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 11:56 AM 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.
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 11:53 AM Pakistan Standard Time (PST).
The UAE Dirham /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.
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 11:50 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.
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 11:46 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.
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 11:40 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.
73. Certain transactions not admissible.– (1) Notwithstanding anything contained in this Act or any other law for the time being in force, payment of the amount for a transaction exceeding value of fifty thousand rupees, excluding payment against a utility bill, shall be made by a crossed cheque drawn on a bank or by crossed bank draft or crossed pay order or any other crossed banking instrument showing transfer of the amount of the sales tax invoice in favour of the supplier from the business bank account of the buyer:
Provided that online transfer of payment from the business account of buyer to the business account of supplier as well as payments through credit card shall be treated as transactions through the banking channel, subject to the condition that such transactions are verifiable from the bank statements of the respective buyer and the supplier.
Provided further that adjustments made by a registered person in respect of amounts payable and receivable to and from the same party shall be treated as payments satisfying the provisions of this sub-section subject to following conditions, namely:–
(a) sales tax has been charged and paid by both parties under the relevant provisions of this Act and rules prescribed thereunder, wherever applicable; and
(b) the registered person has sought prior approval of the Commissioner before making such adjustments.
(2) The buyer shall not be entitled to claim input tax credit, adjustment or deduction, or refund, repayment or draw-back or zero-rating of tax under this Act if payment for the amount is made otherwise than in the manner prescribed in sub-section (1), provided that payment in case of a transaction on credit is so transferred within one hundred and eighty days of issuance of the tax invoice.
(3) The amount transferred in terms of this section shall be deposited in the business bank account of the supplier, otherwise the supplier shall not be entitled to claim input tax credit, adjustment or deduction, or refund, repayment or draw-back or zero-rating of tax under this Act.
Explanation— For the purpose of this section, the term “business bank account” shall mean a bank account utilized by the registered person for business transactions, declared to the Commissioner in whose jurisdiction he is registered through Form STR-1 or change of particulars in registration database.
“(4) A registered person shall not be entitled to deduct input tax (credit adjustment or deduction of input tax) which is attributable to such taxable supplies exceeding, in aggregate, one hundred million rupees in financial year or ten million rupees in a tax period as are made to certain person who is not a registered person under this Act:
Provided that the aforesaid shall not apply to supplies made to.-
(a) Federal / provincial / local Government departments, authorities, etc. not engaged in making of taxable supplies;
(b) Foreign Missions, diplomats and privileged persons;
(c) all other persons not engaged in supply of taxable goods; and
(d) persons or classes of person, specified by the Board through notification in the official Gazette subject to such conditions and restrictions as may be specified therein.
(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.)
72B. Selection of audit by the Board.– (1) The Board may select persons or classes of persons for audit of tax affairs through computer ballot which may be random or parametric as the Board may deem fit.
(1A) Notwithstanding anything contained in this Act or any other law, for the time being in force, the Board shall keep the selection parameters confidential.
(2) Audit of tax affairs of persons selected under sub-section (1) shall be conducted as per procedure given in section 25 and all the provisions of this Act shall apply accordingly.
(3) For the removal of doubt, it is hereby declared that the Board shall be deemed always to have had, the power to select any persons or classes of persons for audit of tax affairs under 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.)
KARACHI: The business community has resented the increase in power tariff by National Electric Power Regulatory Authority (NEPRA) and said it will burden the consumers, according to a statement issued on Saturday.
The businessmen panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) condemned the NEPRAto raise power tariff by Rs4.3 per unit in Jan-2022 bills, saying the burden of power theft, mismanagement and inefficiencies cannot be shifted on to the consumers on the plea of fuel adjustment.
Mian Anjum Nisar BMP chairman said that the high cost of doing business has proved to be dangerous for Pakistan’s industry, discouraging investment both in capacity and capability, calling for lessening the burden of heavy taxes on the power sector.
He asked the government to shut down all expensive oil-based power plants to ensure availability of cheaper energy for consumers. He lamented that the previous government did not pay heed to rehabilitation and maintenance of old power plants which caused several system constraints, inflicting heavy losses.
FPCCI former president said that the under-utilization of the efficient power plants due to the non-availability of RLNG can be avoided if the Ministry of Energy has timely assessed and managed the availability of RLNG. He asked the Ministry to play an active role in ensuring the supply of RLNG in a timely manner, so that it may not affect the operation of the efficient power plants. Thus, the inefficiencies of the power sector can be mitigated without passing it to the end consumers, he added.
This huge burden of cost on consumers is being put as the government could not arrange RLNG to run the plants. Owing to low supply of the imported gas, the less efficient plants were operated that generated costly electricity in the month of Nov 2021, which is not just, he added.
He said that the RLNG being the imported fuel can be managed through better supply chain management and accordingly impact of such mismanagement in the non-availability of RLNG cannot be passed on to the consumers, he argued.
Anjum Nisar said that constant hike in power tariff on the plea of fuel adjustment has pushed the electricity prices higher and added to the already soaring cost of trade and industry. Seeking the same competitive energy tariffs for domestic industries to capture the global market, he said that due to the high rates of electricity, power theft became rampant as the tariff was not affordable for the consumers.
While terming the increase in power tariff by Rs4.30 per unit as a shameful decision, he demanded of the government to withdraw the increase. The government’s decision to increase the power tariff by 4.30 rupees per unit is anti-industry act and the BMP strongly condemns dropping the electricity bomb on the poor masses and demands of the government to withdraw its decision.
He urged the power ministry to identify system constraints and communicate targets to all the concerned departments to initiate up-gradation of transmission system on war footing. He called for completing all ongoing power projects well before time. He said production of hydel power has been increased while furnace oil price is constantly declining in the international markets.
Nisar said that business-friendly policies must be adopted as other neighboring countries of the region are giving to trade and industry.
The amount specified in trade policy should be utilized for the promotion of exports by giving incentives to the trade and industry and by exploring new markets, he suggested. The BMP Chairman said the electricity price in Pakistan is already on the higher side which is the main source of price-hike in the country.
He said provision of cheap electricity will help reduce production cost which would provide relief to the public. He said rising imports and widening trade deficit has posed a serious threat to economic growth and required to be tackled on priority basis.
He endorsed recommendations of National Electric Power Regulatory Authority, directing the government to include hydropower projects in the scope of renewable energy, as the country cannot afford to rely on costly and anti-environment fossil fuels.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on January 15, 2022 (The rates are updated at 11:46 AM (Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
126.60
128.10
Bahrain Dinar (BHD)
386.95
388.70
Canadian Dollar (CAD)
139.10
140.60
China Yuan (CNY)
23.50
23.90
Danish Krone (DNK)
23.55
23.85
Euro (EUR)
200.10
202.10
Hong Kong Dollar (HKD)
16.95
17.20
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.85
484.35
Malaysian Ringgit (MYR)
36.55
36.90
NewZealand $ (NZD)
96.55
97.25
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.75
394.78
Qatari Riyal (QAR)
39.95
40.55
Saudi Riyal (SAR)
46.45
46.95
Singapore Dollar (SGD)
128.70
130.30
Swedish Korona (SEK)
18.65
18.90
Swiss Franc (CHF)
160.25
161.15
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.55
49.05
UK Pound Sterling (GBP)
240.10
242.30
US Dollar (USD)
176.90
178.40
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.
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 11:35 AM 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.
