Pkrevenue.com

Author: Hamza Shahnawaz

  • Dollar moves back to Rs171.50 in intraday trading

    Dollar moves back to Rs171.50 in intraday trading

    KARACHI: The Pak Rupee (PKR) continued to make gains and brought down the dollar to Rs171.50 during intraday trading on Thursday.

    The rupee recovered Rs3.77 against the dollar so far in the interbank foreign exchange market since the announcement of the Saudi package.

    The rupee ended Rs172.78 to the dollar on October 27, 2021, after hitting an all-time low of Rs175.27 on October 26, 2021.

    A day earlier the Saudi government announced to deposit $3 billion with the State Bank of Pakistan to help the country in the balance of payment.

    The rupee made an all-time low of Rs175.27 on October 26, 2021 due to external payment pressure.

    Currency experts said that the foreign currency market had witnessed positive sentiments throughout the day.

    Saudi Arabia day before yesterday announced additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    Rupee rebounds 1.44% against dollar on Saudi package
  • Pakistan’s open market exchange rates on October 28

    Pakistan’s open market exchange rates on October 28

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 28, 2021 (The rates are updated at 11:15 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)128.00130.00
    Bahrain Dinar (BHD)386.75388.50
    Canadian Dollar (BHD)140.50142.50
    China Yuan (CNY)23.7523.90
    Danish Krone (DNK)23.4523.75
    Euro (EUR)200.50203.00
    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)46.5047.00
    Singapore Dollar (SGD)128.00130.00
    Swedish Korona (SEK)18.4518.70
    Swiss Franc (CHF)159.90160.80
    Thai Bhat (THB)4.804.90
    U.A.E Dirham (AED)48.9049.40
    UK Pound Sterling (GBP)239.00241.50
    US Dollar (USD)174.40175.50

    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.

  • Tax rates on transfer of motor vehicles during TY22

    Tax rates on transfer of motor vehicles during TY22

    The rates of income tax on transfer of motor vehicles during tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    Following are the rates of income tax transfer of motor vehicles on that shall be applicable during tax year 2022 under Section 231B:

    (1) The rate of tax under sub-sections (1) and (3) of section 231B shall be as set out in the following table:–

    TABLE

    S. No.Engine capacityTax
    (1)(2)(3)
    1.upto 850ccRs. 7,500
    2.851cc to 1000ccRs. 15,000
    3.1001cc to 1300ccRs. 25,000
    4.1301cc to 1600ccRs. 50,000
    5.1601cc to 1800ccRs. 75,000
    6.1801cc to 2000ccRs. 100,000
    7.2001cc to 2500ccRs. 150,000
    8.2501cc to 3000ccRs. 200,000
    9.Above 3000ccRs. 250,000

    2) The rate of tax under sub-sections (2) of section 231B shall be as follows:–

    S. No.Engine capacityTax
    (1)(2)(3)
    1.upto 850cc–
    2.851cc to 1000cc5,000
    3.1001cc to 1300cc7,500
    4.1301cc to 1600cc12,500
    5.1601cc to 1800cc18,750
    6.1801cc to 2000cc25,000
    7.2001cc to 2500cc37,500
    8.2501cc to 3000cc50,000
    9.Above 3000cc62,500

    Provided that the rate of tax to be collected shall be reduced by 10% each year from the date of first registration in Pakistan.

    (3) The rate of tax under sub-section (2A) of section 231B shall be as follows:—

    TABLE

    S. No.Engine capacityTax
    (1)(2)(3)
    1.Up to 1000ccRs. 50,000
    2.1001cc to 2000ccRs.100,000
    3.2001cc and aboveRs.200,000”

    (Disclaimer: The text of the 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.)

    Withholding tax rates on transfer of motor car ownership
  • PSX declares Rs151 million as profit for first quarter

    PSX declares Rs151 million as profit for first quarter

    KARACHI: Pakistan Stock Exchange (PSX) on Wednesday declared Rs151 million as net profit for the first quarter ended September 30, 2021.

    The board of directors of the PSX in its meeting held on October 27, 2021 approved the first quarterly financial statements of the exchange for the period ended September 30, 2021.

    The board has not recommended any cash dividend, bonus shares, or right shares.

    The PSX revenue increased to Rs380.62 million for the quarter ended September 30, 2021 as compared with Rs318 million in the same quarter of the last year.

    Under the head of revenue, the listing fee increased to Rs166.64 million as compared with Rs133.59 million. Income from exchange operation surged to Rs180.33 million as against Rs154.61 million. Rental income from investment property grew to Rs13.09 million as compared with Rs12.06 million.

    Administrative expenses of the exchange recorded increase to Rs356.85 million during the first quarter ended September 30, 2021 as compared with Rs287.03 million in the same quarter of the last year.

    Share of profit from associates recorded a growth of Rs157.14 million as compared with Rs128.81 million.

    Basic and diluted earnings per share were remained unchanged at Rs0.19.

    PSX worst performing market in third quarter
  • Tax rates on electricity consumption during TY 2022

    Tax rates on electricity consumption during TY 2022

    The rates of income tax on electricity for tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    Following are the rates of income tax on electricity consumption shall be applicable during tax year 2022 under Section 235:

    Electricity Consumption

    (1) The rate of collection of tax from commercial and industrial consumers from gross amount of bills shall be as set out in the following Table, namely:—

    TABLE S. NoGross amount of BillTax
    1upto Rs. 500Rs. 0
    2exceeds Rs. 500 but does not exceed Rs. 20,00010% of the amount
    3exceeds Rs.20,000Rs. 1950 plus 12% of the amount exceeding Rs.20,000 for commercial consumers Rs. 1950 plus 5% of the amount exceeding Rs.20,000 for industrial consumers

    (2) The rate of tax to be collected on domestic electricity consumption shall be—

    (i) zero percent the amount of monthly bill is less than Rs.25,000; and

    (ii) 7.5% if the amount of monthly bill is Rs. 25,000 or more;

    The rates of tax for domestic users under Section 235 have been amended and additional tax has been imposed on domestic electricity consumers. For further details please visit following link:

    Domestic electricity consumers to pay 35% additional AIT

    (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.)

    Tax rates on motor vehicles during tax year 2022
  • Pakistan’s open market exchange rates on October 27

    Pakistan’s open market exchange rates on October 27

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 27, 2021 (The rates are updated at 09:40 PM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)129.00131.00
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (BHD)140.00142.00
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)200.00202.50
     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)47.0047.50
     Singapore Dollar (SGD)129.00131.00
     Swedish Korona (SEK)18.4518.70
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.7049.20
     UK Pound Sterling (GBP)239.50242.00
     US Dollar (USD)174.30175.30

    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.

    Pakistan’s exchange rates on October 25
  • Tax rates on motor vehicles during tax year 2022

    Tax rates on motor vehicles during tax year 2022

    The rates of income tax on motor vehicles for tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001.

    The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

    Following are the rates of income tax on motor vehicles shall be applicable during tax year 2022:

    Rates of collection of tax under section 234,—

    (1) In case of goods transport vehicles, tax of two rupees and fifty paisa per kilogram of the laden weight shall be charged.

    (1A) In the case of goods transport vehicles with laden weight of 8120 kilograms or more, advance tax after a period of ten years from the date of first registration of vehicle in Pakistan shall be collected at the rate of twelve hundred rupees per annum;

    (2) In the case of passenger transport vehicles plying for hire with registered seating capacity of—

    S.No.CapacityRs per seat per annum
    (i)Four or more persons but less than ten persons.50
    (ii)Ten or more persons but less than twenty persons.100
    (iii)Twenty persons or more.300

    (3) In case of other private motor vehicles shall be as set out in the following Table, namely:-

    S. No.Engine capacityTax
    (1)(2)(3)
    1.upto 1000ccRs. 800
    2.1001cc to 1199ccRs. 1,500
    3.1200cc to 1299ccRs. 1,750
    4.1300cc to 1499ccRs. 2,500
    5.1500cc to 1599ccRs. 3,750
    6.1600cc to 1999ccRs. 4,500
    7.2000cc & aboveRs. 10,000

    (4) where the motor vehicle tax is collected in lump sum,

    S. No.Engine capacityTax
    (1)(2)(3)
    1.upto 1000ccRs. 10,000
    2.1001cc to 1199ccRs. 18,000
    3.1200cc to 1299ccRs. 20,000
    4.1300cc to 1499ccRs. 30,000
    5.1500cc to 1599ccRs. 45,000
    6.1600cc to 1999ccRs. 60,000
    7.2000cc & aboveRs. 120,000

    (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.)

    Tax rates on petroleum products during tax year 2022
  • United Bank earns Rs39.3 billion as profit before tax

    United Bank earns Rs39.3 billion as profit before tax

    United Bank Limited (UBL) has announced a strong financial performance for the first nine months of 2021, with a Profit Before Tax (PBT) of Rs39.3 billion, marking a remarkable 49% year-on-year growth. The bank’s earnings per share (EPS) for the same period stood at Rs. 18.6, a substantial increase from Rs. 13.1 in the corresponding period of 2020.

    (more…)
  • Pakistan’s exchange rates on October 26

    Pakistan’s exchange rates on October 26

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 26, 2021 (The rates are updated at 09:55 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)128.50130
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (BHD)139141
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)200.50203
     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)46.7547.25
     Singapore Dollar (SGD)127128.50
     Swedish Korona (SEK)18.4518.70
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.5049
     UK Pound Sterling (GBP)239241.50
     US Dollar (USD)174175

    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.

    Pakistan’s exchange rates on October 25

  • Stocks end down on inflation concerns, high oil prices

    Stocks end down on inflation concerns, high oil prices

    KARACHI: The stocks have witnessed a decline of 149 points on Monday owing to inflationary pressure and rise in international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 45,429 points as compared with last Friday’s closing of 45,578 points.

    Analysts at Topline Securities said that a lackluster session was observed at the bourse today with the KSE-100 index closing the day at 45,429.

    Higher international oil prices coupled with concerns over the inflationary pressures kept the market in check.

    MEBL, LUCK, HBL, MLCF & AKBL were the major laggards in the KSE-100 index and cumulatively dragged the index down by 126.06 points while on the other hand THALL, PPL, DAWH, FFC & SHFA cumulatively added 62.2 points.

    Volumes remained extremely low after the introduction of the new PSX trading system which witnessed its 1st day live trading.

    The KSE All Share Index saw a volume and value traded of 165.91 million shares and Rs4.98 billion respectively. The volume leader for today was HUMNL with 50.757 million shares exchanging hands as the company notified the exchange that they have received a Public Announcement of Intention by Duraid Qureshi to acquire up to 35.15 per cent of the total issued paid up capital of the company.

    Stocks end down by 243 points on political unrest