Pkrevenue.com

Author: Hamza Shahnawaz

  • Exchange rates in PKR vs foreign currencies on Sept 24

    Exchange rates in PKR vs foreign currencies on Sept 24

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 24, 2021 (The rates are updated at 09:13AM):

    CurrencyBuyingSelling
    Australian Dollar122124
     Bahrain Dinar386.6388.36
     Canadian Dollar135137
     China Yuan23.723.85
     Danish Krone23.423.7
     Euro198.5200.5
     Hong Kong Dollar16.616.85
     Indian Rupee2.032.1
     Japanese Yen1.411.44
     Kuwaiti Dinar481.5484
     Malaysian Ringgit36.436.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.7
     Omani Riyal392.5394.5
     Qatari Riyal39.740.3
     Saudi Riyal4545.5
     Singapore Dollar123.5125
     Swedish Korona18.118.35
     Swiss Franc159.6160.5
     Thai Bhat4.84.9
     U.A.E Dirham46.747.2
     UK Pound Sterling232234.5
     US Dollar169.7170.7

    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 in PKR vs foreign currencies on Sept 23
  • Tax laws amended to include digital payment

    Tax laws amended to include digital payment

    ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that tax law has been amended to include mode of digital payment.

    To improve documentation, a new clause (la) has been inserted through Tax Laws (Third Amendment) Ordinance, 2021 in section 21 of the Income Tax Ordinance, 2001.

    Previously payments under a single head account exceeding two hundred and fifty thousand rupees, made by any taxpayer were required to be made through crossed cheque or crossed baking instruments including digital payments.

    Through this amendment, payments made by a company under a single head of account exceeding two hundred and fifty thousand rupees other than by digital means from business bank account of the taxpayer notified to the Commissioner under section 114A of the Ordinance shall not be admissible as deductions.

    However, certain expenditures on account of utility bills, freight charges, travel fare, and payment of taxes and fines would continue to be admissible even though paid in cash or via traditional banking instruments.

    The purpose behind this legislative enactment is to encourage digital payments and discourage traditional mode of transactions by the corporate sector in the first phase. However, owing to lack of total digital readiness by some corporate taxpayers, the corporate taxpayers are allowed to switch to this mode w.e.f. November 01, 2021.

    In the intervening period they may use digital payments or continue with the existing procedure of making payments 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 amount from the business bank account of the taxpayer.

    The FBR further said that currently, any salary paid or payable exceeding twenty five thousand rupees per month has to be made through cross cheque or direct transfer of funds to the employee’s bank account under clause (m) of section 21 of the Ordinance.

    In order to bring this provision in conformity with newly inserted clause (la) ibid, in case of payments against salary in excess of twenty five thousand rupees per month, the mode of digital payment has been added to the available modes referred to above.

    Prosecution for sharing unauthorized information
  • Prosecution for sharing unauthorized information

    Prosecution for sharing unauthorized information

    In a bid to strengthen the protection of sensitive taxpayer information and maintain the integrity of the tax system, the Federal Board of Revenue (FBR) has introduced stringent provisions under Section 198 of the Income Tax Ordinance, 2001.

    (more…)
  • KSE-100 index plunges by 300 points amid selling

    KSE-100 index plunges by 300 points amid selling

    KARACHI: The benchmark KSE-100 index of the  Pakistan Stock Exchange (PSX) plunged by 300 points on Thursday. The stock market witnessed a decline due to selling pressure observed later in the day.

    The KSE-100 index closed at 45,297 points as against the previous day’s closing of 45,597 points.

    Analysts at Arif Habib Limited said that the market saw a rebound early on with the Index climbing 342 points, however, profit booking overtook and eventually converted into aggressive selling that eroded the gains made earlier with a drop of 514 points near the close.

    Technology, Banks, E&P, O&GMCs and Refinery sectors got the most thrashing with a little bit of respite in the Cement sector. Among scrips, WTL realized a trading volume of 89.1 million shares followed by HUMNL (29.2 million) and TELE (23.3 million).

    Sectors contributing to the performance include Technology (-91 points), E&P (-52 points), Banks (-39 points), Fertilizer (-33 points) and Refinery (-30 points).

    Volumes declined from 583.7 million shares to 443.8 million shares (-24 per cent DoD). Average traded value also declined by 29 per cent to reach US$ 73.3 million as against US$ 102.9 million.

    Stocks that contributed significantly to the volumes include WTL, HUMNL, TELE, TREET and BYCO, which formed 39 per cent of total volumes.

    Stocks that contributed positively to the index include ABOT (+24 points), EPCL (+13 points), MTL (+11 points), HUBC (+10 points) and HMB (+9 points). Stocks that contributed negatively include TRG (-64 points), PPL (-27 points), MCB (-27 points), SYS (-27 points) and OGDC (-26 points).

  • Dollar strengthens against PKR in interbank

    Dollar strengthens against PKR in interbank

    KARACHI: The US dollar made a gain of 35 paisas against the Pak Rupee (PKR) on Thursday. The higher demand for external payments resulted in dollar appreciation.

    The rupee closed at Rs169.03 to the dollar from the previous day’s closing of Rs168.68 in the interbank foreign exchange market.

    Currency experts said that external payment demand including import and corporate payments caused depreciation in rupee value.

    They further said that lower inflows and higher payments resulted in widening of trade deficit as well as current account deficit.

    Dollar makes gain in interbank foreign exchange market
  • Prosecution for disposal of property

    Prosecution for disposal of property

    Section 197 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now explicitly outlines that individuals who, after receiving a notice from the Commissioner, engage in selling, mortgaging, charging, leasing, or otherwise dealing with the property to prevent its attachment, will be liable for prosecution.

    (more…)
  • Exchange rates in PKR vs foreign currencies on Sept 23

    Exchange rates in PKR vs foreign currencies on Sept 23

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 23, 2021 (The rates are updated at 11:14AM):

    CurrencyBuyingSelling
    Australian Dollar121.50123.50
     Bahrain Dinar386.60388.36
     Canadian Dollar134.00136.00
     China Yuan23.7023.85
     Danish Krone23.4023.70
     Euro197.50199.50
     Hong Kong Dollar16.6016.85
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.50484.00
     Malaysian Ringgit36.4036.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.70
     Omani Riyal392.50394.50
     Qatari Riyal39.7040.30
     Saudi Riyal44.5045.00
     Singapore Dollar123.00124.50
     Swedish Korona18.1018.35
     Swiss Franc159.60160.50
     Thai Bhat4.804.90
     U.A.E Dirham46.4046.90
     UK Pound Sterling231.50234.00
     US Dollar169.40170.30

    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.

  • Prosecution for improper use of NTN Certificate

    Prosecution for improper use of NTN Certificate

    Section 194 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now explicitly prescribes prosecution for the improper use of the National Tax Number (NTN) Certificate.

    (more…)
  • Three years imprisonment for undeclared offshore asset

    Three years imprisonment for undeclared offshore asset

    Section 192B of Income Tax Ordinance, 2001, updated up to June 30, 2021, now prescribes severe penalties, including imprisonment for up to three years, for individuals who fail to declare offshore assets or provide inaccurate particulars.

    (more…)
  • Exchange rates in PKR vs foreign currencies on Sept 22

    Exchange rates in PKR vs foreign currencies on Sept 22

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 22, 2021 (The rates are updated at 09:14AM):

    CurrencyBuyingSelling
    Australian Dollar121123
     Bahrain Dinar386.6388.36
     Canadian Dollar133.5135.5
     China Yuan23.723.85
     Danish Krone23.423.7
     Euro198200
     Hong Kong Dollar16.616.85
     Indian Rupee2.032.1
     Japanese Yen1.411.44
     Kuwaiti Dinar481.5484
     Malaysian Ringgit36.436.75
     NewZealand $96.2596.95
     Norwegians Krone17.4517.7
     Omani Riyal392.5394.5
     Qatari Riyal39.740.3
     Saudi Riyal4545.5
     Singapore Dollar121123
     Swedish Korona18.118.35
     Swiss Franc159.6160.5
     Thai Bhat4.84.9
     U.A.E Dirham46.547
     UK Pound Sterling232235
     US Dollar169.5170.4

    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 in PKR vs foreign currencies on Sept 21