Pkrevenue.com

Author: Faisal Shahnawaz

  • Dollar jumps up to make new high at Rs170.96

    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.

    Dollar maintains record high level in interbank
  • SBP issues customers exchange rates for October 06

    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

    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.

    FBR imposes service charges on POS invoices
  • Functions of Directorates under tax law

    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

    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.

     TenorBIDOFFER
    1 – Week7.207.70
    2 – Week7.257.75
    1 – Month7.297.79
    3 – Month7.547.79
    6 – Month7.908.15
    9 – Month8.228.72
    1 – Year8.478.97
    KIBOR rates on October 04, 2021
  • SBP issues customers exchange rates for October 05

    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.

    (more…)
  • Exchange rates in PKR vs foreign currencies on Oct 5

    Exchange rates in PKR vs foreign currencies on Oct 5

    KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 5, 2021 (The rates are updated at 12:42 AM):

    CurrencyBuyingSelling
    Australian Dollar123.10125.10
     Bahrain Dinar386.70388.46
     Canadian Dollar135.60137.60
     China Yuan23.7523.90
     Danish Krone23.4523.75
     Euro198.60200.10
     Hong Kong Dollar16.6516.90
     Indian Rupee2.032.10
     Japanese Yen1.411.44
     Kuwaiti Dinar481.60484.10
     Malaysian Ringgit36.4536.80
     NewZealand $96.3097
     Norwegians Krone17.5017.75
     Omani Riyal392.70394.70
     Qatari Riyal39.8040.40
     Saudi Riyal45.0545.55
     Singapore Dollar122.60124.10
     Swedish Korona18.3018.55
     Swiss Franc159.80160.70
     Thai Bhat4.804.90
     U.A.E Dirham46.5547.05
     UK Pound Sterling232.10234.60
     US Dollar172.40173.40

    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.

    Exchange rates in PKR vs foreign currencies on Oct 4
  • KIBOR rates on October 04, 2021

    KIBOR rates on October 04, 2021

    KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on October 04, 2021.

     TenorBIDOFFER
    1 – Week7.207.70
    2 – Week7.257.75
    1 – Month7.287.78
    3 – Month7.527.77
    6 – Month7.908.15
    9 – Month8.228.72
    1 – Year8.478.97
    KIBOR rates on October 01, 2021
  • Pakistan’s trade deficit doubles in first quarter

    Pakistan’s trade deficit doubles in first quarter

    ISLAMABAD: Pakistan’s trade deficit has doubled in first quarter (July – September) 2021/2022 owing to sharp increase in import bill, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday.

    The trade deficit has ballooned by 100.62 per cent to $11.66 billion during the first quarter of the current fiscal year as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.

    The import bill posted an unprecedented growth of 65 per cent to $18.63 billion during the first quarter of the current fiscal year as compared with $11.28 billion in the corresponding quarter of the last fiscal year.

    The exports of the country registered 27 per cent growth to $6.96 billion during July – September 2021 as compared with $5.47 billion in the same period of the last fiscal year.

    The trade deficit on year on year (YoY) basis in September 2021 widened by 70 per cent to $4.1 billion as compared with the deficit of $2.41 billion. The import bill recorded an increase of 50.78 per cent to $6.48 billion in September 2021 as compared with $4.29 billion in the same month of the last year.

    The exports also exhibited a growth of 26.13 per cent to $2.38 billion in September 2021 as compared with $1.88 billion in the same month of the last year.

    Trade deficit balloons 120% to $7.49 billion in two months
  • Rupee makes fresh lows against dollar

    Rupee makes fresh lows against dollar

    KARACHI: The Pak Rupee (PKR) fell to a new record low against the dollar at Rs170.80 on Monday. The high demand for import and corporate payments kept the local unit under pressure.

    The rupee fell by 32 paisas to Rs170.80 to the dollar from last Friday’s closing of Rs170.48 in the interbank foreign exchange market.

    Currency experts attributed the fresh low of rupee to the opening of the market after two weekly-holiday. They further said that higher import bill also escalated the demand for the dollar.

    The rupee hit all-time low at Rs170.66 against the dollar on September 30, 2021.

    The State Bank of Pakistan (SBP) last week announced measures to discourage imports and support balance of payment. However, these measures have failed so far to support the local currency.

    Dollar retreats after import restrictions