Value of perquisites for salary tax computation has been explained under Section 13 of Income Tax Ordinance, 2001. This section is for the purpose of computing the income an employee for a tax year chargeable under the head of salary.
(more…)Author: Mrs. Anjum Shahnawaz
-
Taxable income, total income under statute
In a bid to provide clarity on the computation of taxable income and total income for individuals in Pakistan, Sections 9 and 10 of the Income Tax Ordinance, 2001 play a pivotal role.
(more…) -
Pakistan urges FATF to take action against Indian plot
ISLAMABAD – Pakistan has formally requested the Financial Action Task Force (FATF) to take immediate action against what it alleges to be India’s concerted efforts to politicize the international watchdog and influence decisions to place Pakistan on the grey list.
(more…) -
Banks to reopen on Friday July 23, 2021
KARACHI: Banks will observe three holidays on account of Eid ul Adha from July 20 to July 22, 2021.
The banks will reopen on Friday July 23, 2021, as per the announcement.
A statement issued by the State Bank of Pakistan (SBP) said that the central bank will observe Eid ul Adha holidays on July 20, July 21 and July 22, 2021 as announced by the federal government.
The banking activities will resume from July 23, 2021.
-
SBP to eliminate electronic import form for PSW
KARACHI: The State Bank of Pakistan (SBP) on Monday notified amendments to foreign exchange manual to eliminate Electronic Import Form for Pakistan Single Window (PSW).
The central bank in a statement on Monday said it was in the process of revising the foreign exchange regulations.
The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions. It will delegate more powers to banks to facilitate stakeholders.
The SBP has notified revisions in foreign exchange regulations for imports of goods into Pakistan (Chapter 13 of the FE Manual).
The key changes include amendment in existing regulations to facilitate import transactions through the forthcoming PSW facilities. The revision will eliminate the requirement of Electronic Import Form (EIF).
The SBP and Pakistan Customs implemented EIF Module in WeBOC system from September 1, 2016. EIF is an electronic declaration. Banks approve this declaration detailing payment information for import of goods.
Importers submit this form at the time of filing of Good Declaration.
Under the Pakistan Single Window (PSW) the form will no more require.
-
Stock market gains 39 points in range bound trading
KARACHI: The stock exchange gained 39 points on Monday in range bound trading activities.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,873 points. The market closed at 47,834 points last Friday, showing an increase of 39 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range.
Being a short trading week, investors were reluctant to go long. They preferred to close the intra-day positions regardless of the pertinent stock prices.
The falling rupee value adversely affected many scrips. However, SNGP and SSGC hitting upper circuit on the back of High Court’s decision. The court has decided in favor of gas utilities to maintain transmission UFG benchmark.
Technology stocks saw consistent upward movement in AVN. It hits upper circuit and an uptick in SYS that maintained such levels till end. Among scrips, BYCO topped the volumes with 24.2 million shares, followed by DNCCR (23.1 million) and SNGP (18.5 million).
Sectors witnessed improvement are include: Misc (+33 points), O&GMCs (+29 points). Further Banks (+18 points), Autos (+10 points), Cement (-24pt) and Technology (-14 points) have also seen improvement.
Volumes declined further from 348.5 million shares to 320.9 million shares (-8 per cent DoD). Average traded value also declined by 18 per cent to reach US$ 73.9 million as against US$ 90.3 million.
Stocks that contributed significantly to the volumes include BYCO, DNCCR, SNGP, ASC and TREET. They formed 29 per cent of total volumes.
Stocks contributed positively to the index included: PSEL (+33 points) and SNGP (+25 points). Further MEBL (+12 points), FFC (+11 points) and SSGC (+8 points) have also contributed. Stocks contributed negatively include LUCK (-22 points), TRG (-21 points), ENGRO (-12 points), HBL (-10 points) and BAFL (-8 points).
-
KIBOR rates on July 19, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 19, 2021.
Tenor BID OFFER 1 – Week 6.94 7.44 2 – Week 6.97 7.47 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.45 7.95 1 – Year 7.54 8.04 -
Rupee weakens by Rs1.54 against dollar
KARACHI: The Pak Rupee fell by Rs1.54 against dollar on Monday due to higher demand for foreign currency ahead of Eid holidays.
The rupee ended at Rs161.48 to the dollar from last Friday’s closing of Rs159.94 to the dollar.
Currency experts said that the dollar demand for imports remained higher owing to three holidays announced by government for Eid ul Adha.
The rupee has lost around Rs3.61 against the foreign currency since the start of the current month.
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.
-
Qadir Memon posted as chief collector enforcement south
The Federal Board of Revenue (FBR) has announced significant transfers and postings in the Pakistan Customs Service (PCS), affecting key positions in Karachi. Abdul Qadir Memon, a seasoned BS-20 officer of the PCS, has been appointed as the Chief Collector, Enforcement (South), Karachi.
(more…)
