KARACHI: The stocks have gained 213 points on Thursday owing to drop in coal prices, which helped the cement sector to lead in today’s trading. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,586 points as against previous day’s closing of 44,373 points.
(more…)Author: Faisal Shahnawaz
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Rupee recovers against dollar in interbank
KARACHI: The Pak Rupee (PKR) recovered nine paisas to the dollar on Thursday owing to tightening of exchange companies regulations by the State Bank of Pakistan (SBP).
The rupee ended Rs170.87 to the dollar from the previous day’s closing of Rs170.96 in the interbank foreign exchange market.
Currency experts attributed the recovery in rupee value to measures taken by the SBP a day earlier.
The SBP imposed restrictions on persons traveling to Afghanistan. The central bank allowed persons traveling Afghanistan to carry only $1,000 per person per visit with a maximum annual limit of $6,000.
The SBP also made it mandatory for exchange companies to undertake biometric verification for foreign currency sale or purchase transactions above $500.
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SBP issues customers exchange rates for October 07
Karachi, October 07, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Thursday, October 07, 2021.
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KIBOR rates on October 06, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 06, 2021.
Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 7.56 7.81 6 – Month 7.91 8.16 9 – Month 8.23 8.73 1 – Year 8.48 8.98 -
Dollar jumps up to make new high at Rs170.96
KARACHI: The US dollar jumped up to make a new high at Rs170.96 on Wednesday in the interbank foreign exchange market.
The Pak Rupee (PKR) fell by 16 paisas to end at Rs170.96 from previous day’s close of Rs170.80 in the interbank foreign exchange market.
Currency experts said that rising dollar demand for import payment had deteriorated the rupee value. They said that panic buying for dollars was seen during the day after the report of a massive surge in import bill during the first quarter of the current fiscal year.
The import bill of the country registered a record increase of 65 per cent to $18.63 billion during July – September of the current fiscal year as compared with $11.28 billion in the corresponding period of the last year.
The higher import bill also widened the trade deficit significantly. The trade deficit ballooned by 100 per cent to $11.66 billion during the quarter under review as compared with the deficit of $5.81 billion in the same period of the last year.
Since the start of the current fiscal year the rupee was under pressure. The high dollar demand for import payment may be attributed to ease in cases of coronavirus cases and enhanced industrial and commercial activities.
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SBP issues customers exchange rates for October 06
Karachi, October 06, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Wednesday, October 06, 2021.
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FBR issues list of 1136 retailers for POS integration
ISLAMABAD: Federal Board of Revenue (FBR) has issued a list of 1136 big retailers for mandatory installation of Point of Sale (POS). The FBR issued Sales Tax General Order (STGO) No. 3 of 2022 on Tuesday.
The FBR said that through Finance Act, 2019 added a sub-section (6) to Section 8B of the Sales Tax Act, 1990 whereby a Tier-1 Retailer who did not integrate its retail outlet in the manner prescribed under sub-section (9A) of Section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent through Finance Act, 2021.
In order to operationalize the provision of law, a system-based approach has been adopted whereby all Tier-1 retailers who are liable to integrate but have not yet integrated, with effect from July 2021 (Sales Tax Returns filed in August 2021) are to be dealt with as per the procedure laid down in STGO No.01 of 2022 issued on August 03, 2021.
Through the latest STGO, a list of 1,136 identified Tier-1 Retailers has been placed on FBR’s portal allowing them to integrate with FBR’s system by October 10, 2021 and the procedure of exclusion from this list of 1,136 identified Tier-1 retailers shall apply as laid down in STGO 01 of 2022 dated August 03, 2021.
Upon filing of sales tax return for the month of September 2021 all notified Tier-1 retailers not having yet integrated, the input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.
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Functions of Directorates under tax law
Section 228 to Section 230I of Income Tax Ordinance, 2001 explains the functions of Directorates under tax law.
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KIBOR rates on October 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on October 05, 2021.
Tenor BID OFFER 1 – Week 7.20 7.70 2 – Week 7.25 7.75 1 – Month 7.29 7.79 3 – Month 7.54 7.79 6 – Month 7.90 8.15 9 – Month 8.22 8.72 1 – Year 8.47 8.97 -
SBP issues customers exchange rates for October 05
Karachi, October 05, 2021: The State Bank of Pakistan (SBP) has released the official exchange rates for Tuesday, October 05, 2021.
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