 per cent YoY and 11 per cent YoY, respectively). APL lower sales were mainly owing to 42 per cent YoY lower FO sales.

    HASCOL continued to face sales decline across all the segments driven by its liquidity crunch.

    Pakistan oil sales increase by 26% in September