KARACHI: The governor of State Bank of Pakistan (SBP), Dr. Reza Baqir has highlighted issues related to cybersecurity faced by banking system at the Islamic Financial Services Board (IFSB), Malaysia organised the 13th Public Lecture Series on the theme of ‘Sustainability and Cyber Resilience’ on December 8, 2021 in Abu Dhabi, United Arab Emirates.
(more…)Author: Faisal Shahnawaz
-
Customers’ exchange rates on December 09, 2021
Karachi, Pakistan – The State Bank of Pakistan (SBP) has published the exchange rates for December 09, 2021, providing valuable insights for customers based on the weighted average rates of commercial banks.
(more…) -
Restrictions to up motor vehicle cost, reduce demand
KARACHI: The planned restrictions on automotive industry likely to increase the cost of motor vehicles and simultaneously to reduce the demand.
(more…) -
SBP issues KIBOR rates on December 08, 2021
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of December 08, 2021.
(more…) -
Dollar climbs up to historic high at Rs177.43
KARACHI: The US dollar climbed up to a new record high of Rs177.43 at the closing of interbank foreign exchange market on Wednesday.
The dollar reached crossed the previous record high which was on December 7, 2021 at Rs176.79 in the interbank foreign exchange market. The Pak Rupee (PKR) lost 64 paisas against the dollar when compared with the last day closing.
Currency experts said that the dollar demand for import and corporate payments were remained high during the day.
They said that deposit of $3 billion by Saudi Development Fund (SDF) with the State Bank of Pakistan (SBP) had failed to impact the rupee value. Further, the monetary tightening by the SBP also unable to support the rupee. The SBP in its last monetary policy on November 19, 2021 jacked up the key policy rate by 150 basis points to 8.75 per cent.
READ MORE: SBP increases policy rate by 150 basis points to 8.75%
The experts said that the local unit would only be supported by curtailing the imports.
The import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
-
Customers’ exchange rates on December 08, 2021
Karachi, Pakistan – The State Bank of Pakistan (SBP) has released the exchange rates for December 08, 2021, offering valuable information based on the weighted average rates of commercial banks.
(more…) -
Major changes in sales tax regime on the cards
The government is set to introduce a finance supplementary bill which may bring major changes in sales tax regime, sources said on Wednesday.
The sources said that in the Sales Tax Act, 1990, zero-rating under the Fifth Schedule is proposed to be streamlined and certain entries are to be withdrawn.
Exemption regime under Sixth Schedule is proposed to be curtailed including pharmaceutical sector and restricted to import and local supply of essential commodities only.
Reduced rates of sales tax under Eight Schedule on certain items are proposed to be streamlined in order to achieve equity in the tax system.
Likewise, sales tax on import of high-end mobile phones in CBU condition under Ninth Schedule is proposed to be rationalized. The scope of Tier-1 retailers is also proposed to be rationalized.
The government is also planning to bring changes in Customs Act, 1969.
Under the Customs Act, 1969 the power of Collector to determine the value of imported or exported goods is proposed to be withdrawn which shall be exercised by Director Valuation that has been the case prior to Finance Act, 2021.
Similarly, the appeal against the decision of DG Valuation shall hereinafter be filed before judicial for a instead of Member Customs (Policy) in consonance with the principle of separation of judicial and executive functions. Moreover, in the interest of revenue, corporate guarantee is proposed to be taken out as was the case before September 15, 2021.
Minimal amendments in the Income Tax Ordinance, 2001 are aimed at promoting digital economy, documentation and facilitation measures. Additionally, advance tax on foreign produced drama serials is proposed to be introduced and slightly enhanced on cellular services.
Disclosure of information in respect of high-level public officials is proposed in line with the requirements of the development partners, rule of law and integrity. Furthermore, Special Purpose Vehicle (SPV) under the REIT regulations, 2015 is proposed to be extended.
During the tenure of the present Government far-reaching structural and administrative reforms have been initiated to achieve economic and financial stability through inclusive reforms and sustainable economic growth.
The Federal Board of Revenue (FBR) is committed to achieve tax reforms with the assistance of development partners with the ultimate objective to be able to generate sufficient revenue for the State.
The underlying purpose of reforms is also to rebuild the tax system on ideal principles of taxation and without any distortions. Amendments in tax laws, as outlined below, are warranted in order to achieve efficiency and equity in the tax systems through removal of aberrations, broaden the tax base, and document the economy.
-
Dollar makes new high at PKR 177.35 at midday trading
KARACHI: The US dollar recorded an all-time high of Rs177.35 during midday trading at Interbank Foreign Exchange Market on Wednesday.
The Pak Rupee (PKR) ended previous record low at Rs176.79 to the dollar on December 07, 2021.
The rupee is facing deterioration due to large import bill.
According to the official data of the Pakistan Bureau of Statistics (PBS) released a day earlier, showed the import bill of the country surged by 69.17 per cent to $33 billion during first five months (July – November) 2021/2022 as compared with $19.47 billion in the corresponding months of the last fiscal year.
-
Today’s currency exchange rates in PKR – Dec 08, 2021
KARACHI: Following are the open market exchange rates of foreign currencies in Pak Rupee (PKR) in Pakistan on December 08, 2021 (The rates are updated at 10:10 AM Pakistan Standard Time):
(more…) -
KTBA passes resolution against FTO Asif Jah
KARACHI: The Karachi Tax Bar Association (KTBA) on Tuesday passed a resolution against the statement of Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah.
Following is the text of the resolution:
Karachi Tax Bar Association (KTBA) expresses its deep disapproval and condemnation for recent jibes by the Federal Tax Ombudsman Pakistan (FTO), Dr. Asif Mahmood Jah. The statement made by the FTO lately televised on electronic media / uploaded on social media is offensive towards the taxpayers and manifests his nepotism and biased approach in the discharge of his official duties. The arbitrary and belligerent statement by the FTO is not only contrary to his oath prescribed in Schedule via Section 3(2) of Federal Tax Ombudsman Ordinance, 2000 read with Section 8 of Federal Ombudsmen Institutional Reforms Act, 2013 but also makes him guilty of misconduct that renders him incapable of holding public office anymore.
The entire tax fraternity is in a fix over the rude and offensive remarks of Dr. Asif Mahmood Jah and demands his immediate resignation from the office of FTO. Nonetheless, by way of this resolution, we ask the Hon’ble President of Pakistan to remove him from his office in the exercise of his powers vested U/s. 6(2) of FTO Ordinance, 2000 else a reference against him may be sent to Supreme Judicial Council under the recourse of Section 5 of FTO Institutional Reforms Act, 2013 immediately.
We believe the statement has eroded the already depleting confidence of the taxpayers and the tax consultants in the office of Federal Tax Ombudsman which had bluntly been submissive towards the Department and have shied away for not (i) allowing a stay of recovery/injunctions to the complainants: Section 10 and 11; (ii) avoiding defiance proceeding against tax collectors: Section 12; and (iii) punish tax collectors for contempt: Section 16 and 12 ibid for obvious reasons.
On a final note, the KTBA urges the Federal Law Ministry that rules may be prescribed to desist induction of the retired FBR officials in the official of Federal Tax Ombudsman for the sake of transparency and propriety.