Pkrevenue.com

Author: Hamza Shahnawaz

  • SBP digitizes process to facilitates export refinance

    SBP digitizes process to facilitates export refinance

    KARACHI: State Bank of Pakistan (SBP) has facilitated exporters and banks by digitizing the process for obtaining refinance under Export Finance Scheme (EFS).

    The process has been digitized for both conventional and Shariah compliant versions, the SBP said on Wednesday.

    READ MORE: SBP warns banks of penal action for delaying transaction alerts

    Digitization of the refinance process is envisioned to effectively use technology for enhancing operational efficiency. Now EFS related cases and other relevant data will be submitted electronically to State Bank by banks through an online platform for expeditious regulatory decisions.

    Initially, the digitized process of EFS cases will run in parallel with existing manual submission for a short period. Thereafter, the paper based submission of cases by banks will permanently give way to electronic submission of cases.

    READ MORE: SBP wins IFN global award for promoting Islamic finance

    This online platform will also enable banks to track the updated status of EFS related cases submitted to SBP/SBPBSC, on real time basis. Banks will be able to retrieve the system‐generated reports for updated status for onward sharing with their customers.

    The implementation of digitization of EFS functions will enable SBP to delegate some of the operations to banks, such as sub-allocation of EFS limits by banks as per their own requirements. Under digitized mechanism, there will be no need of transferring an exporter’s limit from one SBP BSC office to another SBP BSC office. This will ensure swift processing of EFS cases and benefit the banks / exporters availing financing facility under EFS.

    READ MORE: Bank deposits surge to historic high at Rs20.97 trillion

    The digitization of EFS functions is expected to conserve resources and bring efficiency by reducing turn-around time and replacing the paper based submissions of cases that are prone to logistic and storage issues. This initiative is a part of SBP’s Vision 2020, aiming to implement a modern framework for the retention and sharing of information and bring ease of doing business.

    READ MORE: Last date extended to exchange old banknotes: SBP

  • SRB extends last date for payment, filing return

    SRB extends last date for payment, filing return

    KARACHI: Sindh Revenue Board (SRB) on Tuesday extended the last date for electronic filing of sales tax return for the period of December 2021 up to January 25, 2022.

    The SRB issued Circular No. 01 / 2022 for extension in the last date for e-deposit of Sindh Sales Tax for the tax period December 2021 and for e-filing of tax return for the tax period December 2021.

    Through the circular the SRB allowed the registered persons, including the withholding agents covered by the provisions of the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014, to: e-deposit the amount of Sindh sales tax for the tax period December 2021 on or before Friday, January 21, 2022; and e-file their tax returns for the tax period December 2021 on or before Tuesday January 25, 2022.

    The SRB extended the last date for electronic filing of sales tax returns following the date extension announced by the Federal Board of Revenue (FBR) a day earlier.

    READ MORE: FBR extends date for filing sales tax return

    Previously, the SRB advised the taxpayers registered with the provincial tax authorities to file their monthly sales tax return on the SRB portal.

    The SRB said that the FBR had developed a National Sales Tax return which is in the process of implementation.

    As agreed by FBR, this return is only applicable to FBR registered persons at this stage. FBR is in the process of consultation with the provinces for extension of the National Sales Tax Return to the Provinces.

    READ MORE: FBR launches sales tax return filing through single portal

    In view of above, in order to avoid any problem, all persons registered with SRB are requested to continue filing their Sindh sales tax returns in the form SST-03 on SRB portal i.e. http://e.srb.gos.pk in accordance with the provisions of the Sindh Sales Tax on Services Act, 2011, and the rules made thereunder.

    SRB shall advise SRB-registered persons when Single National Sales tax Return is fully developed by FBR / PRAL in consultation with the provinces and after proper user acceptance tests are carried out.

    Any departure from above advice may entail contravention proceedings by officers of SRB for non-filing of the prescribed return with SRB, which may lead to imposition of penalty and other related consequences, the SRB added.

  • Today’s currency exchange rates in PKR – Jan 18, 2022

    Today’s currency exchange rates in PKR – Jan 18, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on January 18, 2022 (The rates are updated at 12:20 PM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)124.50125.60
     Bahrain Dinar (BHD)386.95388.70
     Canadian Dollar (CAD)139.00140.70
     China Yuan (CNY)23.5023.90
     Danish Krone (DNK)23.5523.85
     Euro (EUR)199.00201.00
     Hong Kong Dollar (HKD)16.9517.20
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.85484.35
     Malaysian Ringgit (MYR)36.5536.90
     NewZealand $ (NZD)96.6597.35
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9540.55
     Saudi Riyal (SAR)46.4046.90
     Singapore Dollar (SGD)127.75129.25
     Swedish Korona (SEK)18.6518.90
     Swiss Franc (CHF)160.25161.15
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)47.9048.40
     UK Pound Sterling (GBP)238.50241.00
     US Dollar (USD)176.50178.00

    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 – Jan 17, 2022
  • Exchange rates: PKR to USD on January 18, 2022

    Exchange rates: PKR to USD on January 18, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on January 18, 2022:

    Buying: Rs 176.50 to the US Dollar

    Selling: Rs 177.80 to the US Dollar

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 12:17 PM Pakistan Standard Time (PST).

    The US Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    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.

    Exchange rates: PKR to USD on January 17, 2022
  • Exchange rates: PKR to GBP on January 18, 2022

    Exchange rates: PKR to GBP on January 18, 2022

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on January 18, 2022:

    Buying: Rs 239.00 to the UK Pound Sterling

    Selling: Rs 241.50 to the UK Pound Sterling

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells the foreign currency from a customer.

    The rate has been updated at 11:37 AM Pakistan Standard Time (PST).

    The UK Pound Sterling /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    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.

    Exchange rates: PKR to GBP on January 17, 2022
  • Exchange rates: PKR to EUR on January 18, 2022

    Exchange rates: PKR to EUR on January 18, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 18, 2022:

    Buying: Rs 199.50 to the Euro

    Selling: Rs 201.50 to the Euro

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:33 AM Pakistan Standard Time (PST).

    The Euro /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    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.

    Exchange rates: PKR to EUR on January 17, 2022
  • Exchange rates: PKR to SAR on January 18, 2022

    Exchange rates: PKR to SAR on January 18, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on January 18, 2022:

    Buying: Rs 46.50 to the Saudi Riyal

    Selling: Rs 47.00 to the Saudi Riyal

    The buying rate means an exchange company or a bank buys foreign currency from a customer.

    The selling rate means an exchange company or a bank sells for foreign currency from a customer.

    The rate has been updated at 11:30 AM Pakistan Standard Time (PST).

    The Saudi Riyal /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

    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.

    Exchange rates: PKR to SAR on January 17, 2022
  • KTBA highlights anomalies in single sales tax return

    KTBA highlights anomalies in single sales tax return

    KARACHI: Karachi Tax Bar Association (KTBA) has highlighted anomalies in single sales tax return form, which was to be filed for the month of December 2021 in January 2022.

    “The sales tax return form has been uploaded on the IRIS portal pre-maturely without removing bugs and without proper testing,” the KTBA said in a letter sent to the chairman of Federal Board of Revenue (FBR) on Monday.

    READ MORE: FBR extends date for filing sales tax return

    Such exercises do not only agitate the taxpayers but they also damage the image of the FBR, it added.

    KTBA president Zeeshan Merchant in the letter to the FBR chairman, hoped that the tax authorities would resolve the issues at the earliest and in the meantime would allow reasonable time to the taxpayers to file sales tax return harmoniously.

    He suggested the FBR to allow filing of sales tax return on e-FBR until the issues are resolved, synchronized and anomalies are effectively removed.

    READ MORE: FBR launches sales tax return filing through single portal

    As part of automation in tax services vis-à-vis to ensure facilitation /ease of doing business to the taxpayers, the FBR launched single sales tax return for goods and services on IRIS Portal through Office Memo dated December 24, 2021 and has made it operational from the Tax Period December 2021 and onwards.

    The tax bar while appreciating the efforts of the FBR stated that it is equally important to follow the legal norms and comprehend and resolve the practical intricacies in the episode passionately.

    READ MORE: KTBA passes resolution against FTO Asif Jah

    About the legality of the filing sales tax return, Merchant noted that the procedure to prescribe and file monthly Sales Tax Return under the Sales Tax Act, 1990 (Act), are sourced via Rule 14 and SRO 555(I)/2006 dated June 05, 2006 which has been amended from time to time; where a monthly Sales Tax Return (for goods) under Form STR-7 is prescribed and is intact as of today. Seemingly, the Single Sales Tax Return (for goods and services) as launched on the strength of Office Memo dated December 24, 2021 without amending SRO dated June 05, 2006, “we believe, is in direct conflict with Rule 14 and we, therefore, expect that the FBR will cater to this aspect religiously at the earliest.”

    Besides legal issues, the KTBA highlighted a number of anomalies/glitches the in Single Sales Tax Return uploaded on IRIS Portal, which the tax bar said are acute and otherwise are seen as impediments in filing the correct return.

    READ MORE: KTBA submits recommendations for e-filing of appeals

  • SBP warns banks of penal action for delaying transaction alerts

    SBP warns banks of penal action for delaying transaction alerts

    KARACHI: State Bank of Pakistan (SBP) on Monday warned commercial banks of harsh penal action for delaying transmitting transaction alerts to their account holders.

    The SBP issued a circular related to security of digital payments. The central bank said that earlier on November 28, 2018, it issued guidelines wherein the banks and microfinance banks (MFBs) were directed to send free of cost transaction alerts to their customers through both SMS and email (where email addresses of customers are available) for all international and domestic digital transactions including but not limited to ATMs, POS terminals and Internet banking transactions.

    READ MORE: SBP wins IFN global award for promoting Islamic finance

    It was also mentioned that such transaction alerts shall be generated and relayed to the customers immediately after execution of the transaction.

    “However, it has been observed that these instructions are not being meticulously complied with; and customers do not receive SMS alerts immediately despite posting of transactions in their accounts resulting in non-compliance of regulatory instructions as well as causing difficulty for sender and receiver of funds,” the SBP said.

    READ MORE: Bank deposits surge to historic high at Rs20.97 trillion

    Similarly, a number of times, customers also do not receive their One-Time Passwords (OTPs) via SMS on time due to which they face difficulty in completing their transactions.

    Banks/MFBs are henceforth advised to ensure that all OTPs as well as SMS alerts for financial transactions are generated and sent immediately after customers’ accounts are either debited or credited.

    In addition, customers shall also receive the credit/debit confirmation advice through email and in-app notifications (where applicable and available).

    READ MORE: Last date extended to exchange old banknotes: SBP

    The central bank said that the instructions are applicable with immediate effect and failure to comply with the above instructions will lead to penal action by SBP as per the relevant legal and regulatory provisions.

  • Today’s currency exchange rates in PKR – Jan 17, 2022

    Today’s currency exchange rates in PKR – Jan 17, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on January 17, 2022 (The rates are updated at 11:59 AM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)126.60128.10
     Bahrain Dinar (BHD)386.95388.70
     Canadian Dollar (CAD)139.10140.60
     China Yuan (CNY)23.5023.90
     Danish Krone (DNK)23.5523.85
     Euro (EUR)200.10202.10
     Hong Kong Dollar (HKD)16.9517.20
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.85484.35
     Malaysian Ringgit (MYR)36.5536.90
     NewZealand $ (NZD)96.6597.35
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9540.55
     Saudi Riyal (SAR)46.4546.95
     Singapore Dollar (SGD)128.70130.30
     Swedish Korona (SEK)18.6518.90
     Swiss Franc (CHF)160.25161.15
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.5549.05
     UK Pound Sterling (GBP)240.10242.30
     US Dollar (USD)176.90178.40

    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 – Jan 15, 2022