Author: Hamza Shahnawaz

Pakistani Rupee to Saudi Riyal on June 24, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on June 24, 2022:

Buying: Rs 55.00 to the Saudi Riyal

Selling: Rs 55.90 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 09:35 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.

READ MORE: Pakistani Rupee to Saudi Riyal on June 23, 2022

June 24, 2022
State Bank’s reserves dip to 32-month low at $8.238 billion

KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022, official data revealed on Thursday.

The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.

READ MORE: Pakistan’s central bank reserves shrink to one month import cover

Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan, the central bank added.

The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.

READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion

Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.

The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.

The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019.

READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 2022.

The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $13.018 billion.

The foreign exchange held by commercial banks however slightly up by $14 million to $5.972 billion by week ended June 17, 2022 as compared with $5.958 billion a week ago.

READ MORE: Moody’s changes Pakistan’s outlook to negative

June 23, 2022
Stock members asked to pay capital gain tax by June 30

KARACHI: Clearing members of Pakistan Stock Exchange (PSX) have been asked to pay Capital Gain Tax (CGT) on disposal of securities by June 30, 2022.

National Clearing Company of Pakistan Limited (NCCP) in a notification on Thursday stated that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period May 01, 2022 to May 31, 2022, would be collected on Thursday, June 30, 2022 through respective settling banks of the Clearing Members.

All clearing members have been asked to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.

READ MORE: NCCPL to collect CGT for August 2021 on October 29

Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period May 01, 2022 to May 31, 2022, would also be collected from the Pakistan Mercantile Exchange on Thursday, June 30, 2022.

Necessary details and reports for the said period have already been made available.

READ MORE: CGT rates on disposal of securities during Tax Year 2022

Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period April 01, 2022 to April 30, 2022. Necessary details and reports have already been made available in the CGT System.

Clearing Members and Pakistan Mercantile Exchange have been advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.

June 23, 2022

Foreign currency rates in Pak Rupee – June 23, 2022

KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on June 23, 2022 (The rates are updated at 08:44 AM (Pakistan Standard Time):

Currency	Buying	Selling
Australian Dollar (AUD)	147.93	149.18
Bahrain Dinar (BHD)	548.72	553.22
Canadian Dollar (CAD)	164.09	165.44
China Yuan (CNY)	31.71	31.96
Danish Krone (DNK)	30.08	30.43
Euro (EUR)	222.00	225.00
Hong Kong Dollar (HKD)	27.02	27.37
Indian Rupee (INR)	2.72	2.80
Japanese Yen (JPY)	1.54	1.59
Kuwaiti Dinar (KWD)	683.66	688.60
Malaysian Ringgit (MYR)	48.24	48.69
NewZealand $ (NZD)	134.10	135.30
Norwegians Krone (NOK)	21.58	21.88
Omani Riyal (OMR)	548.72	553.22
Qatari Riyal (QAR)	58.28	58.78
Saudi Riyal (SAR)	56.00	56.80
Singapore Dollar (SGD)	151.97	153.27
Swedish Korona (SEK)	20.28	20.58
Swiss Franc (CHF)	217.59	219.34
Thai Bhat (THB)	6.00	6.10
U.A.E Dirham (AED)	57.50	58.30
UK Pound Sterling (GBP)	258.50	261.50
US Dollar (USD)	213.00	215.00

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.

June 23, 2022

Pakistani Rupee to US Dollar on June 23, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on June 23, 2022:

Buying: Rs 213.00 to the US Dollar

Selling: Rs 215.00 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 08:40 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.

READ MORE: Pakistani Rupee to US Dollar on June 22, 2022

June 23, 2022
Pakistani Rupee to UAE Dirham on June 23, 2022

The exchange rate of the UAE Dirham (AED) against the Pakistani Rupee (PKR) saw fluctuations in the open market, reflecting ongoing currency market trends.
(more…)

June 23, 2022
Pakistani Rupee to Euro on June 23, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on June 23, 2022:

Buying: Rs 222.00 to the Euro

Selling: Rs 225.00 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 08:17 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.

READ MORE: Pakistani Rupee to Euro on June 22, 2022

June 23, 2022
Pakistani Rupee to UK Pound Sterling on June 23, 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 June 23, 2022:

Buying: Rs 258.50 to the UK Pound Sterling

Selling: Rs 261.50 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 08:07 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.

READ MORE: Pakistani Rupee to UK Pound Sterling on June 22, 2022

June 23, 2022
Pakistani Rupee to Saudi Riyal on June 23, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on June 23, 2022:

Buying: Rs 56.00 to the Saudi Riyal

Selling: Rs 56.80 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 08:02 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.

READ MORE: Pakistani Rupee to Saudi Riyal on June 22, 2022

June 23, 2022
FPCCI identifies tax anomalies in budget 2022-2023

KARACHI: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has identified anomalies in the federal budget 2022-2023.

In a statement issued on Wednesday, Shabbir Mansha, Acting President FPCCI, expressed his profound concerns on the glaring anomalies in the federal budget 2022 – 2023.

“We have noticed anomalies in custom duties, regularity duties, income tax and sales tax,” he added.

READ MORE: Pakistan announces massive tax reduction for salaried persons

Mansha noted that turnover tax of 1.25 percent for traders, distributors and dealers is unbearable as profit margins are barely 2 percent in market sales and the turnover tax will continue to discourage SMEs to be registered in sales tax.

Acting FPCCI Chief pointed out that 4.5 percent withholding tax on local sale; but, normally trade margins are between 2 – 3 percent and there is no way a business can absorb 4.5 percent withholding tax and continue to operate viably. Therefore, sellers find it more viable to buy goods at 20 percent taxes; when accounted for additional duty of 3 percent on commercial importers on top of 17 percent sales tax and delist from the sales tax.

READ MORE: Pakistan reduces salary tax slabs to 7 in budget 2022/23

He demanded that disparities in the rates of sales tax on raw materials at import stage between commercial and industrial importers. The FPCCI chief maintained that under section 8 (b) of sales tax act 1990, input tax adjustment in excess of 90 percent of the output tax is not allowed. This condition should be withdrawn; as the same has been already extended to companies operating in various sectors. Furthermore, withholding tax on import of raw materials should be the same for industrial and commercial importers.

READ MORE: Massive cut in subsidies to curtail current expenditures

Mansha has proposed that at the stage of deregistering from the sales tax system, the condition of prior audit should be withdrawn to facilitate exit after three years; provided a company, individual or association of persons (AOP) was filling a null return for the past five years due to discontinuation of their businesses.

On the withdrawal of NIC condition through amending the section 23(I)(b), FPCCI has appreciated the government; but, maintained that the Finance Bill 2022 should categorically state that no NIC would be required for sales to non-filers.

Mansha also raised the issue of 12 percent tax under section 233(1). Additionally, freight and transportation charges under section 153(1)(b) at 3 percent should only be applied on final tax region.

READ MORE: Petroleum levy to generate Rs750 billion

June 22, 2022