KARACHI: Pakistan Stock Exchange (PSX) on Wednesday declared Rs151 million as net profit for the first quarter ended September 30, 2021.
The board of directors of the PSX in its meeting held on October 27, 2021 approved the first quarterly financial statements of the exchange for the period ended September 30, 2021.
The board has not recommended any cash dividend, bonus shares, or right shares.
The PSX revenue increased to Rs380.62 million for the quarter ended September 30, 2021 as compared with Rs318 million in the same quarter of the last year.
Under the head of revenue, the listing fee increased to Rs166.64 million as compared with Rs133.59 million. Income from exchange operation surged to Rs180.33 million as against Rs154.61 million. Rental income from investment property grew to Rs13.09 million as compared with Rs12.06 million.
Administrative expenses of the exchange recorded increase to Rs356.85 million during the first quarter ended September 30, 2021 as compared with Rs287.03 million in the same quarter of the last year.
Share of profit from associates recorded a growth of Rs157.14 million as compared with Rs128.81 million.
Basic and diluted earnings per share were remained unchanged at Rs0.19.
Following are the rates of income tax on electricity consumption shall be applicable during tax year 2022 under Section 235:
Electricity Consumption
(1) The rate of collection of tax from commercial and industrial consumers from gross amount of bills shall be as set out in the following Table, namely:—
TABLE S. No
Gross amount of Bill
Tax
1
upto Rs. 500
Rs. 0
2
exceeds Rs. 500 but does not exceed Rs. 20,000
10% of the amount
3
exceeds Rs.20,000
Rs. 1950 plus 12% of the amount exceeding Rs.20,000 for commercial consumers Rs. 1950 plus 5% of the amount exceeding Rs.20,000 for industrial consumers
(2) The rate of tax to be collected on domestic electricity consumption shall be—
(i) zero percent the amount of monthly bill is less than Rs.25,000; and
(ii) 7.5% if the amount of monthly bill is Rs. 25,000 or more;
The rates of tax for domestic users under Section 235 have been amended and additional tax has been imposed on domestic electricity consumers. For further details please visit following link:
(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.)
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 27, 2021 (The rates are updated at 09:40 PM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
129.00
131.00
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (BHD)
140.00
142.00
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
200.00
202.50
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
47.00
47.50
Singapore Dollar (SGD)
129.00
131.00
Swedish Korona (SEK)
18.45
18.70
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.70
49.20
UK Pound Sterling (GBP)
239.50
242.00
US Dollar (USD)
174.30
175.30
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.
(1) In case of goods transport vehicles, tax of two rupees and fifty paisa per kilogram of the laden weight shall be charged.
(1A) In the case of goods transport vehicles with laden weight of 8120 kilograms or more, advance tax after a period of ten years from the date of first registration of vehicle in Pakistan shall be collected at the rate of twelve hundred rupees per annum;
(2) In the case of passenger transport vehicles plying for hire with registered seating capacity of—
S.No.
Capacity
Rs per seat per annum
(i)
Four or more persons but less than ten persons.
50
(ii)
Ten or more persons but less than twenty persons.
100
(iii)
Twenty persons or more.
300
(3) In case of other private motor vehicles shall be as set out in the following Table, namely:-
S. No.
Engine capacity
Tax
(1)
(2)
(3)
1.
upto 1000cc
Rs. 800
2.
1001cc to 1199cc
Rs. 1,500
3.
1200cc to 1299cc
Rs. 1,750
4.
1300cc to 1499cc
Rs. 2,500
5.
1500cc to 1599cc
Rs. 3,750
6.
1600cc to 1999cc
Rs. 4,500
7.
2000cc & above
Rs. 10,000
(4) where the motor vehicle tax is collected in lump sum,
S. No.
Engine capacity
Tax
(1)
(2)
(3)
1.
upto 1000cc
Rs. 10,000
2.
1001cc to 1199cc
Rs. 18,000
3.
1200cc to 1299cc
Rs. 20,000
4.
1300cc to 1499cc
Rs. 30,000
5.
1500cc to 1599cc
Rs. 45,000
6.
1600cc to 1999cc
Rs. 60,000
7.
2000cc & above
Rs. 120,000
(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.)
United Bank Limited (UBL) has announced a strong financial performance for the first nine months of 2021, with a Profit Before Tax (PBT) of Rs39.3 billion, marking a remarkable 49% year-on-year growth. The bank’s earnings per share (EPS) for the same period stood at Rs. 18.6, a substantial increase from Rs. 13.1 in the corresponding period of 2020.
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on October 26, 2021 (The rates are updated at 09:55 AM Pakistan Standard Time):
Currency
Buying
Selling
Australian Dollar (AUD)
128.50
130
Bahrain Dinar (BHD)
386.75
388.50
Canadian Dollar (BHD)
139
141
China Yuan (CNY)
23.75
23.90
Danish Krone (DNK)
23.45
23.75
Euro (EUR)
200.50
203
Hong Kong Dollar (HKD)
16.70
16.95
Indian Rupee (INR)
2.03
2.10
Japanese Yen (JPY)
1.41
1.44
Kuwaiti Dinar (KWD)
481.70
484.20
Malaysian Ringgit (MYR)
36.45
36.80
NewZealand $ (NZD)
96.45
97.15
Norwegians Krone (NOK)
17.50
17.75
Omani Riyal (OMR)
392.70
394.70
Qatari Riyal (QAR)
39.90
40.50
Saudi Riyal (SAR)
46.75
47.25
Singapore Dollar (SGD)
127
128.50
Swedish Korona (SEK)
18.45
18.70
Swiss Franc (CHF)
159.90
160.80
Thai Bhat (THB)
4.80
4.90
U.A.E Dirham (AED)
48.50
49
UK Pound Sterling (GBP)
239
241.50
US Dollar (USD)
174
175
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 stocks have witnessed a decline of 149 points on Monday owing to inflationary pressure and rise in international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 45,429 points as compared with last Friday’s closing of 45,578 points.
Analysts at Topline Securities said that a lackluster session was observed at the bourse today with the KSE-100 index closing the day at 45,429.
Higher international oil prices coupled with concerns over the inflationary pressures kept the market in check.
MEBL, LUCK, HBL, MLCF & AKBL were the major laggards in the KSE-100 index and cumulatively dragged the index down by 126.06 points while on the other hand THALL, PPL, DAWH, FFC & SHFA cumulatively added 62.2 points.
Volumes remained extremely low after the introduction of the new PSX trading system which witnessed its 1st day live trading.
The KSE All Share Index saw a volume and value traded of 165.91 million shares and Rs4.98 billion respectively. The volume leader for today was HUMNL with 50.757 million shares exchanging hands as the company notified the exchange that they have received a Public Announcement of Intention by Duraid Qureshi to acquire up to 35.15 per cent of the total issued paid up capital of the company.
Muhammad Zeeshan Merchant, President, KTBA said that the condition is remarkably in contradiction with other modes of payment through banking channels, which is historically remained in practice and is widely accepted under the provisions of the Income Tax Ordinance, 2001.
“We feel that this provision of law is antibusiness; sans due diligence and is incorporated without taking the stakeholders into confidence,” he said.
Additionally, it is not practical for many business houses, he added.
A summary explaining certain situations (and by no means a complete synopsis) is given below:
(a) You will appreciate that it is normal business practice that in lieu of advance delivery of goods, the buyer tenders its payment by way of post-dated cheques, which is normally accepted by the other party and is inherently a secured way of making the payment. We are afraid that this law of “digital mode of payment” is surely going to hamper the business activities, as it does not cater the situation and solution of such transactions.
(b) Normally, it is a practice that, the port terminal charges, wharfage charges, charges for clearance of delivery orders etc., are paid in advance through crossed cheques or pay-orders. We understand that presently, the businesses, including but not limited to Port Terminal Operators and Shipping Lines, are unaware and are not ready for implantation of this “digital mode of payment”. In our view, it needs a rigorous awareness campaign for them.
(c) Furthermore, we feel that the similar issues are likely to arise and are to be faced by the Companies for making payments to the growers of various agricultural crops such as sugar cane, rice, cotton, wheat etc. We feel that a rigorous campaign is also required for the recipients of such payments.
(d) Moreover, in our view this “digital mode of payment” is also impractical and is likely to affect the business transactions in the cases where petty cash payments, in aggregate exceed millions of rupees, which cannot be made digitally.
(e) Furthermore, we understand that various banks have fixed their own limitation on the quantity of making digital/online payments in a day and have also fixed the threshold of the amount and they do not allow to exceed the threshold limit fixed by them. In our view, this also needs a proper campaign without which the implementation of the law is not possible.
The KTBA said that the tax authorities would come across with the other impediments on the subject in times to come.
We strongly believe that, unless there is a wide off the mark in conventional banking transaction, this move is likely to create lots of trouble for the Corporate Sector.
It is, therefore, suggested that the mandatory condition of “digital mode of payment” for Companies as envisaged U/s. 21 (la) of the Income Tax Ordinance, 2001, be allowed to run simultaneously with other conventional modes of payments for at least a year so that their business is not affected and is smoothly run till they are aware of this change in the mode of payment.
KARACHI – The exchange rates of major foreign currencies against the Pakistani Rupee (PKR) were updated on October 25, 2021, at 1:05 PM Pakistan Standard Time (PST).
Following are the rates of income tax on prize and winnings:
(1) The rate of tax to be deducted under section 156 on a prize on prize bond or cross-word puzzle shall be 15 per cent of the gross amount paid.
(2) The rate of tax to be deducted under section 156 on winnings from a raffle, lottery, prize on winning a quiz, prize offered by a company for promotion of sale, shall be 20 per cent of the gross amount paid.
Following is the text of Section 156 of the Income Tax Ordinance, 2001:
156. Prizes and winnings.—(1) Every person paying prize on a prize bond, or winnings from a raffle, lottery, prize on winning a quiz, prize offered by companies for promotion of sale, or cross-word puzzle shall deduct tax from the gross amount paid at the rate specified in Division VI of Part III of the First Schedule.
(2) Where a prize, referred to in sub-section (1), is not in cash, the person while giving the prize shall collect tax on the fair market value of the prize.
(3) The tax deductible under sub-section (1) or collected under sub-section (2) shall be final tax on the income from prizes or winnings referred to in the said sub-sections.
(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.)
