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  • PPL posts 18% net profit growth in first quarter

    PPL posts 18% net profit growth in first quarter

    KARACHI: Pakistan Petroleum Limited (PPL) has announced 18 per cent growth in net profit of the first quarter ended September 30, 2021.

    The company announced profit after tax of Rs16.86 billion during the first quarter (July – September) of the current fiscal year as compared with Rs14.32 billion in the corresponding period of the last fiscal year.

    PPL announced earnings per share at Rs6.2 for the quarter under review as compared with Rs5.26 EPS in the same quarter of the last year.

    The board of directors of the company at its meeting held on Monday approved the unconsolidated and consolidated financial statements for the first quarter ended September 30, 2021.

    The company declared revenue growth to Rs43.59 billion during the first quarter of the current fiscal year as compared with Rs39.32 billion in the same quarter of the last fiscal year.

    Operating expenses of the company also grew to Rs10.43 billion as compared with Rs9.4 billion.

    Under the head of royalties and other levies, the company paid an amount of Rs6.43 billion during the first quarter of the current fiscal year as compared with Rs5.95 billion in the same period of the last year.

    The exploration expenses of the company increased to Rs4.86 billion during the quarter of July – September 2021 as compared with 2.29 billion in the same period of the last year.

    Pakistan Petroleum discovers hydrocarbons in Sindh
  • PKR plunges to historic low at Rs174.43 to dollar

    PKR plunges to historic low at Rs174.43 to dollar

    KARACHI – The Pakistani rupee (PKR) plunged to a record low of Rs174.43 against the dollar in the interbank foreign exchange market on Monday, marking a significant depreciation in the local currency.

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  • Engro Fertilizers awarded for largest taxpayer

    Engro Fertilizers awarded for largest taxpayer

    Engro Fertilizers has been recognized as the largest tax paying company in the fertilizer sector. Engro Fertilizer is Pakistan’s premier seed-to-harvest solutions provider.

    Engro Fertilizers has been recognized as the largest tax paying company in a ceremony held at the Aiwan-e-Sadr.

    Nadir Qureshi, CEO of Engro Fertilizers, received the award from the Honorable President Dr. Arif Alvi, who was the chief guest on this occasion.

    According to Nadir Qureshi, “For over 50 years, Engro Fertilizers has remained committed to serving the farmers of Pakistan with world-class products and solutions. Our contributions to the community and the national exchequer are a testament to our philosophy of doing good while doing well. We fully support the Government’s vision of transforming the agricultural landscape and improving the well-being of the farmers of Pakistan.” 

    He added: “the fertilizer industry in Pakistan operates at the highest level of transparency, with all companies listed and contributing high tax revenues to the Government. Our sector is the only sector whose contributions in taxes to the national exchequer are almost entirely equal to the income provided to the shareholders of fertilizer companies. This makes the Government of Pakistan an equal partner in the earnings of the fertilizer sector.”

    Qureshi appreciated the Government for enabling the domestic fertilizer sector to provide adequate and affordable supply of urea to farmers in Pakistan, despite the steep rise in international prices. Continued support from the Government will ensure farmer well-being and even higher tax contributions from the fertilizer industry. He stated that the fertilizer industry of Pakistan is internationally competitive and can thrive in a fully deregulated environment, even without any gas subsidies.

    The local industry has always provided farmers in Pakistan with urea at prices below international and is currently delivering a discount of circa Rs 5000/bag compared to the global market.

    Through import substitution, the fertilizer sector will contribute more than $3 billion towards reducing the trade deficit in 2021. As a result of the significantly lower prices, the local fertilizer industry will save farmers from an additional burden of Rs 363 billion in 2021 as well.

    The ceremony was organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Federal Board of Revenue (FBR) to appreciate the contribution of leading taxpayers and business institutions in the development of economy, while also highlighting the government’s efforts to facilitate the taxpayers.

    The event was also attended by the Federal Minister for Privatization Muhammad Mian Soomro, senior FBR and government officials, President RCCI Nadeem Rauf and other prominent business personalities.

  • President, PM congratulate Pakistan cricket team

    President, PM congratulate Pakistan cricket team

    ISLAMABAD: President of Pakistan Dr. Arif Alvi and Prime Minister Imran Khan on Sunday congratulated the Pakistan cricket team for a comprehensive 10-wicket victory against India in T20 World Cup.

    In a tweet the Prime Minister said, “Congratulations to the Pakistan Team & esp [especially] to Babar Azam who led from the front, as well as to the brilliant performances of Rizwan & Shaheen Afridi. The nation is proud of you all.”

    President of Pakistan Dr. Arif Alvi in his tweet congratulated the team with words: “Tremendous batting by Mohammad Rizwan and Babar Azam. What a pleasure to see total dominance. Going towards a good ending.”

    Pakistan thrashes India; Wins by 10 wickets

    Earlier, Pakistan smashed the Indian cricket team with a 10 wicket win; their first-ever win in ICC Men’s T20 World Cup against India.

    Jubilant cricket lovers danced to the tune of music and the slogans of Pakistan reverberated across the country and abroad; wherever the Pakistanis reside.

    Pakistani skipper Babar Azam and Mohammad Rizwan hit unbeaten half-centuries and successfully chased target of 152 runs set by India.

    The Pakistani openers remained in control of the match throughout their innings and achieved a resounding victory ending the domination of India against Pakistan in the T20 World Cup matches.

    Messages of felicitations poured in from the President of Pakistan, Prime Minister, ministers, and Pakistani crickets fans.

  • History of Prize Bonds in Pakistan

    History of Prize Bonds in Pakistan

    KARACHI: State Bank of Pakistan (SBP) has made Rs5 denomination prize bond as part of its museum.

    Prize Bond, as the name suggests, are Bonds issued by a Government, which do not promise any interest, but award a prize, determined by a draw held at fixed date or regular intervals. Prize Bonds are investment and are bearer type of security available in different denominations.

    The First Prize Bonds in the sub-continent were issued on sale in denominations of Rs. 10 and Rs. 100, by the undivided Indian Government on 15th January, 1944 and could be cashed on any date after 15th January, 1949. These were called “Five Year interest-free Bonds 1949”.

    After the partition of sub-continent, Pakistan first issued the interest-free “National Prize Bonds” of Rs. 10 in October 1960, managed by the ‘Central Directorate of National Savings’ (CDNS). The Prize Bonds were launched by the then Minister, Gen. K.M. Shaikh, and the first Bond was also purchased by him. Later Rs. 5, 11, 50, 100, 500, 1000, 5000, 10000 & 25000 denomination Prize Bonds were issued.

    The draw of each Prize Bond was held every three months, with the first draw held in January 1961. The traditional drum was used initially for the draw, but imported machines similar to slot machines were later used. The draws were supervised by draw committees, with the chairman being a senior Government officer, and members from the State Bank of Pakistan and Central Directoarte of National Savings (CDNS).

    Rs. 200, 750, 1500, 7500, 15000, 25000 & 40000 denomination Bonds are currently in circulation.

    Date extended for exchanging bearer prize bonds
  • Tax rates on prize and winnings during tax year 2022

    Tax rates on prize and winnings during tax year 2022

    The income tax rates on prize and winnings for tax year 2022 to be applicable under Section Schedule of Income Tax Ordinance, 2001.

    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 are the rates of income tax on prize and winnings:

    (1) The rate of tax to be deducted under section 156 on a prize on prize bond or cross-word puzzle shall be 15 per cent of the gross amount paid.

    (2) The rate of tax to be deducted under section 156 on winnings from a raffle, lottery, prize on winning a quiz, prize offered by a company for promotion of sale, shall be 20 per cent of the gross amount paid.

    Following is the text of Section 156 of the Income Tax Ordinance, 2001:

    156. Prizes and winnings.—(1) Every person paying prize on a prize bond, or winnings from a raffle, lottery, prize on winning a quiz, prize offered by companies for promotion of sale, or cross-word puzzle shall deduct tax from the gross amount paid at the rate specified in Division VI of Part III of the First Schedule.

    (2) Where a prize, referred to in sub-section (1), is not in cash, the person while giving the prize shall collect tax on the fair market value of the prize.

    (3) The tax deductible under sub-section (1) or collected under sub-section (2) shall be final tax on the income from prizes or winnings referred to in the said sub-sections.

    (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.)

    Tax rates on income from property during tax year 2022
  • Pakistan pavilion to be set at China expo

    Pakistan pavilion to be set at China expo

    BEIJING: An online pavilion of Pakistan will be established at 4th China International Import Expo (CIIE), which will be held offline and online in Shanghai from November 5 to 10 this year.

    Pakistan Ambassador to China, Moin ul Haque will lead the Pakistani delegation at the opening ceremony of the Expo.

    A number of Pakistani exhibitors, who are already in China, have geared up their preparations to participate in the upcoming expo.

    They will set up stalls to showcase popular household gadgets from Pakistan to the Chinese market, Pakistan Counsel General, Shanghai, Hussain Haider told state new agency.

    This year, the traders and businessmen from Pakistan are not coming to China owing to travelling restrictions and quarantine in wake of Covid-19 pandemic, he added.

    A few Pakistani enterprises specialized in jewellery design, furniture and artistic handicrafts will attend this year’s expo. Among all the exhibits, stunning gems and jewellery from Pakistan is likely to become a big hit with the Chinese buyers.

    More than 200 exhibitors and over 500 purchasers will be participating in the expo this year. As the first dedicated import exhibition globally, the CIIE has yielded fruitful outcomes from the past three expos.

    Shu Jueting, spokesperson of China’s Ministry of Commerce, said the exhibition area exceeded 360,000 square meters, and the number of signed exhibitors exceeded that of the previous year, adding that over 80 percent of the Fortune 500 and industry-leading companies from last year’s CIIE will participate again in this year’s event.

    According to the customs, more than 200 batches of exhibits are expected to enter the country by sea, air and rail in the coming month.

    Gu Honghui, deputy secretary-general of the Shanghai municipal government, said efforts will be made to ensure the COVID-19 prevention and control is more precise, urban service more refined, and the spillover effect of the CIIE brand more prominent during the expo.

    Pakistan spends $1 billion for vaccines in first quarter
  • Tax rates on income from property during tax year 2022

    Tax rates on income from property during tax year 2022

    The Federal Board of Revenue (FBR) has recently released the updated Income Tax Ordinance, 2001, incorporating amendments made through the Finance Act, 2021.

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  • Rate of tax on exports during Tax Year 2022

    Rate of tax on exports during Tax Year 2022

    The Federal Board of Revenue (FBR) has provided clarity on the tax rates applicable to exports for the tax year 2022, as outlined in the First Schedule of the Income Tax Ordinance, 2001.

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  • Tax rates on payments for goods or services during TY22

    Tax rates on payments for goods or services during TY22

    The Federal Board of Revenue (FBR) has released the advance tax rates on payments for goods or services to non-residents for the tax year 2022.

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