Pkrevenue.com

Day: November 25, 2021

  • Today’s currency exchange rates in PKR – Nov 25, 2021

    Today’s currency exchange rates in PKR – Nov 25, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 25, 2021 (The rates are updated at 10:50 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.50127.00
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)137.00138.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)195.50198.00
     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)46.4546.95
     Singapore Dollar (SGD)125.50127.00
     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)233.50236.50
     US Dollar (USD)175.75177.50

    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 24, 2021
  • SEC Pakistan amends regulations to facilitate startups

    SEC Pakistan amends regulations to facilitate startups

    ISLAMABAD: The Securities and Exchange Company of Pakistan (SEC Pakistan) has amended regulations to facilitate startups and small companies in raising equities through conventional modes.

    The regulator introduced amendments in the Companies (Further Issue of Shares) Regulations, 2020 to address the impediments faced by the corporate sector, particularly startups and small companies, in raising equity through conventional modes, according to a statement issued on Wednesday.

    Key changes include permission to convert one class of shares into another class, issuance of shares with differential rights without the approval of the SECP, and specification of mechanism for valuation of non-cash assets.

    As per the law, companies can have more than one kind of share conferring varying rights of dividend, voting, and participation depending upon the needs of its capital providers. The requirement of prior approval of SECP has now been abolished. Such a measure will considerably help reduce the administrative burden and will contribute towards the growth of the fast-paced corporate world by removing a layer of regulatory approval.

    Another vital amendment is to permit conversion of one class or kind of shares into another class or kind e.g. ordinary into preference shares. Currently, the Regulations only allow conversion of preference shares into ordinary shares while no mechanism is provided for other classes of shares.

    The change aims to facilitate companies in maintaining an optimal capital structure considering their own financial needs and the demands of their shareholders.

    Besides, a complete mechanism for the valuation of immovable property, intangible assets, or services has been introduced.

    Now, the consulting engineers registered with Pakistan Engineering Council and QCR rated chartered accountant firms will be eligible to conduct valuation for the purposes of the Act.

    These amendments have been introduced in consideration of numerous queries and suggestions received from small companies and startups, and are at par with the international jurisdictions.

    SECP warns against investing in fraudulent schemes
  • FBR authorized to appoint special panels for tax audit

    FBR authorized to appoint special panels for tax audit

    Section 32A of Sales Tax Act, 1990 authorized the Federal Board of Revenue (FBR) to appoint special panels for conducting sales tax audit.

    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 32A of the Sales Tax Act, 1990:

    32A. Audit by Special Audit Panels. (1) The Board may appoint as many special audit panels as may be necessary, comprising two or more members from the following, –

    (a) an officer or officers of Inland Revenue;

    (b) a firm of chartered accountants as defined under the Chartered Accountants Ordinance, 1961 (X of 1961);

    (c) a firm of cost and management accountants as defined under the Cost and Management Accountants Act, 1966 (XIV of 1966); or

    (d) any other person as directed by the Board, to conduct audit of a registered person or persons, including audit of refund claims and forensic audit and the scope of such audit shall be determined by the Board or the Commissioner Inland Revenue on a case-to-case basis. In addition, the Board may, where it considers appropriate, also get such audit conducted jointly with similar audits being conducted by provincial administrations of sales tax on services.

    (2) Notwithstanding that records of a registered person have been audited by an officer appointed under section 30, the Board or a Commissioner may direct special audit panel appointed under sub-section (1) to audit the records of any registered person.

    (3) Every member of special audit panel appointed under sub-section (1), shall have the powers of an officer of Inland Revenue under sections 25, 37 and 38.

    (4) Each special audit panel shall be headed by a chairman who shall be an officer of Inland Revenue.

    (5) If any one member of the special audit panel, other than the chairman, is absent from conducting an audit, the proceedings of the audit may continue and the audit conducted by the special audit panel shall not be invalid or be called in question merely on the ground of such absence.

    (6) The Board may prescribe rules in respect of constitution, procedure and working of special audit panel.

    (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.)

    Powers, delegation of powers by Inland Revenue officials
  • OMCs shun petroleum dealers strike, to open outlets

    OMCs shun petroleum dealers strike, to open outlets

    ISLAMABAD: Leading Oil Marketing Companies (OMCs) have announced to open their outlets across the country on November 25, 2021, in order to ensure facilitating consumers.

    A shutdown strike has been called by the Petroleum Dealers Association on November 25, 2021.

    Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.

    “GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.

    Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.

    Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.

    Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.

    Petroleum prices kept unchanged for next fortnight