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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
234
PAKISTAN OILFIELDS LIMITED
2020
2019
Rupees (‘000)
36.1 Reconciliation of tax charge for the year
Accounting profit
19,613,716
20,638,340
* Tax at applicable tax rate of 49.96% (2019: 49.90%)
9,799,013
10,298,532
Tax effect of depletion allowance and royalty payments
(4,153,118)
(4,522,614)
Tax effect of income that is not taxable or taxable at reduced rates
(585,841)
(125,782)
Tax effect of prior year
-
1,279,372
Others
(11,121)
427,320
Tax charge for the year
5,048,933
7,356,828
* The applicable tax rate is the weighted average of tax rates applicable to income from oil and gas
concessions and income from other activities.
37.
OPERATING SEGMENTS
The financial statements have been prepared on the basis of a single reportable segment. Revenue
from external customers for products of the Group is disclosed in note 27.
Revenue from twomajor customers of the Company constitutes 67% of the total revenue during the
year ended June 30, 2020 (June 30, 2019: 71%).
38.
REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
The aggregate amounts charged in these financial statement in respect of remuneration, including
benefits and perquisites to the chief executive, directors and executives of the Group are given below:
Chief Executive
Executives
2020
2019
2020
2019
Rupees ('000)
Managerial remuneration
7,612
7,612
112,964
86,166
Bonus
6,838
6,507
84,207
65,699
Housing, utility and conveyance
6,133
6,132
105,234
81,184
Group's contribution to pension,
gratuity and provident funds
-
-
41,990
32,851
Leave passage
1,269
1,153
16,169
11,062
Other benefits
4,599
4,053
44,617
27,023
26,451
25,457
405,181
303,985
No. of persons, including those
who worked part of the year
1
1
51
40