Pkrevenue.com

Author: Hamza Shahnawaz

  • Exchange rate: buying, selling of UAE Dirham in rupee on July 17

    Exchange rate: buying, selling of UAE Dirham in rupee on July 17

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 17, 2021:

    Buying: Rs 43.00 to the UAE Dirham

    Selling: Rs 43.50 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.

  • Exchange rate: buying, selling of Euro in rupee on July 17

    Exchange rate: buying, selling of Euro in rupee on July 17

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 17, 2021:

    Buying: Rs 186.50 to the Euro

    Selling: Rs 188.50 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.

  • Exchange rate: buying, selling of UK Pound Sterling in rupee on July 17

    Exchange rate: buying, selling of UK Pound Sterling in rupee on July 17

    Karachi, July 17, 2021 – The open market rates for the UK Pound Sterling (GBP) to Pakistani Rupee (PKR) witnessed fluctuations on July 17, 2021, with buying and selling rates recorded at Rs 218.50 and Rs 221.50, respectively.

    (more…)
  • Exchange rate: buying, selling of US Dollar in rupee on July 17

    Exchange rate: buying, selling of US Dollar in rupee on July 17

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on July 17, 2021:

    Buying: Rs 159.60 to the Dollar

    Selling: Rs 160.60 to the Dollar

    We update rates hourly so we can offer you the best USD to PKR.

    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.

  • Mismanagement causes financial losses to traders

    Mismanagement causes financial losses to traders

    KARACHI: Karachi Customs Agents Association (KCAA) on Monday said that mismanagement by container terminal and shipping line caused non-clearance and huge financial losses to importers.

    Karachi Customs Agents Association (KCAA) in a statement said that traders (Importers) are facing loss of millions of rupees due to non-clearance of 73 import consignments because of mismanagement of Pakistan International Containers Terminal Ltd and Shipping Company/Agent M/s. Sharaf Shipping Agency (Pvt) Ltd.

    According to Import General Manifest (IGM) 90/2021, the vessel Segara Mas V-2100W had to berth at PICT on 24th February 2021 but amazingly PICT by claiming non availability of space turned the vessel towards SAPT, whereas 73 GDs had already been filed by the traders and paid duties and taxes worth million of rupees accordingly.

    Upon berthing at South Asia Pakistan Terminal Ltd (SAPT) another IGM 101/2021 was lodged by the shipping agent due to which 73 consignments have not been cleared yet. In this regard the General Secretary Mr. Mehmood ul Hasan Awan informed that the shipping company was well aware that 73 index of VIR 90/2021 has been claimed vide Goods Declaration filed by the traders & customs agents.

    In these circumstances, the shipping company should discharge cargo / containers of 73 claimed Index at PICT and all other consignments should be discharged at SAPT if it was necessary. M/s. Sharaf Shipping Agency in collaboration with PICT deliberately shifted vessel to SAPT to get additional cost from the traders on account of demurrage and container detention charges.

    The management of Pakistan International Containers also illegally keeps consignments outside its Bonded Area and do not provide facilities to examine the consignment to facilitate trade.

  • Dollar retreats to Rs159.81

    Dollar retreats to Rs159.81

    KARACHI: The Pak Rupee gained 16 paisas against the dollar on Wednesday owing to lower imports and inflows of export receipts and workers remittances, dealers said.

    The rupee ended Rs159.81 to the dollar from the previous day’s close of Rs159.97 in the interbank foreign exchange market.

    The dealer said that the importers were cautious over the upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over-improved export numbers in October 2020.

    The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.62 against the greenback.

    According to the Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

    Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

    The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

  • NCCPL updates app compatible with Android 10

    NCCPL updates app compatible with Android 10

    KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has updated and configured its biometric application which is compatible with Android’s newer version.

    The NCCPL in a statement said that it has updated and configured its biometric application and released new support for Android version 10 which is available for biometric verification through scanner based mobile application for AIs.

    “From now onwards, mobile IMEI number will be replaced by Mobile Key Number for all mobile users using Android version 10 while for mobile users using Android version below 10, IMEI authentication will still be intact and remain the same,” the NCCPL added.

    The NCCPL said that with the release of Android version 10 by Google Inc., new security controls were introduced owing to which third party applications were restricted to access device IMEI number.

    As NCCPL Biometric Android Application is based on IMEI number to recognize registered devices, this caused an inconsistency of the NCCPL Biometric Android Application to work with devices bearing Android version 10.

    The NCCPL said that to obtain Mobile Key Number, AIs must install an updated ‘APK’ file. “Upon launching the app, it will display Mobile Key Number on app screen and AIs will be required to share Mobile Key Number with the NCCPL through the same procedure as applicable for Binding IMEI numbers as before,” it said.

    In this respect, AIs can start using this service effective from Monday November 02, 2020.

  • LTU Karachi posts 15% growth in revenue collection

    LTU Karachi posts 15% growth in revenue collection

    KARACHI: Large Taxpayers Unit (LTU) Karachi has registered 15 percent growth in revenue collection during first seven months of current fiscal year, a statement said on Monday.

    The LTU Karachi said that it had collected Rs796 billion during July – January 2019/2020 as compared with Rs690 billion in the corresponding period of the last fiscal year.

    The unit collected Rs108 billion during January 2020 as compared Rs92 billion collected in the corresponding month of the last year.

    The payment of refunds including income tax and sales tax has increased by 42 percent during the period under review. The unit paid Rs31 billion as refunds during first seven months of current fiscal year as compared with Rs22 billion in the corresponding months of the last year.

    The unit attributed the collection growth to strong enforcement as well as on site monitoring of production of various sectors including oil, gas, sugar and cement.

    Further, various tax evasion and tax avoidance cases have been detected, which are under investigation and substantial tax collection is expected during the coming months of current fiscal year, the unit said.

    Besides, during the month of January, current and arrear demand has been recovered at Rs2.7 billion against Rs2.5 billion for the corresponding month of the last year.

  • Sales tax rate on services provided by fashion designers

    Sales tax rate on services provided by fashion designers

    KARACHI: Sindh Revenue Board (SRB) issued updated working tariff for tax year 2020 and notified sales tax rate on fashion designers.

    The services provided or rendered by fashion designers shall be 13 percent. The SRB does not provide any reduced rate for this service category.

    The FBR said the services provided by race club shall be subject to 13 percent sales tax. However, the services of entry/admission the sales tax shall be charged at Rs200 per entry ticker or entry pass of the person visiting the race event.

    The SRB said that services provided or rendered by program producers and production houses shall be 13 percent. However, reduced rate of eight percent with condition that the input tax adjustment shall not be admissible.

    Similarly, service provided or rendered by corporate law consultants the tax rate shall be 13 percent. However, the reduced tax rate of eight percent is available with condition that the input tax credit shall not be admissible.

    The tax rate is 13 percent for services provided or rendered by call centers.

    The reduced rate at 3 percent is available on:

    1. Services provided or rendered by a call center from a place of business in Sindh for which the registered person receives the value of the services from a place outside Pakistan in foreign exchange through banking channels in the business bank account of the registered person in the manner prescribed by the State Bank of Pakistan.

    2. Input tax credit shall not be admissible.

  • Sales tax rate on services provided by property developers

    Sales tax rate on services provided by property developers

    KARACHI: Sindh Revenue Board (SRB) has issued updated working tariff for tax year 2020 under which 13 percent sales tax is applicable on services rendered by property developers.

    According to the working tariff the tax rate shall be 13 percent on services provided or rendered by property developers or promoters for:

    a. development of purchased or leased land for conversion into residential or commercial plots.

    b. construction of residential or commercial units.

    However, reduced rates are available at Rs100 per square yard of land in case of (a) and Rs50 per square foot of constructed covered area in case of (b). However, on availing reduced rate of sales tax the input tax credit adjustment shall not be admissible.

    The SRB said that services provided or rendered by persons engaged in contractual engaged execution of work of furnishing supplies, the sales tax shall be 13 percent.

    However, this rate is exempted on services provided or rendered by persons engaged in contractual execution of work of furnishing supplies:

    i) whose annual turnover does not exceed 4 million rupees in a financial year; and

    (ii) in relation to the text books, published for free distribution amongst students free of cost, against the order of Sindh Textbook Board subject to the conditions that the Sindh Textbook Board:-

    (a) assigns the work to a person duly registered under the Sindh Sales Tax on Services Act, 2011; and

    (b) Furnishes, to the Sindh Revenue Board, statement on quarterly basis, showing name of person/contractor, SNTN, value of such contract, alongwith certificate about the free of cost distribution of such textbooks amongst the students.