Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • SBP issues customers exchange rates on June 29, 2021

    SBP issues customers exchange rates on June 29, 2021

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates on the basis of weighted average rates of commercial banks.

    The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients.

    They are compiled from the Exchange Rate sheets issued daily by various Commercial Banks providing their indicative Exchange Rates for commercial transactions with customers.

    CURRENCYBUYINGSELLING
    AED43.095643.1891
    AUD119.5800119.8363
    CAD128.1818128.4549
    CHF171.9564172.3258
    CNY24.520724.5713
    EUR188.5228188.9393
    GBP219.3855219.8765
    JPY1.43011.4333
    SAR42.179142.2707
    USD158.1534158.5167

  • Online market places to withhold sales tax from July 01

    Online market places to withhold sales tax from July 01

    ISLAMABAD: Online market places will collect sales tax on supply of goods and services through digital platforms on behalf of the Federal Board of Revenue (FBR) from July 01, 2021, sources said on Monday.

    The sources said that through Finance Bill, 2021 the term online marketplace was introduced.

    According to KPMG Taseer Hadi & Co. Chartered Accountants said that COVID-19 had catapulted the universe into adopting truly digital lifestyle and Pakistan has also seen drastic growth in e-Commerce.

    As a way forward to clearer taxation policy in this sector, there have been many changes in Pakistani Taxation laws.

    The Finance Bill proposes to insert new clause 18A to Sales Tax Act, 1990 defining the term “Online marketplace” to include an electronic interface such as a market place, e-commerce platform, portal or similar means which facilitate sale of goods, including third party sale, in any of the following manner, namely:

    (a) by controlling the terms and conditions of the sale;

    (b) authorizing the charge to the customers in respect of the payment for the supply; or

    (c)ordering or delivering the goods.

    Furthermore, Bill proposes to insert clause 3(1)(c) requiring the person running online market place to charge sales tax on the value of supply of goods through that online market place, whether the goods are owned by him or not.

  • National Assembly may pass Finance Bill 2021 on June 29

    National Assembly may pass Finance Bill 2021 on June 29

    ISLAMABAD: The National Assembly will meet on Tuesday June 29, 2021 in which Shaukat Fayaz Ahmed Tarin, Minister for Finance and Revenue to move the Finance Bill 2021 with certain amendments for approval from the house.

    A notification issued by the National Assembly Secretariat stated that the assembly will meet on Tuesday June 29, 2021 at 11:30AM.

    Finance Minister Shaukat Tarin to move that a bill to give effect to the financial proposals of the federal government for the year beginning on the first day of July 2021 and to amend certain laws [The Finance Bill, 2021], be taken into consideration at once.

    “Further, the finance minister to move that a bill to give effect to the financial proposals of the federal government for the year beginning on the first day of July, 2021 and to amend certain laws [The Finance Bill, 2021], be passed,” according to the notification.

  • FPCCI demands withdrawal increase in duty, taxes on CNG sector

    FPCCI demands withdrawal increase in duty, taxes on CNG sector

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday demanded the government of withdraw its decision of increasing duty and taxes on CNG sector.

    In a statement FPCCI President Mian Nasser Hyatt Maggo said that the sales tax on LNG for CNG sector has been increased from 5 per cent to 17 per cent – while customs duty of 5 per cent has also been imposed. “Given that CNG is expensive and the survival of this business is in jeopardy. This decision should be reversed immediately,” he demanded.

    He said that the gas crisis is caused by poor management, bad decision-making, and lack of vision. After Sindh, gas is being cut off across the country; which is unacceptable. This will cause huge losses to the business community and the public alike; affecting businesses and reducing production and exports.

    Addressing an emergency press conference, FPCCI’s President said that the entire country was in the grip of energy crisis due to the badly-timed import of LNG and CNG sector.

    It was the worst time to go for yearly repair and maintenance of the LNG terminal.  As a result, it has been decided to generate electricity from furnace oil; which is an expensive option.

    The government neither imports gas itself; nor allows the CNG sector to import – which is out of sound mind.

    Ghiyas Abdullah Paracha – Group Leader, All Pakistan CNG Association – said that the policies of the energy sector were not in line with the ground realities. The crisis will continue until the CNG sector is allowed to import its own gas. Gas companies are destroying people’s businesses and taking away jobs. If we import our own gas, the load shedding will end and the government will generate Rs. 82 billion; but, this is not acceptable to a few bureaucrats. He further added that the CNG sector in Punjab and Sindh is using imported gas; so, it has nothing to do with the reduction in domestic gas production; nor does it have any justification to cut off gas.

    Khalid Latif – Chairman, All Pakistan CNG Association – said that Rs. 450 billion have been invested in the CNG sector; but, the future is bleak. Hundreds of thousands of workers have been displaced from the CNG sector; but, they have been brought to the brink of disaster.

    FPCCI demanded that the government should take steps to rehabilitate the sector by revoking the decision to impose additional taxes and ensuring the availability of environmentally friendly and cheap fuel to the people; so that, pollution and fares do not increase and millions of jobs can be saved.

  • Extended banking hours for collection of duty, taxes on June 30

    Extended banking hours for collection of duty, taxes on June 30

    KARACHI: The State Bank of Pakistan (SBP) on Monday said that in order to facilitate the collection of duty and taxes, the banks will observe extended hours on June 30, 2021.

    The government receipts / duties / taxes, it has been decided that the field offices of SBP Banking Services Corporation (SBP‐BSC) and authorized branches of National Bank of Pakistan (NBP) will observe extended banking hours till 8:00 P.M. on June 30, 2021 (Wednesday) for which purpose a special clearing has been arranged at 8:00 P.M. on the same day by the NIFT.

    All banks are, therefore, advised to keep their concerned branches open on June 30, 2021 (Wednesday) till such time that is necessary to facilitate the special clearing for Government transactions by the NIFT.

  • KIBOR rates on June 28, 2021

    KIBOR rates on June 28, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on June 28, 2021.

     TenorBIDOFFER
    1 – Week6.917.41
    2 – Week6.957.45
    1 – Month7.017.51
    3 – Month7.207.45
    6 – Month7.437.68
    9 – Month7.508.00
    1 – Year7.568.06
  • Rupee depreciates by 60 paisas against dollar

    Rupee depreciates by 60 paisas against dollar

    KARACHI:  The Pak Rupee depreciated by 60 paisas against the dollar on Monday as demand for import and corporate payments was remained high.

    The rupee closed at Rs158.22 to the dollar from last Friday’s closing of Rs157.62 in the interbank foreign exchange market.

    The currency experts said that the demand for foreign payments was higher because the market was opened after two weekly holidays.

    The currency dealers hoped that after June 30 the local currency would regain value against the dollar owing to inflows of foreign remittances and export receipts.

  • Stocks plunge by 601 points amid profit booking

    Stocks plunge by 601 points amid profit booking

    KARACHI: The stock market on Monday plunged by 601 points owing to financial year ending lead to profit booking. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,002 points as against last Friday’s close of 47,603 points, showing a decline of 601 points.

    Analysts at Arif Habib Limited said that the market dipped 701 points during the session today and closed the session -601 points.

    Financial year end closing for the institutional investors (Banks and Mutual Funds) prompted profit booking, especially in the aftermath of MSCI downgrade from Emerging Market to Frontier Market which can possibly result in selling from foreign corporates.

    Selling pressure was witnessed across the board with emphasis on Cement, Banks, E&P sectors.

    Among scrips, WTL topped the volumes with 97.7 million shares, followed by BYCO (52.4 million) and JSCLR1 (50.3 million).

    Sectors contributing to the performance include Banks (-191 points), Cement (-106 points), O&GMCs (-53 points), E&P (-52 points) and Textile (-45 points).

    Volumes declined from 761.4 million shares to 655.1 million shares (-14 per cent DoD). Average traded value also declined by 13 per cent to reach US$ 119.2 million as against US$ 137.5 million.

    Stocks that contributed significantly to the volumes include WTL, BYCO, JSCLR1, KEL and TREET, which formed 39 per cent of total volumes.

    Stocks that contributed positively to the index include TRG (+22 points), ABOT (+10 points), THALL (+8 points), ABL (+8 points) and PKGS (+8 points). Stocks that contributed negatively include HBL (-69 points), LUCK (-51 points), UBL (-43 points), HUBC (-33 points) and MCB (-24 points).

  • Key details of banking infrastructure in Pakistan

    Key details of banking infrastructure in Pakistan

    KARACHI: The State Bank of Pakistan (SBP) on Monday issued key details of banking infrastructure in the country as on March 31, 2021.

    According to the details total 44 banks are operating in the country with 16,223 branches country-wide.

    Commercial and specialized bank branches are 15,015. While Microfinance branches are 1,208.

    Number of Real Time Online Branches (RTOBs) is 16,081.

    Number of banks having ATM machines is 35.

    Number of banks having open-looped POS machines is 5.

    Number of banks having closed-looped POS machines is 4.

    There are 27 banks providing Internet banking services in the country. Same number of banks is providing Mobile Phone Banking services.

    Around 23 banks are providing Call Center Banking services.

    Total Number of PRISM System Participants is 50.

    Total number of ATMs Interoperable Switches is one.

    Total number of Cash & Cheque Deposits Machines (CDMs) is 224.

    Total number of Cash Deposits Machines with Cash Withdrawal facility is 20.

    Multipurpose ATMs (With Cash & Cheque Deposit & Cash Withdrawal) is 35.

  • Bank holiday on July 01

    Bank holiday on July 01

    KARACHI: The State Bank of Pakistan (SBP) on Monday announced bank holiday on July 01, 2021 as all banks shall remained closed for public dealing.

    According to a circular issued, the SBP will remained closed for public dealing on Thursday July 01, 2021 which shall be observed as bank holiday enabling bank to close its accounts.

    All banks / Development Financial Institutions (DFIs)/ Microfinance Banks (MFBs) shall, therefore, remain closed for public dealing on the aforementioned date.

    However, employees of the banks / DFIs / MFBs will attend the office as usual.