he Federal Board of Revenue has granted exemption of 3. 5 percent withholding tax to certain categories of taxpayers including oil tankers and purchasers of agricultural produce and reduced rate of withholding tax up to one percent on steel melters under section 153 (1) (a) of the Income Tax Ordinance 2001.
3.5 percent WHT exemption: oil ..
Aug 24, 2011Foreign exchange marketForeign exchange market
Mar 7, 2011The foreign exchange market (forex, FX, or currency markets) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
The primary purpose of the foreign exchange is to assist international trade and investment, by allowing businesses to convert one currency to another currency. For example, it permits a US business to import British goods and pay Pound Sterling, even though the business's income is in US dollars. It also supports speculation, and facilitates the carry trade, in which investors borrow low-yielding currencies and lend (invest in) high-yielding currencies, and which (it has been claimed) may lead to loss of competitiveness in some countries.
In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market began forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.
The foreign exchange market is unique because of
its huge trading volume, leading to high liquidity;
its geographical dispersion;
its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday;
the variety of factors that affect exchange rates;
the low margins of relative profit compared with other markets of fixed income; and
the use of leverage to enhance profit margins with respect to account size.
As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements,[3] as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.
Forex Market Information Easily Accessible
Mar 6, 2011Information about stocks is abundant, but so are the stocks. Finding a trade opportunity in the equities markets may mean sifting through data on thousands of stocks, while the forex trader has only six major currencies to research. Additionally, the vital information that moves equity markets, such as revenues and profits, is proprietary and private. In contrast, virtually all of the news that bears on the forex market is in publicly disseminated reports from governments or research institutions, and released to everybody at the same time.
We feel that the knowledge you've gained in analyzing stocks can easily be transferred to the forex market. Many of the economic indicators familiar to equity traders, such as payroll data and interest rates, affect the currency markets. And many technical traders have found the forex market to be particularly attractive, since currencies respond well to many of the common technical indicators, such as MACD, RSI, and Candlestick charting.
To learn more about transitioning from trading equity markets to trading in the Forex market, contact the FXCM staff today at 888-503-6739.
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Forex: US Dollar Remains Down As China Lifts Interest Rates
Feb 9, 2011The US dollar remained lower against most major rivals on Tuesday, after China lifted interest rates for the third time since October.
The People’s Bank of China hiked its key lending and deposit rates each by 25 basis points. The dollar index, measuring the US unit against a basket of six currencies, lost 0.25% to 77.84, compared with 77.994 in North American trade late Monday.
Against the greenback, the Australian dollar gained 0.0888%, or $0.0009, to $1.0139. Against the US dollar, the euro gained 0.4565%, or $0.0062, to $1.3648, up $1.3597 in late North American trading on Monday.
Forex: EUR/USD Posts Fresh High Above 1.3680
The common currency continued to gain ground against the US dollar on today’s session, recovering from last week’s losses. The Euro managed to find support at 1.3610 and gained more than 60 pips during the last few hours of trading, reaching a new intra day high at 1.3688. The Euro also posted a fresh 2-month high against the Swiss Franc at 1.3102.
At this time of writing, EUR/USD is holding near the session high as the Greenback continues to lose momentum across the board. According to analysts, the support level for the pair is hovering at the psychological level of 1.3500. On the upside, the immediate resistance level is located at 1.3750
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