The Federal Board of Revenue (FBR) has announced the deferral of the imposition of sales tax on the retail sale of sugar until December 1, 2021.
(more…)Author: Faisal Shahnawaz
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SBP revises manual to facilitate cross border payments
KARACHI: The State Bank of Pakistan (SBP) on Thursday said that it has revised Foreign Exchange Manual to facilitate legitimate cross border payments.
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KSE-100 index declines by 149 points
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 149 points on Thursday. The index closed at 47,641 points as against previous day’s closing of 47,790 points, showing a decline of 149 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range between -207 points and +107 points.
Profit booking was still at works, particularly in Technology, Banks, O&GMCs and Chemical stocks, where prices went up in previous sessions, whereas Steel and Cement sector stocks saw continuation of consolidation.
Rupee parity has been stable however the outlook suggests an appreciation is in the offing that kept the investors undecided on portfolio positions.
Among scrips, PTC led the table with 62.1 million shares, followed by TPL (42.6 million) and TELE (35.6 million).
Sectors contributing to the performance include Misc (-36 points), Cement (-22 points), Technology (-20 points), O&GMCs (-17 points) and Pharma (-14 points).
Volumes increased from 532.9 million shares to 546.8 million shares (+2 per cent DoD). Average traded value also increased by 1 per cent to reach US$ 92.7 million as against US$ 92.8 million.
Stocks that contributed significantly to the volumes include PTC, TPL, TELE, GGL and HUMNL, which formed 35 per cent of total volumes.
Stocks that contributed positively to the index include JLICL (+9 points), MTL (+9 points), PTC (+8 points), MEBL (+6 points) and HMB (+5 points). Stocks that contributed negatively include PSEL (-36 points), SYS (-15 points), TRG (-13 points), BAHL (-10 points) and SNGP (-10 points).
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KIBOR rates for August 05, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on August 05, 2021.
Tenor BID OFFER 1 – Week 6.93 7.43 2 – Week 6.96 7.46 1 – Month 7.01 7.51 3 – Month 7.14 7.39 6 – Month 7.35 7.60 9 – Month 7.44 7.94 1 – Year 7.53 8.03 -
SBP issues customers exchange rates for August 05
KARACHI: The State Bank of Pakistan (SBP) on Thursday issued customers’ exchange rates. The exchange rate is on the basis of weighted average rates of commercial banks.
The SBP said the data 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.
CURRENCY BUYING SELLING AED 44.4790 44.5741 AUD 120.6896 120.9436 CAD 130.2937 130.5630 CHF 179.9218 180.3033 CNY 25.2908 25.3411 EUR 193.2399 193.6535 GBP 226.6904 227.1756 JPY 1.4884 1.4916 SAR 43.5364 43.6274 USD 163.2339 163.5972 -
Rupee appreciates 24 paisas against dollar
Rupee appreciates 24 paisas against dollar. KARACHI: The Pak Rupee (PKR) gained 24 paisas against the dollar on Thursday. The local currency improved due to sufficient inflows of export receipts and workers remittances.
The rupee ended at Rs163.23 to the dollar from the previous day’s closing of Rs163.47 in the interbank foreign exchange market.
Currency experts said that the market witnessed sufficient supply of the foreign currency during the day. The supply of the greenback helped the rupee to make gain.
They said that the rupee likely to make further gain in coming days due to expected inflows of $2.8 billion from the IMF by month end.
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SBP imposes monetary penalty on eight banks
KARACHI: The State Bank of Pakistan (SBP) took decisive action on Thursday, announcing hefty monetary penalties totaling Rs525.23 million against eight commercial banks for violating regulatory provisions during the quarter ended June 30, 2021.
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Limitation of exemption under tax ordinance
In a bid to clarify the limitation on exemption under the Income Tax Ordinance, 2001, the Federal Board of Revenue (FBR) has highlighted Section 55 of the ordinance.
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Exemption, tax provisions in other laws
Section 54 of the Income Tax Ordinance, 2001 establishes guidelines regarding exemption and tax provisions found in other laws.
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Exemptions, concessions under Second Schedule
Section 53 of Income Tax Ordinance, 2001 highlighted tax exemption and concessions granted to income under Second Schedule of the Ordinance.
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 Section 53 of Income Tax Ordinance, 2001:
53. Exemptions and tax concessions in the Second Schedule.—(1) The income or classes of income, or persons or classes of persons specified in the Second Schedule shall be —
(a) exempt from tax under this Ordinance, subject to any conditions and to the extent specified therein;
(b) subject to tax under this Ordinance at such rates, which are less than the rates specified in the First Schedule, as are specified therein;
(c) allowed a reduction in tax liability under this Ordinance, subject to any conditions and to the extent specified therein; or
(d) exempted from the operation of any provision of this Ordinance, subject to any conditions and to the extent specified therein.
(2) The Board with the approval of the Federal Minister-in-charge may, from time to time, pursuant to the approval of the Economic Coordination Committee of the Cabinet whenever circumstances exist to take immediate action for the purposes of national security, natural disaster, national food security in emergency situations, protection of national economic interests in situations arising out of abnormal fluctuation in international commodity prices, implementation of bilateral and multilateral agreements or granting an exemption from any tax imposed under this Ordinance including a reduction in the rate of tax imposed under this Ordinance or a reduction in tax liability under this Ordinance or an exemption from the operation of any provision of this Ordinance to any international financial institution or foreign Government owned financial institution operating under an agreement, memorandum of understanding or any other arrangement with the Government of Pakistan, by notification in the official Gazette, make such amendment in the Second Schedule by —
(a) adding any clause or condition therein;
(b) omitting any clause or condition therein; or
(c) making any change in any clause or condition therein, as the Government may think fit, and all such amendments shall have effect in respect of any tax year beginning on any date before or after the commencement of the financial year in which the notification is issued.
(3) The Federal Government shall place before the National Assembly all amendments made by it to the Second Schedule in a financial year.
“(4) Any notification issued under sub-section (2) after the commencement of the Finance Act, 2015, shall, if not earlier rescinded, stand rescinded on the expiry of the financial year in which it was issued:
Provided that all such notifications, except those earlier rescinded, shall be deemed to have been in force with effect from the first day of July, 2016 and shall continue to be in force till the thirtieth day of June, 2018, if not earlier rescinded:
Provided further that all notifications issued on or after the first day of July, 2016 and placed before the National Assembly as required under sub-section (3) shall continue to remain in force till the thirtieth day of June, 2018, if not earlier rescinded by the Federal Government or the National Assembly.
(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.)