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 05:55 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.
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 05:48 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.
KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended reduction in federal excise duty (FED) on locally manufactured cars.
The OICCI in its proposals for budget 2022/2023 submitted to the Federal Board of Revenue (FBR), recommended that levy of FED on locally manufactured vehicles should be reduced by amending Serial No. 55B and 55D of Table I of First Schedule of the Federal Excise Act, 2005, to restore sales revenue of vehicles of auto sector while also increasing government revenue.
It further recommended reduction in minimum tax under section 113 of Income Tax Ordinance, 2001 for authorized dealers of vehicle manufacturers and exemption of withholding tax under section 231B of the Ordinance on sale to dealers.
The rationale is to promote wholesale-retail mechanism, as applicable internationally, which will improve volumes on account of stock availability and healthy competition. Further, contribution to the Government will also increase with increased volume. “Income of dealers will be subject to normal taxation and will promote documentation, thereby increasing tax base.”
The OICCI recommended to reduce minimum tax u/s 113 of the Income Tax Ordinance, 2001, from 1.25 per cent to 0.25 per cent on turnover of authorized dealers of vehicle manufacturers, as being allowed to motorcycle dealers, distributors of FMCG, Pharmaceutical, Fertilizers, etc.;
Further, withholding income tax u/s 231B should be exempted on sale of vehicles by manufacturers to their authorized dealers to effectively implement wholesale-retail mechanism.
The overseas chamber also highlighted rate of withholding income tax under section 231B of Income Tax Ordinance, 2001.
Amendment shall be made in the categories of vehicles mentioned in Division VII of Part IV of First Schedule as follows:
Engine Capacity (Existing)
Engine Capacity (Proposed)
Tax
1001cc to 1300cc
1001cc to 1350cc
25,000
1301 cc to 1600cc
1351 cc to 1600cc
50,000
On passenger car with capacity of 1300cc category, different tax rates are applicable based on slight increase in engine capacity (e.g Toyota Corolla (1299cc) was replaced with Toyota Yaris (1329cc). While both vehicles are categorized under broad 1300 cc by market, Rs. 25,000 was collected on Toyota Corolla 1299cc, while Rs. 50,000 is collected on Toyota Yaris 1329cc. Slight increase in cc category is resulting in twice income tax being collected from customer and increasing the cost for customer.
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on April 16, 2022 (The rates are updated at 05:39 AM (Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
133.00
135.00
Bahrain Dinar (BHD)
386.60
388.60
Canadian Dollar (CAD)
141.00
143.00
China Yuan (CNY)
23.55
23.95
Danish Krone (DNK)
23.65
23.95
Euro (EUR)
193.50
195.50
Hong Kong Dollar (HKD)
16.60
16.85
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.85
484.35
Malaysian Ringgit (MYR)
36.75
37.10
NewZealand $ (NZD)
96.85
97.55
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.95
394.98
Qatari Riyal (QAR)
39.95
40.55
Saudi Riyal (SAR)
48.65
49.30
Singapore Dollar (SGD)
129.50
131.00
Swedish Korona (SEK)
18.75
19.00
Swiss Franc (CHF)
160.35
161.25
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.75
49.40
UK Pound Sterling (GBP)
233.00
235.50
US Dollar (USD)
181.00
183.00
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.
KARACHI: Following are the ratesof buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on April 16, 2022:
Buying: Rs 181.00 to the US Dollar
Selling: Rs 183.00 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 05:35 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.
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 05:34 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.
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.
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 05:30 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.
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 05:27 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.
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 05:24 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.
KARACHI: The Federal Board of Revenue (FBR) has been urged to made mandatory the filing of income tax return for account holders having turnover Rs2 million or above during a year.
Overseas Investors Chamber of Commerce and Industry (OICCI) in its recommendations for budget 2022/2023, advised that FBR and State Bank of Pakistan (SBP) should devise a framework to ensure all customers of financial institutions whose account shows turnover in excess of Rs2 million or more during the year, have filed a tax return and wealth statement.
“This could be done by the financial institutions simply notifying names/CNIC numbers of such customers to FBR without giving access to bank accounts,” it added.
The OICCI in its proposals for broadening the tax base, said the tax authorities should use technology, data analytics including Artificial Intelligence tools and make better/effective utilization of NADRA database and other documented sources to ensure that all income earners are NTN holders and “filers”, with submission of annual income tax/wealth returns and wealth reconciliation statements.
Art exhibition halls, hospitals where doctors practice, hotels and other public places holding large receptions for fashion houses & designers, sale of branded/designer dresses, airlines, travel agencies, etc. should provide names and addresses of the respective persons involved in these business activities to the FBR on a quarterly basis.
Once the FBR receives the above information, it should be pro-active and pursue potential taxpayers by sending them income tax return forms requiring them to file tax returns – rather than waiting for the tax returns to be filed.
The OICCI strongly recommended to eliminate culture of amnesty schemes as it discourages the honest taxpayers.
As Pakistan is a signatory to the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, which became operational from September 2018, regular coordination should be done with relevant authorities of countries, considered as tax heavens for stashing away illegal wealth, for information sharing, and cases of proven tax evasion publicly shared.
Appropriate laws should be made to enable the government to seize local assets, in equivalent value, or levy appropriate taxes, if any person holds any kind of assets outside the country for which source of income could not be established.
