The Federal Board of Revenue (FBR) has clarified the provisions of Section 115 of the Income Tax Ordinance, 2001, shedding light on specific categories of individuals who are exempted from the requirement of filing a return of income under the tax law.
(more…)Author: Hamza Shahnawaz
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Stocks inch up in range bound trading
KARACHI: The stock market gained 54 points on Tuesday in a range bound trading observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,420 points from the previous day’s closing of 47,366 points.
Analysts at Topline Securities said that a range-bound session was observed at the exchange today with the KSE 100 Index printing an intra-day high of 47,596 and an intra-day low of 47,349 points.
Major positive contributors in today’s session were namely SYS, MARI, LUCK, PAEL & PPL who cumulatively added 117 points to the benchmark index while POL, MEBL, BAHL, PSMC & PIOC dragged the KSE 100 index lower by 71 points.
On the results front, PSMC announced a disappointing 2QCY21 EPS of Rs5.09 after which the stock succumbed to selling pressure.
KOHC also announced its FY21 EPS of 17.41 as compared to a FY20 LPS (2.21).
Volumes continued to remain depressed with the total traded volume and value clocking in at 377.19 million shares and Rs13.97 billion, respectively.
The volume leader for today was TELE with 41.59 million shares traded during the session.
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Builders, developers demands action against price hike
KARACHI: Fayyaz Ilyas, chairman, Association of Builders and Developers of Pakistan (ABAD), has demanded stern action against the cartel of cement manufacturers. He said that cement and steel are basic raw material for the construction industry
In a statement issued on Tuesday, he said that continuous increase in prices of cement and steel bars will badly damage the construction industry and the government will not be able to achieve the target of Naya Pakistan Housing Scheme.
ABAD chairman said that cement and steel manufactures started increasing prices of cement and steel bars when construction activities came to take off mode with the announcement of a Special Package for the construction industry by the Prime Minister.
He said that continuous increase of cement and steel bars prices by cement and steel manufacturers is a conspiracy against Naya Pakistan Housing Scheme and national economy.
He urged Prime Minister Imran Khan to take action against cement and steel manufacturers just like the government had taken action against sugar mills owners and appoint a commission.
He said that due to ever increasing prices of cement and steel, builders are facing difficulties to complete their projects and on the other hand common people are unable to build their dream homes.
Fayyaz Ilyas said that the construction industry, after agriculture, is the largest job provider and if the conspiracy against this industry is not stopped, thousands of skilled and unskilled workers will lose their livelihood and the national economy will have irreparable loss.
He said that it is high time to reactivate Competition Commission of Pakistan to take action against cement and steel manufacturers’ cartels.
He recalled that steel bar price per ton was Rs110,000 in November 2020 and at present this price is Rs178,500, which shows an increase of more than Rs68,000 per ton during the last 10 months.
On the other hand cement prices are also raised to Rs680 per 50-kg bag. About 60 percent of total cost of a high rise building consists of cement and steel while this ratio is 30 to 40 per cent in a normal residential project.
He said that in this situation the federal government will not be able to fulfill its promise of constructing 5 million low cost houses.
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FBR notifies transfer, postings of BS-21 customs officers
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday notified transfers and postings of senior officers of Pakistan Customs Service (PCS) in BS-20 and BS-21.
The transfers have been made with immediate effect and until further orders.
01. Ms. Suraiya Ahmed Butt (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of Training & Research (Customs), Karachi from the post of Chief Collector of Customs, Appraisement (South), Karachi.
02. Dr. Fareed Iqbal Qureshi (Pakistan Customs Service/BS-21) has been transferred and posted as Director General, Directorate General of Customs Valuation, Karachi. The officer in addition to his own duties shall hold additional charge of the post of Director General, Directorate General of Risk Management, Karachi. The officer has been transferred from the post of Director General, Directorate General of Training & Research (Customs), Karachi.
03. Ahmad Reza Khan (Pakistan Customs Service/BS-21) has been transferred and posted as Chief Collector of Customs Khyber Pakhtunkhwa, Peshawar from the post of Director General, Directorate General of Transit Trade, Karachi.
04. Wajid Ali (Pakistan Customs Service/BS-21) has been transferred and posted as Chief Collctor of Customs, Appraisement (South), Karachi. The officer in addition to his own duties shall hold additional charge of the post of Director General, Directorate General of Reforms and Automation (Customs), Islamabad (Stationed at Karachi). The officer has been transferred from the post of Director General, Directorate General of Reforms & Automation (Customs), Islamabad.
05. Ms. Shahnaz Maqbool (Pakistan Customs Service/BS-21) has been transferred and posted as Member, Federal Board of Revenue (Hq), Islamabad from the post of Director General, Directorate General of Customs Valuation, Karachi.
06. Imtiaz Ahmed Shaikh (Pakistan Customs Service/BS-20) has been transferred and posted as Director General, (OPS) Directorate General of Transit Trade, Karachi from the post of Member, (OPS) Federal Board of Revenue (Hq), Islamabad (Stationed at Karachi).
The FBR said that the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.
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Pakistani consortium awarded exploration in Abu Dhabi
KARACHI: According to a notice to Pakistan Stock Exchange (PSX) on Tuesday, a consortium of Pakistani companies has been awarded exploration in Abu Dhabi.
The consortium of PPL (operator), OGDC, MARI and GHPL has been awarded an Offshore Block-5 in Abu Dhabi.
Analysts at Arif Habib Limited said that the consortium participated in Abu Dhabi’s second competitive exploration bid round in 2019 for acquiring one of the five blocks (three offshore and two onshore) being offered by Abu Dhabi National Oil Company (ADNOC).
For this purpose, ECC permitted these four companies to invest a total of $400 million ($100 million by each company) in August 2021 for 5 years by issuance of Corporate Guarantees in favor of ADNOC and Supreme Council for Financial and Economic Affairs (SCFEA).
With this, the consortium formed a Special Purpose Vehicle, which made it eligible for the exploration block.
Following the concession award of Offshore Block-5, the consortium announced development of a company Pakistan International Oil Limited (PIOL) located at Abu Dhabi Global Market, where each company has a 25 per cent stake.
The awarded block is located 100 km North East of Abu Dhabi and has an area of 6,223 km². It resides in an area which has prospects of large hydrocarbon reserves.
Albeit, these E&P companies for the first time will be able to explore, appraise and develop oil and gas resources in Abu Dhabi and expand its footprint internationally.
Beside Pakistani companies, other international companies such as Eni (Italy), PTTEP (Thailand), Occidental Petroleum (US), Index (Japan), Bharat Petroleum Company (India) and Indian Oil Company Limited (India) have won blocks in Abu Dhabi, according to the analysts.
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Pak Rupee to Saudi Riyal on August 31, 2021
KARACHI – The exchange rates for the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) in the open market remained steady on August 31, 2021. According to the latest updates from local currency dealers, the buying rate for one Saudi Riyal ranged between Rs 44.20, while the selling rate stood at Rs 44.70.
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Pak Rupee to UAE Dirham on August 31, 2021
KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 31, 2021:
Buying: Rs 45.20 to the UAE Dirham
Selling: Rs 45.70 to the UAE Dirham
We update rates hourly so we can offer you the best AED to PKR.
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.
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Pak Rupee to Euro on August 31, 2021
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 31, 2021:
Buying: Rs 194 to the Euro
Selling: Rs 196 to the Euro
We update rates hourly so we can offer you the best EUR to PKR.
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.
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Pak Rupee to UK Pound on August 31, 2021
KARACHI, August 31, 2021 – Following are the latest rates for buying and selling one UK Pound Sterling (GBP) in Pakistani Rupees (PKR) in the open market.
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Pak Rupee to US Dollar on August 31, 2021
Karachi, August 31, 2021 – The open market in Karachi continues to showcase stability in the exchange rates of the US Dollar (USD) to Pakistani Rupee (PKR) on August 31, 2021.
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