Pkrevenue.com

Author: Faisal Shahnawaz

  • Direct submission of documents at WeBOC allowed

    Direct submission of documents at WeBOC allowed

    KARACHI: Pakistan Customs has taken major steps for trade facilitation and allowed submission of documents at WeBOC without prior approval of Assistant Collector (AC)/ Deputy Collector (DC).

    Saif Ullah Khan, President, Karachi Customs Agents Association (KCAA) welcomed the step taken by the Pakistan Customs and said it would reduce dwell time for consignment clearance.

    He appreciated efforts of the Chief Collector South (Appraisement) Wajid Ali who had initiated the pre-arrival clearance process and simultaneously promoted the re-engineering of various steps of the clearance process that has improved the working environment.

    One such improvisation is the direct dissemination of the document calling message without the approval of AC/DC group. Usually the traders had to wait for the approval of document calling message by the concerned AC/DC before they can attach the documents in the Weboc system.

    This outstanding stride by the Chief Collector South in collaboration with Directorate of Reforms and Automation will enable the traders to receive the document calling message for any particular goods declaration without the need for AC/DC to approve it hence subsequently expediting the clearance of cargo, he added.

    Regarding Refund Management System, the following changes also made by the Customs Authorities under Weboc system.

    KCAA General Secretary Arshad Khurshid also appreciates the interest shown by the Chief Collector South (Appraisement) that has really benefited to overcome the challenges faced by business community.

    Customs introduces new module in WeBOC for SMEs
  • State Bank governor appointed as IFSB Chairman

    State Bank governor appointed as IFSB Chairman

    KARACHI: The governor of State Bank of Pakistan (SBP), Dr. Reza Baqir has been appointed as chairman of the Council of Islamic Financial Services Board (IFSB), Malaysia for the year 2022.

    (more…)
  • Dollar makes new highs for 4th straight day at Rs177.71

    Dollar makes new highs for 4th straight day at Rs177.71

    KARACHI: The US dollar continued its upward journey to make new record highs against the Pak Rupee (PKR) for the fourth straight day on Friday as it ended at Rs177.71 in foreign currency market.

    The recorded 11 paisas loss against the dollar from previous day’s closing of Rs177.61 in interbank foreign exchange market. The dollar made new highs for the fourth straight day as it made a record high at Rs176.79 on December 07, 2021. The foreign currency continued to make record highs in the next three trading sessions.

    Currency experts said that the high imports were the major reason behind rupee decline. They said that all efforts of the government to curb the imports of unnecessary and luxury items apparently failed as the trade deficit widened massively.

    The import bill of the country grew by 69.17 per cent to $33 billion during the first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.

    The trade deficit during the months under review widened by 112 per cent to $20.59 billion as compared with the deficit of $9.72 billion in the corresponding period of the last fiscal year.

    Dollar touches Rs178 intraday trading, retreats
  • SBP issues KIBOR rates on December 10, 2021

    SBP issues KIBOR rates on December 10, 2021

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of December 10, 2021.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.069.56
    2 – Week9.219.71
    1 – Month9.6310.13
    3 – Month10.5710.82
    6 – Month11.2711.52
    9 – Month11.3711.87
    1 – Year11.4311.93
    SBP issues KIBOR rates on December 09, 2021
  • Customers’ exchange rates on December 10, 2021

    Customers’ exchange rates on December 10, 2021

    Karachi, Pakistan – The State Bank of Pakistan (SBP) has published the exchange rates for December 10, 2021, providing customers with valuable information based on the weighted average rates of commercial banks.

    (more…)
  • Today’s currency exchange rates in PKR – Dec 10, 2021

    Today’s currency exchange rates in PKR – Dec 10, 2021

    KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 10, 2021 (The rates are updated at 10:05 AM Pakistan Standard Time):

    CurrencyBuyingSelling
    Australian Dollar (AUD)125.50126.80
     Bahrain Dinar (BHD)386.85388.60
     Canadian Dollar (CAD)139140.50
     China Yuan (CNY)23.5023.90
     Danish Krone (DNK)23.5023.80
     Euro (EUR)200202
     Hong Kong Dollar (HKD)16.7517
     Indian Rupee (INR)2.032.10
     Japanese Yen (JPY)1.411.44
     Kuwaiti Dinar (KWD)481.80484.30
     Malaysian Ringgit (MYR)36.5036.85
     NewZealand $ (NZD)96.5597.25
     Norwegians Krone (NOK)17.5017.75
     Omani Riyal (OMR)392.75394.78
     Qatari Riyal (QAR)39.9040.50
     Saudi Riyal (SAR)47.5048
     Singapore Dollar (SGD)128.50129.80
     Swedish Korona (SEK)18.5018.75
     Swiss Franc (CHF)159.90160.80
     Thai Bhat (THB)4.804.90
     U.A.E Dirham (AED)48.5049
     UK Pound Sterling (GBP)235.50238
     US Dollar (USD)178.50180.25

    Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.

    Today’s currency exchange rates in PKR – Dec 09, 2021
  • SBP’s forex reserves increase to $18.658 billion

    SBP’s forex reserves increase to $18.658 billion

    KARACHI: The foreign exchange reserves of the State Bank of Pakistan (SBP) have increased to $18.658 billion after a deposit of $3 billion from Saudi Fund for Development (SFD).

    READ MORE: Pakistan’s import cover reduces to two months

    The SBP on Thursday said during the week ended December 03, 2021a deposit of US$ 3,000.0 million was received from Saudi Fund for Development. After accounting for external debt and other official payments, SBP reserves increased by $2.648 billion to $18.658 billion, the SBP added.

    The total foreign exchange reserves of the country have increased by $2.652 billion to $25.151 billion by week ended December 03, 2021. The foreign exchange reserves were at $22.499 billion by week ended November 26, 2021.

    The foreign exchange reserves held by commercial banks registered a nominal increase by $4 million to $6.493 billion when compared with $6.489 billion a week ago.

  • KSE-100 index sheds 328 points on lockdown fears

    KSE-100 index sheds 328 points on lockdown fears

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 328 points on Thursday on fears of lockdown as Omicron cases emerged in the country.

    The KSE-100 index ended at 43,519 points from previous day’s closing of 43,847 points.

    Analysts at Topline Securities said that Pakistan equities started the day on a positive note initially but succumbed to selling pressure after made an intra-day high at 43,997 level in the early trading hours.

    Investors’ sentiment dampened on the news regarding Omicron cases emerged in the country, paving the way for another possible cycle of smart lockdowns in the effective areas.

    At one time, KSE 100 index made an intra-day low at 43,274 level before closing at 43,519 level.

    Cements, Banks & Technology sector witnessed profit taking today where LUCK, HBL, MEBL, DGKC, CHCC & AVN cumulatively lost 158 points while OGDC & PPL added 74 points collectively as investors are expecting a onetime heavy dividend in them.

    Total volume and value stood at 200 million shares and Rs. 8.75 billion, respectively. TRG was at top on the volume chart with 25.7 million shares traded in it, today.

    Stocks end down amid low volumes, lackluster trading
  • SRB invites proposals for Budget 2022-2023

    SRB invites proposals for Budget 2022-2023

    KARACHI: Sindh Revenue Board (SRB) has invited proposals for budget 2022/2023 from stakeholders by January 21, 2022.

    The SRB said it was in process of formulating budgetary proposals for provincial budget 2022-2023 in relation to taxation and procedural provisions of Sindh Sales Tax on Services Act, 2011, the Sindh Sales Tax on Services Rules, 2011, the Sindh Sales Tax Special Procedure (Withholding) Rules, 2014, the Sindh Sales Tax Special Procedure (Transport or Carriage of Petroleum Oil through Oil Tankers) Rules, 2018 and the Sindh Sales Tax Special Procedure (Services provided or rendered by cab aggregator and the services provided or rendered by the owners or drivers of the motor vehicles using the cab aggregator service) Rules, 2019 and the various notifications issued under the Act 2011.

    READ MORE: Sindh Revenue Board announces tax incentive package

    The SRB said that it was policy of the board to consult all chambers, associations, groups, stakeholders and taxpayers before finalizing the budget proposals.

    “With this end in view, SRB requests all persons (including the chambers of commerce and industry, business councils, trade associations, tax bars, Institution of Chartered Accountants, Institute of Cost and Management Accountants, taxpayers, etc.) to send their written proposals latest by Friday, January 21, 2022.

  • SITE Association signs MoU for tax return filing

    SITE Association signs MoU for tax return filing

    KARACHI: SITE Association of Industry has signed a Memorandum of Understanding (MoU) with Befiler for facilitating its members and their employees in tax filing, and related business services for promoting compliance culture among its member organizations.

    Patron-in-Chief of SITE Association, Muhammad Zubair Motiwala graced the signing ceremony with his presence. Abdul Rasheed, President, SITE Association of Industry along with SVP Saud Mehmood, VP Muhammad Kamran Arbi and senior members Anwer Aziz, Riaz Uddin, Abdul Kadir Bilwani and others were present at the ceremony. Asad Ali Shah, Chairman Befiler and Akbar Ali, CEO Befiler were representing Befiler.

    READ MORE: MTO Karachi asks taxpayers to file income tax returns

    With this partnership, SITE Association of Industry, one of the highest taxpayer industrial zone in the country, takes another step towards further compliance. Members of SITE Association of Industry will be able to file their tax returns using Befiler app or portal, and receive support and guidance from Befiler to effectively engage with the process and become part of Active Taxpayer’s List (ATL).

    SITE Association of Industry comprises of over 4,500 industrial units of varying sizes, including textiles, heavy machinery, beverages, automobiles, silk, oil, soap, food, chemicals, pharmaceuticals, steel, glass, paints, ready-made garments, etc. With this partnership, SITE Association of Industry is now taking another step towards a responsible and tax compliant institution. Through this partnership it is sending a strong message to its members in particular and citizens of Pakistan in general regarding its determination to foster a disciplined and compliant business environment.

    READ MORE: Persons not required to file income tax return

    Befiler is Pakistan’s largest & only digital tax filing platform offering truly digital NTN registration and tax filing experience. Befiler provides its services, and additional support through calls, live chat, and whatsapp to its clients. This partnership highlights Befiler’s wide acceptance, and credibility in Individual and Business sectors alike.

    Befiler believes that through the use of technology and its digital platform, the entire ecosystem of tax filing and compliance can be automated, making it easy and simple for tax payers leading to greater number of citizens becoming compliant. Bringing digital solution to the business community is a move in the right direction given the scope for growth, systematic reforms and bringing agility to processes through the use of technology.

    READ MORE: Requirement of filing income tax return by persons