KARACHI, March 24, 2022 – The State Bank of Pakistan (SBP) has disclosed the exchange rates for Thursday, March 24, 2022. These rates are established on the weighted average rates of commercial banks and are presented for informational purposes only, as stated by the SBP.
(more…)Author: Faisal Shahnawaz
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Bitcoin to Pak Rupee on March 24, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,772,859.78 on March 24, 2022 at 9:15 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,731,695.06 at closing on March 23, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,769.11 on March 24, 2022 at 9:15 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,519.17 at closing on March 23, 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.
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Ripple to Pak Rupee on March 24, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs150.89 on March 24, 2022 at 9:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs151.84 at closing on March 23, 2022.
The rate of Ripple in US Dollar (USD) is $0.83 on March 24, 2023 at 9:10 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.84 at closing on March 23, 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.
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Dogecoin to Pak Rupee on March 24, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.71 on March 24, 2022 at 9:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs23.58 at closing on March 23, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on March 24, 2022 at 9:00 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 at closing on March 23, 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.
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Bitcoin to Pak Rupee on March 23, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,640,906.33 on March 23, 2022 at 9:22 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,712,743.67 at closing on March 22, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,145.88 on March 23, 2022 at 9:22 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,533.78 at closing on March 22, 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.
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Ripple to Pak Rupee on March 23, 2022
The exchange rate of Ripple (XRP) against the Pakistani Rupee (PKR) was recorded at Rs150.34 as of 9:17 AM Pakistan Standard Time (PST) on March 23, 2022, in the open exchange market. This rate shows a decrease from the previous day’s closing rate of Rs152.21, reflecting a slight drop in Ripple’s value in the local market.
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Dogecoin to Pak Rupee on March 23, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs22.20 on March 23, 2022 at 9:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.22 at closing on March 22, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.12 on March 23, 2022 at 9:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.12 at closing on March 22, 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.
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Pakistan needs to introduce laws to tax crypto income
KARACHI: Pakistan needs to introduce laws to tax income from gains on cryptocurrency trading, Karachi Tax Bar Association (KTBA) said in its annual report on Tuesday.
“ … trading of real-estate in Pakistan is grossly under-taxed while inheritance, gift and crypto tax is yet to be explored over here,” the tax bar said in its annual report for the year 2021.
READ MORE: KTBA elects Rehan Jafri as President
According to the general secretary’s statement the year 2021 had been exceptional where service of Artificial Intelligence in the tax matters was given legal sanctity under section 175A and 175B of Income Tax Ordinance, 2001 and NADRA is mandated to compute ‘indicative income’ to identify tax evasions.
Similar provision has also been introduced in Sales Tax Act, 1990 under Section 56A and 56AB.
READ MORE: KTBA identifies anomaly in SRB’s appellate system
On global score OECD was able to bring 136 countries to a minimum tax rate of 15 per cent w.e.f. year 2023 with use of digital payment for Multinational Entities (MNEs) to offset the abuse of transfer pricing/profit shifting.
”Pakistan needs to timely synchronize its banking and tax infrastructure to cater these challenges,” according to the report.
READ MORE: KTBA highlights anomalies in single sales tax return
It said that year 2021 had been an incredible year. By working with Federal Board of Revenue (FBR), Sindh Revenue Board (SRB) and other tax/regulatory authorities across the country, KTBA was able to extend its legacy of working towards the strengthening of rule of law in tax and corporate regimes.
READ MORE: KTBA passes resolution against FTO Asif Jah
“Be it overstepping by the field formation in the domain of Section 11 of Sales Tax Act, 1990; abuse to amend the assessment under section 122 of Income Tax Ordinance, 2001, transgression of constitutional provisions by SRB or uninspiring assertions from Federal Tax Ombudsman (FTO), KTBA’s intensified actions had helped in easing the situations for this fraternity.”
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Pak Suzuki Motor declares Rs2.68 billion annual profit
KARACHI: Pak Suzuki Motor Company Limited (PSMC) on Tuesday announced net profit of Rs2.68 billion for the year ended December 31, 2021.
The company had declared a loss of Rs1.38 billion during the previous year, according to financial statement shared with the Pakistan Stock Exchange (PSX).
Analysts at Arif Habib Limited attributed the massive surge in profit to improved volumetric sales which is 108 per cent year on year (YoY), increased car prices, higher other income as well as reduction in financial charges, given significant decline in borrowings.
READ MORE: Pak Suzuki posts sharp 285pc growth in first quarter
Alongside the result, the company also announced a final cash dividend of Rs6.50/share.
The highlights of the financial results of PSMC revealed that during the fourth quarter (October – December) 2021 the net sales surged by 64 per cent YoY to Rs43.71 billion owing to significant jump in sales volume, which is 68 per cent year on year, together with upward revision in prices. This took financial year 2021’s topline to Rs160.08 billion up by 109 per cent YoY.
READ MORE: Meezan Bank, Suzuki Motors sign MoU for car financing
During the fourth quarter, the gross margins declined to 3.55 per cent as compared to 9.28 per cent or decline of 573 basis points in same period last year (SPLY) amid higher cost pressures emanating from substantial currency devaluation, around 4 to 5 times jump in freight costs, coupled with elevated input costs (mainly steel).
READ MORE: TPL, Pak Suzuki sign agreement for auto insurance
The same reasons kept the margins lower as compared to the last quarter or decline by 175 basis points. Together with this, swift’s production decline, mainly to pave way for the product’s new model, contributed further towards the suppressed margins on a quarter on quarter (QoQ) basis. This took calendar year 2021’s margins to 5.1 per cent compared to last year’s margins of 4.69 per cent, as augmented topline offset the impact of rising cost pressures.
READ MORE: Pak Suzuki declares half year loss of Rs2.46 billion
During the quarter, other income increased by 142 per cent YoY and 121 per cent QoQ to Rs933 million on the back of increased advances from customers, which generated higher interest income for the company. Similar trend was witnessed in calendar year ended December 31, 2021.
During the year under review, the company booked effective taxation at 29 per cent.
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KTBA elects Rehan Jafri as President
In a recently held Annual General Meeting, the Karachi Tax Bar Association (KTBA) announced the results of its elections, with Syed Rehan Hasan Jafri being re-elected as the President for the year 2022.
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