ISLAMABAD: Federal Board of Revenue (FBR) has notified transfer and postings of senior officers of Inland Revenue Service (IRS) of BS-20-21 with immediate effect and until further orders.
(more…)Author: Mrs. Anjum Shahnawaz
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Equity market climbs up by 500 points on foreign inflows
KARACHI: The equity market climbed up by over 500 points on Monday owing to positive reports of foreign inflows from friendly countries.
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FBR issues SROs to withdraw additional, customs duty on import of cotton
ISLAMABAD: Federal Board of Revenue (FBR) has exempted customs duty and additional customs duty on import of cotton for the period of February 01 to June 30, 2019.
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Commerce ministry adds non-textile product to claim drawback
ISLAMABAD – The Ministry of Commerce has issued a corrigendum to SRO 711(I)/2018 dated June 08, 2018, expanding the scope of non-textile drawback of duty and taxes.
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Income Tax Ordinance 2001: Recovery from persons holding money of taxpayer
KARACHI- The Federal Board of Revenue (FBR) in Pakistan has been granted enhanced powers under the recently updated Income Tax Ordinance, 2001, enabling it to recover taxes directly from individuals or entities holding money on behalf of a taxpayer.
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FBR recovers over Rs5.4 billion from 0.2 million tax dodgers
ISLAMABAD: Federal Board of Revenue (FBR) has recovered over Rs5.4 billion from 0.2 million tax dodgers, said a report.
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FBR issues new valuation table for 28 areas in Rawalpindi
ISLAMABAD – The Federal Board of Revenue (FBR) has introduced a fresh valuation table for immovable properties in Rawalpindi, aiming to determine income tax liabilities associated with property transactions.
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Simple return form to be introduced; to be filed through mobile phones: Hammad Azhar
KARACHI – The government has announced plans to introduce a user-friendly income tax return form that can be conveniently filed through mobile phones in just a few minutes.
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Immovable Properties: FBR issues new valuation table for 339 areas in Peshawar
ISLAMABAD – In a move aimed at enhancing transparency and accuracy in the determination of income tax related to the sale and purchase of immovable properties, the Federal Board of Revenue (FBR) has issued a new valuation table for 339 areas in Peshawar.
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Tighter monetary policy chokes investment in Pakistan
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday said that the tighter monetary policy stance by the central bank has strangulated the investment in the country.
In a statement Eng. Daroo Khan Achakzai, President, FPCCI showed his serious concern over the hiking of policy rate by another 25 basis points in last two months in view of prevailing inflation, devaluation of currency and twin deficit in Pakistan.
He said: “SBP continues to operate a tight monetary policy and increased policy rate by 4.50 percent in last one year despite the clear evidences that this policy strangulates investment in Pakistan and hampered the economic activities.”
The statistics clearly showing that investment to GDP in Pakistan is very lower i.e. 16.4 percent of GDP compared to 22.5 percent in 2007 while in India the investment to GDP ratio is 30 percent and in Bangladesh it is 31 percent.
He termed the contraction in monetary policy as an anti-investment policy which has declined the economic activities in the first six month of the current fiscal year due to declining of large scale manufacturing growth particularly textile industry, food-beverages, petroleum, iron, pharmaceutical, electronics and wood products etc.
He indicated that the 10.5 percent policy rate is very high compared to regional economies like India 6.5 percent, China 4.35 percent, Sri Lanka 9.0 percent, Thailand 1.75 percent, Indonesia 6.5 percent, Malaysia 3.25 percent etc.
He said that the present inflation rate is 6.0 percent which is high compared to last year same period 3.8 percent; but this inflation is cost push inflation which cannot be controlled through demand management policies.
The major cause of rising inflation in the country is high cost of doing business particularly utility prices, increase in the prices of industrial inputs and shortage of essential items of daily necessity.
The government should focus to increase the demand for credit by declining interest rates and make easy access to finance.
“Globally, the aim of monetary policy is to protect the value of the currency in co-ordination with the fiscal policy in order to achieve the objectives of macro-economic stability with constraining inflation and expansion of private sector investment,” he added.
The President FPCCI further stated that the government should create its own fiscal space for financing its expenditures instead of borrowing from SBP and other institutions.
During the first half year, there was an expansion in private sector credit, but is largely attributed to high cost of raw materials (cotton, petroleum products, etc), continuation of capacity expansion in power and construction-allied industries.
This private sector credit should be expanded to other industries which are showing declining growth trend, he suggested.
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