The Board of Intermediate and Secondary Education (BISE) for Multan and Sargodha have published the results for the 2024 matriculation exams, showcasing impressive pass rates. Multan reported a pass rate of 78.60 percent, while Sargodha achieved a 77.61 percent success rate.
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Pakistani Rupee (PKR) to Euro (EUR) on January 16, 2023
KARACHI: Following are the rates of buying and selling of one Euro (EUR) in Pakistani Rupee (PKR) in the open market on January 16, 2023:
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KIBOR rates on July 29, 2021
KARACHI: State Bank of Pakistan (SBP) on Thursday issued following Karachi Interbank Offered Rates (KIBOR) on July 29, 2021.
Tenor BID OFFER 1 – Week 6.91 7.41 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 7.46 7.96 1 – Year 7.54 8.04 -
SBP issues exchange rates for July 14, 2021
KARACHI, July 29, 2024 – The State Bank of Pakistan (SBP) announced on Wednesday the release of customers’ exchange rates based on the weighted average rates of commercial banks. These rates provide valuable insight into the exchange rates offered by various commercial banks to their clients.
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KIBOR rates on July 12, 2021
KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 12, 2021.
Tenor BID OFFER 1 – Week 6.90 7.40 2 – Week 6.96 7.46 1 – Month 7.02 7.52 3 – Month 7.19 7.44 6 – Month 7.40 7.65 9 – Month 7.52 8.02 1 – Year 7.57 8.07 -
First year allowance on plant, machinery withdrawn
ISLAMABAD: First year allowance has been withdrawn that was allowed on installation of plant and machinery by any industrial unit. The concession has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2021.
The first year allowance has been abolished that was available under Section 23A of Income Tax Ordinance, 2001 at the rate of 90 percent. An initial allowance was available at 25 percent for installation of plant and machinery, according to officials of the Federal Board of Revenue (FBR).
The omitted section 23A was:
First Year Allowance.—(1) Plant, machinery and equipment installed by any industrial undertaking set up in specified rural and under developed areas or engaged in the manufacturing of cellular mobile phones and qualifying for exemption under clause (126N) of Part I of the Second Schedule and owned and managed by a company shall be allowed first year allowance in lieu of initial allowance under section 23 at the rate specified in Part II of the Third Schedule against the cost of the “eligible depreciable assets” put to use after July 1, 2008.
(2) The provisions of section 23 except sub-sections (1) and (2) thereof, shall mutatis mutandis apply.
(3) The Federal Government may notify “specified areas” for the purposes of sub-section (1).
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Amnesty to builders, developers be extended for one year: FPCCI
KARACHI: Pakistan’s apex trade body has urged the prime minister to extend the date for availing a tax amnesty for builders and developers for one year.
Mian Anjum Nisar, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) while appreciating the Prime Minister of Pakistan for introducing Amnesty Scheme for Construction Industry, said that the scheme has boosted the socio-economic status of daily wagers and supported the construction and its allied sectors.
It was a tremendous decision for the mitigation of COVID-19 impact over Pakistan. This incentive scheme attracts the builders, developers, and purchasers of housing units and plots who have not availed of it yet.
Even the negative economic effects of Covid-19 pandemic have not hindered the Construction Industry in providing immediate jobs back to the millions of daily wages earners.
He informed that Prime Minister Imran Khan had announced the tax amnesty scheme for the real estate and construction sector in April 2020 and will remain valid till 31st December 2020.
The relief package was for the construction industry with twofold aim of providing employment to daily wage earners, and spurring economic activity.
Those availing of this scheme need to register with the designated FBR portal since the ordinance was promulgated from April 2020 to December 31, 2020.
The immunity from declaring the source of income was also available to builders, developers, and the purchasers of the housing societies and projects, and tax on gains on investment had been waived for all citizens who wanted to sell their homes.
The tax amnesty had been given as part of the Prime Minister Package to lessen the impacts of the COVID-19 outbreak on the construction sector.
President FPCCI urges the Prime Minister to extend the time period of the Amnesty Scheme for Construction Industry and introduce the same amnesty scheme facility to other sectors and industries.
This scheme can support the economy of Pakistan during the second wave of COVID-19 and it will proved to be a turning point for the economy of Pakistan & for the revival of the housing and construction industry in Pakistan.
He further said that if the Amnesty Scheme continues for another year the daily wagers, the most vulnerable segment of the population can get back to work to earn a respectable earning for their families as they were fighting with the second phase of COVID-19 and poverty at the same time.
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Weekly Review: market likely stay in green
KARACHI: The market likely to stay in green during next week owing to stable rupee and improved remittances, analysts said.
Analysts at Arif Habib Limited said that the market to remain green due to slowdown in Covid-19 infection ratio, improvement on the macro-economic front amid higher remittances resulting in current account surplus, stable PKR/USD parity, and rising construction activity which will increase demand of cement and steel.
However, a surprise surge in domestic Covid-19 infection ratio together with rising global coronavirus cases (as daily cases in December averaged more than 600,000, exerting pressure on countries to impose a lockdown) may create pressure.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 7.4x (2021) compared to Asia Pac regional average of 15.6x while offering a dividend yield of ~6.2 percent versus ~2.4 percent offered by the region.
This week trading commenced on a negative note and the index nosedived by 834 points on first two trading days due to new strain of coronavirus being found in United Kingdom which unsettled global sentiment, international oil prices dropping by 5 percent DoD, and pressure on European equity markets.
However, the negative performance was short lived as the index displayed a rebound on next two trading days (Wednesday and Thursday) and cumulatively increased by 510 points amid current account surplus for fifth straight month, expectation of government extending amnesty period for construction sector, and expected restoration of IMF programme.
The KSE-100 index closed at 43,417 points, down by 324 points or 0.74 percent WoW.
Contribution to the downside was led by i) Oil and Gas Exploration Companies (229 points), ii) Commercial Banks (155 points), iii) Fertilizers (77 points), iv) Pharmaceuticals (44 points), and v) Food & Personnel Care Products (24 points). Scrip-wise major losers were PPL (76 points), OGDC (68 points), POL (52 points), MEBL (51 points), and ENGRO (56 points). Whereas, scrip-wise major gainers were TRG (46 points), CHCC (40 points) LUCK (34 points), SYS (29 points) and GHGL (29 points).
Foreigners offloaded stocks worth of USD 20.44 million compared to a net sell of USD 9.36 million last week. Major selling was witnessed in Fertilizer (USD 8.23 million) and Power (USD 5.46 million). On the local front, buying was reported by Companies (USD 25.61 million) followed by Broker Proprietary Trading (USD 1.17 million). That said, average daily volumes and traded value for the outgoing week were down by 8 percent and 11 percent to 507 million shares and USD 138 million, respectively.
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Income tax rate on sale of petroleum products
The Federal Board of Revenue (FBR) has recently announced an update to the rate of income tax on the sale of certain petroleum products for the tax year 2021, spanning from July 01, 2020, to June 30, 2021.
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