Pkrevenue.com

Author: Faisal Shahnawaz

  • Dollar continues to fall against PKR; ends at Rs218.88

    Dollar continues to fall against PKR; ends at Rs218.88

    KARACHI: The US dollar continued to fall against the Pakistan Rupee (PKR) on Thursday and ended at Rs218.88 in the interbank foreign exchange market.

    The exchange rate witnessed an increase of Rs3.06 in the rupee value to end at Rs218.88 from previous day’s closing of Rs221.94 in the interbank foreign exchange market.

    READ MORE: Rupee jumps to Rs221.91 against dollar

    The local units gained about Rs21.06 or 8.78 per cent during past eight trading days.

    Currency dealers said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.

    The SBP initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.

    READ MORE: Pakistani rupee extends gain to dollar for sixth session

    The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.

    The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).

    The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.

    READ MORE: Dollar plunges to Rs226.15 at interbank closing on August 4, 2022

    The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.

    The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.

    The experts, however, expressed concerns over massive decline in foreign exchange reserves. They said that expected inflows from IMF would help the country’s external sector.

    READ MORE: Pakistani Rupee makes historic recovery; dollar ends at Rs228.80

  • SBP’s customer forex rates – August 11, 2022

    SBP’s customer forex rates – August 11, 2022

    On Thursday, August 11, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers, shedding light on the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

    (more…)
  • FBR allows tax refund deducted through electricity bills

    FBR allows tax refund deducted through electricity bills

    KARACHI: The Federal Board of Revenue (FBR) has allowed tax refund deducted through electricity bills, sources said on Thursday.

    The sources said that electricity supply companies had started adjusting the amount deducted as sales tax on monthly bills of commercial connection holders.

    READ MORE: Pakistan decides to roll back fixed tax scheme

    In this regard the FBR circulated the recent decision of a committee regarding fixed tax regime for retailers.

    Sources in K-Electric, the power producing and supply company mainly for residents of Karachi, said that the utility was adjusting the electricity bills of those consumers who have days for due date in payment of electricity charges.

    Furthermore, those who had paid their bills along with sales tax will be adjusted in the next bill, the sources added.

    The power companies are making adjustment against the paid amount on the directives of the FBR, the sources further added.

    READ MORE: FTO investigates tax collection through electricity bills

    In order to review the fixed tax regime a meeting was held on August 04, 2022 at the ministry of finance to finalize the collection of sales tax through electricity bills.

    The meeting was presided over by Finance Minister Dr. Miftah Ismail. The meeting decided that the fixed tax scheme introduced through Finance Act, 2022 would be rolled back ab initio and the retailers would continue to pay taxes as per previous (pre-budget) mechanism and rates.

    The meeting decided that for the next three months i.e. July to September 2022, the previous tax rates would continue to apply on retailers.

    It was decided that the government would review the situation and would notify new tax rates effective from October 01, 2022.

    For reversal of fixed tax scheme, necessary legislation would be enacted by the FBR as soon as possible.

    The fixed tax rate was implemented and the FBR started collection through electricity bills effective from July 01, 2022. The power utility on the behalf of the FBR applied the fixed tax on all the commercial connections irrespective of nature of business, including service providers.

    The illogical application of fixed tax regime invited huge and cry from the several quarters, which forced the government to review its decision.

    READ MORE: Withdrawal of sales tax through electricity bills demanded

    Recently, the Federal Tax Ombudsman (FTO) launched investigation in a complaint received regarding sales tax collection through electricity bills.

    The FTO on July 29, 2022 issued notices to Secretary, Revenue Division, Chief Commissioner and Commissioner Inland Revenue Large Taxpayers Office (LTO) Karachi, in the complaint filed by Mrs. Fauzia Salman against illegal and unlawful collection of taxes through electricity bills by K-Electric Limited.

    READ MORE: Tax through electricity connections on retailers, service providers

  • Bitcoin to Pakistani Rupee on August 11, 2022

    Bitcoin to Pakistani Rupee on August 11, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs5,391,469.76 on August 11, 2022 at 10:05 AM Pakistan Standard Time (PST), in the open exchange market.

    (more…)
  • Ripple to Pakistani Rupee on August 11, 2022

    Ripple to Pakistani Rupee on August 11, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) is Rs84.49 on August 11, 2022 at 10:05 AM Pakistan Standard Time (PST), in the open exchange market.

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  • Dogecoin to Pakistani Rupee on August 11, 2022

    Dogecoin to Pakistani Rupee on August 11, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) is Rs15.85 on August 11, 2022 at 10:05 AM Pakistan Standard Time (PST), in the open exchange market.

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  • SBP issues KIBOR rates – August 10, 2022

    SBP issues KIBOR rates – August 10, 2022

    The State Bank of Pakistan (SBP) has released the latest Karachi Interbank Offered Rates (KIBOR) on Wednesday, providing insights into the borrowing and lending rates prevalent in the interbank market.

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  • Pakistan stocks gain 400 points amid positive sentiments

    Pakistan stocks gain 400 points amid positive sentiments

    KARACHI: Pakistan stocks have gained around 400 points on Wednesday owing to positive sentiments prevailed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,495 points from last trading on August 05, 2022 of 42,096 points, showing an increase of 399 points.

    READ MORE: Weekly Review: market likely to continue positive sentiments

    Analysts at Arif Habib Limited said that the PSX witnessed a positive session on Wednesday August 10, 2022.

    “The KSE-100 index traded in the green zone throughout the day as investors opted for value hunting across the board,” they added.

    READ MORE: Pakistan stocks up 671 points on continuous rupee gain

    The E&P sector remained in the limelight following the rumors of circular debt resolution by the government. Investors participation remained healthy as hefty volumes were witnessed in the main board and 3rd tier stocks.

    Sectors contributing to the performance include Banks (+156.4 points), E&P (+108.0 points), Fertilizer (+56.1 points), Power (+55.0 points) and Technology (+42.7 points).

    READ MORE: Pakistan stocks gain 357 points as rupee continues recovery

    Volumes decreased from 406.7 million shares to 373.2 million shares (-8.2 per cent DoD). Average traded value increased by 13.7 per cent to reach US$ 59.6 million as against US$ 52.4 million.

    Stocks that contributed significantly to the volumes are CNERGY, PRL, TPLP, LOTCHEM and WTL.

    READ MORE: Pakistan stocks up 877 points on massive rupee appreciation

  • Rupee jumps to Rs221.91 against dollar

    Rupee jumps to Rs221.91 against dollar

    KARACHI: The Pakistani rupee recovered Rs2.13 against the US dollar on Wednesday to close at Rs221.91 at closing of interbank foreign exchange market.

    Previously, the exchange rate closed at Rs224.04 to the dollar on August 05, 2022.

    READ MORE: Pakistani rupee extends gain to dollar for sixth session

    The rupee continued the gain for seventh straight session after falling to historic low. The rupee witnessed record low at Rs239.94 on July 28, 2022. However, since then the rupee is continuously gaining to the dollar.

    The local units gained about Rs18.75 or 7.51 per cent during past seven trading days.

    Currency dealers said that the tight monitoring of the State Bank of Pakistan (SBP) had eased the pressure on exchange rate.

    READ MORE: Dollar plunges to Rs226.15 at interbank closing on August 4, 2022

    The SBP initiated inspection against the exchange companies on August 01, 2022. On August 2, 2022, the SBP suspended the operations of four branches of two ECs (Galaxy Exchange Co and Al-Hameed International Money Exchange Co) for violation of SBP regulations.

    The central bank also imposed monetary penalties on some ECs in the recent past. Besides, due to violations of SBP instructions, arrangements of 13 franchises have been terminated by six different ECs in the recent past.

    The dealers said that after assurance from the International Monetary Fund (IMF) that Pakistan had met all the requirement for the disbursement of $1.2 billion tranche under Extended Fund Facility (EFF).

    READ MORE: Pakistani Rupee makes historic recovery; dollar ends at Rs228.80

    The currency experts said that the rupee was also supported by reduction in trade deficit during the first month of the current fiscal year.

    The trade deficit narrowed by 18.33 per cent to $2.62 billion for the month of July 2022 as compared with the deficit of $3.23 billion in the same month of the last year.

    READ MORE: Rupee makes recovery against dollar for 3rd straight day

    The trade deficit was mainly contracted due to 12.8 per cent decline in import bill during the month under review. The import bill of the country was reduced to $4.86 billion in July 2022 as compared with $5.57 billion in the same month of the last year.

    The experts, however, expressed concerns over massive decline in foreign exchange reserves. They said that expected inflows from IMF would help the country’s external sector.

  • SBP’s customer forex rates – August 10, 2022

    SBP’s customer forex rates – August 10, 2022

    On Wednesday, August 10, 2022, the State Bank of Pakistan (SBP) disclosed the foreign exchange rates for customers, providing insight into the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

    (more…)