The Federal Board of Revenue (FBR) has taken a significant stride towards enhancing efficiency and convenience for taxpayers by introducing electronic processing and issuance of income tax refunds under Section 170A of the Income Tax Ordinance, 2001.
(more…)Author: Hamza Shahnawaz
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Tax recovery from withholding agents
Section 162 of Income Tax Ordinance, 2001 has empowered the commissioner Inland Revenue to recover tax from withholding agents, who failed to deduct or collect tax.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following is the text of Section 162 of Income Tax Ordinance, 2001:
162. Recovery of tax from the person from whom tax was not collected or deducted.— (1) Where a person fails to collect tax as required under Division II of this Part or Chapter XII or deduct tax from a payment as required under Division III of this Part or Chapter XII, the Commissioner may pass an order to that effect and recover the amount not collected or deducted from the person from whom the tax should have been collected or to whom the payment was made.
(2) The recovery of tax under sub-section (1) does not absolve the person who failed to deduct tax as required under Division III of this Part or Chapter XII from any other legal action in relation to the failure, or from a charge of default surcharge or the disallowance of a deduction for the expense to which the failure relates, as provided for under this Ordinance.
(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.)
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Foreign exchange rates on September 11, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 11, 2021:
Currency Buying Selling Australian Dollar 122.7 124.7 Bahrain Dinar 386.8 388.8 Canadian Dollar 134 136 China Yuan 23.65 23.8 Danish Krone 23.35 23.65 Euro 197.5 199.5 Hong Kong Dollar 16.55 16.8 Indian Rupee 2.03 2.1 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.85 484.4 Malaysian Ringgit 36.65 37 NewZealand $ 96.35 97.05 Norwegians Krone 17.5 17.75 Omani Riyal 392.7 394.7 Qatari Riyal 39.6 40.2 Saudi Riyal 44.8 45.3 Singapore Dollar 122.7 124.7 Swedish Korona 18 18.25 Swiss Franc 159.5 160.4 Thai Bhat 4.8 4.9 U.A.E Dirham 46.3 46.8 UK Pound Sterling 230.5 232.5 US Dollar 168 169 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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Workers send $2.66 billion remittances in August
KARACHI: Workers’ remittances continued their strong trend, reaching $2.66 billion in August 2021. This is the sixth consecutive month when inflows recorded around $2.7 billion on average, and the fifteen consecutive month they have been above $2 billion, the State Bank of Pakistan (SBP) said on Friday.
In terms of growth, remittances increased by 26.8 percent (y/y) in August, which is a decade high growth rate for that month. On a m/m basis, inflows were marginally lower than in July, reflecting the usual post-Eid slowdown.
Nevertheless, this seasonal decline was far less this year compared to historical trends. Cumulatively, at $5.36 billion, remittances grew by 10.4% during the first two month of this year over the same period last year.
Remittance inflows during August 2021 were mainly sourced from Saudi Arabia ($694 million), United Arab Emirates ($512 million), United Kingdom ($353 million) and the United States ($279 million).
Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.
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Pak Rupee to Saudi Riyal on September 10, 2021
KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on September 10, 2021:
Buying: Rs 44.50 to the Saudi Riyal
Selling: Rs 45.00 to the Saudi Riyal
We update rates hourly so we can offer you the best SAR to PKR.
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.
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Pak Rupee to UAE Dirham on September 10, 2021
KARACHI, September 10, 2021 – The exchange rates between the UAE Dirham (AED) and the Pakistani Rupee (PKR) remained steady in the open market on September 10, 2021, with the buying rate at Rs 46.00 and the selling rate at Rs 46.50.
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Pak Rupee to Euro on September 10, 2021
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on September 10, 2021:
Buying: Rs 197 to the Euro
Selling: Rs 199 to the Euro
We update rates hourly so we can offer you the best EUR to PKR.
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.
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Pak Rupee to UK Pound on September 10, 2021
KARACHI, September 10, 2021 – The exchange rates between the UK Pound Sterling (GBP) and the Pakistani Rupee (PKR) stood firm in the open market September 10, 2021, with the buying rate at Rs 230.50 and the selling rate at Rs 232.50.
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Pak Rupee to US Dollar on September 10, 2021
KARACHI – The open market exchange rates for the United States Dollar (USD) against the Pakistani Rupee (PKR) were reported on September 10, 2021.
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Foreign exchange rates on September 10, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on September 10, 2021:
01. US Dollar to PKR >>1 USD= Rs 169
02. UK Pound Sterling to PKR >> 1 GBP= Rs 232.50
03. Euro to PKR >> 1 EUR= Rs 199
04. UAE Dirham to PKR >> 1 AED= Rs 46.50
05. Saudi Riyal to PKR >> 1 SAR= Rs 45
06. Australian Dollar to PKR >> 1 AUD= Rs 124.20
07. Bahrain Dinar to PKR >> 1 BHD= Rs 388.80
08. Canadian Dollar to PKR >> 1 CAD= Rs 135
09. Chinese Yuan to PKR >> 1 CNY= Rs 23.80
10. Danish Krone to PKR >> 1 DKK= Rs 23.65
11. Hong Kong Dollar to PKR >> 1 HKD= Rs 16.80
12. Indian Rupee to PKR >> 1 INR= Rs 2.10
13. Japanese Yen to PKR >> 1 JPY= Rs 1.44
14. Kuwaiti Dinar to PKR >> 1 KWD= Rs 484.40
15. Malaysian Ringgit to PKR >> 1 MYR= Rs 37
16. New Zealand Dollar to PKR >> 1 NZD= Rs 97.05
17. Norwegians Krone to PKR >> 1 NOK= Rs 17.75
18. Omani Riyal to PKR >> 1 OMR= Rs 394.70
19. Qatari Riyal to PKR >> 1 QAR= Rs 40.20
20. Singapore Dollar to PKR >> 1 SGD= Rs 124.20
21. Swedish Korona to PKR >> 1 SEK= Rs 18.25
22. Swiss Franc to PKR >> 1 CHF= Rs 160.40
23. Thai Bhat to PKR >> 1 THB= Rs 4.90
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.