KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on September 27, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 14.63 | 15.13 |
| 2 – Week | 14.76 | 15.26 |
| 1 – Month | 14.99 | 15.49 |
| 3 – Month | 15.66 | 15.91 |
| 6 – Month | 15.76 | 16.01 |
| 9 – Month | 15.80 | 16.30 |
| 1 – Year | 15.83 | 16.33 |
RIYADH: Saudi Arabia on Tuesday appointed Crown Prince Mohammed bin Salman as the prime minister of the country.
Custodian of the Two Holy Mosques King Salman has issued on Tuesday a royal decree appointing Crown Prince Mohammed bin Salman as Prime Minister of Saudi Arabia.
However, the weekly session of the Cabinet, in which the King attends, will be held under his chairmanship, according to the royal decree.
The Crown Prince’s appointment was made with giving an exemption to the provision of Article 56 of the Basic Law of Governance, and the relevant provisions contained in the Law of the Council of Ministers.
In another royal decree, the King restructured the Council of Ministers, headed by the Crown Prince.
King Salman also issued a decree appointing Deputy Minister of Defense Prince Khalid bin Salman as Minister of Defense. Yousef bin Abdullah Al-Benyan has been appointed new minister of education.
The ministers keeping their positions unchanged are Prince Abdulaziz bin Salman as Minister of Energy, Prince Faisal bin Farhan as Minister of Foreign Affairs, Khalid bin Abdulaziz al-Falih as Minister of Investment, Prince Abdulaziz bin Saud bin Nayef bin Abdulaziz as Minister of Interior, Mohammed bin Abdullah al-Jadaan as Minister of Finance.
Also keeping their ministerial titles are Prince Abdullah bin Bandar bin Abdulaziz as Minister of the National Guard, Walid al-Samaani as Minister of Justice, Abdullatif bin Abdulaziz Al al-Sheikh as Minister of Islamic affairs, Prince Badr bin Abdullah bin Farhan as Minister of Culture, Prince Abdulaziz bin Turki al-Faisal as Minister of Sports, Tawfiq bin Fawzan al-Rabiah as Minister of Hajj and Umrah, Majid bin Abdullah Al-Qasabi as Minister of Commerce.
In addition, Bandar bin Ibrahim al-Khorayef as Minister of Industry and Mineral Resources, Ahmed al-Khateeb as Minister of Tourism, Faisal bin Fadhil Alibrahim as Minister of Economy and Planning, and Fahd bin Abdulrahman al-Jalajel as Minister of Health.
KARACHI: Indus Motors, the maker of Toyota cars in Pakistan, is likely to increase prices to pass on the cost impact to consumers.
The company management said in corporate briefing session on Tuesday.
READ MORE: PSMC offers free WagonR registration amid sales slump
Regarding car prices, management informed that company has to increase price to pass cost impact to consumers as current car prices are not sustainable at exchange rate of over Rs230. They highlighted, current car prices are set at dollar rate of around Rs210-215, according to analysts at Topline Securities.
The company conducted the briefing to discuss its FY22 financial results and company outlook.
Company expect at-least 40 per cent decline in volumetric sales in FY23 amid higher car prices, hike in interest rates, strict auto financing rules, recent floods and restriction on Completely CKD imports.
READ MORE: Toyota stops car production in Russia
To note, INDU is currently running at production capacity of around 40 per cent-45 per cent, the analysts added.
To note, at the current production level i.e. 40-45 per cent, INDU’s order book is filled for next 4 months.
Pakistan car sales increased by 51 per cent YoY to 379,350 units in FY22 out of which INDU car sales clocked in at 75,611 units, up 31 per cent YoY. Used car imports clocked in at 28,122 units in FY22, up from 21,239 units in FY21.
READ MORE: Ferrari launches its first ever four-door car
Management stated that higher FED and Sales Tax from Jan-2022 along with 1 per cent CVT on 1300cc+ from Jul-2022 and increase in Advance Income Tax has also led to higher vehicle prices.
With regards to recently announced refund policy, management informed that around 800-1,000 clients cancelled their booking and got their cash back along with interest amount.
Investment plan of US$100 million for local production of HEV vehicles is on track; where company is expected to launch its variant next year in 2023.
READ MORE: Ford unveils seventh generation of Mustang
Net sales in FY22 increased by 54 per cent to Rs276 billion from Rs179 billion in FY21 while profit after tax only increased by 23 per cent YoY to Rs15.8 billion from Rs12.8 billion due to rupee devaluation against US dollar and imposition of super tax.
Gross margins declined to 6.7 per cent in FY22 from 9.3 per cent in FY21 primarily on account of rupee devaluation against US dollar, increased freight charges and higher commodity prices.
To note, these are lowest margins in last 10-Years. Management highlighted that gross margins will remain depressed in FY23.
KARACHI: Pakistani Rupee (PKR) gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister.
The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 233.91 on September 27, 2022.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
On Tuesday, the exchange rate witnessed a gain of PKR 3.11 to end at PKR 233.91 to the dollar from previous day’s closing of PKR 237.02 in interbank foreign exchange market.
Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.
Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.
During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.
The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.
Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
READ MORE: Rupee slumps for 15th straight session against dollar
Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.
However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.
The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).
The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.
READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65
The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.
The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.
The rupee also fell due to continuous depletion in foreign exchange reserves of the country.
KARACHI – The State Bank of Pakistan (SBP) has published the foreign exchange rates for customers on September 27, 2022.
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KARACHI: US dollar plunged to Pakistan Rupee (PKR) 233.50 in early day trading on Tuesday September 27, 2022 owing to change of finance minister and falling international oil prices.
The foreign currency lost PKR 3.52 and was being traded at PKR 233.50 by 10:00 AM (Pakistan Standard Time) as compared with last day closing of PKR 237.02 in interbank foreign exchange market.
READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination
Currency analysts said that change of finance minister had impacted the market positively. The foreign exchange market reacted to the change a day earlier as well.
Ishaq Dar has been nominated for the slot of Pakistan Finance Minister. He had already severed at this portfolio in the previous PML (N) government. Dar was known for controlling the exchange rate. Although many quarters had criticized him for artificial stabilizing the rupee. Dar is scheduled to take oath as finance minister today.
READ MORE: PKR ends 15-day losing streak; recovers against dollar
It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.
During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.
The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.
Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.
Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.
However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.
READ MORE: Rupee slumps for 15th straight session against dollar
The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).
The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.
READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65
The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.
The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.
The rupee also fell due to continuous depletion in foreign exchange reserves of the country.
KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,741,995.25 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,541,572.38 at closing on September 26, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,124.69 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,150.95 at closing on September 26, 2022.
READ MORE: Bitcoin to PKR, USD on September 25, 2022
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Dogecoin to PKR, USD on September 27, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Dogecoin to PKR is Rs14.67 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.42 at closing on September 26, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.06 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 26, 2022.
READ MORE: Dogecoin to PKR, USD on September 26, 2022
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Ripple to PKR, USD on September 27, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs112.22 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs110.64 at closing on September 26, 2022.
The rate of Ripple in US Dollar (USD) is $0.48 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.47 at closing on September 26, 2022.
READ MORE: Ripple to PKR, USD on September 26, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
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KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Dogecoin to PKR is Rs14.67 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.42 at closing on September 26, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.06 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 26, 2022.
READ MORE: Dogecoin to PKR, USD on September 26, 2022
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Ripple to PKR, USD on September 27, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs112.22 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs110.64 at closing on September 26, 2022.
The rate of Ripple in US Dollar (USD) is $0.48 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.47 at closing on September 26, 2022.
READ MORE: Ripple to PKR, USD on September 26, 2022
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Bitcoin to PKR, USD on September 27, 2022
KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 27, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,741,995.25 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,541,572.38 at closing on September 26, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,124.69 on September 27, 2022 at 10:00 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,150.95 at closing on September 26, 2022.
READ MORE: Bitcoin to PKR, USD on September 25, 2022
—————————————————————————
Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of the country, has urged the tax authorities to give statutory time for filing tax return after removing all errors in the return form.
“Proper legal time for compliance should be granted as per the statute after resolving all problems in the tax return forms,” said Suleman Chawla in a letter sent to Asim Ahmad, chairman, Federal Board of Revenue (FBR).
READ MORE: FBR advised to extend tax return filing date for three months
The apex trade body pointed out numerous errors and mistakes in the return forms on the Iris – the online filing portal of the FBR – both technical, related to IT, and legal.
Due to the technical errors the tax filers are reluctant to pay undue taxes, and their consultants remain unable to file the returns, the FPCCI said in the letter sent on September 24, 2022.
“It is regretful to note that none of the issues have been addressed as yet and, therefore, the pace of compliance of filing the tax returns is very slow,” Suleman Chawla said.
READ MORE: PTBA suggests measures to resolve refund adjustment ahead return filing deadline
The FPCCI highlighted the following issues in its letter to the FBR chairman:
Column for adjustment of brought forward capital losses under the head of capital gains tax is not available in income tax returns form due to which tax on capital gain cannot be calculated correctly.
The column of tax credit for specified industrial undertaking under section 65G of the Income Tax Ordinance, 2001 is inadvertently available in the tax credit annexure of income tax return for salaried individuals, which has no correlation with such tax credit.
READ MORE: Penalties for failure to file return tax year 2022 within due date
Column for adjustment of brought forward capital losses under the head of capital gains is not available in Income tax return form due to which tax on capital gain cannot be calculated correctly.
The Column of tax credit for specified industrial undertakings u/s 65G of the Income Tax Ordinance, 2001 is inadvertently available in the Tax Credits Annexure of income tax return for salaried individuals, which has no correlation with such tax credit.
Although the rate of tax on contract receipts under section 153 was reduced from 7.5% to 7% for Tax Year 2022, however, there is no column for such reduced rate in the return for the TY 2022 available on IRIS.
The draft of manual return forms for the Individuals and AOPs for the Tax Year 2022 was issued belatedly on August 26, 2022, whereas the final SRO. 1733(1)/2022 was issued on September 13, 2022 meaning thereby only 17 days of time has been allowed to file the manual returns, which is insufficient as provided under the law.
READ MORE: FBR fails to remove return filing glitches; KTBA seeks legal time
The IRIS portal is calculating incorrect tax liability on gain on sale of immovable properties in violation of section 37(1A) of the Income Tax Ordinance, 2001 which needs to be taken care off as soon as possible.
The IRIS portal is calculating incorrect tax on profit/yield on Bahbood Certificates/ Pensioner’s Benefit Account/ Shuhada Family Welfare Account in violation of clause (6) of Part-III, 2nd Schedule of the Income Tax Ordinance, 2001, which provides that tax shall not exceed 10 percent of such Profit/ Yield.
There lies no option list in drop downs country and currency under Code “7006” having description “Investment (Non-Business) (Account / Annuity / Bond / Certificate / Debenture / Deposit / Fund / Instrument / Policy / Share / Stock / Unit, etc.)” due to which a taxpayer remains unable to file the Foreign Income & Assets Statement under section 116A(1) of the Ordinance.
Opening wealth is being shown in “Reconciliation of Net Assets” Value of opening net assets is being shown under code ‘703002’ despite the fact that the taxpayer’s residency status is selected as “non-resident” for Tax Year 2022 after which, he should not be required to file the wealth statement including reconciliation of net assets.
The withholding rates on payment of Dividend @ 7.5%, 15% and 25%, (under section 150 of the Ordinance) are appearing in the Income Tax Return Form of “Income for a person deriving income only from salary and other sources and the Column Code 64330052 (Dividend u/s 150 @25%) is missing.
Proviso was inserted under section 22(2) of the Tax Ordinance by Finance Act, 2020 whereby depreciation on additions to fixed assets made after 01-Jul-2020 would be reduced by 50% However, when entries related to written down values are entered in in depreciation schedule as opening values, the IRIS is calculating depreciation at 50% on total values.
In addition to above, what lately has been done by FBR is that it has deleted the column of “Adjustment of Refunds”, which is certainly an afterthought while the Manual Tax Returns, which were issued vide SRO 1612(I)/2022 dated 26 August, 2022 do retain the “Column of Tax Return Refund”. There is no explanation or justification for this glaring disparity, which is to be taken care of the clarification of Taxpayers.
Online Refund Adjustment Column is still not available on Return loaded on IRIS irrespective of the fact that it is available in the SRO issued by Board.
Profit on debt/interest income on government securities is subject to FTR