Author: Hamza Shahnawaz

PKR to USD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 225.50 to the US Dollar

Selling: Rs 227.75 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 09:00 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.

PKR to USD on November 15, 2022

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PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 62.00 to the Saudi Riyal

Selling: Rs 62.62 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 09:00 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.

PKR to SAR on November 15, 2022

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PKR to EUR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.40 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 09:00 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.

PKR to EUR on November 15, 2022

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PKR to GBP on November 16, 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 November 16, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.80 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 09:00 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.

PKR to GBP on November 15, 2022

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PKR to AED on November 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 64.00 to the UAE Dirham

Selling: Rs 64.64 to the UAE Dirham

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 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 15, 2022

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PKR to CAD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 175.00 to the Canadian Dollar

Selling: Rs 177.00 to the Canadian 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 for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. 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.

November 16, 2022
PKR to CAD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 175.00 to the Canadian Dollar

Selling: Rs 177.00 to the Canadian 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 for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 15, 2022

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PKR to USD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 225.50 to the US Dollar

Selling: Rs 227.75 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 09:00 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.

PKR to USD on November 15, 2022

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PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 62.00 to the Saudi Riyal

Selling: Rs 62.62 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 09:00 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.

PKR to SAR on November 15, 2022

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PKR to EUR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.40 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 09:00 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.

PKR to EUR on November 15, 2022

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PKR to GBP on November 16, 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 November 16, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.80 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 09:00 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.

PKR to GBP on November 15, 2022

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PKR to AED on November 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 64.00 to the UAE Dirham

Selling: Rs 64.64 to the UAE Dirham

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 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. 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.

November 16, 2022
PKR to AED on November 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 64.00 to the UAE Dirham

Selling: Rs 64.64 to the UAE Dirham

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 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 15, 2022

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PKR to CAD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 175.00 to the Canadian Dollar

Selling: Rs 177.00 to the Canadian 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 for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 15, 2022

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PKR to USD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 225.50 to the US Dollar

Selling: Rs 227.75 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 09:00 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.

PKR to USD on November 15, 2022

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PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 62.00 to the Saudi Riyal

Selling: Rs 62.62 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 09:00 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.

PKR to SAR on November 15, 2022

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PKR to EUR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.40 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 09:00 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.

PKR to EUR on November 15, 2022

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PKR to GBP on November 16, 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 November 16, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.80 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 09:00 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.

PKR to GBP on November 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. 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.

November 16, 2022
PKR to GBP on November 16, 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 November 16, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.80 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 09:00 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.

PKR to GBP on November 15, 2022

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PKR to AED on November 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 64.00 to the UAE Dirham

Selling: Rs 64.64 to the UAE Dirham

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 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 15, 2022

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PKR to CAD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 175.00 to the Canadian Dollar

Selling: Rs 177.00 to the Canadian 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 for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 15, 2022

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PKR to USD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 225.50 to the US Dollar

Selling: Rs 227.75 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 09:00 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.

PKR to USD on November 15, 2022

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PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 62.00 to the Saudi Riyal

Selling: Rs 62.62 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 09:00 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.

PKR to SAR on November 15, 2022

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PKR to EUR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.40 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 09:00 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.

PKR to EUR on November 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. 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.

November 16, 2022
PKR to EUR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 243.00 to the Euro

Selling: Rs 245.40 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 09:00 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.

PKR to EUR on November 15, 2022

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PKR to GBP on November 16, 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 November 16, 2022:

Buying: Rs 276.00 to the UK Pound Sterling

Selling: Rs 278.80 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 09:00 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.

PKR to GBP on November 15, 2022

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PKR to AED on November 16, 2022

KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 64.00 to the UAE Dirham

Selling: Rs 64.64 to the UAE Dirham

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 09:00 AM Pakistan Standard Time (PST).

The UAE Dirham /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to AED on November 15, 2022

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PKR to CAD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Canadian Dollar (CAD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 175.00 to the Canadian Dollar

Selling: Rs 177.00 to the Canadian 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 for foreign currency from a customer.

The rate has been updated at 09:00 AM Pakistan Standard Time (PST).

The Canadian Dollar /PKR parity depends on open market rates, they are set by the market forces based on foreign currency demand.

PKR to CAD on November 15, 2022

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PKR to USD on November 16, 2022

KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 225.50 to the US Dollar

Selling: Rs 227.75 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 09:00 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.

PKR to USD on November 15, 2022

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PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:

Buying: Rs 62.00 to the Saudi Riyal

Selling: Rs 62.62 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 09:00 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.

PKR to SAR on November 15, 2022

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Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. The given rates are opening for the day. 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.

November 16, 2022
PKR to SAR on November 16, 2022

KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on November 16, 2022:
(more…)

November 16, 2022
SSGC stops gas supply to industries under load management plan

KARACHI: Sui Southern Gas Company (SSGC) on Tuesday suspended gas to local industries for three and a half months effective from November 15, 2022.

The gas utility in an announcement stated that as part of load management plan, gas supplies to all local industrial customers for their use for power generation are being suspended for three and a half months i.e. from November 15, 2022 to February 28, 2023.

READ MORE: Pakistan has sufficient stock of fuel to meet domestic demand

Moreover, 50 per cent reduction in supplies of export industrial units for their power generation shall also be carried out for the same period.

The SSGC said that the decision had been taken in view of the widening demand and supply gas especially with arrival of winter.

SSGC implements government of Pakistan’s gas load management plan whereby it gives top most priority to the domestic and commercial sector for supplying gas, especially those living in Balochistan where demand for gas increases manifolds due to space and water heating needs.

READ MORE: ECC approves raising petroleum levy to Rs50 per liter on RON 95

“This situation is further compounded by the fact that gas reserves are being fast depleted at an annual rate of 10 per cent that further places pressure on the company’s line pack system,” it added.

The company said that these closure are in line with the contract already signed between SSGC and each individual industrial consumer that clearly states:

READ MORE: Petroleum sales decrease by 22% in four months of 2022-2023

“Gas supply will be provided by the company on ‘as and when available basis’ only during the period from March to November each year. The consumer will make dual firing arrangements to avoid loss of production as and when gas is not available during March to November and also during December to February when the company will keep the consumer’s gas supply disconnected at his cost, each year.”

READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

The company further said that gas volume curtailed from this management would be diverted to domestic customers for them to cater their enhanced gas loads in context of the winter season.

“Gas thus saved approximately 160 mmcfd gas thus saved will then be diverted to Balochistan where gas serves as lifeline for the majority of the population.”

November 15, 2022
Pakistan stocks end down amid profit taking

KARACHI: Pakistan stock ended down by 54 points on Tuesday as investors opted for profit taking.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,797 points from previous day’s closing of 42,851 points, showing a decline of 54 points.

READ MORE: Pakistan stocks shed 242 points over delay in IMF talks

Analysts at Arif Habib Limited said that a range-bound session was witnessed at the PSX during the day.

The market opened in the red zone on account of political uncertainty, but later in the day investors jumped back, turning the index green and helping it reach an intraday high of 184.95 points.

READ MORE: Weekly Review: investors may stay cautious on political uncertainty

Profit-taking was observed in the final hour of trading causing the index to close in the red. Investors’ participation remained low, on the contrary, 3rd tier stocks remained as volume leaders.

Sectors contributing to the performance include Technology & Communication (-58.6 points), Miscellaneous (-24.6 points), Power Generation & Distribution (-16.8 points), Cement (-16.0 points), and Vanaspati & Allied Industries (-10.1 points).

READ MORE: Stocks continues to gain on foreign inflow expectations

Volumes increased from 185.5 million shares to 188.7 million shares (+1.7 per cent DoD). The average traded value also increased by +23.0 per cent to USD 33.40 million as against USD 27.14 million.

Stocks that contributed significantly to the volumes are LOTCHEM, WTL, TRG, UNITY, and TPLP.

READ MORE: Pakistan equities gain 636 points on AIIB fund inflow

November 15, 2022
Tax on persons receiving dividends in Pakistan

A tax has been imposed on persons receiving dividends in Pakistan. The tax has been levied under Section 5 of the Income Tax Ordinance, 2001.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2022 after incorporating changes made through Finance Act, 2022.

The following is text of Section 5 of the Ordinance, 2001:

Section 5. Tax on dividends.— (1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division III of Part I of the First Schedule, on every person who receives a dividend from a company or treated as dividend under clause (19) of section 2.

(2) The tax imposed under sub-section (1) on a person who receives a dividend shall be computed by applying the relevant rate of tax to the gross amount of the dividend.

(3) This section shall not apply to a dividend that is exempt from tax under this Ordinance.

Rate of Dividend Tax

The rate of tax imposed under section 5 on dividend received from a company shall be-

(a) 7.5% in the case of dividends paid by Independent Power Producers where such dividend is a pass through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be reimbursed by Central Power Purchasing (CPPA-G) or its predecessor or successor entity.

(b) 15% in mutual funds, Real Estate Investment Trusts and cases other than those mentioned in clauses (a), (c) and (d).

(c) 0% in case of dividend received by a REIT scheme from Special Purpose Vehicle and 35% in case of dividend received by others from Special Purpose Vehicle as defined under the Real Estate Investment Trust Regulations, 2015.

(d) 25% in case of a person receiving dividend from a company where no tax payable by such company, due to exemption of income or carry forward of business losses under Part VIII of Chapter III or claim of tax credits under Part X of Chapter III.

Section 5A of the Ordinance, 2001 deals with taxation on undistributed profits. Following is the text of Section 5A:

Section 5A. Tax on undistributed profits.—(1) For tax years 2017 to 2019, a tax shall be imposed at the rate of five percent of its accounting profit before tax on every public company, other than a scheduled bank or a modaraba, that derives profit for a tax year but does not distribute at least twenty percent of its after tax profits within six months of the end of the tax year through cash:

Provided that for tax year 2017, bonus shares or cash dividends may be distributed before the due date mentioned in sub-section (2) of section 118, for filing of a return.

(2) The provisions of sub-section (1) shall not apply to—

(a) a company qualifying for exemption under clause (132) of Part I of the Second Schedule; and

(b) a company in which not less than fifty percent shares are held by the Government.

Likewise Section 5AA of the Income Tax Ordinance, 2001 deales with tax on return on investment in sukuk. Following is the text of Section 5AA:

Section 5AA. Tax on return on investments in sukuks.—(1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division IIIB of Part I of the First Schedule, on every person who receives a return on investment in sukuks from a special purpose vehicle, or a company.

(2) The tax imposed under sub-section (1) on a person who receives a return on investment in sukuks shall be computed by applying the relevant rate of tax to the gross amount of the return on investment in sukuks.

(3) This section shall not apply to a return on investment in sukuks that is exempt from tax under this Ordinance.”

Rate of Tax on Return on investment in sukuks received from a special purpose vehicle

The rate of tax imposed under section 5AA on return on investment in sukuks received from a special purpose vehicle shall be—

(a) 25% in the case the sukuk-holder is a company;

(b) 12.5% in case the sukuk-holder is an individual or an association of person, if the return on investment is more than one million; and

(c) 10% in case the sukuk-holder is an individual and an association of person, if the return on investment is less than one million.”

November 15, 2022

Foreign currency rates in PKR – November 15, 2022

KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 15, 2022 (The rates are updated at 09:00 AM (Pakistan Standard Time):

CURRENCY NAME	BUYING	SELLING
US DOLLAR $ (USD)	225.50	227.75
SAUDI RIYAL (SAR)	62.00	62.62
UAE DIRHAM (AED)	64.00	64.64
EURO (EUR)	239.00	241.40
UK POUND (GBP)	273.00	275.75
JAPANESE YEN (JPY)	1.64	1.66
SWISS FRANC (CHF)	243.47	244.47
DANISH KRONE (DKK)	31.57	31.67
NORWEGIAN KRONE (NOK)	22.77	22.87
SWEDISH KRONA (SEK)	21.85	21.95
AUSTRALIAN DOLLAR (AUD)	154.50	156.50
CANADIAN DOLLAR (CAD)	174.00	176.00
INDIAN RUPEE (INR)	2.35	2.70
CHINESE YUAN (CNY)	32.00	34.00
AFGHAN AFGHANI (AFN)	2.00	2.50

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.

Foreign currency rates in PKR – November 14, 2022

November 15, 2022