Pkrevenue.com

Author: Hamza Shahnawaz

  • Yarn merchants for reducing utility prices to save industry

    Yarn merchants for reducing utility prices to save industry

    KARACHI: Pakistan Yarn Merchants Association (PYMA) has asked the government to substantially reduce utility prices in order to save industry, especially small and medium enterprises (SMEs).

    In a statement on Friday, Saqib Naseem, Chairman, PYMA, Muhammad Junaid Teli, Vice Chairman, Sind and Balochistan region, have termed the sharp rise in prices of petroleum products by Rs30, excessive power tariff and severe energy crisis as catastrophic for business and industry, and demanded from the government to save industries, especially SMEs, from catastrophe by significantly reduce petroleum prices.

    READ MORE: PYMA rejects customs valuation for filament yarn

    They also requested to reduce utility charges so that trade and industrial activities can be continued without any delay.

    READ MORE: PYMA seeks duty, taxes cut on yarn in budget 2022/2023

    In a statement, PYMA office-bearers said that the business community is worried as the SBP has already raised interest rates by 150 basis points (1.5 per cent) to 13.75 per cent, and along with the energy crisis, a sharp rise in petroleum product prices will now break the back of the business community. Therefore, any move that is detrimental to business and industry should be avoided.

    READ MORE: CGT exemption on private company shares suggested

    Saqib Naseem, Junaid Teli demanded the government to withdraw the recent increase of Rs 30 in petroleum products to facilitate trade and boost trade activities, and take steps to overcome the energy crisis by reducing electricity and gas prices so that business and manufacturing activities can continue unabated.

    READ MORE: KTBA proposes up to 20% capital gain tax on real estate

  • Pakistan stocks plunge by 923 points on fiscal weakness

    Pakistan stocks plunge by 923 points on fiscal weakness

    KARACHI: Pakistan stocks plunged by 923 points on Friday owing to weakening fiscal condition and concerns of further monetary tightening.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,315 points from previous day’s closing of 42,238 points, showing a decline of 923 points.

    READ MORE: Stocks shed 518 points on monetary tightening concerns

    Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed yet another bloodbath session today due to monetary tightening and inflationary concerns.

    The market opened in the negative zone and remained under pressure throughout the day as investors opted for profit selling over uncertain economic scenarios.

    READ MORE: Pakistan stocks shed 322 points on budgetary concerns

    The volumes remained dull across the board on the contrary hefty volumes were observed in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (-176.8 points), Cement (-131.7 points), Fertilizer (-96.4 points), Technology (-79.5 points) and E&P’s (-71.1 points).

    READ MORE: Stocks remain range bound on high inflation concerns

    Volumes increased from 157.0 million shares to 225.4 million shares (+43.6 per cent DoD). Average traded value also increased by 13.3 per cent to reach $30.3 million as against $26.7 million.

    Stocks that contributed significantly to the volumes are KEL, PRL, CNERGY, PAEL and PIBTL.

    READ MORE: Pakistan stocks gains 179 points on rupee appreciation

  • FBR urged to eliminate minimum tax for listed companies

    FBR urged to eliminate minimum tax for listed companies

    KARACHI: The Federal Board of Revenue (FBR) has been urged to eliminate minimum tax regime for listed companies in order to encourage documentation of economy.

    The PSX in its proposals for budget 2022/2023, submitted to the FBR stated that through the concept of minimum tax is prevalent in a few other countries, however, in other countries, as a principle, it is levied only in cases where high-income taxpayers don’t pay any tax due to different tax exemptions available to them.

    READ MORE: PSX proposes rationalizing tax rates for listed companies

    It suggested that minimum tax regime should be eliminated from listed companies as such companies are strongly compliant towards specific documentation requirements of various statues.

    The application of minimum tax on listed companies has resulted in discouraging documentation of the economy. Listed companies have significant documentation and regulatory requirements and need to engage external auditors to audit their business affairs.

    READ MORE: PSX suggests grandfather tax provisions for listed companies

    The stringent regulations keep the listed companies strongly complaint towards filing of income tax / sales tax returns, paying quarterly advance taxes, adjustment of withholding taxes on sales and purchases and consequently filing withholding statements, statements on final taxation and fulfilling various other requirements which resultantly align their books of accounts with the statutory requirements and provide a comfort zone to the authorities and stakeholders over the reported numbers.

    READ MORE: PSX proposes launch of saving, investment accounts

    However, the levy of minimum tax puts downward impact on the earnings of listed company despite having current and brought forward losses.

    Appropriate amendment to be made in the Income Tax Ordinance, 2001.

    READ MORE: Income tax audit should be once in three years

  • Foreign currency rates in Pak Rupee – June 03, 2022

    Foreign currency rates in Pak Rupee – June 03, 2022

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on June 03, 2022 (The rates are updated at 12:30 PM (Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)140.40141.65
     Bahrain Dinar (BHD)527.34531.84
     Canadian Dollar (CAD)156.84158.19
     China Yuan (CNY)25.0025.25
     Danish Krone (DNK)28.6028.95
     Euro (EUR)207.50209.50
     Hong Kong Dollar (HKD)25.2725.62
     Indian Rupee (INR)2.552.63
     Japanese Yen (JPY)1.441.48
     Kuwaiti Dinar (KWD)647.67652.67
     Malaysian Ringgit (MYR)45.2845.73
     NewZealand $ (NZD)129.24130.44
     Norwegians Krone (NOK)21.1821.48
     Omani Riyal (OMR)515.68520.18
     Qatari Riyal (QAR)54.4754.97
     Saudi Riyal (SAR)51.9052.50
     Singapore Dollar (SGD)144.77146.07
     Swedish Korona (SEK)20.3120.61
     Swiss Franc (CHF)207.17208.92
     Thai Bhat (THB)5.785.88
     U.A.E Dirham (AED)53.2053.80
     UK Pound Sterling (GBP)243.50245.50
     US Dollar (USD)196.40198.50

    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.

    READ MORE: Foreign currency rates in Pak Rupee – June 02, 2022

  • Pakistani Rupee to US Dollar on June 03, 2022

    Pakistani Rupee to US Dollar on June 03, 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 03, 2022:

    Buying: Rs 196.40 to the US Dollar

    Selling: Rs 198.50 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 12:18 PM 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 June 02, 2022

  • Pakistani Rupee to UAE Dirham on June 03, 2022

    Pakistani Rupee to UAE Dirham on June 03, 2022

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on June 03, 2022:

    Buying: Rs 53.20 to the UAE Dirham

    Selling: Rs 53.80 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 12:12 PM 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 June 02, 2022

  • Pakistani Rupee to UK Pound Sterling on June 03, 2022

    Pakistani Rupee to UK Pound Sterling on June 03, 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 June 03, 2022:

    Buying: Rs 243.50 to the UK Pound Sterling

    Selling: Rs 245.50 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 12:08 PM 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 June 02, 2022

  • Pakistani Rupee to Euro on June 03, 2022

    Pakistani Rupee to Euro on June 03, 2022

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on June 03, 2022:

    Buying: Rs 207.50 to the Euro

    Selling: Rs 209.50 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 12:02 PM 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 June 02, 2022

  • Pakistani Rupee to Saudi Riyal on June 03, 2022

    Pakistani Rupee to Saudi Riyal on June 03, 2022

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on June 03, 2022:

    Buying: Rs 51.90 to the Saudi Riyal

    Selling: Rs 52.50 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 11:21 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 June 02, 2022

  • New petroleum prices in Pakistan from June 03, 2022

    New petroleum prices in Pakistan from June 03, 2022

    KARACHI: The government has announced further increase in prices of petroleum products by Rs30 per liter each from 12:00 AM of June 03, 2022.

    Finance Minister Miftah Ismail in a press conference on Thursday announced a significant increase in petroleum prices by Rs30 per liter each.

    READ MORE: Petroleum prices in Pakistan from June 01, 2022

    It is second consecutive increase in a week as the country increased the prices Rs60 per liter on all petroleum products during past seven days.

    READ MORE: Pakistan increases petroleum prices by Rs30 per liter

    The prices of petroleum products from June 03, 2022 shall be: Petrol at Rs209.86 per; High Speed Diesel at Rs204.15 per liter; kerosene oil at Rs181.94 per liter; and light diesel oil at Rs178.31 per liter.

    Finance Minister Miftah Ismail at a press conference announced to increase the prices of petroleum products admitting that there was no way out without removal of subsidy on petroleum products.

    READ MORE: Govt. decides to continue subsidy on petroleum prices

    However, the finance ministry in a statement issued on May 31, 2022 stated that the government had decided to keep the prices of petroleum products unchanged with an aim to provide relief to the consumers, despite revenue losses due to rising petroleum prices globally.

     “With a view to provide maximum relief to the consumers, the Prime Minister of Pakistan has directed that the current prices of petroleum products as notified on 27th May, 2022 shall remain unchanged, despite revenue losses due to rising petroleum prices globally,” Finance ministry said in a statement issued here.

    READ MORE: Pakistan cuts petroleum prices amid Russia-Ukraine War