The State Bank of Pakistan (SBP) on Wednesday released the latest exchange rates for customers, based on the weighted average rates provided by commercial banks. This data, compiled and disseminated for informational purposes, reflects the estimated rates quoted by various commercial banks to their clients for commercial transactions.
(more…)Author: Faisal Shahnawaz
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Initial allowance adjustment in computing income tax
Section 23 of Income Tax Ordinance, 2001 has explained initial allowance for person who places eligible depreciable assets into Pakistan.
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FBR officials ordered strictly follow COVID SOPs
The Federal Board of Revenue (FBR) has issued a stern directive to its officials, emphasizing the strict adherence to Standard Operating Procedures (SOPs) to prevent the spread of COVID-19.
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KIBOR rates on July 27, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 27, 2021.
Tenor BID OFFER 1 – Week 6.95 7.45 2 – Week 6.98 7.48 1 – Month 7.03 7.53 3 – Month 7.16 7.41 6 – Month 7.36 7.61 9 – Month 7.45 7.95 1 – Year 7.53 8.03 -
Stocks make marginal gain in narrow range trading
KARACHI: Pakistan Stock Exchange (PSX) made a marginal gain on Tuesday while trading in narrow range. The benchmark KSE-100 Index closed at 47,687 points as against previous day’s closing of 47,673 points, showing an increase of 14 points.
Analysts at Arif Habib Limited said that the market traded narrow range today, oscillating between -56 points and +237 points.
The investors were anticipating monetary tightening. Resultantly, Banking sector stocks moved up, particularly MCB, HBL and UBL.
Technology sector on the other hand saw profit booking after making an uptick in the past couple of sessions. Similar activity was witnessed in Textile sector. Cement, O&GMCs and E&P sectors saw selling activity that brought the prices below LDCPs. Among scrips, WTL led the table with 36.6 million shares, followed by BYCO (34.2 million) and KASBM (17.8 million).
Sectors contributing to the performance include Banks (+119 points), Textile (+40 points), Fertilizer (+29 points), O&GMCs (-43 points), Inv Banks (-35 points) and Cement (-32 points).
Volumes declined from 450.2 million shares to 432.6 million shares (-4 per cent DoD). Average traded value increased by 3 per cent to reach US$ 86.3 million as against US$ 84.2 million.
Stocks that contributed significantly to the volumes include WTL, BYCO, KASBM, TPL and ASC, which formed 28 per cent of total volumes.
Stocks that contributed positively to the index include HBL (+44 points), KTML (+30 points), SYS (+30 points), UBL (+27 points) and MCB (+25 points). Stocks that contributed negatively include DAWH (-37 points), PSO (-27 points), TRG (-22 points), NRL (-14 points) and COLG (-12 points).
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Rupee falls by 10 paisas against dollar
KARACHI: The Pak Rupee ended down by 10 paisas against the dollar on Tuesday. High dollar demand for import payments brought down the rupee value.
The rupee ended at Rs161.33 to the dollar from previous day’s closing of Rs161.23 in the interbank foreign exchange market.
Currency experts said dollar demand kept the rupee under pressure. Importers placed demand for dollar purchase. .
PkRevenue.com obtains rates from State Bank of Pakistan (SBP).
These Exchange Rates are issued for Authorized Dealers to revalue their books daily on Mark-to-Market basis. M2M rate of USD is compiled as weighted average of closing interbank exchange rate collected through Brokerage Houses.
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SBP issues customers exchange rates for July 27
KARACHI: The State Bank of Pakistan (SBP) on Tuesday 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 43.9068 44.0019 AUD 118.7742 119.0267 CAD 128.3466 128.6199 CHF 175.9001 176.2776 CNY 24.9059 24.9566 EUR 190.1445 190.5572 GBP 222.6547 223.1381 JPY 1.4620 1.4652 SAR 42.9719 43.0636 USD 161.1293 161.4926 -
Advance tax rates on motor car purchase, registration
The advance tax rates on motor vehicle registration and purchase from manufactures for year 2021/2022 shall be:–
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Prime Minister directs action against profiteers
ISLAMABAD: Prime Minister Imran Khan on Monday directed authorities to take stern action against profiteers to ensure fair prices of essential items.
The prime minster chaired a review meeting on commodity prices. He directed that Tehsil and District Administration along with Competition Commission of Pakistan should ensure fair prices of food items by taking action against profiteers and mafias to facilitate people.
The meeting was attended by Minister for Planning Asad Umar, Minister for Industries and Production Makhdoom Khusro Bakhtiar, Minister of State for Information and Broadcasting Farrukh Habib, SAPM on Political Communication Dr Shahbaz Gill and senior officers concerned. Finance Minister Shaukat Tareen, Chief Secretary Punjab and Balochistan attended the meeting via video link.
In the meeting, the Prime Minister stressed that the provision of essential commodities to people at affordable prices is top priority of the government.
The Prime Minister directed the provincial Chief Secretaries to ensure action against the negligent officers regarding prices.
The Prime Minister also stressed upon the need to make the existing cell more active in monitoring prices on a regular basis and ensuring their reasonable prices.
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Tax law allows deductions against business income
KARACHI: Income Tax Ordinance, 2001 has allowed certain deductions against income from business for calculation of tax liability.
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