KARACHI: State Bank of Pakistan (SBP) on Thursday issued weighted average customers’ exchange rates for buying and selling of foreign currencies in the rupee.
Following is the table for customers’ exchange rates on June 24, 2021.
| CURRENCY | BUYING | SELLING |
| AED | 42.9582 | 43.0524 |
| AUD | 119.4487 | 119.7089 |
| CAD | 128.1527 | 128.4274 |
| CHF | 171.5755 | 171.9517 |
| CNY | 24.3795 | 24.4299 |
| EUR | 188.0948 | 188.5190 |
| GBP | 220.1383 | 220.6315 |
| JPY | 1.4220 | 1.4252 |
| SAR | 42.0473 | 42.1396 |
| USD | 157.6506 | 158.0139 |
KARACHI: Bitcoin has recovered on Wednesday after witnessed a decline below $30,000 a day earlier.
The bitcoin on Wednesday bounced back above $34,000 mark to trade as high as $34,367 in early morning trading. It last changed hands at $33,641.27, up 3 per cent on the day, according to CNBC.com
Smaller rivals also surged, with ether rising 6 per cent to $2,014 and XRP up 9 per cent at a price of 64 cents. The reason for the moves higher was not clear, but cryptocurrencies are known for their volatility.
Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.
But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.
In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins. Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that the proposal of 17 percent sales tax on wheat bran has been taken back.
In a statement, the FBR said that in order to boost the present government’s drive to keep inflation under control and to give maximum relief to the business community, General Sales Tax (GST) on wheat bran proposed to be enhanced to 17 percent in the Finance Bill is also being taken back.
The FBR further clarified that the table prescribing tax rates for minimum tax on turnover basis has been substituted in the Finance Bill-2021 to provide relief to retailers of Fast Moving Consumer Goods (FMCG) including flour mills and refineries.
The words, “flour mills” could not be mentioned inadvertently in the table which was an error and had been noted and would be rectified in the amended bill.
This would mean that the minimum tax applicable on flour Mills would remain at 0.25 per cent of the turnover instead of 1.25 per cent as being generally interpreted.
ISLAMABAD: Rules have been issued for computation of profit and gains of Small and Medium enterprises (SMEs). The SMEs shall be required to register with the Federal Board of Revenue (FBR) on its IRIS web portal.
The SMEs are also given option to register with Small and Medium Enterprises Development Authority on its SME registration portal (SMERP).
There shall be following two categories of small and medium enterprises and tax on their taxable income shall be computed at the tax rates given in the table below:
Category – 1: Where annual business turnover does not exceed Rs100 million, the tax rate shall be 7.5 per cent of taxable income
Category – 2: Where annual turnover exceeds Rs100 million but does not exceed Rs250 million, the tax rate shall be 15 per cent of taxable income
The Finance Bill 2021 proposed definition of Small and Medium enterprises as:
—a person who is engaged in manufacturing as defined in clause (iv) of sub-section (7) of section 153 of the Ordinance; and
—his business turnover in a tax year does not exceed two hundred and fifty million rupees.
Subject to a condition that if annual business turnover of a small and medium enterprise exceeds two hundred and fifty million rupees, it shall not qualify as small and medium enterprise in the tax year in which annual turnover exceeds that turnover or any subsequent tax year.
The Bill proposes a new section read with Fourteenth Schedule which shall deal with the computation and payment of tax for small and medium enterprises (SMEs) for tax year 2021 and onward as per the procedure laid down.
Option for final tax regime
—The small and medium enterprises may opt for taxation under final tax regime at the rates given in the table below
Category – 1: Where annual business turnover does not exceed Rs100 million, the rate of tax shall be 0.25 per cent of gross turnover
Category – 2: Where annual business turnover exceeds Rs100 million but does not exceed Rs250 million
—Option under this rule shall be exercised at the time of filing of return of income and option once exercised shall be irrevocable for three tax years. The provisions of section 177 and 214C shall not apply to SME who opts for taxation under Final Tax Regime.
SMEs that opt for taxation under normal law may be selected for tax audit through risk based parametric computer ballot under section 214C of the Ordinance if its tax to turnover ratio is below tax rates specified in these rules.
The cases selected under audit of this rule shall not exceed 5 per cent of the total population of SMEs whose tax to turnover ratio is below tax rates given in these rules.
ISLAMABAD: The Finance Bill, 2021 has proposed to extend key dates for an amnesty to builders and developers who opt to pay tax computed under special provisions.
KPMG Taseer Hadi & Co. Chartered Accountants said that the Finance Bill 2021 proposed to extend key dates for builders and developer who opt to pay tax computed under special provision in accordance with the rules in the Eleventh Schedule of Income Tax Ordinance 2001 on a project by project basis.
Key proposed amendments are as under:
—A new project or an incomplete existing project that is completed by 30 September 2023.
—Any income, profits and gains of a builder or developer of an incomplete existing project earned up to tax year 2019 or tax year 2020 as the case may be.
—Provisions of section 111 of Income Tax Ordinance, 2001 shall not apply to capital investment made in a new project in form of money or land subject to following conditions:
-If the investment is made by a builder and developer being an individual, such person shall open a new bank account and deposit such amount on or before 30 June 2021.
-If the investment is made by a builder and developer through a company or association of person being a single object company or association of person on or before 30 June 2021.
-A person making investment as mentioned above shall submit a prescribed form on Iris web portal by 30 June 2021.
-The project grey structure shall be certified in case of builder by approving authority or NESPAK on or before 30 September 2023.
-In case of developer the approving authority or NESPAK shall certify landscaping on or before 30 September 2023 and a firm of chartered accountants shall certify that at least 50 per cent of plots have been booked for sale and at least 40 per cent of sale proceeds have been received by 30 September 2023 and 50 per cent of the roads have been laid up as certified by the approving authority or NESPAK.
—Provisions of section 111 of Income Tax Ordinance, 2001 shall not apply to first purchaser of building or a unit of the building purchased from the builder from a new project or from incomplete existing project and payment is made through cross banking channel between date of registration of the project and ending on 31 March 2023.
—Provisions of section 111 of Income Tax Ordinance, 2001 shall not apply to the purchaser of plots who intends to construct building if purchase and payment is made through cross banking channel on or before 30 June 2021 and construction is started on or before 31 December 2021 and such construction is completed on or before 30 September 2022.
ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday made a huge seizure of smartphones and drives worth Rs50 million at Islamabad International Airport.
A FBR spokesman said that in line with the vision of Prime Minister and due focused approach against the menace of smuggling, FBR has seized 10 cartons and 06 bags lying unclaimed on a conveyer belt at Islamabad International Airport.
The bags contained 25 Apple Macbooks, 235 Apple iPhones, 09 LG Thinq V50 smartphones, 200 SanDisk drives, 94 Lexar SSD drives, 217 SSD drives of difference brands, 40 Lexar SD RAMs, 20 Apples watches (Series 6), 30 Apple Air pods, 04 Apples iPad Pro (5th Generation), 12 Apple iPad (8th Generation), 10 Apple power adapters, 05 Apple USB Power adapters, 03 Apple HD TV devices,05 Honey Well dome cameras, 07 used cameras and other miscellaneous goods having market value of Rs.50 million.
FBR will continue its counter smuggling drive to support local industry and to play its role in economic growth of the country.
KARACHI: The book-building phase of Pakistan Aluminium Beverage Cans Ltd (PABC)’s Initial Public Offer (IPO) has concluded with an oversubscription of 3.3 times, the company said on Wednesday.
The IPO received an overwhelming response from institutional investors and high-net worth individuals as the strike price clocked in at Rs 49/share, 40 percent higher than the floor price of Rs 35, country’s only Beverage Can manufacturer said.
PABC has raised Rs 4.6 billion in total, making it the second largest IPO in the Private-Sector.
“The response to the book building has been phenomenal,” said Shahid Habib CEO of Arif Habib Ltd, Advisor and Book Runner of the Issue.
Several brokerages had issued almost unanimous calls to ‘subscribe,’ which resulted in investor demand amounting to Rs 10.8 billion against the IPO’s book-building size of Rs 3.3 billion.
The general public will subscribe to 23.4 million shares (25 percent of the total offer size) on June 29/30 at the strike price of Rs 49, the company said.
Azam Sakrani, CEO Pakistan Aluminium Beverage Cans Ltd, in his statement thanked the institutions and individuals investors for showing interest and trust in PABC and assured that their investment in company would yield greater dividends.
The company started its operations in 2017 as the country’s only local manufacturer of aluminum beverage cans.
PABC supplies beverage Can to the bottlers of all major carbonated drinks, including PepsiCo and Coca-Cola, in both Pakistan and Afghanistan. Exports to Afghanistan constituted 35 per cent of the company’s sales in calendar year 2020.
Established on a 20.9-acre piece of land in Faisalabad’s Special Economic Zone with a current rated capacity of 700 million cans per annum, PABC continues to enjoy a 10-year tax holiday. The company is increasing its rated capacity by almost 36 per cent to 950 million cans per annum by July next year.
It has grown its revenue at an annualised rate of 18.7 percent in the last five years. In the third full year of its operation (2020), the company’s net profit amounted to Rs 610.7 million, up 314 per cent from 2019. It expects its bottom line to grow at 140 per cent in 2021.
KARACHI: The Pakistan stocks experienced a modest decline on Wednesday, closing down by 86 points amid a day characterized by range-bound trading activity.
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Karachi, June 23, 2021 – The State Bank of Pakistan (SBP) has announced the Karachi Interbank Offered Rates (KIBOR) for various tenors on Wednesday, shedding light on the prevailing interest rates in the interbank market.
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KARACHI: The Pakistani Rupee experienced a decline of 34 paisas against the US Dollar on Wednesday, closing at Rs158.53 in the interbank foreign exchange market.
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