Pkrevenue.com

Author: Faisal Shahnawaz

  • Bitcoin to Pak Rupee on July 06, 2022

    Bitcoin to Pak Rupee on July 06, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,164,104.70 on July 06, 2022 at 11:05 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,112,304.69 at closing on July 05, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,114.48 on July 06, 2022 at 11:05 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,062.65 at closing on July 05, 2022.

    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 the 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.

    READ MORE: Bitcoin to Pak Rupee on July 05, 2022

  • Ripple to Pak Rupee on July 06, 2022

    Ripple to Pak Rupee on July 06, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs66.88 on July 06, 2022 at 10:59 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs66.35 at closing on July 05, 2022.

    The rate of Ripple in US Dollar (USD) is $0.32 on July 06, 2022 at 10:59 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.32 at closing on July 05, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the 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.

    READ MORE: Ripple to Pak Rupee on July 05, 2022

  • Dogecoin to Pak Rupee on July 06, 2022

    Dogecoin to Pak Rupee on July 06, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs13.95 on July 06, 2022 at 10:52 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.10 at closing on July 05, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.07 on July 06, 2022 at 10:52 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on July 05, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the 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.

    READ MORE: Dogecoin to Pak Rupee on July 05, 2022

  • SBP makes permission mandatory for motor car import

    SBP makes permission mandatory for motor car import

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday made it mandatory for banks to take prior permission for making transactions related to import of motor cars in Completely Knocked Down (CKD).

    The SBP issued a circular to implement the decision. The central bank invited attention of banks to EPD Circular Letter No. 9 dated May 20, 2022 relating to import of goods.

    READ MORE: Pakistan car sales climb up by 50% in 11 months

    In this regard, the list of goods for which Authorized Dealers are required to seek prior permission from Foreign Exchange Operations Department (FEOD), SBP-BSC for initiating the import transaction, has been updated.

    Henceforth, Authorized Dealers shall be required to seek prior permission from FEOD, SBP-BSC before initiating transactions for import of goods listed in the enclosed Annexure.

    READ MORE: Pakistan massively increases taxation on motor vehicles

    All other instructions on the subject shall remain unchanged. The banks have been advised to bring the same to the knowledge of all the concerned and ensure meticulous compliance of the above and other applicable regulations on the subject.

    Authorized Dealers are especially instructed to bring these instructions to the knowledge of their customers and advise them to approach the bank before initiation of import transaction of any item covered under this circular letter.

    READ MORE: Pakistan allows conditional import of CBU vehicles

    It is important to note that the government on May 19, 2022 imposed ban on luxury and non-essential items in order to discourage outflow of dollars.

    The import ban was imposed on only motor vehicles Completely Built Unit (CBU). However, the circular of the SBP has made the CKD motor cars import subject to prior approval.

    READ MORE: Honda Cars declares 40% surge in annual profit

  • SBP issues KIBOR rates – July 05, 2022

    SBP issues KIBOR rates – July 05, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as on July 05, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week13.3913.89
    2 – Week13.5914.09
    1 – Month13.8414.34
    3 – Month15.0815.33
    6 – Month15.2415.49
    9 – Month15.2915.79
    1 – Year15.3415.84

    READ MORE: SBP issues KIBOR rates – July 04, 2022

  • Key changes to income tax laws through Finance Act 2022

    Key changes to income tax laws through Finance Act 2022

    KARACHI: The Finance Act, 2022 has made significant changes to Income Tax Ordinance, 2001, which are applicable from July 01, 2022.

    Following are the significant changes in Income Tax Ordinance, 2001 through Finance Act, 2022 as explained by PwC A.F. Ferguson & Co.:

    READ MORE: Non-ATL retailers to pay double amount of fixed tax

    1. Slab rates for super tax introduced for taxpayers having income in excess of Rs 150 million. The Bill earlier proposed such threshold at Rs 300 million at a standard rate of 2 per cent.

    2. Super tax rate is enhanced to 10 per cent for certain specified sectors for tax year 2022 whereas for banking companies such enhanced rate of super tax will be applicable for tax year 2023.

    READ MORE: Tampering PSW data to attract 4-year jail sentence

    3. The proposal of final tax regime for commercial importers is withdrawn. Consequently, commercial importers will remain under minimum tax regime.

    4. The proposal to restrict income tax holiday of certain IPPs withdrawn.

    5. The standard rate of tax for banking companies revised at 39 per cent.

    READ MORE: NA approves levy on petroleum products up to Rs50/liter

    6. The revised slab rates for salaried individuals introduced by setting below taxable limit at Rs 600,000 as against the original proposal of Rs 1,200,000. Further, the reduction in tax rates proposed in Finance Bill has not only been reversed but the tax incidence has also been enhanced (as compared to position prior to Finance Bill).

    7. The right to carry forward minimum tax retained, however, the period is reduced from five to three years.

    8. The tax credit on contributions to Voluntary Pension Scheme retained.

    9. The resident individual will now also include a citizen of Pakistan who was not in any one foreign country for more than 182 days.

    10. The credit for income covered by final tax in respect of assets declared in wealth statement or books of account in excess of imputable income is inter alia subject to submission of audited financial statements.

    READ MORE: All tax proposals of IT sector accepted: FBR

    11. Advance tax on sale of immovable properties to be collected irrespective of holding period.

    12. The rate of advance tax on imports mentioned in Part II of the Twelfth Schedule enhanced from 2 per cent to 3.5 per cent.

    13. Reduced rate of Capital Gains Tax on listed securities based on holding period to apply on securities purchased on or after July 01, 2022.

  • Pakistan stocks fall on IMF program concerns

    Pakistan stocks fall on IMF program concerns

    KARACHI: Pakistan stocks fell by 246 points on Tuesday owing to concerns of resumption of IMF program.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,102 points from previous day’s closing of 41,348 points, showing a decline of 246 points.

    READ MORE: Pakistan stocks fall on policy rate hike expectations

    Analysts at Arif Habib Limited said that the market observed a negative session today as Pak Rupee depreciated against the US dollar.

    The rupee fell by Rs2.38 to end at Rs206.94 against the dollar from previous day’s closing of Rs204.56 in the interbank foreign exchange market.

    READ MORE: Weekly Review: stocks to stay positive on improved forex reserves

    The analysts further said that the investor’s participation stayed lackluster over concerns of resumption of IMF program. Volumes remained dry in the main board whereas decent volumes were witnessed in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (-80.5 points), Cement (-50.4 points), Fertilizer (-35.9 points), E&P’s (-17.5 points) and Tobacco (-15.6 points).

    READ MORE: Pakistan stocks up 89 points in lackluster trading

    Volumes decreased from 86.6 million shares to 76.9 million shares (-11.2 per cent DoD). Average traded value also decreased by 21.3 per cent to reach US$ 11.6 million as against US$ 14.7 million.

    Stocks that contributed significantly to the volumes are MLCF, WTL, FCCL, PRL and LOTCHEM.

    READ MORE: Pakistan stocks up 243 points on positive sentiments

  • Pakistan may see further 100bps hike in policy rate

    Pakistan may see further 100bps hike in policy rate

    KARACHI: Pakistan central bank is scheduled to review policy rate on July 07, 2022 and analysts believed an increase of up to 100 basis points due to surge in inflation.

    A report of K Trade Research issued on Tuesday, stated that the State Bank of Pakistan (SBP) scheduled its monetary policy meeting for July 07, 2022 to set policy rates for the next six weeks.

    READ MORE: SBP increases interest rate by 150bps to 13.75%

    “Given the recent inflationary wave, we anticipate another 75-100 basis points hike in the policy rate to 14.5-14.75 per cent,” according to the analysts.

    The SBP in its monetary policy announcements on April 7, 2022 and May 23, 2022 has already increase policy rate by 250 basis points and 150 basis points, respectively. The central bank increased the policy rate by 400 basis points from 9.75 per cent to 13.75 per cent in just last two announcements.

    READ MORE: SBP may increase key policy rate by 100bps: poll

    Inflation for June 2022 touched 13-year high levels of 21.3 per cent, driven by the reversal of petroleum and electricity subsidies. Real interest rates for the month fell to nearly -8.0 per cent from 0 per cent in May 2022.

    Moreover, core Non-Food Non-Energy (NFNE) inflation has entered double-digits (12.3 per cent in Jun 2022), indicating strong underlying demand in the economy.

    The analysts project inflation to average around 16.0 per cent in current fiscal eyar 2022/2023, given the re-implementation of taxes in the petroleum pricing structure.

    READ MORE: SBP may raise policy rate by 100bps to 13.25%

    Moreover, elevated prices of both RLNG and Coal will further push electricity prices to higher levels. Notably, electricity production cost from imported coal (20 per cent of power mix) is up nearly 4x YoY, and electricity production cost from RLNG (20 per cent of power mix) is up 2.5x YoY.

    On a forward-looking basis, we estimate real interest rates stand at -2.3 per cent, strengthening our case for another policy rate hike.

    READ MORE: Policy rate may rise as T-Bill yields increase sharply

    External imbalances remain elevated as the trade deficit for Jun 2022 stood at USD 4.8 billion, driven by elevated energy and commodity prices. Moreover, material concerns have arisen over the potential sustainability of exports, given the economic slowdown in key markets. Notably, textile players are anticipating a 15-20 per cent reduction in volumetric export off-take in 2022/2023, potentially exacerbating the external imbalances.

    READ MORE: State Bank enhances frequency of MP reviews to eight

    The analysts believe a tight monetary stance over the medium is necessary to ensure Pakistan’s economy weathers the global inflationary wave and the ensuing external and fiscal imbalances.

    The short tenor secondary market yields have crossed 15.0 per cent and the 3-month treasury-bill cut-off yields touched 15.23 per cent in the latest auction, hinting at market expectations of another hike.

  • Rupee sharply falls Rs206.94 to dollar in interbank

    Rupee sharply falls Rs206.94 to dollar in interbank

    KARACHI: The Pakistan Rupee (PKR) fell sharply by Rs2.38 to Rs206.94 against the US dollar on Tuesday owing to long holidays ahead for Eid ul Adha.

    The exchange rate witnessed a decline of Rs2.38 in rupee value to end at Rs206.94 against the dollar as compared with previous day’s closing of Rs204.56 in the interbank foreign exchange market.

    READ MORE: Rupee falls 46 paisas to dollar despite Chinese inflows

    Currency experts said that higher demand was seen due to long holidays on the occasion of Eid ul Adha. The government has announced July 8 to July 12 as Eid holidays.

    The rupee during the fiscal year 2021/2022 remained under pressure and lost value sharply. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

    READ MORE: Dollar gains 25 paisas to PKR on forex reserves decline

    The local currency ended the fiscal year 2021/2022 with a massive decline of 30 per cent against the dollar, according to data made available to PkRevenue.com on Thursday.

    The exchange rate witnessed a decline of Rs47.31 or 30 per cent from Rs157.54 on the start of July 01, 2021 to the closing of Rs204.85 on June 30, 2022.

    During the year the currency was under pressure due to higher economic demand, political instability and severe balance of payment crisis.

    The rupee is making recovery after the country received $2.3 billion from Chinese banks. Furthermore, reports of finalization of agreement between Pakistan and IMF also supported the rupee. The country is expecting an inflow of around $1.9 billion from the IMF.

    READ MORE: Dollar retreats to Rs207.23 at interbank closing

    These inflows would help the State Bank of Pakistan (SBP) to improve its foreign exchange reserves. The rupee fell to the all-time low at Rs211.93 to the dollar on June 22, 2022.

    The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

    READ MORE: Rupee slips to new low at Rs211.93 against dollar

    The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

    In addition to that the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

  • SBP’s customer forex rates – July 05, 2022

    SBP’s customer forex rates – July 05, 2022

    KARACHI: The State Bank of Pakistan (SBP) has unveiled the foreign exchange rates for customers on July 05, 2022. These rates, based on the weighted average rates of commercial banks, play a significant role in guiding transactions involving foreign currencies and are essential for individuals and businesses engaged in international trade.

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