KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on October 18, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.22 | 7.72 |
| 2 – Week | 7.25 | 7.75 |
| 1 – Month | 7.30 | 7.80 |
| 3 – Month | 7.76 | 8.01 |
| 6 – Month | 8.16 | 8.41 |
| 9 – Month | 8.46 | 8.96 |
| 1 – Year | 8.74 | 9.24 |
Karachi, October 18, 2021 – The State Bank of Pakistan (SBP) has released the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR) on Monday, October 18, 2021.
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ISLAMABAD: A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021.
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Karachi Chamber of Commerce and Industry (KCCI) on Saturday appealed the government to subsidize prices of petroleum products as continuous hike in prices will badly affect business community as well as masses.
Chairman Businessmen Group (BMG) & Former KCCI Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices by Rs10.49 per liter, appealed the Government to subsidize the impact of international oil prices as the increase in petroleum prices would not only affect the overall economic performance but would also intensify the hardships for businesses and the masses who were already overburdened because of inflation and their budgeting would be further disturbed due to hike in petroleum prices and also the electricity tariff.
“The current government has always desired that the cost of doing business is reduced but all these steps are in contrast to the policy of the government as the nation nowadays suffers badly due to frequent hikes in petroleum prices, electricity & gas tariffs and other utilities in addition to fluctuating exchange rates and higher duties on imports”, Chairman BMG added in a statement issued here on Saturday.
He further pointed out that it was a matter of grave concern that the winter season has not yet arrived in Karachi but gas supply to CNG stations has been suspended for 10 consecutive days which was really worrisome.
He said: “We are well-aware that the international oil prices were on the higher side but the impact must not be passed on to the public as done in the past. The petrol and diesel prices in Pakistan peaked at Rs87 and Rs65 per liter during the historically highest ever international crude price of $147.27 per barrel in July 2008 and now when it was around US$85, the petroleum prices have been raised to a whopping Rs137.79 per liter which was beyond our understanding.”
Referring to severe devaluation of Pakistani rupee against dollar, Zubair Motiwala said that the rupee was seen devaluating by approximately 12.4 percent against US Dollar from Rs152.30 on May 17, 2021 to around Rs171.20 as on October 16, 2021. “Severe devaluation of rupee has raised the cost of doing business and fostered the inflation, therefore, it is really crucial to review the current strategies being pursued by the economic managers.”
“The government needs to understand that the share of exports in GDP stood at 8 percent while the rest of 92 percent was local trade and imports hence the devaluation is hurting and has reached to a level where it has become unbearable”, he added.
He stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the rising petroleum prices and excessive devaluation will continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the poor poorer due to unbearable inflation. “The inflation monster needs to be effectively controlled.”
He further opined that increase in electricity tariff was probably due to ‘Take or Pay Agreements’ with the Independent Power Producers (IPPs) so the brunt of the policy should not be put on the people of Pakistan.
He also underscored that the import substitution industries, SMEs, Small Traders and Shopkeepers who were the backbone of economy cannot bear such shocks. The federal and provincial governments must help them out by providing loans at zero percent interest rate for their survival otherwise they will become bankrupt.
He hoped that the Federal Government would realize the gravity of the situation and accordingly take steps to stop further devaluation of rupee against dollar and also look into the possibility of subsidizing petroleum prices as done in the past.
Meanwhile, President KCCI Muhammad Idrees, while appreciating the Sindh Government’s decision to lift the restriction imposed on carrying out businesses on Sunday which was earmarked as Safe Day, stated that the business community was very happy to see that Chairman Businessmen Group Zubair Motiwala fulfilled his commitment to small traders/ shopkeepers within 24 hours by successfully convincing the Sindh government to allow business activities on Sunday.
“KCCI warmly welcomes Sindh Government’s notification in which businesses have been allowed to operate on Sunday which would certainly help in minimizing the grievances being suffered by shopkeepers who underwent severe losses due to COVID-19 pandemic and subsequent lockdowns”, he added.
He said that by promptly and affirmatively responding to Chairman BMG’s request, Chief Minister Sindh has proved that the Sindh government was undoubtedly a peoples’ friendly government which despite so many challenges, tries its best to somehow provide relief to the public whenever possible.
The Federal Board of Revenue (FBR) has disclosed the tax rates applicable to profit on debt under section 7B of the Income Tax Ordinance, 2001, for the tax year 2022.
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The tax rates for dividend tax imposed under section 5 of the Income Tax Ordinance, 2001 for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of dividend tax:
The rate of tax imposed under section 5 on dividend received from a company shall be-
(a) 7.5% in the case of dividends paid by Independent Power Producers where such dividend is a pass through item under an Implementation Agreement or Power Purchase Agreement or Energy Purchase Agreement and is required to be re-imbursed by Central Power Purchasing (CPPA-G) or its predecessor or successor entity.
(b) 15% in mutual funds, Real Estate Investment Trusts and cases other than those mentioned in clauses (a) and (c).
(c) 25% in case of a person receiving dividend from a company where no tax payable by such company, due to exemption of income or carry forward of business losses under Part VIII of Chapter III or claim of tax credits under Part X of Chapter III.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 15, 2021.
| Tenor | BID | OFFER |
| 1 – Week | 7.21 | 7.71 |
| 2 – Week | 7.25 | 7.75 |
| 1 – Month | 7.29 | 7.79 |
| 3 – Month | 7.71 | 7.96 |
| 6 – Month | 8.10 | 8.35 |
| 9 – Month | 8.38 | 8.88 |
| 1 – Year | 8.60 | 9.10 |
Karachi, October 15, 2021: The State Bank of Pakistan (SBP) has issued the official exchange rates for Friday, October 15, 2021.
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The Federal Board of Revenue (FBR) has defined the super tax rate for the tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
(more…)The tax rates for corporate entities for tax year 2022 under the First Schedule of the Income Tax Ordinance, 2001.
The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.
Following are the rates of tax for corporate entities:
(i) The rate of tax imposed on the taxable income of a company for the tax year 2007 and onward shall be 35%:
Provided that the rate of tax imposed on the taxable income of a company other than a banking company, shall be 34% for the tax year 20145:
Provided further that the rate of tax imposed on the taxable income of a company, other than a banking company, shall be 33% for the tax year 2015:
“Provided further that the rate of tax imposed on taxable income of a company, other than banking company shall be 32% for the tax year 2016, 31% for tax year 2017, 30% for tax year 2018 and 29% for tax year 2019 and onwards.
(iii) where the taxpayer is a small company as defined in section 2, tax shall be payable at the rate of 25%:
Provided that for tax year 2019 and onwards tax rates shall be as set out in the following Table, namely:—
| Tax year | Rate of Tax |
| 2019 | 24% |
| 2020 | 23% |
| 2021 | 22% |
| 2022 | 21% |
| 2023 and onwards | 20%”; |
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)