Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Bank timings during Ramazan-ul-Mubarak

    Bank timings during Ramazan-ul-Mubarak

    KARACHI: State Bank of Pakistan (SBP) on Friday announced timings for public dealing by banks during the holy month of Ramazan ul Mubarak.

    DaysBusiness (Banking) Hours for Public Dealing
    Monday to Thursday10:00 a.m. to 1:30 p.m. (without break)
    Friday10:00 a.m. to 1:00 p.m. (without break)

    The SBP said that in modification of BPRD Circular Letter No.18 dated April 14, 2020 regarding office timings under measures against COVID-19, it has been decided that SBP will continue to observe the following office hours during the month of Ramazan-ul-Mubarak 1441 A.H., which will also be followed by all banks / DFIs / MFBs:

    DaysOffice Hours
    Monday to Thursday10:00 a.m. to 4:00 p.m. (with prayer break from 2:00 p.m. to 2:15 p.m.)
    Friday10:00 a.m. to 1:00 p.m. (without break)
  • Bank holiday declared on April 27

    Bank holiday declared on April 27

    KARACHI: State Bank of Pakistan (SBP) on Friday announced that banks will remain closed for public dealing for the purpose of deduction of Zakat.

    The central bank said that it will remain closed for public dealing on Monday, April 27, 2020, which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.

    All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on Monday, April 27, 2020.

    However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).

  • Filing return mandatory for builders, developers under incentive scheme

    Filing return mandatory for builders, developers under incentive scheme

    KARACHI: The filing of income tax return and wealth statement has been made mandatory for builders and developers under new ordinance to provide incentives to construction industry.

    According to Tax Laws (Amendment) Ordinance, 2020, builders and developers under the special tax regime are also required to electronically file annual tax returns (including wealth statements, wherever applicable) to be accompanied by evidence of tax payment.

    Such a tax return will be considered as an assessment order issued under section 120 of the Ordinance, according to commentary on the ordinance issued by PWC A F Ferguson.

    Tax liability for tax year 2020 is required to be discharged with the tax return.

    It further said that a tax return or declaration of a builder or developer is considered void if it is based on misrepresentation or on suppression of facts and all the provisions of the Ordinance will apply unless such misrepresentation is due to a bona fide mistake.

    No action is to be taken without providing an opportunity of being heard and without prior approval of Federal Board of Revenue (FBR).

  • Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

    Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

    KARACHI: Sindh government has exempted property tax, motor vehicle tax and professional tax for three months of current fiscal year.

    The decision has been taken in order to provide relief to masses within the jurisdiction of Sindh considering outbreak of coronavirus (COVID-19).

    According to notifications issued on Thursday by Sindh Excise, Taxation and Narcotics Control Department, the provincial government has decided to remit 25 percent (i.e. for three months) of the payment of the property tax dues for the year 2019/2020, including surcharge as on March 31, 2020 from all classes of persons in respect of any category of property.

    The department said that the tax remission has been allowed for all the taxable property units. It further added that assesees who have already discharged their property tax liability for the year 2019/2020 will get an adjustment of 25 percent remission in their tax liability during next financial year i.e 2020-2021.

    Similarly, the provincial government has allowed exemption motor vehicle tax of 25 percent i.e. (for three months). The classes of vehicles have been granted tax exemption, included: loader; MCR (including rickshaw and Qingqi); mini bus; mini truck; pickup; coaster; delivery van; ST Wagon; taxi; and van.

    The provincial government said that the motor vehicle owners who have already discharged their motor vehicle tax liabilities for the year 2019/2020 of the above mentioned class of vehicle will get an adjustment in their motor vehicle tax liability during next financial year i.e. 2020/2021.

    Likewise, the provincial government is also exempted 25 percent (i.e. for three months) for the financial year 2019/2020 from the payment of the tax professions, trades, calling and employment.

    It said that the assessees who have discharged their professional tax liability for the year 2019/2020 will get 25 percent adjustment in their tax liability during the next financial year i.e. 2020/2021.

  • Engro Corp declares Rs5.94 billion after tax quarterly profit

    Engro Corp declares Rs5.94 billion after tax quarterly profit

    KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year.

    Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects in Thar coming online during July 2019 and offset by lower turnover of Fertilizers and Petrochemicals businesses.

    Profit attributable to the owners was recorded at Rs3,317 million compared to Rs4,010 million for the prior period.

    On a standalone basis, the Company posted a profit after tax of Rs780 million against Rs3.832 billion for the same period last year, translating into an earning per share of Rs1.35 per share.

    This decrease is primarily attributed to delays in receipts of dividends from subsidiaries as their Annual General Meetings (AGMs) have been postponed on account of the COVID-19 lockdown.

    This is, therefore, a temporary timing difference between quarters and not reflective of underlying performance of the Company.

    The company announced an interim cash dividend of Rs6 per share for the first quarter. Like in the past, the Board has endeavored to maximize dividends on a quarterly basis, however, the future dividends for the year would be based upon prevailing situation and earnings for the year.

    The portfolio of Engro Corporation is resilient in these difficult times and the Company remains confident that despite challenging circumstances, it will be able to maintain a healthy performance in upcoming quarters.

  • SBP’s reserves fall to $10.889 billion

    SBP’s reserves fall to $10.889 billion

    KARACHI: The official reserves of State Bank of Pakistan (SBP) have reduced by $85 million to $10.889 billion by week ended April 17, 2020, the central bank said on Thursday.

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  • Stock market gains 387 points in mixed trading

    Stock market gains 387 points in mixed trading

    KARACHI: The stock market gained 387 points on Thursday in mixed trading activities during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,850 points as against 32,464 points showing an increase of 387 points.

    Analysts at Arif Habib Limited said that the market traded range bound for most of the session, with Cement, Banks and Engineering (Steel) sectors facing selling pressure, whereas Oil & gas stocks trading green.

    International crude price rebounded overnight for WTI to trade +15 percent from its previous close and helped OGDC, PPL and HASCOL hitting upper circuits.

    Sentiment on banking sector turned negative due to SBP’s direction to the Banks to conserve capital by not declaring dividends.

    Cement sector, on the other hand, saw profit booking amid poor financial results of some Cement players. Cement sector led the volumes with 70.4 million shares, followed by O&GMCs (28.1 million) and Banks (14.7 million).

    Among scrips, MLCF topped the table with 24.5 million shares, followed by HASCOL (21.9 million) and FCCL (12.1 million).

    Sectors contributing to the performance include E&P (+265 points), O&GMCs (+74 points), Fertilizer (+65 points), Power (+55 points), Pharma (+24 points), Cement (-96 points) and Banks (-58 points).

    Volumes declined from 239.8 million shares to 204.3 million shares (-15 percent DoD). Average traded value also declined by 8 percent to reach SU$ 58.8 million as against US$ 64.2 million.

    Stocks that contributed significantly to the volumes include MLCF, HASCOL, FCCL, DGKC and UNITY, which formed 39 percent of total volumes.

    Stocks that contributed positively to the index include OGDC (+92 points), PPL (+84 points), POL (+51 points), ENGRO (+45 points) and MARI (+38 points). Stocks that contributed negatively include LUCK (-32 points), MCB (-29 points), DGKC (-23 points), CHCC (-15 points), and KOHC (-14 points).

  • SBP issue guidelines to dampen COVID-19 effects, facilitates IBIs customers

    SBP issue guidelines to dampen COVID-19 effects, facilitates IBIs customers

    The State Bank of Pakistan (SBP) has issued comprehensive guidelines to help Islamic Banking Institutions (IBIs) mitigate the economic impact of COVID-19 on their customers.

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  • Rupee gains 38 paisas against dollar on improved external account

    Rupee gains 38 paisas against dollar on improved external account

    KARACHI: The Pak Rupee further appreciated by 38 paisas against dollar on Thursday owing to improved external account.

    The rupee ended Rs159.98 to the dollar from previous day’s closing of Rs161.36 in interbank foreign exchange market.

    Currency dealers said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

    The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

    The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

    Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

    The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.