Section 194 of the Income Tax Ordinance, 2001, updated up to June 30, 2021, now explicitly prescribes prosecution for the improper use of the National Tax Number (NTN) Certificate.
(more…)Author: Hamza Shahnawaz
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Three years imprisonment for undeclared offshore asset
Section 192B of Income Tax Ordinance, 2001, updated up to June 30, 2021, now prescribes severe penalties, including imprisonment for up to three years, for individuals who fail to declare offshore assets or provide inaccurate particulars.
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Exchange rates in PKR vs foreign currencies on Sept 22
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 22, 2021 (The rates are updated at 09:14AM):
Currency Buying Selling Australian Dollar 121 123 Bahrain Dinar 386.6 388.36 Canadian Dollar 133.5 135.5 China Yuan 23.7 23.85 Danish Krone 23.4 23.7 Euro 198 200 Hong Kong Dollar 16.6 16.85 Indian Rupee 2.03 2.1 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.5 484 Malaysian Ringgit 36.4 36.75 NewZealand $ 96.25 96.95 Norwegians Krone 17.45 17.7 Omani Riyal 392.5 394.5 Qatari Riyal 39.7 40.3 Saudi Riyal 45 45.5 Singapore Dollar 121 123 Swedish Korona 18.1 18.35 Swiss Franc 159.6 160.5 Thai Bhat 4.8 4.9 U.A.E Dirham 46.5 47 UK Pound Sterling 232 235 US Dollar 169.5 170.4 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.
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International payment gateway setup discussed
ISLAMABAD: Finance Minister Shaukat Tarin on Tuesday presided over a meeting on the establishment of Pakistan International e-payment gateway (IPG).
The IPG will pave the way for financial inclusion and payment digitization which is a sub-component of the 09-pillars of the E-Commerce policy.
Federal Minister for IT & Telecommunication Syed Amin-ul-Haque, Adviser on Commerce Abdul Razak Dawood, CEO NITB Syed Hussain Abbas Kazmi, Secretary Commerce, senior policy analyst and other senior officers participated in the meeting.
Dr. Reza Baqir, Governor State Bank of Pakistan (SBP) joined the meeting through a video link.
A consultative session was held with all relevant stakeholders to identify gaps between payment solutions available domestically and its integration with international payment gateway solution providers to promote e-commerce.
The Adviser on Commerce briefed the participants about the current digital financial landscape in the country.
SBP governor outlined steps being taken for the financial inclusion of domestic banks.
Federal Minister for IT and Telecom assured full facilitation in the provision of enabling environment to the service providers as needed under IPG.
In his remarks, the Finance Minister directed the authorities to follow best international practices and devise a way forward for implementing an international payment gateway ensuring transparency and due consultation with key stakeholders both in public and private sectors.
The Finance Minister constituted a 04-member Committee headed by the Secretary of Commerce and comprising representatives of the Ministry of Commerce, Finance Division and Federal Board of Revenue (FBR).
The Finance Minister further directed to seek input from the President, Pakistan Banking Association (PBA) and leading market players from the private sector to understand their requirements and present a framework for further deliberation after 04 weeks.
In his concluding remarks, the Finance Minister stated that Government will be the facilitator and regulator in a journey towards implementing IPG. The establishment of an international e-payment gateway will improve consumer confidence in E-Commerce through global connectivity
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Two years jail for income concealment
Income Tax Ordinance, 2001 has specifically outlined two years jail for concealment of income. Section 192A of the Income Tax Ordinance, 2001, as amended through the Finance Act, 2021 and updated until June 30, 2021, outlines serious legal consequences for concealment of income. According to this provision, any individual who deliberately hides their income or provides inaccurate details during tax proceedings can face strict legal action.
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Exchange rates in PKR vs foreign currencies on Sept 21
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 21, 2021 (The rates are updated at 09:00 AM):
Currency Buying Selling Australian Dollar 120.50 122.5 Bahrain Dinar 386.60 388.36 Canadian Dollar 133.50 135.50 China Yuan 23.70 23.85 Danish Krone 23.40 23.70 Euro 197.50 199.50 Hong Kong Dollar 16.60 16.85 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.50 484.00 Malaysian Ringgit 36.40 36.75 NewZealand $ 96.25 96.95 Norwegians Krone 17.45 17.70 Omani Riyal 392.50 394.50 Qatari Riyal 39.70 40.30 Saudi Riyal 44.65 45.30 Singapore Dollar 122.75 124.00 Swedish Korona 18.10 18.35 Swiss Franc 159.60 160.50 Thai Bhat 4.80 4.90 U.A.E Dirham 46.00 46.50 UK Pound Sterling 232.50 235.50 US Dollar 169.00 170.00 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.
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Exchange rates in PKR vs other currencies on Sept 20
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 20, 2021 (The rates are updated at 09:51 AM):
Currency Buying Selling Australian Dollar 121.6 123.6 Bahrain Dinar 386.6 388.36 Canadian Dollar 133.1 135.1 China Yuan 23.7 23.85 Danish Krone 23.4 23.7 Euro 197 199 Hong Kong Dollar 16.6 16.85 Indian Rupee 2.03 2.1 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.9 484.45 Malaysian Ringgit 36.65 37 NewZealand $ 96.4 97.1 Norwegians Krone 17.5 17.75 Omani Riyal 392.75 394.8 Qatari Riyal 39.7 40.3 Saudi Riyal 44.45 45.05 Singapore Dollar 123.1 124.6 Swedish Korona 18.1 18.35 Swiss Franc 159.6 160.5 Thai Bhat 4.8 4.9 U.A.E Dirham 45.45 46.05 UK Pound Sterling 232.6 235.1 US Dollar 167.9 169.4 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.
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Exchange rates in PKR vs other currencies on Sept 19
KARACHI: The foreign exchange market in Pakistan updated the buying and selling rates for major foreign currencies this morning at 9:40 AM. These rates serve as a crucial benchmark for individuals and businesses engaging in trade, travel, and remittances.
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Exchange rates in PKR vs other currencies on Sept 18
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 18, 2021 (The rates are updated at 11:15 AM):
Currency Buying Selling Australian Dollar 121.60 123.50 Bahrain Dinar 386.60 388.36 Canadian Dollar 133.10 135.10 China Yuan 23.70 23.85 Danish Krone 23.40 23.70 Euro 197.00 199.00 Hong Kong Dollar 16.60 16.85 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.90 484.45 Malaysian Ringgit 36.65 37.00 NewZealand $ 96.40 97.10 Norwegians Krone 17.50 17.75 Omani Riyal 392.75 394.80 Qatari Riyal 39.70 40.30 Saudi Riyal 44.45 45.05 Singapore Dollar 123.40 124.50 Swedish Korona 18.10 18.35 Swiss Franc 159.60 160.50 Thai Bhat 4.80 4.90 U.A.E Dirham 45.45 46.05 UK Pound Sterling 232.60 235.10 US Dollar 167.80 169.30 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.
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Work on CPEC projects in full swing: Asad Umar
ISLAMABAD: Asad Umar (Minister for Planning, Development, and Special Initiatives) on Friday said that work on projects under China Pakistan Economic Corridor (CPEC) are continued in full swing.
He dispelled the impression of slowing down the pace of the CPEC projects saying that major work of the CPEC projects was completed during the Pakistan Tehreek-i-Insaaf (PTI) government.
He said in first phase of CPEC, two major sectors- power and infrastructure, were under the main focus.
“Power projects with an installed capacity of 3,340 MW were completed during the previous government while 5,864 MW of power projects were being completed during the current government’s tenure,” he said while addressing a press conference here.Apart from it, he started work on another 1824 MW project that had also been started recently that would be completed after the tenure of the current government.
In the infrastructure and road sector, the minister informed that the PML-N government completed 394 kilometers long motorways and highways under CPEC while the current government had so far completed 413 km of the motorways and highways.
Asad Umar said the PML-N government totally ignored the Western Corridor that was the heart of CPEC.
He said the Gwdar-Hoshab road was completed by the previous government while the Hakla-Dera Ismail Khan motorway was initiated by the PML-N government who completed 42% of the project while the rest was completed by the current government.
Apart from these two projects, the previous government could not reach even the initial approval stage of any of the road projects on the Western alignment, he added.
The minister said the DI Khan-Zhob road (210 km) was approved and a loan application had been submitted while negotiations for the loan were in process.
Similarly, the contractor for the Zhob-Queta project had been mobilized and PC-1 of the Quetta-Khuzdar road was approved while funding for this project had already been allocated in the Public Sector Development Programme (PSDP) 2021-22.
He informed that the current government had completed 67% of the work of the 110 km Khuzda-Basima road while it would also complete the rest work soon.
Likewise, the 146 km Hoshab-Awaran road project had also been approved and the contractor had been mobilized. The Hoshab-Awaran project is an integral part of the CPEC central alignment that connects the port city of Gwadar with Sindh.
“In fact, real work on Western Corridor of CPEC was started during PTI government,” he said adding that it did not wait for the Chinese investment and started work on the projects with its own resources under PSDP.
The minister informed the government was also starting work on the connecting roads to the Western Alignment.
Peshawar-DI Khan Motorway project is one such project which has recently been approved.Similarly, the 460 km Karachi-Quetta-Chaman road has also been approved and one of the portions would be completed by the government itself while the other sections of this project would be constructed under Public-Private Partnership.
Likewise, the government has also accorded approval to other such roads such as Nokundi-Mashkel road, Mashkel-Panjgur road, Awaran-Jhal Jhao road.
The minister said these connecting roads and the Wester Alignment were being built to take maximum benefit of the opportunities to be open up in Afghanistan after peace and stability prevailed in the country.
Asad Umar said after completion of the first phase, we were entering in the second but very important phase of CPEC under which investment would come to a range of sectors including industrialization, agriculture, livestock, science technology, and other social sector development sectors.
He said when the current government took over, not a single Special Economic Zone (SEZ) under CPEC was operational but now two SEZs Allama Iqbal Industrial Zone in Faisalabad and Rashakai in Khyber Pakhtunkhwa were operational while another SEZ named Dhabeji would also be functional soon once the Sindh government has selected the contractor for the SEZ.
Agriculture, he said was an important sector in which the Chinese had vast experience who would help Pakistan in strengthening the sector.
So far eight important initiatives in the agriculture sector have been approved under CPEC under which the Chinese would help Pakistanis to develop the sector.
He said the Chinese would help Pakistani farmers in increasing the per acre yield of the crops. Similarly, he said the Chinese would help in removing foot and mouth disease from the animals as this disease was the major hurdle in way of exporting Halal meat to the world.
