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Author: Faisal Shahnawaz

  • MCB Bank, UnionPay ink pact for e-Commerce

    MCB Bank, UnionPay ink pact for e-Commerce

    LAHORE: MCB Bank Limited has entered into an agreement with UnionPay International (UPI) to further facilitate e-Commerce businesses partnered with MCB e-Gate with access to UnionPay International’s globally recognized payment services.

    Under this agreement, MCB Bank will be enabling partner eCommerce businesses to access UnionPay International as a payment scheme in the MCB eGate internet payment gateway service. Going forward,all eCommerce businesses that utilize the MCB eGate service will be able to receive patronage from UnionPay International Debit and Credit Cardholders who will now be able to conduct online payment transactions on their platforms.

    The agreement was signed between Muhammad Azam Naeem, Business Head, Digital Banking, MCB Bank and Nadeem Haroon, Country Manager, UnionPay Pakistan at MCB House, Lahore. Shahzad Ishaq, Group Head, Consumer & Digital Banking, MCB Bank, Jasim Ahmed Waheed, Department Head Acceptance, Digital Banking, MCB Bank, Umer Qasim, Product Manager eCommerce and Payment Gateway, Digital Banking, MCB Bank, Kashif Ali, Ali Abbas and Mehtab Haider from UnionPay International were also present at the ceremony.

    Speaking at the occasion, Shahzad Ishaq said: “at the heart of all our digital initiatives is enhancing customers’ access to payments, convenience and ease of doing transactions. Simultaneously, we would enrich the value proposition provided to Bank’s eCommerce merchants.

    “Through our agreement with UnionPay International, our partnering eCommerce merchants stand to benefit from the potential business with over 12 million UnionPay cardholders in Pakistan.”

    James Yang, General Manager UnionPay International Middle East, also added: “UnionPay has the world’s largest cardholder base issued across 70 countries and regions. Providing security and effortless convenience for all of our customers is key when looking to the future. Supporting both merchants and consumers, UnionPay International invests significantly in technology and innovation to deliver a range of leading products, all adhering to the highest standards of security and protection.”

    MCB Bank is one of the largest and most innovative banks in Pakistan. The Bank operates a strong and vast network of Over 1,400 branches and over 1400 ATMs in Pakistan and 11 overseas branches. With a customer base of over 7 million, MCB leads the banking & financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via our innovative and accessible Digital Banking Services.

    UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 2400 institutions worldwide, UnionPay International has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UnionPay International provides high-quality, cost-effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.

    MCB Bank’s 2QCY21 results above market expectations
  • SBP issues customers exchange rates for November 17

    SBP issues customers exchange rates for November 17

    Karachi, November 17, 2021 – The State Bank of Pakistan (SBP) has released the latest exchange rates for various foreign currencies against the Pakistani Rupee (PKR) on Wednesday, November 17, 2021.

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  • Rupee sharply recovers to Rs173.76 against dollar

    Rupee sharply recovers to Rs173.76 against dollar

    KARACHI: The Pak Rupee (PKR) on Wednesday made a sharp recovery of Rs1.13 against the US dollar in the interbank foreign exchange market.

    The rupee ended Rs173.76 to the dollar from the previous day’s closing of Rs174.89 in the interbank foreign exchange market.

    The rupee has recovered Rs1.97 against the dollar during the past three sessions since the State Bank of Pakistan (SBP) decision to enhance the Cash Reserves Requirement (CRR).

    The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

    The SBP has decided the measure following the rupee hit an all-time low at Rs175.73 against the dollar on November 12, 2021.

    A day earlier the SBP also decided to announce the monetary policy statement ahead of the scheduled announcement in order to stabilize the money market.

    The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

    Rupee goes up 40 paisas against dollar in interbank
  • Stock market climbs up 807 points on IPPs payment

    Stock market climbs up 807 points on IPPs payment

    KARACHI: The stock market gained 807 points on Tuesday owing to the government’s decision to pay the second installment to power companies.

    The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,543 points as compared with the previous close of 45,736 points.

    Analysts at Arif Habib Limited said that bullish momentum was witnessed just after the opening bell of the market mainly led by the power sector as the Economic Coordination Committee (ECC) of the Cabinet approved Rs134.783 billion for payment to independent Power Producers (IPPs) on second installment (60 percent) as per payment mechanism.

    Appreciation of Pak rupee against dollar and PM decision not to increase the prices of petroleum products till November 30th gave investor confidence to the market.

    Cement and E&P stocks contributed the most in the bull run. In the last trading hour, the technology sector made the journey to the north as TRG hit the upper circuit due to a rumor of a buy-back of shares.

    On the institutional front, buying activity was witnessed across the board from the mutual funds.

    Sectors contributing to the performance include Cement (+189.3 points), Technology (121.3 points), E&Ps (+104.0 points), Power (+78.5 points), and Banks (63.0 points).

    Volumes increased from 172.9 million shares to 243.2 million shares (+40.7 per cent DoD). Traded value also increased by 103.1 per cent to reach US$ 59.7 million as against US$ 29.4 million.

    Stocks that contributed significantly to the volumes include GGL, TPLP, WAVES, TELE and SERF.

    KSE-100 index sheds 13 points in dull trading
  • SBP decides early announcement of monetary policy

    SBP decides early announcement of monetary policy

    KARACHI: The State Bank of Pakistan (SBP) has altered its monetary policy announcement date, advancing it to November 19, 2021, from the initially scheduled date of November 26, 2021.

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  • KIBOR rates on November 16, 2021

    KIBOR rates on November 16, 2021

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on November 16, 2021.

     TenorBIDOFFER
    1 – Week7.297.79
    2 – Week7.357.85
    1 – Month7.457.95
    3 – Month8.448.69
    6 – Month8.759.00
    9 – Month9.099.59
    1 – Year9.299.79
    KIBOR rates on November 15, 2021
  • SBP issues customers exchange rates for November 16

    SBP issues customers exchange rates for November 16

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday issued customers’ exchange rates for November 16, 2021. The exchange rate is on the basis of weighted average rates of commercial banks.

    The SBP said the data is 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.

    CURRENCYBUYINGSELLING
    AED47.744747.8552
    AUD128.7213129.0182
    CAD140.0288140.3456
    CHF189.5190189.9612
    CNY27.525327.5852
    EUR199.4481199.9138
    GBP235.2572235.8058
    JPY1.53491.5385
    SAR46.729646.8371
    USD175.2413175.6641
    SBP issues customers exchange rates for November 15
  • Rupee goes up 40 paisas against dollar in interbank

    Rupee goes up 40 paisas against dollar in interbank

    KARACHI: The Pak Rupee (PKR) on Tuesday made a gain of 40 paisas against the US dollar in the interbank foreign exchange market.

    The rupee ended Rs174.89 to the dollar from last day’s closing of Rs175.29 in the interbank foreign exchange market.

    The rupee has recovered 84 paisas against the dollar during past two sessions since the State Bank of Pakistan (SBP) decision to enhance the Cash Reserves Requirement (CRR).

    The SBP last Saturday decided to increase the average CRR from 5 percent to 6 percent and minimum CRR to be maintained each day from 3 percent to 4 percent.

    The SBP has decided the measure following the rupee hit all-time low at Rs175.73 against the dollar on November 12, 2021.

    The large imports are continuously increasing the dollar demand. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.

    PKR’s losing streak to dollar ends on SBP measures
  • FBR increases valuation of steel products

    FBR increases valuation of steel products

    The Federal Board of Revenue (FBR) has implemented a significant change in the valuation of steel products, aiming to boost sales tax collection.

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  • Computation of income tax on profit and gains for SMEs

    Computation of income tax on profit and gains for SMEs

    Fourteenth Schedule of Income Tax Ordinance, 2001 has described the rules for computation of income tax on profit and gains for Small and Medium Enterprises (SMEs).

    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 is the text of Fourteenth Schedule of Income Tax Ordinance, 2001:

    1. Application.- These rules shall apply to small and medium enterprises as defined in Clause (59A) of Section 2 of the Ordinance.

    2. Registration.- Small and medium enterprise shall be required to register with FBR on its Iris web portal or Small and Medium Enterprises Development Authority on its SME registration portal (SMERP).

    3. Categories and tax rates.- There shall be following two categories of small and medium enterprises and tax on their taxable income shall be computed at the tax rates given in the table below, namely:-

    Sr. No.CategoryTurnoverRates
    (1)(2)(3)(4)
    1.Category-1Where annual business turnover does not exceed Rupees 100 million7.5% of taxable income
    2.Category-2Where annual turnover exceeds Rupees 100 Million but does not exceed Rupees 250 Million15% of taxable income

    4. Option for Final Tax Regime.- (1) The small and medium enterprises may opt for taxation under final tax regime at the rates given in the table below:

    Sr. No.CategoryTurnoverRates
    (1)(2)(3)(4)
    1.Category-1Where annual business turnover does not exceed Rupees 100 million0.25% of gross turnover
    2.Category-2Where annual business turnover exceeds Rupees 100 million but does not exceed Rupees 250 million0.5% of gross turnover

    (2) Option under sub-rule (1) of this rule shall be exercised at the time of filing of return of income and option once exercised shall be irrevocable for three tax years.

    (3) The provisions of section 177 and 214C shall not apply to SME who opts for taxation under sub-rule (1) of this rule.

    5. Audit.- (1) SMEs who opt for taxation under normal law under rule 3 may be selected for tax audit through risk based parametric computer ballot under section 214C of the Ordinance if its tax to turnover ratio is below tax rates given in rule 4 of these rules.

    (2) The cases selected under sub-rule (1) of this rule shall not exceed 5% of the total population of SMEs whose tax to turnover ratio is below tax rates given in rule 4 of these rules.

    6. Exports.- The export proceeds of SMEs shall be subject to tax as per rates prescribed in Rule (4) under final tax regime.”;

    7. Exclusion from Minimum Tax on Turnover.- The provisions of section 113 of the Ordinance shall not apply to SMEs.

    8. Tax on Supply of Goods.-The tax deductible under clause (a) of sub-section (1) of section 153 shall not be minimum tax where payments are received on sale or supply of goods by SMEs.

    9. Provisions of Ordinance to apply.- The other provisions of the Ordinance shall apply mutatis mutandis to the SMEs.

    (Disclaimer: The text of 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.)

    Tax credit for charitable donations under 13 schedule