The Federal Board of Revenue (FBR) in Pakistan has announced the revised rates of withholding tax applicable to the transfer of registration or ownership of motor vehicles for the fiscal year 2021/2022.
(more…)Author: Mrs. Anjum Shahnawaz
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Foreign exchange reserves inch up to $24.668 billion
KARACHI: Pakistan’s liquid foreign exchange reserves recorded a modest uptick, reaching $24.668 billion by the week ending August 13, 2021, according to the latest data released by the State Bank of Pakistan (SBP) on Friday.
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Stocks gain 341 points on investors confidence
KARACHI: The stock market gained 341 points on Friday as investors gained confidence due to stability in Afghanistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,600 points as against last trading on August 17, 2021 at 47,258 points.
Analysts at Arif Habib Limited said that the market added another 341 points during the session today, after gaining traction earlier in the week.
Relatively stability in Afghanistan helped investors gain confidence, especially the decision to drop custom duties on different items that will particularly improve dispatches for Cement sector.
Today’s session was a reflection of that, with cement, Banks, steel, refinery, fertilizer and O&GMCs sectors contributing positively to the index.
On the flip side, E&P sector regressed due to significant drop in international crude oil prices witnessed in the past couple of days when PSX was off. Among scrips, GGL topped the volumes with 21.6 million shares, followed by BYCO (18.8 million) and TPL (10.4 million).
Sectors contributing to the performance include Cement (+182 points), Banks (+73 points), O&GMCs (+39 points), Engineering (+27 points) and Fertilizer (+15 points).
Volumes increased from 246 million shares to 299.1 million shares (+22 per cent DoD). Average traded value also increased by 14 per cent to reach US$ 80 million as against US$ 70 million.
Stocks that contributed significantly to the volumes include GG, BYCO, TPL, SILK and WTL, which formed 23 per cent of total volumes.
Stocks that contributed positively to the index include MEBL (+64 points), DGKC (+39 points), CHCC (+32 points), LUCK (+31 points) and PSO (+31 points). Stocks that contributed negatively include PSEL (-10 points), MARI (-9 points), TRG (-9 points), OGDC (-7 points) and NESTLE (-7 points).
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Taxpayers’ account numbers not linked with banks
The Federal Board of Revenue (FBR) issued a clarification on Wednesday, emphasizing that taxpayer data, including bank account numbers, exists only in an offline mode and is not linked with any banks or financial institutions.
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Withholding tax rates on petroleum products
The Federal Board of Revenue (FBR) has released updated rates for withholding income tax on petroleum products, incorporating amendments introduced through the Finance Act, 2021.
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Calculation of asset cost for income tax purpose
Section 76 of Income Tax Ordinance, 2001 has defined the procedure for calculating income tax against cost incurred on purchase of assets.
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Customs clears first mango consignment under TIR
Pakistan Customs has successfully cleared the first consignment of mangoes bound for Moscow, Russia, under the International Transportation of Goods – TIR Convention.
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Index gains 346 points on better Afghanistan situation
KARACHI: In a significant market recovery, the benchmark KSE-100 index surged by 346 points on Tuesday, settling at 47,258, buoyed by easing tensions in neighboring Afghanistan.
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ECC approves continuation of subsidy to export sector
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Monday approved continuation of subsidy on supply of gas and electricity to export sector.
Finance Minister Shaukat Tarin presided over the ECC meeting. The ministry of commerce gave a detailed presentation for continuation of reduced rates of electricity and RLNG to export oriented sectors.
Secretary commerce briefed the Committee that extension of concessional rates of electricity and RLNG is important for sustained increase in exports by providing energy at regionally competitive rates.
After due deliberations, the committee approved the continuation of electricity and gas subsidy for export-oriented sectors to support the momentum of growth in exports during the FY 2021-2022.
The finance minister emphasized the need to incentivize export-oriented sectors in order to take our exports to the next level. He also stressed the need to rationalize usage of energy inputs. For this purpose, the ECC constituted a sub-committee comprising Minister for Energy, Minister for Industries & Production, Advisor on Commerce, Deputy Chairman Planning Commission, Additional Secretary (CF) Finance Division and other relevant officials for presenting a plan to resolve the issue of continued use of gas by some units for power generation and non-cooperation in audit of such use.
The sub-committee was directed to present its recommendations before ECC within 30 days for further deliberation.
The ECC considered and approved a summary presented by the Power Division for extension of incremental consumption package for K-Electric industrial consumers of X-WAPDA DISCOs & K-Electric and application of incremental consumption package for BI(Non ToU) consumers of X-WAPDA DISCOs and K-Electric at the rate of Rs.12.96/kwh from 1st July 2021 to 31st December 2021.
The cabinet committee approved another summary by the Petroleum Division regarding NOC for issuance of the Parent Company Guarantees/Corporate Guarantees by each of the consortium companies, on a joint and several basis, in favour of ADNOC and SCFEA to pursue international exploration and production opportunity in Abu-Dhabi, United Arab Emirates.
Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Federal Minister for Energy Muhammad Hammad Azhar, Federal Minister for Economic Affairs Division Omar Ayub Khan, Adviser to the PM on Commerce Abdul Razak Dawood, Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, SAPM on Finance and Revenue Dr. Waqar Masood, SAPM on Power & Petroleum Tabish Gauhar, Federal Secretary Finance, Secretary M/o Industries and Production, Secretary M/o NFS&R, Secretary Power, Secretary Petroleum, Chairman FBR and other senior officers participated in the meeting, Governor SBP Dr. Reza Baqir also participated through video link.
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SRB extends last date for sales tax payment, return filing
The Sindh Revenue Board (SRB) has announced an extension in the last date for payment and filing of sales tax return for the tax period of July 2021.
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