Pkrevenue.com

Day: November 23, 2021

  • Focus on increasing investment in export industry: PM

    Focus on increasing investment in export industry: PM

    ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the government has focused on increasing investment in the export industry to create employment opportunities.

    The prime minister chaired a review meeting of PM’s Priority Sectors which was held in Islamabad.

    The prime minister said that the government is taking steps on a priority basis to increase economic activity in the country and is focused on increasing investments in the export industry for creating employment opportunities.

    All government institutions are working together to provide a conducive environment for investors. The government is taking steps to speed up work on Phase II of CPEC.

    The meeting was given a detailed briefing on the progress of Phase II of the China-Pakistan Economic Corridor (CPEC). The meeting was informed that work on gas and electricity supply in Rashakai, Dhabeji, Allama Iqbal, and Bostan Special Economic Zones (SEZs) is in full swing.

    Electricity and gas are mainly available for the construction of industries, while the rest of the required electricity and gas will be supplied with further development of industries.

    In this regard, Plug and Play Model have been proposed by CPEC Authority, which is being worked on.

    Under the model, all the requirements of the investors will be met through one window operation to ensure the speedy construction of industries in these areas.

    At the same time, the Board of Investment is working on a portal to provide investors with information related to the construction of industries, approvals from various institutions, and other ancillary information, which will be launched soon.

    The meeting was also informed that a comprehensive system has been launched to review the progress of projects under CPEC and to expedite the development work.

    In addition, steps are being taken to increase investment in SEZs by identifying export industries. In the agriculture sector, not only work on corporate farming is in full swing, but also agreements are being made to increase the exports of the sector.

    The Prime Minister directed to complete all the steps related to CPEC Phase II within the stipulated time. The meeting was attended by Federal Ministers Asad Umar, Hamad Azhar, Advisors Shaukat Fayyaz Tareen, Moeed Yousuf, Special Assistant Dr Shahbaz Gill, Chairman CPEC Khalid Mansoor, Chairman Board of Investment Azfar Ahsan, and relevant senior officers.

    PM Imran launches tax monitoring ‘track, trace’ system
  • Dr. Wasif Memon appointed as SRB chairman

    Dr. Wasif Memon appointed as SRB chairman

    KARACHI: Dr. Wasif Ali Memon, a former senior officer of the Federal Board of Revenue (FBR), has been appointed as the Chairman of the Sindh Revenue Board (SRB) by the provincial government.

    The Sindh government has issued a notification dated November 23, 2021, to appoint Dr. Wasif Ali Memon as the chairman of the SRB.

    Dr. Wasif was already working in SRB as a senior member. Prior to this assignment, he had served as an officer of the Pakistan Customs Service (PCS) for 31 years in various capacities including chief collector and director-general.

    The contribution of Dr. Wasi Ali at the SRB in the capacity of a senior member (legal, audit, and IT) is worth mentioning as he expedited the process of effective litigation management, risk-based audit system besides introducing innovations in the digitalization of SRB.

    He worked in active coordination with other provincial revenue authorities and the Federal Board of Revenue (FBR) and participated in activities under the auspices of the National Tax Council.

    He also remained in close coordination with International Donors and Development Agencies.

    Given the relevant skillset and capacities gathered over his illustrious career of 32 years, as a thorough professional, SRB and the provincial government expect to hugely benefit from his services.

  • PM Imran launches tax monitoring ‘track, trace’ system

    PM Imran launches tax monitoring ‘track, trace’ system

    ISLAMABAD: Prime Minister Imran Khan on Tuesday launched the online monitoring of supply and production of various items in order to plug revenue leakages.

    Taxes vital for country’s economic stability and survival, the prime minister hoped and said that the use of technology will help check tax-pilferage and take revenue collection to the tune of Rs 8000 billion per annum.

    “Our biggest issue is that we have to take loans to run the country. Countries cannot be run without taxes. We have our stability at stake,” the prime minister added.

    The Federal Board of Revenue (FBR) has introduced the first-ever track and trace system in the country.

    The prime minister congratulated the Advisor of Finance Shaukat Tarin, FBR, and other relevant institutions for introducing the technology-based system for which the efforts were being done since 2008.

    The Prime Minister said that the introduction of the track and trace system was a big and positive achievement, which will have a far-reaching impact.

    According to details, the FBR’s track and trace system will ensure electronic monitoring of the production and sale of important sectors like tobacco, fertilizer, sugar, and cement.

    With the electronic monitoring of goods’ movement from production to the use of consumers, the track and trace system besides increasing the country’s revenue will also help ensure transparency and check the pilferage of taxes.

    After the implementation of the track and trace system in the tobacco sector, the FBR was now going to introduce this system in the sugar sector, which will follow the implementation of electric monitoring of other sectors as well.

    Under the new system, no sugar bag can be taken out from the production site, factory or manufacturing plant without a stamp and individual identity mark. The FBR was also planning to implement the new system in the beverages and petroleum sectors.

    The Prime Minister said that with a reasonable tax-to-GDP ratio in the West and highest in Scandinavian countries, Pakistan could not promote the tax culture due to different reasons including the aristocratic lifestyle of the ruling elite in the past, which shattered the confidence of taxpayers in governments.

    The practice of not paying due taxes was continuing since the colonial era, when people used to think that their hard-earned money was being taken out by the foreign rulers and they were not being provided basic facilities, he remarked.

    PM Imran launches automation of power of attorney
  • KSE-100 Index falls 796 points on KIBOR rise

    KSE-100 Index falls 796 points on KIBOR rise

    KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) fell by 796 points on Tuesday on hefty increase in Karachi Interbank Offered Rate (KIBOR) following key policy rate rise.

    The KSE-100 index closed at 44,949 points as against the previous day’s closing of 45,745 points, showing a decrease of 796 points.

    Analysts at Arif Habib Limited said that today again, Bears ruled over the bulls as investors were unable to digest the hawkish stance of the last Monetary Policy Committee (MPC) which resulted in double-digit six-month KIBOR.

    A hefty increase in the finance cost of leveraged businesses will eventually lower profits as a major portion of borrowing appears from KIBOR-led lending.

    The second day of roll-over week became under pressure as investors took a cautious side and opted for squaring of roll-over positions. In the last trading hour, a bloodbath session was witnessed as selling came across the board.

    Sectors contributing to the performance include Technology (-178 points), Cement (-145 points), Commercial Banks (-94 points), E&P (-64 points) and OMC’s (-44 points).

    Volumes increased from 261.9 million shares to 264.6 million shares (-1.0 per cent DoD). The traded value decreased by 11.1 per cent to reach US$ 55.8 million as against US$ 62.8 million.

    Stocks that contributed significantly to the volumes include TRG, WTL, BYCO, GTECH and HASCOL.

    Stocks plunge by 744 points on interest rate hike
  • KIBOR rates on November 23, 2021

    KIBOR rates on November 23, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on November 23, 2021.

     TenorBIDOFFER
    1 – Week8.799.29
    2 – Week8.849.34
    1 – Month8.969.46
    3 – Month9.659.90
    6 – Month9.9710.22
    9 – Month10.2810.78
    1 – Year10.5211.02
    KIBOR rates on November 22, 2021
  • Dollar slips 47 paisas at market close

    Dollar slips 47 paisas at market close

    KARACHI: The dollar recorded a decrease of 47 paisas against the Pak Rupee (PKR) on Tuesday.

    The decline in dollar value has been attributed to certainty about inflows under the IMF loan program.

    The rupee ended Rs174.30 to the dollar from the previous day’s closing of Rs174.77 in the interbank foreign exchange market.

    Currency analysts said that a day earlier Shaukat Tarin, adviser to the prime minister on finance, made clarity on IMF program and had given date for the approval of IMF tranche.

    Pakistan’s current account deficit sharply widened to $5.08 billion during first four months (July – October) of the current fiscal year as compared to a surplus of $1.31 billion in the same period of the last year.

    The rupee hit the all-time low of Rs175.73 to the dollar on November 12, 2021 in the interbank foreign exchange market.

    Rupee appreciates 46 paisa on monetary tightening
  • SBP issues customers exchange rates for November 23

    SBP issues customers exchange rates for November 23

    Karachi, November 23, 2021 – The State Bank of Pakistan (SBP) has issued the official exchange rates for customers, effective as of November 23, 2021.

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  • Ghandhara Nissan to launch Chery vehicles current fiscal

    Ghandhara Nissan to launch Chery vehicles current fiscal

    KARACHI: Ghandhara Nissan Limited on Tuesday announced to launch of Chery passenger vehicles in Pakistan during the current fiscal year.

    In a communication to Pakistan Stock Exchange (PSX), the company shred information which refers to the arrangements made between M/s. Ghandhara Nissan Limited and M/s. Chery Automobile Co. Limited – Wuhu, China (Chery) for the launch of Chery passenger vehicles in Pakistan.

    “With this note, we would like to appraise the stakeholders that as per the plans we look forward to launching chery SUVs during the current financial year.”

    The company is currently engaged in the pre-launch tasks of the project including the establishment of dealership network, modernization/up-gradation of plant infrastructure, marketing and supply chain activities.

    “We would update the stakeholders regarding the expected launch time of the vehicles in the near future,” the company added.

    About the Company: Ghandhara Nissan Limited was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24, 1992. The Company is a subsidiary of Bibojee Services (Private) Limited.

    The registered office of the Company is situated at F-3, Hub Chowki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi and regional offices in Lahore and Rawalpindi. The Company’s shares are listed on Pakistan Stock Exchange Limited.

    The principal business of the Company is assembly / progressive manufacturing of vehicles including JAC Trucks, import and sale of Nissan, Dongfeng and Renault vehicles in Completely Built-up condition and assembly of other vehicles under contract agreement. 

  • Powers and functions of directorates

    Powers and functions of directorates

    The Sales Tax Act, 1990, under Section 30E, provides clarity on the powers and functions of Directorates and their officers.

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  • Today’s currency exchange rates in PKR – Nov 23, 2021

    Today’s currency exchange rates in PKR – Nov 23, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 23, 2021 (The rates are updated at 09:59 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)126127.50
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)136.50138.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)196198
     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)46.1546.65
     Singapore Dollar (SGD)126127.50
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.1048.60
     UK Pound Sterling (GBP)233.50236
     US Dollar (USD)175176.50

    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.

    Today’s currency exchange rates in PKR – Nov 22, 2021