Tax credit for establishing industrial undertaking has been clarified by the Federal Board of Revenue (FBR) to facilitate the business community.
(more…)Author: Hamza Shahnawaz
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Tax incentive for companies on purchase of machinery
Tax incentive for companies on purchase of machinery and expansion has been clarified by the Federal Board of Revenue (FBR).
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Tax credits for various provisions of law
Tax credits for various provisions of law have outlined by the Federal Board of Revenue (FBR) as explained under Section 65 of the Income Tax Ordinance, 2001.
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Foreign exchange rates on August 10, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 10, 2021:
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CTO Karachi seals three retail shops on POS failure
In a determined move to enforce compliance with the newly introduced Point of Sale (POS) integration system, a tax office of the Federal Board of Revenue (FBR) has taken stringent measures by sealing three retail shops in Karachi for failing to install POS machines.
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Point of sale machines allowed tax credit
Section 64D of Income Tax Ordinance, 2001 has allowed tax credit for installing point of sale machine.
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 is the text of Section 64D of the Income Tax Ordinance, 2001:
64D. Tax credit for point of sale machine.—(1) Any person who is required to integrate with Board’s computerized system for real time reporting of sale or receipt, shall be entitled to tax credit in respect of the amount invested in purchase of point of sale machine.
(2) The amount of tax credit allowed under sub-section (1) for a tax year in which point of sale machine is installed, integrated and configured with the Board’s computerized system shall be lesser of—
(a) amount actually invested in purchase of point of sale machine; or
(b) rupees one hundred and fifty thousand per machine.
(3) For the purpose of this section, the term point of sale machine means a machine meant for processing and recording the sale transactions for goods or services, either in cash or through credit and debit cards or online payments in an internet enabled environment.
(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.)
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Employment generation gets tax credit
The Federal Board of Revenue (FBR) has allowed tax credit for employment generation under Section 64B of Income Tax Ordinance, 2001 to taxpayers who set up new manufacturing unit and employed persons registered with Employees Old Age Benefits Institution (EOBI).
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Tax incentive for contribution to pension fund
Islamabad – The Federal Board of Revenue (FBR) has provided tax incentives for contributions to approved pension funds as outlined in Section 63 of the Income Tax Ordinance, 2001.
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UBL declares Rs7.6 billion profit for second quarter
KARACHI: United Bank Limited (UBL) on Monday announced financial results for second quarter ended June 30, 2021 and announced Rs7.6 billion for the period.
UBL announced its 2QCY21 result today and posted a profit after tax of PKR 7.6 billion for 2QCY21 translating to an EPS of PKR 6.2, up by 25 per cent YoY.
The result is above our estimates and street consensus which was Rs5.3 per share and PKR 5.1 share, respectively.
The deviation is mainly on account of better than expected NIMs at 3.6 per cent and recognition of provisioning reversal worth PKR 441 million during the quarter.
Consequently, the stock has reacted positively (+2.23 per cent) post announcement of result. The result was accompanied with an interim cash dividend of Rs4.0 per share.
According to analysis of KASB:
UBL’s profitability increased 25 per cent YoY during 2QCY21 attributed to i) provisioning reversal and ii) higher NFI. Sequentially, reversal in provisioning expense offset the decline in NIMs by 350bps that translated into flattish earnings on QoQ basis.
NFI increased by 17 per cent YoY in 2QCY21 on account of 37 per cent YoY jump in fee income that lent support to the bottom-line.
The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures in Budget FY22.
Additionally, C/I improved to 44 per cent as opposed to 52 per cent in corresponding period last year that improved UBL’s profitability.
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Pak Rupee to Saudi Riyal on August 9, 2021
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 9, 2021:
Buying: Rs 44.50 to the Saudi Riyal
Selling: Rs 45.00 to the Saudi Riyal
We update rates hourly so we can offer you the best SAR to PKR.
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.