Author: Hamza Shahnawaz

  • Pak Rupee to US Dollar on August 24, 2021

    Pak Rupee to US Dollar on August 24, 2021

    The exchange rates for the US Dollar (USD) against the Pakistani Rupee (PKR) remain stable, with the buying rate at Rs 163.95 and the selling rate at Rs 164.95 in the open market as of August 24, 2021.

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  • Foreign exchange rates on August 24, 2021

    Foreign exchange rates on August 24, 2021

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 24, 2021:

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  • Tax rates on brokerage, commission for 2021-2022

    Tax rates on brokerage, commission for 2021-2022

    The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on brokerage and commission during fiscal year 2021-2022.

    The tax authorities collect withholding tax on brokerage and commission under Section 233 of the Income Tax Ordinance, 2001. The withholding tax rates have been updated after incorporating amendments brought through Finance Act, 2021.

    The withholding tax shall collect by federal government, provincial government, local authority, company, Association of Persons (AOPs) or individual having turnover of Rs100 million or more constituted by or under any law or principal.

    The tax shall be collected from recipient of brokerage or commission or agent at the time brokerage or commission is actually paid.

    The tax deducted/collected shall be minimum tax liability.

    WITHHOLDING TAX CARD 2021/2022

    Following is the withholding tax rates:

    Where any payment on account of brokerage or commission is made by the Federal Government, a Provincial Government, a Local Government, 22a company or an association of person or individual having turnover of hundred million rupees or more

    In case of:

    (i) Advertising agents: the tax rate shall be 10 per cent and in case the person is not appearing on the Active Taxpayers List (ATL) issued by the FBR the tax rate shall be 20 per cent.

    (ii) Life insurance agents where commission received is less than Rs0.5 million per annum: the tax rate shall be 8 per cent and in case the person is not appearing on the ATL the tax rate shall be 16 per cent.

    (iii) Persons not covered in 1 & 2: the tax rate shall be 12 per cent and in case persons are not appearing on the ATL the tax rate shall be 24 per cent.

  • Facebook combats child abuse material in Pakistan

    Facebook combats child abuse material in Pakistan

    Facebook in collaboration with Zindagi Trust launched a campaign in Pakistan to educate the public about the harm caused by sharing child abuse material online, and the importance of reporting it through proper channels. 

    This campaign follows research conducted by Facebook, the National Center for Missing and Exploited Children (NCMEC) and Professor Ethel Quayle, a world leading clinical psychologist who specializes in sex offenders, to understand why people share child exploitation content.  

    Researchers conducted an investigation of 150 individuals who shared child exploitative content on Facebook in July and August of 2020 and January 2021. Based on a thorough analysis of these individuals’ behaviors on Facebook, child safety experts believe that more than 75 per cent did not exhibit an intent to harm children. Instead, they appeared to share child exploitation content for other reasons, such as outrage or poor humor. 

    Based on this analysis, the company developed the campaign, together with child safety partners such as Zindagi Trust to encourage people to report child sexual abuse material and not share it. The campaign reminds people not to reshare this content because no matter the context it is being shared in – whether it’s outreach, condemnation or even ill humour – any sharing of child exploitation content causes further harm and is illegal.

    Shehzad Roy–Founder of Zindagi Trust said, ‘It is great to see Facebook taking an initiative towards preventing the spread of online child abuse material. We must understand that child protection needs to extend to all spaces, including digital. By advocating for changes in state policy we have helped prohibit corporal punishment, introduce Life Skills Based Education (LSBE) in schools and reform performance evaluations for teachers. Now we will advocate for effective policy recommendations to safeguard children from cybercrime. However, it will be vital for government institutions and social media companies to remain engaged in this dialogue and take action.’ 

    Speaking about the partnership, Sehar Tariq – Public Policy Manager, Pakistan— Facebook said; “Preventing and eradicating online child sexual exploitation and abuse requires a cross-industry approach, and Facebook is committed to doing our part to protect children on and off our apps. We are taking a research-informed approach to develop effective solutions that disrupt the sharing of child exploitation material. We are delighted to partner with Zindagi Trust on the campaign, leveraging their extensive experience in championing reforms for child protection.”

    Program officer at Zindagi Trust, Ali Aftab shared “Child abuse content shared in Pakistan is often accompanied by captions that implore law enforcement agencies to take notice and pursue action. Our campaign will also focus on educating the community on how to report content directly to relevant local authorities.  We will work with NGOs, law enforcement and government agencies to improve the efficacy of existing mechanisms so that help and support can be provided to children and their families in a timely manner.”

    The campaign will be built upon videos, both instructional and informational, along with policy dialogues with key stakeholders. These dialogues aim to identify policy recommendations that can be given to the concerned government bodies as well as Facebook. However, everyone in the community has to play their part to make this effort achieve significant results.

  • Rice exports to cross one million tons: Pakistan envoy

    Rice exports to cross one million tons: Pakistan envoy

    BEIJING: Pakistan has a huge potential to enhance rice export to several countries especially China and Pakistani rice export is likely to cross one million tons within two years with increased demand from the Chinese market, said Badar uz Zaman, Commercial Counselor of Pakistan Embassy in China.

    “Last year our rice exports to China was 475,000 tons and in quantity wise we are the third largest country while in amount or money wise we are fourth largest rice exporter to China,” he added.

    Last year, Vietnam, Myanmar, and Thailand were the top three rice exporters to China, with export of 787,538 tons, 911,231 tons, and 324,642 tons respectively.

    China had appeared as one of the top destinations for Pakistani rice with 59 per cent increase of broken rice in last year while semi/wholly milled rice and IRRI-6 and IRRI-9 are the main top two rice varieties imported by China amounted to around $259 million last year.

    Badar uz Zaman said the number of registered rice exporters has increased to 53 and within the last two years as 18 new Pakistani rice companies were registered by the General Administration of Customs, China, which shows the huge demand for Pakistani rice in the Chinese market. These companies fully meet the Chinese standard.

    He said that IRRI-6 and IRRI-9 types of rice have special Chinese consumer taste, while all commercial sections in China are trying B2B marketing to promote all kinds of Pakistani rice types, and also the products of quality are in demand here.

    According to a report released by China-Pakistan Agricultural and Industrial Information Platform (CPAIC), Pakistan has already become one of the top rice producers and exporters in the world.

    The rice grown in Pakistan is mainly divided into Basmati rice and non-Basmati rice. Basmati rice, with slender and elongated grains, aromatic taste, and soft and fluffy texture when cooked, is one of the most favored high-end rice varieties in the international market.

    Pakistan is the most important growing area of Basmati rice besides India and Bangladesh.

    Hybrid rice breeding assisted by China is elevating Pakistani rice yield to a new height.

    Honglian hybrid rice developed by Wuhan University and harvested in eight demonstrative plots in Pakistan has demonstrated ability to raise production by two times.

    A rice variety bred by China’s Yuan Longping High-tech Agriculture Co., Ltd. in collaboration with Guard Agriculture Research and Services are anticipated to double the rice production in Pakistan from 2 tons per acre to 4 tons per acre.

    Last year, a total of 500 tonnes of hybrid rice seeds from a seed company in east China’s Jiangsu Province landed in Pakistan to help ensure the country’s grain yield.

    It may be mentioned here that China permitted imports of Pakistani rice in January 1, 2006. In February of the same year, the first batch of rice shipped from Pakistan.

  • Pak Rupee to Saudi Riyal on August 23, 2021

    Pak Rupee to Saudi Riyal on August 23, 2021

    KARACHI: Following are the rates of buying and selling of one Saudi Riyal (SAR) in Pakistani Rupee (PKR) in the open market on August 23, 2021:

    Buying: Rs 43.50 to the Saudi Riyal

    Selling: Rs 44.00 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.

  • Pak Rupee to UAE Dirham on August 23, 2021

    Pak Rupee to UAE Dirham on August 23, 2021

    KARACHI: Following are the rates of buying and selling of one UAE Dirham (AED) in Pakistani Rupee (PKR) in the open market on August 23, 2021:

    Buying: Rs 44.50 to the UAE Dirham

    Selling: Rs 45.00 to the UAE Dirham

    We update rates hourly so we can offer you the best AED to PKR.

    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.

  • Pak Rupee to Euro on August 23, 2021

    Pak Rupee to Euro on August 23, 2021

    KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on August 23, 2021:

    Buying: Rs 190.60 to the Euro

    Selling: Rs 192.60 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.

  • Pak Rupee to UK Pound on August 23, 2021

    Pak Rupee to UK Pound on August 23, 2021

    KARACHI: Following are the rates of buying and selling of one UK Pound Sterling (GBP) in Pakistani Rupee (PKR) in the open market on August 23, 2021:

    Buying: Rs 222.55 to the UK Pound Sterling

    Selling: Rs 225.05 to the UK Pound Sterling

    We update rates hourly so we can offer you the best GBP to PKR.

    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.

  • Pak Rupee to US Dollar on August 23, 2021

    Pak Rupee to US Dollar on August 23, 2021

    KARACHI – The buying and selling rates of the US Dollar (USD) against the Pakistani Rupee (PKR) in the open market on August 23, 2021, stood at Rs 163.85 and Rs 164.85, respectively.

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