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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
160
PAKISTANOILFIELDS LIMITED
2020
2019
Rupees ('000)
33.1 Reconciliation of tax charge for the year
Accounting profit
21,734,396
24,854,693
* Tax at applicable tax rate of 47.10% (2019: 46.70%)
10,184,738
11,607,142
Tax effect of depletion allowance and royalty payments
(4,021,209)
(4,501,067)
Tax effect of income that is not taxable or taxable at
reduced rates
(863,963)
(835,082)
Tax effect of prior years
-
1,279,372
Others
58,980
432,621
Tax charge for the year
5,358,546
7,982,986
* The applicable tax rate is the weighted average of tax rates applicable to income from oil and gas
concessions and income from other activities.
34.
OPERATING SEGMENTS
The financial statements have been prepared on the basis of a single reportable segment. Revenue
from external customers for products of the Company is disclosed in note 25.
Revenue from two major customers of the Company constitutes 66% of the total revenue during the
year ended June 30, 2020 (June 30, 2019: 71%).