Pkrevenue.com

Author: Hamza Shahnawaz

  • KSE-100 index gains 230 points on positive sentiments

    KSE-100 index gains 230 points on positive sentiments

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 230 points on Wednesday as positive sentiments prevailed during the day.

    The index closed at 46,630 points as against previous day’s closing of 46,400 points.

    Analysts at Arif Habib Limited said that the index stayed in the green zone throughout the day as the market celebrated the statement from Advisor to Prime Minister on Finance that no proposal for the PM to seek help of International Monetary Fund (IMF) chief was under consideration, which eventually gave confidence to investors.

    Market opened on a positive note as traders took bet on cement, steel and technology stocks.

    Accumulation was witnessed in the banking sector as investors eyeing towards rate hike in the upcoming monetary policy.

    On the institutional front, buying activity was observed in the cement sector as inflows appeared through mutual funds.

    Sectors contributing to the performance include Fertilizer (+80 points), E&P (+70 points), Technology (+21 points), Pharma (+21 points) and Power (+20 points).

    Volumes decreased from 434.7 million shares to 320.3 million shares (-26.3 per cent DoD). Traded value also decreased by 25.3 per cent to reach US$ 61.6 million as against US$ 82.5 million.

    Stocks that contributed significantly to the volumes include FNEL, SERF, GGL, TELE and TPLP.

    Stocks plunge by 715 points on PKR weakening
  • FBR’s power to issue sales tax ATL

    FBR’s power to issue sales tax ATL

    Section 21A of the Sales Tax Act, 1990 grants the Federal Board of Revenue (FBR) the authority to compile and maintain an Active Taxpayers List (ATL).

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  • FPCCI, IBA to collaborate for budget proposals, research

    FPCCI, IBA to collaborate for budget proposals, research

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Institute of Business Administration (IBA) have agreed to collaborate in policy research and formulating proposals for federal and provincial budgets.

    The two institutions have agreed to collaborate in the spheres of Data-based Policy Research; Data Sharing; formulating Proposals for Monetary Policy and Federal & Provincial Budgets; Policy Advocacy; conducting Economic Surveys, etc., according to a press release on Tuesday.

    Mohammad Younus Dagha, Chairman of FPCCI’s Policy Advisory Board & Dr. Akbar Zaidi, Executive Director of IBA Karachi, signed a Memorandum of Understanding at a ceremony attended by the press representatives at the FPCCI Headquarters, Federation House, Karachi.

    Mian Nasser Hyatt Maggo, President FPCCI, said that a strong proponent of industry-academia linkages & cooperation, he has always pursued the promotion of knowledge-based economy and the MoU is a manifestation of his vision for FPCCI.

    Mian Nasser Hyatt Maggo maintained that, to him, FPCCI & IBA are natural allies as FPCCI is the apex representative business & trade body of Pakistan and IBA is one of the most prestigious business schools of Pakistan.

    Mohammad Younus Dagha said that Policy Advocacy, the primary function of FPCCI, should be data-driven & evidence-based. Policy advocacy should be the primary function of FPCCI; but, it has to be grounded in hard facts to be valid, pragmatic and result-oriented.

    Dagha added that an effective policy advice has to reconcile the inspirations of entrepreneurs & expectations of the society at large. He said that the Policy Advisory Board has therefore started its journey by joining hands with the academia & economic think tanks; as well as NGOs working in social sectors.

    Amjad Rafi, a Senior Member of FPCCI & a Member of the Board of Governors of IBA, emphasized that business & industry should start looking towards academia & researchers for solutions to their real-world management & operational issues for indigenous, sustainable and research-based ideas; in order to contribute to socioeconomic growth & employment generation.

    Dr. Akbar Zaidi said that FPCCI & IBA are old allies and, historically, IBA has always had a member from FPCCI on its board. He expressed his satisfaction that the MoU is a step forward. He added that IBA is a university now; but, its business school continues to be the most important part of it.

    FPCCI disagrees with high markup on SME financing
  • Rupee falls 84 paisas to dollar in early trade

    Rupee falls 84 paisas to dollar in early trade

    KARACHI: The Pak Rupee (PKR) continued to slide against the dollar in early trade on Tuesday and lost 84 paisa to the foreign currency so far.

    The dollar is being traded at Rs171.35 in the interbank foreign exchange market. The last day closing of the rupee was Rs170.51 to the dollar in the interbank foreign exchange market.

    Currency experts said that the market witnessed higher dollar demand for import payments.

    The local currency recorded the all-time low of Rs175.27 against the dollar on October 26, 2021. However, following the announcement of the Saudi government to support a financial assistance package to Pakistan the rupee had made a sharp gain.

    The experts said that the large imports are major concerns for rupee stability in the coming days. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

    Rupee ends down by 50 paisas to dollar
  • Today’s foreign currency rates in PKR – Nov 09, 2021

    Today’s foreign currency rates in PKR – Nov 09, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 09, 2021 (The rates are updated at 10:50 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.00126.50
     Bahrain Dinar (BHD)386.75388.50
     Canadian Dollar (CAD)136.50138.00
     China Yuan (CNY)23.7523.90
     Danish Krone (DNK)23.4523.75
     Euro (EUR)197.50199.50
     Hong Kong Dollar (HKD)16.7016.95
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.70484.20
     Malaysian Ringgit (MYR)36.4536.80
     NewZealand $ (NZD)96.4597.15
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.70394.70
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)45.5046.00
     Singapore Dollar (SGD)125.00126.70
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)47.3047.80
     UK Pound Sterling (GBP)231.00233.00
     US Dollar (USD)171.20172.70

    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.

    Today’s foreign currency rates in PKR – Nov 08, 2021
  • Consumer confidence declines sharply on high inflation

    Consumer confidence declines sharply on high inflation

    KARACHI: The Consumer Confidence Index (CCI) has declined sharply to 70.8 points in the third quarter of 2021, compared to 88.0 points in the second quarter of 2021, translating into 19.6 per cent decrease.

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  • Rupee ends down by 50 paisas to dollar

    Rupee ends down by 50 paisas to dollar

    KARACHI: The Pak Rupee (PKR) fell by 50 paisas against the dollar on Monday owing to higher demand for import payments during the day.

    The rupee ended Rs170.51 to the dollar from last Friday’s closing of Rs170.01 in the interbank foreign exchange market. Earlier, in the day the rupee had recovered some value but later the demand deteriorated the rupee value.

    Currency experts said that the market witnessed higher dollar demand due to the first day of the week.

    The local currency recorded the all-time low of Rs175.27 against the dollar on October 26, 2021. However, following the announcement of the Saudi government to support a financial assistance package to Pakistan the rupee had made a sharp gain.

    The experts said that the large imports are major concerns for rupee stability in the coming days. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

    Rupee gains 11 paisas against dollar in early trade
  • Rupee gains 11 paisas against dollar in early trade

    Rupee gains 11 paisas against dollar in early trade

    KARACHI: The Pak Rupee (PKR) gained 11 paisas against the dollar in early day trading on Monday. The dollar is being trade at 169.90 in the interbank foreign exchange market. The foreign currency was at Rs170.01 at the closing on last Friday.

    The local unit recorded a significant gain agains the dollar during past few days after falling to record low of Rs175.27 on October 26, 2021.

    The recovery in the local currency was due to the announcement of the Saudi government to support Pakistan in balance of payment.

    Saudi Arabia on October 26, 2021 announced an additional support of $3 billion to Pakistan for building its foreign exchange reserves. The additional financial support is besides a $1.2 billion dollars deferred oil facility to Pakistan to help its balance of payment issues, an official statement said.

    Currency experts said that increase in exports also helped the rupee to make gain against the dollar.

    The exports of the country surged by 25 per cent to $9.44 billion during July – October 2021 as compared with $7.57 billion in the corresponding period of the last year, according to data released by Pakistan Bureau of Statistics (PBS).

    Rupee ends flat at Rs170.01 to dollar in interbank
  • Today’s foreign currency rates in PKR – Nov 08, 2021

    Today’s foreign currency rates in PKR – Nov 08, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on November 08, 2021 (The rates are updated at 09:50 AM Pakistan Standard Time):

    (more…)
  • De-registration under Sales Tax Act

    De-registration under Sales Tax Act

    Section 21 of Sales Tax Act, 1990 has explained de-registration, blacklisting and suspension of registration.

    The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

    Following is the text of section 21 of Sales Tax Act, 1990:

    21. De-registration, blacklisting and suspension of registration.– (1) The Board or any officer, authorized in this behalf, may subject to the rules, de-register a registered person or such class of registered persons not required to be registered under this Act.

    (2) Notwithstanding anything contained in this Act, in cases where the Commissioner is satisfied that a registered person is found to have issued fake invoices or has otherwise committed tax fraud, he may blacklist such person or suspend his registration in accordance with such procedure as the Board may by notification in the official Gazette, prescribe.

    (3) During the period of suspension of registration, the invoices issued by such person shall not be entertained for the purposes of sales Tax refund or input tax credit, and once such person is black listed, the refund or input tax credit claimed against the invoices issued by him, whether prior or after such black listing, shall be rejected through a self-speaking appealable order and after affording an opportunity of being heard to such person.

    (4) Notwithstanding anything contained in this Act, where the Board, the concerned Commissioner or any officer authorized by the Board in this behalf has reasons to believe that a registered person is engaged in issuing fake or flying invoices, claiming fraudulent input tax or refunds, does not physically exist or conduct actual business, or is committing any other fraudulent activity, the Board, concerned Commissioner or such Officer may after recording reasons in writing, block the refunds or input tax adjustments of such person and direct the concerned Commissioner having jurisdiction for further investigation and appropriate legal action.

    (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.)

    Sales tax registration for making supplies