KARACHI: The Pak Rupee recovered Rs1.09 against the dollar on Monday. The sharp recoverycan be attributed to significant increase in foreign exchange reserves.
The foreign exchange reserves of the country reached $25.128 billion after transfer of $1.04 billion against the proceeds of Eurobond, according to the State Bank of Pakistan (SBP).
Currency experts said that latest measures to impose restrictions for preventing coronavirus spread also helped the rupee to make gains.
The rent received by a person during a tax year shall be charged under income from property. The tax on income from property shall be charged under Section 15 of Income Tax Ordinance, 2001.
The State Bank of Pakistan (SBP) has released the Karachi Interbank Offered Rates (KIBOR) for various tenors on Friday, July 23, 2021, providing a crucial snapshot of the prevailing borrowing costs in the interbank market.
KIBOR serves as a benchmark interest rate that signifies the average interest rates at which banks in Pakistan offer unsecured funds to one another in the interbank market. The rates announced by the SBP on July 23, 2021, are as follows:
Tenor
Bid
Offer
1 – Week
6.94
7.44
2 – Week
6.97
7.47
1 – Month
7.02
7.52
3 – Month
7.13
7.38
6 – Month
7.34
7.59
9 – Month
7.44
7.94
1 – Year
7.53
8.03
These rates provide a snapshot of the current cost of borrowing for different tenors in the interbank market. Financial institutions, businesses, and investors use KIBOR as a crucial reference point to assess prevailing market interest rates. The rates can significantly impact the pricing of various financial products, such as loans and deposits.
The transparency offered by the SBP in releasing these rates aligns with its commitment to maintaining openness in the financial markets and providing essential information for economic analysis.
Market analysts are expected to closely scrutinize these rates to gain insights into the prevailing economic conditions and make informed decisions. The KIBOR rates released by the SBP offer valuable data for financial planning and risk management.
It is essential to note that the rates mentioned represent bid and offer rates for each tenor and are provided in percentage points. The SBP’s commitment to transparency is highlighted through the release of these rates, allowing individuals, businesses, and financial institutions to make well-informed financial decisions.
Interested parties seeking further details are encouraged to visit the State Bank of Pakistan’s official website or reach out to relevant authorities. However, it is crucial to acknowledge that these rates are subject to change based on market conditions, and individuals and institutions are advised to verify the latest rates before making any financial decisions.
The SBP’s dedication to timely rate disclosures ensures that stakeholders can access accurate and up-to-date information for effective financial planning and decision-making.
KARACHI: The Pak Rupee ended down by 84 paisas against the dollar on Friday. The local currency fell due to higher demand of the foreign currency after Eid holidays.
The rupee closed at Rs162.32 to the dollar in interbank foreign exchange market. The local unit previously closed at Rs161.48 in last trading on July 19, 2021.
The market opened after three holidays. It observed holidays from July 20, 2021 to July 22, 2021 on account of Eid ul Adha.
The experts said the rupee fell to nine months low against the dollar. The rupee lost value around Rs4.78 against the dollar since July 01, 2021.
KARACHI: Section 12 of Income Tax Ordinance, 2001 explained the salary income for imposition of tax. Any amount received as salary by employees from employers is chargeable to tax.
KARACHI: Section 11 of Income Tax Ordinance, 2001 deals with identifying categories of income. These incomes are chargeable to tax. The Federal Board of Revenue (FBR) issued the updated Income Tax Ordinance, 2001. The Ordinance incorporated amendments brought through Finance Act, 2021.
Islamabad – In a decisive move on Wednesday, the Pakistan Telecommunication Authority (PTA) blocked access to the popular social media application TikTok, citing the platform’s consistent failure to prevent the dissemination of immoral content.
