Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • National Assembly approves budget, finance bill 2021

    National Assembly approves budget, finance bill 2021

    ISLAMABAD: The National Assembly on Tuesday approved federal budget 2021-2022 and Finance Bill 2021.

    After over a two-week long debate, the National Assembly on Tuesday passed the federal budget with a total outlay of Rs 8.487 trillion, with around 19 percent additional allocations as compared to last year’s Rs 7.137 trillion.

    The Finance Bill 2021-22 was moved before the parliament by Finance Minister, Shaukat Tarin, which was passed with majority vote.

    Some amendments in the bill proposed by the Members of National Assembly were accommodated by the house, whereas some others were rejected.

  • Stocks gain 135 points on budget approval

    Stocks gain 135 points on budget approval

    KARACHI: The stock market gained 135 points on Tuesday owing to positive sentiments prevailed on budget approval.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,138 points as against previous day’s closing of 47,002 points, showing an increase of 135 points.

    Analysts at Arif Habib Limited said that the market traded positive today with expectation of approval of Federal Budget 2021/2022 from the Parliament.

    Since the beginning of the session, the index moved up and gained 300 points in few minutes. The index added a total of 506 points during the session, and closed the session +135 points. E&P sector saw heavy selling, realizing a decline in price below LDCPs.

    Technology, Banks and Steel sectors contributed positively to the market today, especially TRG which saw active buying in response to the corporate briefing held yesterday. Among scrips, SILK led the table with 69.2 million shares, followed by HASCOL (66.2 million) and WTL (55.7 million).

    Sectors contributing to the performance include E&P (-93 points), Chemical (-33 points), Power (-26 points), Technology (+89 points), Banks (+71 points) and Cement (+22 points).

    Volumes declined from 655.1 million shares to 581 million shares (-12 per cent DoD). Average traded value also declined by 9 per cent to reach US$ 108.8 million as against US$ 119.5 million.

    Stocks that contributed significantly to the volumes include SILK, HASCOL, WTL, TPL and JSCLR1, which formed 43 per cent of total volumes.

    Stocks that contributed positively to the index include TRG (+78 points), HBL (+30 points), ENGRO (+21 points), UNITY (+20 points) and MEBL (+18 points). Stocks that contributed negatively include PPL (-40 points), OGDC (-38 points), HUBC (-35 points), COLG (-29 points) and HASCOL (-13 points).

  • Rupee gains 48 paisas against dollar

    Rupee gains 48 paisas against dollar

    KARACHI: The Pak Rupee appreciated by 48 paisas against the dollar on Tuesday owing to inflows of export receipts and workers remittances.

    The rupee ended at Rs157.74 to the dollar as compared with the previous day’s closing of Rs158.22 in the interbank foreign exchange market.

    A day earlier the rupee fell by 60 paisas against the foreign currency as the market opened after two weekly holidays. However, it recovered today on inflows of export receipts and workers remittances.

  • KIBOR rates on June 29, 2021

    KIBOR rates on June 29, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on June 29, 2021.

     TenorBIDOFFER
    1 – Week6.897.39
    2 – Week6.947.44
    1 – Month7.017.51
    3 – Month7.207.45
    6 – Month7.437.68
    9 – Month7.508.00
    1 – Year7.578.07
  • 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