Carry forward of business losses allowed by the Federal Board of Revenue (FBR) in a move to provide relief to business community.
(more…)Author: Faisal Shahnawaz
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Set off losses against income tax
Section 56 of Income Tax Ordinance, 2001 explained set off losses against income tax. It allowed a person, who sustained losses for any tax year under head of income, is allowed to set off losses against the income.
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Tax on sugar retail sale to be imposed from December 01
The Federal Board of Revenue (FBR) has announced the deferral of the imposition of sales tax on the retail sale of sugar until December 1, 2021.
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SBP revises manual to facilitate cross border payments
KARACHI: The State Bank of Pakistan (SBP) on Thursday said that it has revised Foreign Exchange Manual to facilitate legitimate cross border payments.
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KSE-100 index declines by 149 points
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 149 points on Thursday. The index closed at 47,641 points as against previous day’s closing of 47,790 points, showing a decline of 149 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range between -207 points and +107 points.
Profit booking was still at works, particularly in Technology, Banks, O&GMCs and Chemical stocks, where prices went up in previous sessions, whereas Steel and Cement sector stocks saw continuation of consolidation.
Rupee parity has been stable however the outlook suggests an appreciation is in the offing that kept the investors undecided on portfolio positions.
Among scrips, PTC led the table with 62.1 million shares, followed by TPL (42.6 million) and TELE (35.6 million).
Sectors contributing to the performance include Misc (-36 points), Cement (-22 points), Technology (-20 points), O&GMCs (-17 points) and Pharma (-14 points).
Volumes increased from 532.9 million shares to 546.8 million shares (+2 per cent DoD). Average traded value also increased by 1 per cent to reach US$ 92.7 million as against US$ 92.8 million.
Stocks that contributed significantly to the volumes include PTC, TPL, TELE, GGL and HUMNL, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include JLICL (+9 points), MTL (+9 points), PTC (+8 points), MEBL (+6 points) and HMB (+5 points). Stocks that contributed negatively include PSEL (-36 points), SYS (-15 points), TRG (-13 points), BAHL (-10 points) and SNGP (-10 points).
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KIBOR rates for August 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on August 05, 2021.
Tenor BID OFFER 1 – Week 6.93 7.43 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.44 7.94 1 – Year 7.53 8.03 -
SBP issues customers exchange rates for August 05
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data compiled and disseminated for information only.
These exchange rates are estimates that quoted by various commercial banks to their clients.
The banks provide their indicative exchange rates for commercial transactions with customers.
CURRENCY BUYING SELLING AED 44.4790 44.5741 AUD 120.6896 120.9436 CAD 130.2937 130.5630 CHF 179.9218 180.3033 CNY 25.2908 25.3411 EUR 193.2399 193.6535 GBP 226.6904 227.1756 JPY 1.4884 1.4916 SAR 43.5364 43.6274 USD 163.2339 163.5972 -
Rupee appreciates 24 paisas against dollar
Rupee appreciates 24 paisas against dollar. KARACHI: The Pak Rupee (PKR) gained 24 paisas against the dollar on Thursday. The local currency improved due to sufficient inflows of export receipts and workers remittances.
The rupee ended at Rs163.23 to the dollar from the previous day’s closing of Rs163.47 in the interbank foreign exchange market.
Currency experts said that the market witnessed sufficient supply of the foreign currency during the day. The supply of the greenback helped the rupee to make gain.
They said that the rupee likely to make further gain in coming days due to expected inflows of $2.8 billion from the IMF by month end.
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SBP imposes monetary penalty on eight banks
KARACHI: The State Bank of Pakistan (SBP) took decisive action on Thursday, announcing hefty monetary penalties totaling Rs525.23 million against eight commercial banks for violating regulatory provisions during the quarter ended June 30, 2021.
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Limitation of exemption under tax ordinance
In a bid to clarify the limitation on exemption under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has highlighted Section 55 of the ordinance.
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