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Author: Hamza Shahnawaz

  • Pakistani Rupee to US Dollar on July 12, 2022

    Pakistani Rupee to US Dollar on July 12, 2022

    KARACHI: Following are the rates of buying and selling of one US dollar (USD) in Pakistani Rupee (PKR) in the open market on June 12, 2022:

    Buying: Rs 206.10 to the US Dollar

    Selling: Rs 209.60 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 10:38 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.

    READ MORE: Pakistani Rupee to US Dollar on July 11, 2022

  • Pakistani Rupee to UAE Dirham on July 12, 2022

    Pakistani Rupee to UAE Dirham on July 12, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on July 12, 2022:

    Buying: Rs 55.70 to the UAE Dirham

    Selling: Rs 56.50 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 10:34 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.

    READ MORE: Pakistani Rupee to UAE Dirham on July 11, 2022

  • Pakistani Rupee to UK Pound Sterling on July 12, 2022

    Pakistani Rupee to UK Pound Sterling on July 12, 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 July 12, 2022:

    Buying: Rs 248.10 to the UK Pound Sterling

    Selling: Rs 251.10 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 10:10 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.

    READ MORE: Pakistani Rupee to UK Pound Sterling on July 11, 2022

  • Pakistani Rupee to Euro on July 12, 2022

    Pakistani Rupee to Euro on July 12, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on July 12, 2022:

    Buying: Rs 213.55 to the Euro

    Selling: Rs 217.55 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 10:05 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.

    READ MORE: Pakistani Rupee to Euro on July 11, 2022

  • Pakistani Rupee to Saudi Riyal on July 12, 2022

    Pakistani Rupee to Saudi Riyal on July 12, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on July 12, 2022:

    Buying: Rs 54.60 to the Saudi Riyal

    Selling: Rs 55.40 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 10:00 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.

    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.

    READ MORE: Pakistani Rupee to Saudi Riyal on July 11, 2022

  • New tax rates on car registration from July 01, 2022

    New tax rates on car registration from July 01, 2022

    KARACHI: The new rates of advance tax on registration of motor cars have been notified through Finance Act, 2022.

    According to PwC A. F. Ferguson & Co. the new rates of advance tax on registration of the motor vehicles are as follows:

    READ MORE: Finance Act 2022 notifies tax rates on disposal of securities

    Engine Capacity Up to 850cc: old rate Rs. 7,500: new rate Rs. 10,000

    Engine Capacity 851cc to 1,000cc: old rate Rs. 15,000: new rate Rs. 20,000

    Engine Capacity 1,001cc to 1,300cc: old rate Rs. 25,000: new rate Rs. 25,000

    Engine Capacity 1,301cc to 1,600cc: old rate Rs. 50,000: new rate Rs.50,000

    Engine Capacity 1,601cc to 1,800cc: old rate Rs. 75,000: new rate Rs. 150,000

    READ MORE: Finance Act 2022 revises tax rates for salaried persons

    Engine Capacity 1,801cc to 2,000cc: old rate Rs. 100,000: new rate Rs. 200,000

    Engine Capacity 2,001cc to 2,500cc: old rate Rs. 150,000: new rate Rs. 300,000

    Engine Capacity 2,501cc to 3,000cc: old rate Rs. 200,000: new rate Rs. 400,000

    Engine Capacity Above 3,000cc: old rate Rs. 250,000: new rate Rs. 500,000

    Where engine capacity is not applicable and value of vehicle is Rs. 5 million or more: old rate Nil: new rate 3 per cent of the import value (as increased by sales tax, customs duty and FED) or invoice value in case of locally manufactured vehicle.

    READ MORE: Proposal of final tax regime for commercial importers rejected

    The Finance Act, 2022 has also imposed advance tax of Rs. 20,000 on transfer of motor vehicles of unspecified engine capacity (e.g. electric vehicles) having value of Rs. 5 million or more. The said rate of Rs. 20,000 shall be reduced by 10 per cent each year from the date of first registration in Pakistan.

    For the purposes of tax collection under section 231B, the definition of ‘motor vehicles’ has been amended and now defined to include car, caravan automobiles, jeep, limousine, pickup, sports utility vehicle, trucks, vans, wagon and any other automobile excluding:

    READ MORE: Mechanism revamped for tax dispute resolution

    (i) a motor vehicle used for public transportation, carriage of goods and agriculture machinery;

    (ii) a rickshaw or a motorcycle rickshaw and

    (iii) any other motor vehicle having engine capacity upto 200cc.

  • Finance Act 2022 notifies tax rates on disposal of securities

    Finance Act 2022 notifies tax rates on disposal of securities

    KARACHI: Through the Finance Act, 2022 the tax rates on disposal of securities have been notified for tax year 2023 and onwards.

    According to interpretation of PwC A. F. Ferguson & Co. gain on disposal of listed securities (that was previously chargeable to tax at 12.5 per cent irrespective of the holding period) shall now be subject to revised tax rates based on holding period. The revised rates in terms of section 37A of Income Tax Ordinance, 2001 are as under:

    READ MORE: Finance Act 2022 revises tax rates for salaried persons

    For holding period less than 1 year: the tax rate shall be 15 per cent.

    For holding period from 1 year to 2 years: the tax rate shall be 12.5 per cent.

    For holding period from 2 years to 3 years: the tax rate shall be 10 per cent.

    For holding period from 3 years to 4 years: the tax rate shall be 7.5 per cent.

    READ MORE: Proposal of final tax regime for commercial importers rejected

    For holding period from 4 years to 5 years: the tax rate shall be 5 per cent.

    For holding period from 5 years to 6 years: the tax rate shall be 2.5 per cent.

    For holding period more than 6 years: the tax rate shall be zero per cent.

    For securities (other than future commodity contracts entered into by members of Pakistan Mercantile Exchange):

    READ MORE: Mechanism revamped for tax dispute resolution

    (i) the above-referred revised rates shall apply on disposal of securities acquired on or after July 1, 2022; and

    (ii) rate of 12.5 per cent shall apply on disposal of those securities which were acquired on or before June 30, 2022 irrespective of holding period.

    Previously, in respect of Mutual Fund or Collective Investment Scheme or a REIT scheme, no capital gains tax was deductible if the holding period of the security was more than 4 years.

    Through Finance Act, 2022, such holding period has now been increased to 6 years.

    READ MORE: Simplified tax regime for shopkeepers implemented

  • Finance Act 2022 revises tax rates for salaried persons

    Finance Act 2022 revises tax rates for salaried persons

    KARACHI: The federal government has withdrawn the proposal to give concessions to salaried persons and retained the minimum threshold for salary income at Rs600,000.

    Through the Finance Act, 2022 the new tax rates on salary income have been implemented from July 01, 2022.

    The new tax rates are as follow:

    READ MORE: Proposal of final tax regime for commercial importers rejected

    01. Where the taxable income does not exceed Rs 600,000: the tax rate shall be zero.

    02. Where the taxable income exceeds Rs 600,000 but does not exceed Rs 1,200,000: the tax rate shall be 2.5 per cent of the amount exceeding Rs 600,000.

    03. Where the taxable income exceeds Rs 1,200,000 but does not exceed Rs2,400,000: the tax amount shall be Rs 15,000 + 12.5 per cent of the amount exceeding Rs 1,200,000.

    04. Where the taxable income exceeds Rs2,400,000 but does not exceed Rs 3,600,000: the tax amount shall be Rs 165,000 + 20 per cent of the amount exceeding Rs 2,400,000.

    READ MORE: Mechanism revamped for tax dispute resolution

    05. Where the taxable income exceeds Rs 3,600,000 but does not exceed Rs 6,000,000: the tax amount shall be Rs 405,000 + 25 per cent of the amount exceeding Rs 3,600,000.

    06. Where the taxable income exceeds Rs 6,000,000 but does not exceed Rs 12,000,000: the tax amount shall be Rs 1,005,000 + 32.5 per cent of the amount exceeding Rs 6,000,000.

    07. Where the taxable income exceeds Rs 12,000,000: the tax amount shall be Rs 2,955,000 + 35 per cent of the amount exceeding Rs 12,000,000.

    Earlier, through Finance Bill, 2022 following rates of tax proposed for salaried person:

    READ MORE: Simplified tax regime for shopkeepers implemented

    01. Where taxable income does not exceed Rs. 600,000: the tax rate was zero.

    02. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax rate was Rs100

    03. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000: the tax rate was 7 per cent of the amount exceeding Rs. 1,200,000.

    04. Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000: the tax amount was Rs. 84,000 + 12.5 per cent of the amount exceeding Rs. 2,400,000.

    05. Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000: the tax amount was Rs. 234,000 + 17.5 per cent of the amount exceeding Rs. 3,600,000.

    READ MORE: Pakistan withdraws tax amnesties for industrial promotion

    06. Where taxable income exceeds Rs. 6,000,000 but does not exceed Rs. 12,000,000: the tax amount was Rs. 654,000 + 22.5 per cent of the amount exceeding Rs. 6,000,000.

    07. Where taxable income exceeds Rs. 12,000,000: the tax amount was Rs. 2,004,000 + 32.5 per cent of the amount exceeding Rs. 12,000,000.

  • Karachi Chamber demands declaring rain emergency

    Karachi Chamber demands declaring rain emergency

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the government of declaring an emergency after human and financial losses in the city during torrential rains in past few days.

    READ MORE: KCCI demands release of stuck up containers

    KCCI President Muhammad Idrees in statement urged Prime Minister Shehbaz Sharif to take immediate measures to prevent further human and financial losses in the city as more rains had been predicted.

    Idrees lamented the present situation in Karachi after heavy downpour especially during the past 24 hours. He said the provincial and local authorities had failed to relief and take measures to control the flooding like situation.

    READ MORE: KCCI demands implementation of Riba free banking

    “The city collects about 70 per cent revenue for the national exchequer. But the present situation has created insecurity amongst the people of the metropolis,” he said.

    “The Wall Street of Pakistan i.e. I. I. Chundrigar Road is completely vanished due to flooding. Besides, the old city area were also showing disaster everywhere,” he added.

    The KCCI President urged the Prime Minister to announce compensation to the losses and also grant duty and tax relief for the business community.

    READ MORE: KCCI appeals rescuing small traders in Catch-22 situation

    He pointed out that there was no allocation in the budget 2022/2023 for the financial hub. He further pointed out that the previous government had allocated around Rs1.1 trillion for the city but no development project was seen.

    Idrees demanded the federal government to take control of the city and provide maximum relief to avoid further losses in expected rains.

    READ MORE: Energy price hike jolts trade, industry: Businessmen Panel

  • Foreign currency rates in Pak Rupee – July 11, 2022

    Foreign currency rates in Pak Rupee – July 11, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on July 11, 2022 (The rates are updated at 01:10 PM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)139.86141.10
     Bahrain Dinar (BHD)548.93553.43
     Canadian Dollar (CAD)158.05159.40
     China Yuan (CNY)30.7230.97
     Danish Krone (DNK)28.4628.81
     Euro (EUR)213.55217.55
     Hong Kong Dollar (HKD)26.0826.43
     Indian Rupee (INR)2.592.67
     Japanese Yen (JPY)1.471.51
     Kuwaiti Dinar (KWD)671.70676.70
     Malaysian Ringgit (MYR)46.3746.82
     NewZealand $ (NZD)126.79127.99
     Norwegians Krone (NOK)20.7621.06
     Omani Riyal (OMR)536.79541.29
     Qatari Riyal (QAR)56.2256.72
     Saudi Riyal (SAR)54.5055.30
     Singapore Dollar (SGD)146.86148.16
     Swedish Korona (SEK)19.7720.07
     Swiss Franc (CHF)213.04214.79
     Thai Bhat (THB)5.946.04
     U.A.E Dirham (AED)55.7056.50
     UK Pound Sterling (GBP)248.10251.10
     US Dollar (USD)206.10209.60

    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.

    READ MORE: Foreign currency rates in Pak Rupee – July 10, 2022