Pkrevenue.com

Author: Hamza Shahnawaz

  • Today’s currency exchange rates in PKR – Dec 01, 2021

    Today’s currency exchange rates in PKR – Dec 01, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 01, 2021 (The rates are updated at 10:20 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)123.50125.00
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)136.50138.00
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)196.00198.00
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)46.7047.20
     Singapore Dollar (SGD)126.50128.00
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.2048.70
     UK Pound Sterling (GBP)233.50236
     US Dollar (USD)176.60178.10

    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 30, 2021
  • SBP issues KIBOR rates on November 30, 2021

    SBP issues KIBOR rates on November 30, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of November 30, 2021.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week8.839.33
    2 – Week8.879.37
    1 – Month9.019.51
    3 – Month9.689.93
    6 – Month10.0310.28
    9 – Month10.4110.91
    1 – Year10.6511.15
    Source: State Bank of Pakistan
    SBP issues KIBOR rates on November 29, 2021
  • Shares fall 258 points amid hefty volumes

    Shares fall 258 points amid hefty volumes

    KARACHI: Shares at Pakistan Stock Exchange (PSX) witnessed a decline of 258 points on Tuesday amid hefty volumes. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,072 points as against the previous day’s closing of 45,330 points.

    Analysts at Arif Habib Limited said that on the MSCI rebalancing day, the KSE-100 index witnessed a volatile session as it made a dicey move of more than 1,000 points, making a close above 45,000 points benchmark.

    The E&P sector stayed in the limelight as the government is considering a scheme to reduce the stock of the circular debt by declaring dividends for the shareholders of energy sector companies.

    In the last two trading hours, Institutional investors accumulated across the board as it was the last opportunity to catch foreign selling spree due to the transition from emerging to frontier market. Mainboard stocks witnessed hefty volumes today.

    Sectors contributing to the performance include Commercial Banks (-160 points), Fertilizer (-78 points), Inv. Banks (-18.3 points), FMCG (-16.2 points) and Textile Composite (-12.8 points).

    Volumes increased from 268.2 million shares to 411.5 million shares (+53.4 per cent DoD). Traded value increased by 219.4 per cent to reach US$ 198.2 million as against US$ 52.0 million.

    Stocks that contributed significantly to the volumes include HBL, FNEL, UBL, TRG and MCB.

    Stocks climb up by 1,216 points on Saudi support
  • Pakistan Single Window to reduce time, cost, complexity

    Pakistan Single Window to reduce time, cost, complexity

    KARACHI: Naveed Abbas Memon, Chief Domain officer of Pakistan Single Window (PSW) has said that PSW portal will enable traders to reduce time, cost, and complexity in cross-border trade.

    While addressing an awareness seminar at Karachi Customs Agents Association (KCAA) on Monday he said it will also improve the quality of experience for all stakeholders with a primary focus on ease of doing business.

    The officer said PSW will also support other government agencies in adopting an Integrated Risk Management approach for efficient enforcement of trade-related controls.

    He also informed that the implementation of PSW will enable Pakistan to achieve compliance with WTO’s Trade Facilitation Agreement besides helping our country to unlock its potential in becoming a hub for trade.

    President KCAA Saif Ullah Khan said that it is an honor to host the PSW representatives of the highest level who are leading a mega transformation through PSW based on the approach of trade facilitation.

    He further said that PSW will promote ease of doing business by maintaining collaboration with 74 different public sector entities involved in the regulation of cross-border trade of Pakistan.

    While addressing, the General Secretary Mr. Arshad Khurshid appreciated the implementation of true automation under the PSW portal, he stated that Pakistan Customs initiated the implementation of automation in business through risk management systems by launching the Pakistan Customs Computerized System (PACCS) in the year 2005 which was greatly appreciated by the trade of Pakistan.

    Now a big change is being introduced for a second time by the Government and Pakistan Customs in the shape of PSW.

    This new system will digitize the processes related to importers, exporters, customs house agents, freight forwarders, shipping companies, transporters while ensuring the reduced cost of doing business with compliance of laws and regulations.

    KCAA Office Bearers also assured their full support and cooperation for the implementation of automation in true spirit.

    FBR appoints CEO for Pakistan Single Window Company
  • FPCCI urges measures to overcome gas crisis

    FPCCI urges measures to overcome gas crisis

    KARACHI – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called upon the government to implement effective measures to alleviate the ongoing gas crisis, emphasizing the need for uninterrupted gas supply to industries and a reduction in electricity tariffs.

    (more…)
  • Today’s currency exchange rates in PKR – Nov 29, 2021

    Today’s currency exchange rates in PKR – Nov 29, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 29, 2021 (The rates are updated at 11:10 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.50127.00
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)136.00137.50
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)196.00198.50
     Hong Kong Dollar (HKD)16.7517.00
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)47.0047.50
     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)48.5049.00
     UK Pound Sterling (GBP)232.00234.50
     US Dollar (USD)177.20179.00

    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 – Nov 26, 2021
  • Up to Rs50,000 penalty for obstructing access to records

    Up to Rs50,000 penalty for obstructing access to records

    Section 33(9) of the Sales Tax Act, 1990, stipulates that individuals who obstruct officials of Inland Revenue in accessing records may face penalties ranging from Rs5,000 to Rs50,000.

    (more…)
  • Penalty for failure to maintain sales tax record

    Penalty for failure to maintain sales tax record

    The Sales Tax Act, 1990, empowers authorities to impose penalties on individuals or businesses failing to maintain records as required under Section 22 and Section 24 of the Act.

    (more…)
  • Imprisonment for selling goods without tax registration

    Imprisonment for selling goods without tax registration

    A person is liable to imprisonment where he is required to get registered for sales tax under Section 14 of the Sales Tax Act, 1990, but he makes supplies without making an application for the registration.

    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 33(7) of the Sales Tax Act, 1990:

    33. Offences and penalties.– Whoever commits any offence shall, in addition to and not in derogation of any punishment to which he may be liable under any other law, be liable to the penalty mentioned against that offence: –

    7. Any person who is required to apply for registration under this Act fails to make an application for registration before making taxable supplies.

    Such person shall pay a penalty of ten thousand rupees or five per cent of the amount of tax involved, whichever is higher:

    Provided that such person who is required to get himself registered under this Act, fails to get registered within sixty days of the commencement of taxable activity, he shall, further be liable, upon conviction by a Special Judge, to imprisonment for a term which may extend to three years, or with fine which may extend to an amount equal to the amount of tax involved, or with both.

    (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.)

    Penalty for repeated miscalculation in sales tax return
  • Penalty for repeated miscalculation in sales tax return

    Penalty for repeated miscalculation in sales tax return

    The Federal Board of Revenue (FBR) has reinforced its commitment to maintaining the integrity of the tax system by imposing penalties on individuals who repeatedly make erroneous calculations in their sales tax returns.

    (more…)