Section 103 of the Income Tax Ordinance, 2001 explains the tax credit on residents’ foreign income. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001.
(more…)Author: Faisal Shahnawaz
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Tax exemption on foreign source of income
Section 102, outlines the tax exemption on foreign-source income for resident individuals, underlining the importance of foreign income tax payments in the exemption process.
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Taxation of geographical source of income
Section 101 of the Income Tax Ordinance, 2001 explains about the taxation of the geographical source of income.
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NBP announces Rs17.04 billion as half year profit
KARACHI: National Bank of Pakistan (NBP) on Thursday announced Rs17.047 billion as net profit for half year ended June 30, 2021.
The profit is 12.77 per cent higher when compared with Rs15.11 billion in the corresponding half of last year.
However, there was no dividend announced.
Net Interest Income (NII) of the bank settled at Rs 47.5 billion during 1HCY21, decreasing by 2 per cent YoY, and increasing by 19 per cent QoQ.
NFI of the bank increased by a meagre 1 per cent YoY as the rise in dividend income (+44 per cent YoY) was offset by a decrease in other income (60 per cent). On a sequential basis NFI increased 13 per cent QoQ as the bank reported strong fee income (+32 per cent QoQ) and healthy surge in FX income (+91 per cent QoQ).
Provisioning expenses for the bank came in at Rs 3.9 billion during 2QCY21 taking total provisioning expenses to Rs 6.9 billion during 1HCY21. Overall there has been a 55 per cent YoY reduction in provisioning, which could be due to improved outlook on the asset quality following the rebound in economic activity across the country leading to reversal in general provisioning.
Operating expenses clocked in 4 per cent higher YoY and 14 per cent higher QoQ. Cost/Income ratio settled at 47 per cent during 1HCY21 against 44 per cent same period last year.
The bank booked an effective tax rate this quarter of 40 per cent and 39 per cent during first half of current year.
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Stocks end down by 273 points in range bound trading
KARACHI: The Pakistan stocks ended down by 273 points on Thursday as a range bound trading activity was observed during the day.
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Rupee makes 47 paisas recovery against dollar
KARACHI: In a positive turn of events, the Pakistani Rupee (PKR) demonstrated resilience on Thursday, recovering 47 paisas against the US Dollar.
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KIBOR rates on August 26, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on August 26, 2021.
Tenor BID OFFER 1 – Week 6.86 7.36 2 – Week 6.93 7.43 1 – Month 7.00 7.50 3 – Month 7.14 7.39 6 – Month 7.29 7.54 9 – Month 7.43 7.93 1 – Year 7.51 8.01 -
SBP issues customers exchange rates on August 26
KARACHI, August 26, 2021: The State Bank of Pakistan (SBP) has released the most recent exchange rates for customers on Thursday, August 26, 2021.
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Dollar retreats in midday interbank trading
In midday trading on Thursday, the US dollar exhibited a decline against the Pakistani Rupee (PKR), marking a shift from its earlier gains in the day.
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Special provisions related to SMEs
In a bid to support and promote the growth of Small and Medium Enterprises (SMEs), the Federal Board of Revenue (FBR) has introduced special provisions under Section 100E of the Income Tax Ordinance, 2001.
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