Investor Presentaiton
ANNUAL REPORT
8.1 Movement in deferred income tax asset
PP
Private Power and Infrastructure Board
ANNUAL REPORT
Private Power and Infrastructure Board
2020
(Rupees in thousand)
2019
Statement
As at 01
July
2019
Other
of profit or
loss
comprehensive
As at 30
June 2020
11 SHORT TERM INVESTMENTS - Amortized cost
Term Deposit Receipts (TDRs)
income
(Note 26)
(In US Dollars)
--------Rupees in thousand------..
Habib Metropolitan Bank Limited (HMBL) USD 5,209,922 (2019: USD 5,033,726)
JS Bank Limited (JSBL) USD 2,450,482 (2019: USD 2,379,188)
876,570
825,531
412,294
390,187
Accelerated tax depreciation
(6,069)
(1,512)
(7,581)
1,288,864
1,215,718
Deficit/(surplus) on remeasurement of investments
Provision for gratuity
271
(861)
(590)
(In PKR)
9,343
6,583
(4,281)
11,645
Provision for leave encashment
Deferred income tax asset
3,545
6,896
11,967
6,896
(5,142)
10,370
8.2 Deferred income tax asset of Rupees 231.097 million (2019: Rupees 269.847 million) on available tax losses has not
been recognized in these financial statements as the temporary differences are not expected to reverse in
foreseeable future because taxable profits will not probably be available against which the temporary differences can
be utilized.
Pak Oman Investment Company Limited (POIC)
Pak Brunei Investment Company Limited (PBIC)
JS Bank Limited (JSBL)
Faysal Bank Limited (FBL)
Accrued profit on:
TDRs
In US Dollars
200,000
150,000
100,000
100,000
250,000
250,000
550,000
500,000
1,838,864
1,715,718
NOTE
2020
(Rupees in thousand)
2019
9 ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES
Advances to:
- employees against provident fund
- suppliers/services
- employees against expenses
Current portion of loans and advances
Prepayments
Accrued interest on bank deposits
Accrued income on account of fees
Other receivables
1,735
142
1,735
149
906
1,461
2,783
3,345
7
14,842
11,688
3,143
1,139
110
3,795
9.1
82,235
74,236
2,524
3,067
105,637
97,270
9.1 This represents accrued fee in respect of extension of "letter of intent" LOI and "letter of support" LOS approved by
Board of Directors for various Independent Power Producers (IPPS).
10 ADVANCE TAX
2020
2019
NOTE
(Rupees in thousand)
- HMBL
- JSBL
In PKR
- POIC
- PBIC
- JSBL
- FBL
4,171
4,767
5,662
5,839
9,833
10,606
13,798
4,635
7,659
2,167
28,729
16,771
50,186
23,573
1,898,883
1,749,897
11.1 Maturity dates and profit margin are as follows:
Bank / certificate
Profit rate
Currency
Maturity
per annum
TDRs
JSBL
USD
October 2020
3.50%
JSBL
USD
June 2021
3.00%
HMBL
USD
April 2021
3.05%
HMBL
USD
March 2021
3.35%
HMBL
USD
June 2021
3.15%
FBL
PKR
September 2020
14.00%
FBL
PKR
September 2020
14.00%
JSBL
PKR
POIC
PKR
December 2020
December 2020
13.25%
13.25%
NOTE
2020
(Rupees in thousand)
2019
Balance at the beginning of the year
Income tax paid / deducted at source
Provision for taxation - current
Balance at the end of the year
26
5,416
13,387
(17,037)
1,766
27,248
6,096
(27,928)
12
5,416
22
10.1 This represents tax withholding suffered at source and includes an amount of Rupees 8.9 million relating to tax years
2009, 2010 and 2011 in whose respect, the refund applications were filed by the Board with taxation authorities on
26 August 2011. A reminder of the same was filed on 18 June 2012 whereas, the aforesaid applications were
rejected by the Officer Inland Revenue, Regional Tax Office, Islamabad. PPIB had filed appeals with Commissioner
Inland Revenue Appeals (CIRA) in this respect which were rejected. Thereafter, PPIB filed appeals with
Appellate Tribunal Inland Revenue (ATIR). In disposing off the appeal, the ATIR has vacated the order of CIR-A and
directed PPIB to approach the Taxation Officer (TO) and the TO has been directed that he may consult Federal
Board of Revenue for procedure in such cases. However, PPIB has claimed credit of aforesaid refund amount of
Rupees 8.9 million against tax liability in the income tax return for tax year 2018.
CASH AND BANK BALANCES
Cash at bank:
- Current accounts
-Saving accounts
12.1, 12.2 & 12.3
Cash in hand
146,654
146,654
49
146,703
1
103,663
103,664
8
103,672
12.1 Balances in these accounts include Rupees 69.647 million (2019: Rupees 47.676 million) held on account of employees'
provident fund scheme.
12.2 Balances in saving accounts include USD 16,671 (2019: USD 14,398).
165
12.3 Balances in saving accounts carry rates of profit ranging from 2.79% to 15.39% (2019: 0.25% to 8.75%) per annum.
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