KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of December 31, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.76 | 10.26 |
| 2 – Week | 9.82 | 10.32 |
| 1 – Month | 9.89 | 10.39 |
| 3 – Month | 10.29 | 10.54 |
| 6 – Month | 11.21 | 11.46 |
| 9 – Month | 11.25 | 11.75 |
| 1 – Year | 11.30 | 11.80 |
KARACHI: The US dollar retreated by Re1 on the last day of the year 2021 on Friday to close the trading at Rs176.51 at interbank foreign exchange market.
The rupee ended at Rs177.51 to the dollar a day earlier in the interbank foreign exchange market.
The rupee recorded an all-time low of Rs178.24 to the dollar on December 29, 2021.
READ MORE: Rupee falls to new historic low of Rs178.24 to dollar
Currency experts said that the measures taken through the mini-budget had given some respite to the local currency.
They said that the State Bank of Pakistan (SBP) had closely watched the currency movement on the last day of the year.
The experts said that rising import bill and current account deficit however big challenges for the rupee stability in the coming days.
READ MORE: Bank holiday on January 03, 2022 announced
Furthermore, the decline in foreign exchange reserves also threatened rupee stability.
The official foreign exchange reserves of the central bank slipped by $299 million to $17.85 billion by week ended December 24, 2021 when compared with $18.15 billion a week ago.
READ MORE: Pakistan’s forex reserves decline by $395 million in week
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) released the official exchange rates for December 31, 2021, offering customers essential information based on the weighted average rates of commercial banks.
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ISLAMABAD: The Federal Board of Revenue (FBR) may generate additional Rs4.5 billion as advance income tax from cellular services as tax rate has been increased through mini-budget.
The government has increased the withholding tax rates on cellular services to 15 per cent from existing 10 per cent in the mini-budget announced on December 30, 2021.
The increase in advance tax rates on cellular services to generate Rs4.5 billion.
The changes in the withholding tax regime on usage of internet and mobile phones services have been brought through the Finance (Supplementary) Bill, 2021.
The FBR said that through the Finance Act, 2021 federal excise duty (FED) was levied on telecom services. However, telecom companies challenged the duty and got a favourable decision.
“A marginal increase in adjustable advance tax has been proposed from 10 per cent to 15 per cent to make up for revenue loss from telecos,” the FBR added.
The rate of tax has been proposed to increase to 15 per cent from existing 10 per cent for tax year 2022 and eight per cent onwards of the amount of the bill or sales price of internet prepaid card or prepaid telephone card or sale of units through any electronic medium or whatever form from subscriber of internet, mobile telephone and pre-paid internet or telephone card.
The FBR collects the advance tax on telephone and internet users under Section 236 of Income Tax Ordinance, 2001.
According to the ordinance:
“Telephone and internet users.- (1) Advance tax at the rates specified in Division V Part IV of the First Schedule shall be collected on the amount of – (a) telephone bill of a subscriber; (b) prepaid cards for telephones; (c) sale of units through any electronic medium or whatever form ; and (d) internet bill of a subscriber; and (e) prepaid cards for internet.
(2) The person preparing the telephone or internet bill shall charge advance tax under sub-section (1) in the manner telephone or internet charges are charged.
(3) The person issuing or selling prepaid cards for telephones or the internet shall collect advance tax under sub-section (1) from the purchasers at the time of issuance or sale of cards.
(3A) The person issuing or selling units through any electronic medium or whatever form shall collect advance tax under sub-section (1) from the purchaser at the time of issuance of sale of units.
(4) Advance tax under this section shall not be collected from the Government, a foreign diplomat, a diplomatic mission in Pakistan, or a person who produces a certificate from the Commissioner that his income during the tax year is exempt from tax.”
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs30.64 on December 31, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs30.58 on December 30, 2021.
The rate of Dogecoin in US Dollar (USD) is $0.17 on December 31, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.17 on December 30, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 n not a recommendation buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs149.98 on December 31, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate Rs146.79 on December 30, 2021.
The rate of Ripple in US Dollar (USD) is $0.84 on December 31, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate $0.83 on December 30, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 Bitcoin (BTC) in Pak Rupee (PKR) is Rs8,465,737.12 on December 31, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs8,324,613.96 on December 30, 2021.
The rate of Bitcoin in US Dollar (USD) is $47,381.84 on December 31, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate $46,799.24 on December 30, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In case of trading it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
KARACHI: The stocks gained 156 points on Thursday ahead of mini-budget announcement, analysts said.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,416 points as against previous day’s closing of 44,260 points, showing an increase of 156 points.
READ MORE: KSE-100 index up 216 points in range-bound trading
The analysts at Arif Habib Limited said that the index stayed in the green zone ahead of mini-budget.
Cement sector remained in the limelight as cement stocks rallied in the first trading hour due to reduction in international coal prices.
In banking sector, MEBL stayed in the limelight as SBP for the first time has introduced shariah compliant liquidity facilities for Islamic banking institutions to enable them to offer better returns and rates to their customers on deposits and loans.
READ MORE: SBP introduces Shariah compliant OMO injections
Moreover, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Technology & Communication (+79 points), Commercial Banks (+60 points), Fertilizer (+44 points) Cement (+32 points) and Tobacco (+16 points).
Volumes decreased from 271.1 million shares to 243.1 million shares (-10.3 per cent DoD). Traded value increased by 26.8 per cent to reach US$ 58.3 million as against US$ 45.9 million.
Stocks that contributed significantly to the volumes include KEL, TREET, TRG, CNERGY and PRL.
KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as of December 30, 2021.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.76 | 10.26 |
| 2 – Week | 9.81 | 10.31 |
| 1 – Month | 9.88 | 10.38 |
| 3 – Month | 10.29 | 10.54 |
| 6 – Month | 11.22 | 11.47 |
| 9 – Month | 11.21 | 11.71 |
| 1 – Year | 11.29 | 11.79 |
KARACHI: Alibaba.com, leading global B2B e-commerce marketplace, held a seller summit; titled ‘Unlock Business Growth Code’ in Sialkot to bring Pakistani sellers aboard its platform, thereby helping them to access over 200 markets globally, a statement said on Thursday.
The summit featured talks by representatives of Alibaba.com, local trade associations, senior government officials and a number of successful online sellers.
Alibaba is one of largest business-to-business marketplace platforms that drive global e-commerce and continue to register substantial growth by the day.
The company is actively working to tap into Pakistan’s unexplored potential for e-commerce and has launched multiple similar initiatives in the recent past. According to business estimates, Pakistan is expected to witness an annual growth of 28% in e-commerce in the next 3 years, crowning it as one of the biggest exporters of online goods.
The Sialkot Summit will help Alibaba reach out to local micro, small and medium scale businesses, who can grow their businesses by selling through Alibaba’s platform. In order to ensure sustainability of the new businesses, particularly those who were affected by the COVID-19 pandemic, Alibaba.com will extend support services like advertising, logistics, payments and daily operations systems. The platform will help the SMEs connect with new buyers and explore new markets globally.
The summit featured roundtable conference and keynote speeches of important stakeholders for exchange of ideas and consultation in order to chalk out a clear pathway for growth of local businesses and exports.
Speaking at the event, Head of Alibaba.com, APAC, Mr. Stephen Kuo said we are thrilled by the enthusiasm and keenness of local business leaders and entrepreneurs to explore new horizons. There is a lot of untapped potential for growth of e-commerce in Pakistan and Alibaba.com wishes to help unlock it for sustainable economic growth of SMEs and in turn the national economy. He said that the ecommerce giant will fully support local sellers by helping them start their business online, right from setting up their stores, uploading products to logistics and operations. He further said, the collaborative arrangement will create unprecedented shared value and facilitate mutual growth in the long run.
Also speaking, Vice President, Sialkot Chamber of Commerce and Industry, Ms. Shabina said, we are thankful to Alibaba.com for its efforts to open newer avenues for local businesses to enhance their sales and profitability. The world is changing fast through digitization; therefore traditional businesses should also change for good. E-commerce is the future and is beneficial for the small and medium business holders because it is less effort and operational cost for better revenues. Through, Alibaba’s global platform, our businesses can access markets all over the world and contribute effectively to the national economy.