KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 11, 2021:
(more…)Author: Hamza Shahnawaz
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Pakistan detains ship ‘Heng Tong 77’ for unseaworthy
KARACHI: Pakistan on Tuesday detained a cargo ship, which was stuck up at Karachi Seaview beach on July 21, 2021.
The government has taken the decision to detain the ship after an inspection found the vessel in defective condition.
According to a letter issued by a department of Ministry of Maritime Affairs to the captain of the ship namely HENG TONG 77 was declared unseaworthy.
“Reference to the inspection of your vessel HENG TONG 77 on July 22, 2021 by the tea of surveyors and subsequent inspections by the surveyors of this department, your ship has been declared ‘unseaworthy’ under the power conferred by section 391 of the Pakistan Merchant Ordinance, 2001,” according to the letter issued by Mercantile Marine Department, Karachi.
It further said the ship ‘HENG TONG 77’ has been detained under the power conferred by Section 394 of Pakistan Merchant Ordinance, 2001 due to defective condition of the hull, navigational equipment and machinery, which may cause danger to human life on board ship and property.
The authority said the ship would be released after the satisfactory report of the surveyor of the department, “therefore you are advised to stay at mooring/berth in the port or suitable shelter water after refloating and arrange repair/maintenance of the hull and equipment.”
Panama registered M.V. Heng Tong 77 was anchored in Pakistan’s waters off Karachi for a crew change on July 21 when it lost anchors due to rough seas and drifted towards the shore.
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Tax credit for capital investment in specified sectors
Section 65G of Income Tax Ordinance, 2001 has allowed tax credit for capital investment in specified industrial undertakings.
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Law allows certain persons to avail tax credit
Section 65F of Income Tax Ordinance, 2001 has allowed tax credit for certain persons against their incomes.
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Tax credit for establishing industrial undertaking
Tax credit for establishing industrial undertaking has been clarified by the Federal Board of Revenue (FBR) to facilitate the business community.
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Tax incentive for companies on purchase of machinery
Tax incentive for companies on purchase of machinery and expansion has been clarified by the Federal Board of Revenue (FBR).
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Tax credits for various provisions of law
Tax credits for various provisions of law have outlined by the Federal Board of Revenue (FBR) as explained under Section 65 of the Income Tax Ordinance, 2001.
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Foreign exchange rates on August 10, 2021
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on August 10, 2021:
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CTO Karachi seals three retail shops on POS failure
In a determined move to enforce compliance with the newly introduced Point of Sale (POS) integration system, a tax office of the Federal Board of Revenue (FBR) has taken stringent measures by sealing three retail shops in Karachi for failing to install POS machines.
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Point of sale machines allowed tax credit
Section 64D of Income Tax Ordinance, 2001 has allowed tax credit for installing point of sale machine.
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 64D of the Income Tax Ordinance, 2001:
64D. Tax credit for point of sale machine.—(1) Any person who is required to integrate with Board’s computerized system for real time reporting of sale or receipt, shall be entitled to tax credit in respect of the amount invested in purchase of point of sale machine.
(2) The amount of tax credit allowed under sub-section (1) for a tax year in which point of sale machine is installed, integrated and configured with the Board’s computerized system shall be lesser of—
(a) amount actually invested in purchase of point of sale machine; or
(b) rupees one hundred and fifty thousand per machine.
(3) For the purpose of this section, the term point of sale machine means a machine meant for processing and recording the sale transactions for goods or services, either in cash or through credit and debit cards or online payments in an internet enabled environment.
(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.)