Pkrevenue.com

Author: Faisal Shahnawaz

  • Restaurants boycott foodpanda over unfair practices

    Restaurants boycott foodpanda over unfair practices

    KARACHI: The All Pakistan Restaurant Association (APRA) has protested over the unfair practices by foodpanda and boycotted, also announced to stop food delivery from September 15, 2020 in the first phase in Karachi.

    In a letter of complaint to the CEO of the company, Muhammad Naeem Siddiqui, chairman APRA apprised their member’s grievances and concerns, pointing out that foodpanda repeatedly pressed for increase in commission and non-implementation of the agreement and made some important demands. In which it is clearly stated that if unfair practices will not stop then APRA consider to stop work with foodpanda on a permanent basis.

    “Vendor Delivery was the original concept by foodpanda and FP’s own delivery was launched as an optional service. Forcing restaurants to close their Vendor Delivery, which has not only increased unemployment but have “disconnected” them from customers and is not acceptable at all. We demand Vendor Delivery to be operational for all regardless of the size of the brand”, he added.

    APRA chairman said that majority of our members are being pressurized to increase commissions but our industry already runs on razor thin margins and it’s impossible to pay 25-35pc commissions for aggregation services. It is especially difficult for new entrants, as their startup costs gets drastically higher. We need to ensure that there is a cap on commission that foodpanda may charge.

    “Managers blackmail APRA members to increase the commission many folds, for e.g. from 18pc to be increased to 25pc, threatening and shutting their brands from your portal. This is the most unethical way of extorting any member to accept foodpanda terms & conditions and it needs to be stopped immediately”, Naeem demanded.

    APRA president opined that our members have also complained that foodpanda ask them to work with restaurants exclusively which falls under anti-competitive business conduct and can be challenged in Competition Commission of Pakistan.

    He further said that Restaurant industry was majorly hit during Covid-19 and now is the time when they need maximum support from their stakeholders. We did raise similar concerns earlier but there has been no permanent solution from their higher-ups, which has lead us to announce Suspension of Services by all our members.

    APRA president warned that all APRA members will be closing their tablets from 15th September onwards initially in Karachi and if no resolution is achieved, we will be left with no option than to close the services permanently Nationwide.

  • Period for filing withholding tax statement reduced

    Period for filing withholding tax statement reduced

    ISLAMABAD: Withholding agents are required to file statement of deduction and collection on quarterly basis instead bi-annual.

    The change has been brought through Finance Act, 2020 by amending section 165 of the Income Tax Ordinance, 2001.

    Sources in Federal Board of Revenue (FBR) said that the change was brought on the proposal of business community as submission of record bi-annual was creating difficulties.

    The withholding statement was required to file on monthly basis. However, through Finance Supplementary (Second Amendment) Act, 2019 the relevant law was amendment and it was made on bi-annual basis.

    And now it is again reduced to quarterly basis through Finance Act 2020.

    The FBR sources said that the withholding statement is required to be submitted on:

    (a) in respect of quarter ending on the 31st day of March, on or before the 20th day of April;

    (b) in respect of quarter year ending on the 30th day of June, on or before the 20th day of July;

    (c) in respect of quarter ending on the 30th day of September, on or before the 20th day of October; and

    (d) in respect of quarter ending on or before the 31st day of December, on or before the 20th January.

    The FBR sources said that the withholding agents would provide following details of persons whose tax were deducted along with the statement, which would include:

    (a) the name, Computerized National Identity Card Number, National Tax Number and address of each person from whom tax has been collected under Division II of this Part or Chapter XII or the Tenth Schedule or to whom payments have been made from which tax has been deducted under Division III of this Part or Chapter XII or the Tenth Schedule in each quarter.

    (b) the total amount of payments made to a person from which tax has been deducted under Division III of this Part or Chapter XII or the Tenth Schedule in each quarter.

    (c) the total amount of tax collected from a person under Division II of this Part or Chapter XII or the Tenth Schedule or deducted from payments made to a person under Division III of this Part or Chapter XII or the Tenth Schedule in each quarter; and

    (d) such other particulars as may be prescribed:

    Provided that every person as provided in sub-section (1) shall be required to file withholding statement even where no withholding tax is collected or deducted during the period.

    Explanation.— For the removal of doubt, it is clarified that this sub-section overrides all conflicting provisions contained in the Protection of Economic Reforms Act, 1992 (XII of 1992), the Banking Companies Ordinance, 1962 (LVII of 1962), the Foreign Exchange Regulation Act, 1947 (VII of 1947) and the regulations made under the State Bank of Pakistan Act, 1956 (XXXIII of 1956), if any, on the subject, in so far as divulgence of information under section 165 is concerned.

  • EOBI pension increases to Rs8,500; pensioners to get arrears

    EOBI pension increases to Rs8,500; pensioners to get arrears

    ISLAMABAD: The federal cabinet has approved increase in pension of Employees Old-Age Benefits Institution (EOBI) to Rs8,500 from Rs6,500.

    According to a tweet by EOBI on Wednesday, the federal cabinet approved an increase in EOBI pensions from Rs 6500 to Rs8500 effective from January 01, 2020.

    EOBI will restore the increase in pension + arrears for the month of April, June and July 2020. Pensioners can draw this increase along with the arrears from 1st August 2020, it added.

    The increase in pension was announced in December 2019 by Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari.

    He said that after increase in the EOBI pensioners would receive Rs 8,500 per month from January 01, 2020.

    He said the ministry would move the summary regarding the increase at the next meeting of federal cabinet for a final approval.

    The SAPM said the PTI government, in its efforts to give more relief to the pensioners, had twice increased their annuity in just one and half year’s tenure.

    He said the government had already enhanced the minimum pension of the EOBI’s insured person from Rs 5,250 to Rs 6,500 during 2018.

    The EOBI pension has been enhanced by 62 per cent since the Pakistan Tehreek-e-Insaf government came into power.

    “We are intending to raise this amount up to Rs 15,000 by the end of our tenure (2023),” Zulfikar Bukhari said.

  • SBP disburses Rs96 billion under refinance scheme to dilute COVID impact

    SBP disburses Rs96 billion under refinance scheme to dilute COVID impact

    KARACHI: Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) has said that so far around 1320 companies availed SBP’s refinance scheme and a sum of Rs96 billion has been disbursed to the applicants during last three months of current fiscal year to dilute adverse impact of COVID-19.

    The SBP governor was exchanging views with Presidents of Karachi, Lahore, Islamabad, Quetta, Faisalabad, Sarhad, Sialkot, Gujranwala, Multan, Mirpurkhas Chambers and also the FPCCI at a meeting held a day earlier via video link, said a statement issued by Karachi Chamber of Commerce and Industry (KCCI).

    The SBP governor said that the refinance scheme was launched as a risk sharing initiative to facilitate SMEs during the ongoing difficult times and minimize the negative impact on numerous businesses caused by the outbreak of coronavirus pandemic.

    He was of the opinion that this meeting via video link with the business and industrial community of entire Pakistan should be held regularly on monthly basis so that the SBP could better understand business community’s requirements and accordingly devise strategies.

    President KCCI Agha Shahab Ahmed Khan, in his remarks, urged the State Bank of Pakistan to publicize details of all the companies who have availed SBP’s refinance scheme with a view to make this scheme transparent otherwise, it is likely that the banks will be accused of giving loans to their favorites and undeserving in future.

    He further stated that several public sector organizations including the State Bank of Pakistan have been following dissimilar definitions for SMEs that creates a lot of confusion and needs to be clarified.

    In response, Governor State Bank assured that the issue has been rectified and all the institutions including SBP are following a uniform definition for SMEs which will be shared with KCCI so that they could understand the overall ambit of SME sector.

    Agha Shahab said that some highly influential people having good contacts in the banking sector have easy access to financing facilities but a large segment of society remains deprived hence, there is a need to ease the overall criteria and paperwork for loan disbursement so that maximum people could benefit from these facilities and are able to survive in the extremely difficult and extraordinary situation being suffered by the business community of entire Pakistan.

    “SBP’s refinance facility offers loans at an attractive interest rate of just 3 percent but many people simply don’t want to pay any interest as it is strictly prohibited in Islam. Hence, the State Bank must look into the possibility of launching another refinance facility with zero percent markup which would certainly provide huge support to the business community in distress”, he added.

  • Stock market gains 262 points on improved activity in banking scrips

    Stock market gains 262 points on improved activity in banking scrips

    KARACHI: The stock market gained 262 points on Wednesday as improved trading activity was seen in banking scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) Index closed at 35,065 points as against 34,804 points showing an increase of 262 points.

    Analysts at Arif Habib Limited said that the banking sector performed well today with BAFL hitting upper circuit and HBL, UBL & MCB also contributing positively to the Index.

    Though crude oil prices remained under pressure, renewed interest in E&P sector from investors in general and foreigners in particular helped these stocks maintain a plateau.

    Particular buying interest was also observed in chemical stocks, which have been in the limelight whether due to COVID-19 or anticipated tax relief in the upcoming budget.

    EPCL, DOL, SPL performed well, whereas LOTCHEM after posting significant gains yesterday registered a nominal decline. Banking sector stocks topped the index with 32.8 million shares, followed by Technology (24.5 million) and Chemical (23.1 million).

    Among scrips, PRLR registered treading volume of 11.7 million shares, followed by TRG (10.8 million) and BOP (9 million).

    Sectors contributing to the performance include Banks (+273 points), Pharma (+24 points), Textile (+17 points), Technology (+15 points), E&P (-36 points), Cement (-10 points).

    Volumes declined from 238.3 million shares to 218.7 million shares (-9 percent DoD). Average traded value also declined by 13 percent to reach US$ 48.4 million as against US$ 55.6 million.

    Stocks that contributed significantly to the volumes include PRLR1, TRG, BOP, UNITY and LOTCHEM, which formed 22 percent of total volumes.

    Stocks that contributed positively to the index include HBL (+67 points), UBL (+59 points), BAFL (+37 points), MEBL (+31 points) and MCB (+25 points). Stocks that contributed negatively include OGDC (-21 points), MARI (-14 points), EFUG (-6 points), ISL (-4 points), and HUBC (-4 points).

  • Ban lifted on export of various personal protective equipment

    Ban lifted on export of various personal protective equipment

    ISLAMABAD: The government on Tuesday lifted ban on export of various personal protective equipment (PPE) with immediate effect.

    The ministry of commerce issued SRO 526(I)/2020 to amend the Export Policy Order, 2016.

    The ministry allowed the export of PPE including disposable gowns, disposable gloves, face shields, biohazard bags, goggles, shoe cover and hand sanitizers.

    The ministry put the ban on exports of such PPE through SRO 239(I)/2020 dated March 24, 2020.

    The ban was imposed considering widespread of coronavirus in the country and to ensure availability of such PPEs in the country.

    The SRO 239(I)/2020 had condition that the ban would lapse on the completion of the process of assessment of the baseline requirements of the country and stockpiling to be notified by the government.

    The ministry however maintained restriction on export of tyvek suits, surgical masks and N-95 masks.

  • OMCs must have 21 days stock of POL products, federal cabinet decides

    OMCs must have 21 days stock of POL products, federal cabinet decides

    ISLAMABAD: Authorities to enforce license condition that Oil Marketing Companies (OMCs) must have 21 days stock in order to ensure availability of petroleum products.

    Prime Minister Imran khan chaired the meeting of the federal cabinet held on Tuesday. The prime minister directed the Minister of Petroleum and Oil and Gas Regulatory Authority (OGRA) to ensure that every OMC maintains 21 days stock to meet its license conditions.

    The cabinet took serious note of the artificial shortage of petrol in the country. The Prime Minister directed that maximum punitive action must be taken against all those responsible for this.

    The following specific directions were given:

    a. The Cabinet noted that OGRA and Petroleum Division have legal authority to physically enter and inspect oil companies storage facilities. The Cabinet directed Petroleum Ministry to form joint raiding teams comprising of representatives of Petroleum Division, OGRA, FIA and District administrations. The teams shall inspect all petrol depots/storage. They have all authority to enter any site. Anyone found involved in hoarding shall face full force of law, including arrest and forced release of such stores.

    b. Any company found not maintaining the mandatory stocks and supply to its outlets, as per their license, shall face punitive actions, including suspension and cancellation of license and heavy fines.

    c. The Prime Minister directed that the Petroleum Division and OGRA take all actions necessary to ensure regular supplies within 48-72 hours.

    d. Ministry of Energy informed the cabinet that while June 2019 total supplies were 650,000 metric tons while supplies arranged for June 2020 are 850,000 metric tons. The cabinet urged the public not to engage in panic buying. The stocks that are being hoarded will be identified and ensured to be available in the market and action taken against hoarders.

  • PBC Advocates Abolishing Anti-Dumping Duty on Raw Material Used for Exports

    PBC Advocates Abolishing Anti-Dumping Duty on Raw Material Used for Exports

    KARACHI: Pakistan Business Council (PBC) has advocated abolishing anti-dumping duty on imported raw material that are used for export oriented units (EOU).

    (more…)
  • MCC Peshawar announces auction of vehicles, auto parts on May 19

    MCC Peshawar announces auction of vehicles, auto parts on May 19

    ISLAMABAD: Model Customs Collectorate (MCC) Appraisement and Facilitation, Peshawar has announced auction of vehicles and auto parts to be held on May 19, 2020 at State Warehouse (Custom Railway Dry port, Peshawar.

    Following vehicles will be presented for the auction:

    1. Mercedes Benz Car, Chassis No. WDB2110722B156275
    2. Suzuki Wagon R, Chassis No. MH345-745380, Model 2014
    3. Corona Premio Motor Car, Chassis No. NZT240-0001908
    4. Range Rover, Chassis No. SALGA2EE9EA162991, Model 2015
    5. Range Rover, Chassis No. SALGGA2EE6FA232125, Model 2015
    6. Toyota Land Cruiser Prado, Chassis No. GRJ151-0001019, Model 200
    7. Toyota Passo Car, Chassis No. KGC30-0031398, Model 2011
    8. Toyota Passo Car, Chassis No. KGC30-0033637, Model 2011
    9. Toyota Passo Car, Chassis No. KGC30-0094690, Model 2012
    10. Toyota Passo Car, Chassis No. KGC30-0090187, Model 2012
    11. Toyota Passo Car, Chassis No. KGC30-0089661, Model 2012
    12. Toyota Passo Car, Chassis No. KGC30-0095048, Model 2012

    The collectorate also announced the auction of old and used auto parts of five different lots.

  • FBR extends date for payment, return filing

    FBR extends date for payment, return filing

    ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing monthly sales tax return and payment for March 2020.

    In a notification issued on Friday, the FBR extended the date for payment of sales tax and federal excise duty for the month of March 2020 which was due on April 15, 2020 and extended up to May 12, 2020, has been further extended up to May 27, 2020.

    Similarly, the filing of sales tax return for the month of March 2020, which was due on April 18, 2020 and extended up to May 15, 2020, has been further extended up to May 30, 2020.