KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of UK Pound in Pak Rupee (PKR) on close of trading on Saturday July 10, 2021:
The buying and selling of 1 UK Pound is Rs219 and Rs221.
Author: Mrs. Anjum Shahnawaz
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Open market buying and selling of US Dollar in Pak Rupee closing July 10
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of US Dollar Pak Rupee on close of trading on Saturday July 10, 2021:
The buying and selling of 1 US Dollar is Rs159.40 and Rs159.70.
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Tax rates on salary income Tax Year 2022
KARACHI: Following are tax slabs for the taxable income and rate of tax applicable on salaried persons for the tax year 2022 (July 01, 2021 to June 30, 2022).
1. Where taxable income does not exceed Rs. 600,000: the tax shall be zero per cent
2. Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000: the tax shall be 5 per cent of the amount exceeding Rs. 600,000
3. Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000: the tax shall be Rs. 30,000 plus 10 per cent of the amount exceeding Rs. 1,200,000
4. Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000: the tax shall be Rs. 90,000 plus 15 per cent of the amount exceeding Rs. 1,800,000
5. Where taxable income exceeds Rs.2,500,000 but does not exceed Rs. 3,500,000: the tax shall be Rs. 195,000 plus 17.5 per cent of the amount exceeding Rs. 2,500,000
6. Where taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000: the tax shall be Rs. 370,000 plus 20 per cent of the amount exceeding Rs. 3,500,000
7. Where taxable income exceeds Rs. 5,000,000 but does not exceeds Rs. 8,000,000: the tax shall be Rs. 670,000 plus 22.5 per cent of the amount exceeding Rs. 5,000,000
8. Where taxable income exceeds Rs. 8,000,000 but does not exceeds Rs. 12,000,000: the tax shall be Rs. 1,345,000 plus 25 per cent of the amount exceeding Rs. 8,000,000
9. Where taxable income exceeds Rs. 12,000,000 but does not exceeds Rs. 30,000,000: the tax shall be Rs. 2,345,000 plus 27.5 per cent of the amount exceeding Rs. 12,000,000
10. Where taxable income exceeds Rs. 30,000,000 but does not exceeds Rs. 50,000,000: the tax shall be Rs. 7,295,000 plus 30 per cent of the amount exceeding Rs. 30,000,000
11. Where taxable income exceeds Rs. 50,000,000 but does not exceeds Rs. 75,000,000: the tax shall be Rs. 13,295,000 plus 32.5 per cent of the amount exceeding Rs. 50,000,000
12. Where taxable income exceeds Rs. 75,000,000: the tax shall be Rs. 21,420,000 plus 35 per cent of the amount exceeding Rs. 75,000,000
The above tax rate shall be applicable where the income of an individual chargeable under the head ‘salary’ exceeds seventy-five per cent of taxable income of a person.
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Pakistan Customs intimates WeBOC downtime
Pakistan Customs has announced a temporary suspension of the Web-Based One Customs (WeBOC) system, the online platform used for the clearance of goods.
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Open market buying and selling of Saudi Riyal in Pak Rupee closing July 09
The buying and selling rates for the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) as of the close of trading on Friday, July 09, 2021.
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Open market buying and selling of UAE Dirham in Pak Rupee closing July 09
Karachi, July 09, 2021 – The Forex Association of Pakistan (FAP) has released the buying and selling rates of the UAE Dirham (AED) in Pakistani Rupees (PKR) at the close of trading on Friday, providing crucial information for businesses, travelers, and individuals engaged in cross-border transactions.
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Open market buying and selling of Euro in Pak Rupee closing July 09
KARACHI: The Forex Association of Pakistan (FAP) has released the buying and selling rates for the Euro against the Pakistani Rupee (PKR) at the close of trading on Friday, July 09, 2021.
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Open market buying and selling of UK Pound in Pak Rupee closing July 09
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of UK Pound in Pak Rupee (PKR) on close of trading on Friday July 09, 2021:
The buying and selling of 1 UK Pound is Rs218 and Rs220.
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Open market buying and selling of US Dollar in Pak Rupee closing July 09
The Forex Association of Pakistan (FAP) has reported the buying and selling rates of the US Dollar (USD) against the Pakistani Rupee (PKR) at the close of trading on Friday, July 09, 2021.
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FBR drafts rules for warehousing, export of POL products
ISLAMABAD: The Federal Board of Revenue (FBR) has drafted rules for bonded warehousing and export POL Products.
The FBR issued SRO 872(I)/2021 on Friday and proposed amendments to Customs Rules, 2001. The FBR invited recommendations on the draft rules from stakeholders before finalizing the rules to make part of the law.
Following new rule 363A has been suggested regarding bonded warehousing and export of POL products:
(1) The owner may store any imported POL products in a warehouse and export the same in accordance with rules 363A to 363F.
(2) At the time of arrival of goods at a port, the owner shall file goods declaration through WeBOC system for in-bonding of the imported POL products submitting the documents as required under the Act.
(3) The securities in the shape of postdated cheques and indemnity bond furnished by the owner under section 86 of the Act, at the time of warehousing of POL products, shall continue to be in force notwithstanding the transfer of the goods to any other person or firm unless the warehoused POL products are exported by way of supply to conveyances as provisions and stores as provided in section 106 of the Customs Act, without payment of any duties, taxes or levies, as the case maybe.
Explanation / Note: Since the POL products, to be imported under this scheme, will be shipped or supplied without foreign exchange remittances from Pakistan, on account of cost of goods at the time of their imports, therefore, no Electronic Import Form (EIF) shall be required at the time of filing of GD for their in-bonding. Similarly, no EIF shall be required at the time of export. The owner of any POL products, warehoused in accordance with the foregoing provisions of this rule, may export such POL products as provisions and stores for conveyances proceeding to any foreign territory including by way of direct sale or sale through a third party.
Explanation / Note: ‘direct sale’ — means that owner makes a direct sale to the owner or charterer of the conveyance and deliver the POL products to such conveyance. ‘Sale through a third party’ — means that the owner will:
(i) issue sales invoice to a foreign entity other than the owner or charterer of the conveyance; and
(ii) deliver POL products to a conveyance on the instructions of such foreign entity.