ISLAMABAD: Today October 15, 2021 is the last date for filing return or income for tax year 2021. However, a large number persons still require to file their returns. They hope the FBR may further extend the last date beyond October 15, 2021.
(more…)Day: October 15, 2021
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GST exemption on various goods may be withdrawn
Pakistan’s Federal Board of Revenue is likely to withdraw exemption and concession of general sales tax (GST) granted on many consumable items.
The consumption tax may be withdrawan on the supply of goods to generate an estimated revenue of Rs334 billion, news reports suggested.
The exemption of GST may be withdrawn on supplies of various local and imported goods. The exemption and concession of consumption tax may continue on basic food items.
The report suggested that Personal Income Tax (PIT), there are 11 slabs and one proposal under consideration is to bring down slabs to 6 or 7 where the minimum taxable ceiling of Rs0.6 million might be adjusted upward while the rate of higher-income brackets might be increased.
The hike in power tariff to the tune of Rs1.40 per unit might be notified after the agreement with the IMF.
Federal Minister for Finance Shaukat Tarin is expected to hold a meeting with the IMF’s Managing Director (MD) Kristalina Georgieva on October 15, 2021 in Washington, DC. However, things are still unclear whether Pakistan and the IMF will be able to strike a staff-level agreement or not. The review talks may be extended if both sides remained unable to strike any staff-level agreement on the completion of the sixth and seventh reviews under the $6 billion Extended Fund Facility (EFF).
Sources said that the IMF was advising stringent taxation measures but Pakistani authorities were making last-ditch efforts to convince the IMF for delaying taxation measures on account of withdrawal of sales tax exemptions and adjustment into Personal Income Tax till the announcement of the next budget 2022-23 or implementation of these steps in a staggered manner.
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Exchange rates in PKR vs foreign currencies on Oct 15
KARACHI: Following are the exchange rates of foreign currencies in Pak Rupee (PKR) on October 15, 2021 (The rates are updated at 08:58 AM):
Currency Buying Selling Australian Dollar 124.75 126.25 Bahrain Dinar 386.75 388.50 Canadian Dollar 136 138 China Yuan 23.75 23.90 Danish Krone 23.45 23.75 Euro 197 199 Hong Kong Dollar 16.65 16.90 Indian Rupee 2.03 2.10 Japanese Yen 1.41 1.44 Kuwaiti Dinar 481.60 484.10 Malaysian Ringgit 36.45 36.80 NewZealand $ 96.35 97.05 Norwegians Krone 17.50 17.75 Omani Riyal 392.70 394.70 Qatari Riyal 39.80 40.40 Saudi Riyal 45.40 46 Singapore Dollar 124.50 126 Swedish Korona 18.30 18.55 Swiss Franc 159.80 160.70 Thai Bhat 4.80 4.90 U.A.E Dirham 46.60 47.20 UK Pound Sterling 233.50 236 US Dollar 171.50 172.50 Disclaimer: Team PKRevenue.com provides the available rates of the open market, which are subject to change every hour. Team PKRevenue.com provides the available exchange rates at the time of posting the story. So the team is not responsible for any inaccuracy of the data.
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Cadastral mapping to develop authentic land record: PM
ISLAMABAD: Prime Minister Imran Khan on Thursday said that cadastral mapping will help in development of an authentic land record database.
Prime Minister Imran Khan chaired a meeting of the National Coordination Committee (NCC) on Housing, Construction & Development to review the progress made on existing and new projects.
While receiving a briefing from Surveyor General of Pakistan Maj. Gen. Shahid Pervez, the Prime Minister remarked that Cadastral Mapping would help in development of an authentic land record database. It would help in clearly identifying demarcation of land and thereby eliminate illegal encroachments, added the prime minister.
Moreover, the authentic database would also contribute towards enhancing revenues received from lands, the prime minister said.
The Prime Minister further said: “Land-use changes need to be checked where green vegetation areas are being converted to urban projects.” He advised all the provincial and Azad and Jmmu and Kashmir governments to expedite legislation to put a stop to land-use changes.
The Prime Minister stated that protection of green spaces and agricultural lands is essential for environmental considerations and to safeguard food security. However, construction projects would be allowed under regulations.
The NCC meeting was briefed that, under Phase-I of the mapping exercise, 90 per cent digitization of State Lands has been completed in Punjab, 96 per cent in Khyber Pakhtunkhwa and 50 per cent in Balochistan.
Chairman CDA informed that with the help of Cadastral Maps, CDA has started imposition of fines on encroachers and the amount collected is being used for compensation of general masses who were defrauded by illegal housing societies.
The NCC meeting was attended by Federal Minister Fawad Ahmed, Minister of State Farrukh Habib, SAPM Dr. Shehbaz Gill, SAPM Malik Amin Aslam, Minister Local Govt. Punjab Mian Mehmood ur Rasheed, MNA Aftab Siddiqui, Chairman Naya Pakistan Housing & Development Authority Lt. Gen. (R) Anwar Ali Haider, Chairman FBR, Surveyor General of Pakistan, and senior officers. Chief Secretaries of Punjab, Balochistan, Sindh and AJ&K; and ACS Khyber Pakhtunkhwa joined the meeting via video link.
Earlier the Prime Minister also chaired a meeting to review progress on Ravi Urban Development Project and Central Business District Lahore.
The Prime Minister directed the concerned authorities to expedite progress as these projects are very important for attracting Foreign Direct Investment in the Country.Deputy Governor State Bank of Pakistan and Chief Secretary Gilgit Baltistan also joined the NCC meeting via video link.
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Pakistan assures World Bank of reforming power sector
ISLAMABAD: Pakistan on Thursday assured the World Bank of taking measures to reform the power sector in the country with special focus on reducing circular debt.
Federal Minister for Finance and Revenue Shaukat Tarin held a meeting today with Axel van Trotsenburg, Managing Director World Bank and the Bank’s Pakistan team at the World Bank Headquarters in Washington DC.
Dr. Asad Majeed Khan, Ambassador, Dr. Murtaza Syed, Deputy Governor SBP and Mr. Naveed Kamran Baloch, Alternate Executive Director, World Bank were also present.
Omar Ayub Khan, Federal Minister for Economic Affairs and Mohammad Hammad Azhar, Federal Minister for Energy joined the meeting virtually from Islamabad, says a press release received here from Washington DC.
The finance minister appreciated the Bank’s support to Pakistan over the decades and acknowledged the continuing support being extended to Pakistan.
He highlighted the measures taken by the Government to accelerate completion of projects funded by the Bank which were in the pipeline, with special focus on agriculture, housing and construction sectors.
The finance minister assured that the Government was also keen to reform the power sector in the country with special focus on reducing circular debt.
The finance minister reiterated that the government is fully committed to implementing structural reforms, protecting social spending and boosting social safety nets in order to protect the vulnerable segments of the society.
Minister for Energy Hamad Azhar shared the measures being taken by the Government to reform the power sector and rationalize power sector subsidies.
MD Axel van Trotsenburg informed the delegation on the importance that the Bank places on cooperation with Pakistan and said that the Bank was looking forward to continuing the bilateral cooperation in the future.
He said that the Bank was partnering with Pakistan in implementing one of the largest programme by the Bank for Pakistan and acknowledged that a lot of progress has been made on implementation of structural reforms in various sectors.
MD Axel van Trotsenburg also conveyed gratitude and appreciation for the Government’s assistance in the timely and efficient transiting of the Bank’s staff from Kabul.