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The Federal Water Authority Notified Three Plans

The Federal Water Authority (FBR) notified three plans on Thursday: simplified taxation for merchants, fixed taxation for small shopkeepers, and issuance of business licenses to bring taxpayer dollars under tax exemptions. This is part of the government 's documentation to attract SMEs to tax credits. Despite several attempts in the past, a strong trader delegate interfered with the paperwork.

Federal Bureau of Investigation

The Federal Bureau of Investigation (FBR) sought feedback from stakeholders when the federal ministerial meeting was finally approved. Economy Minister Hammad Azhar said the retail sector contributes only 0.25pc despite 20% of gross domestic product (GDP). He said 80-90% of retailers were not registered with the tax authority. Three plans that retailers and small businesses have notified themselves to enroll.

Simplified tax system

The FBR advised that after a substantial study and discussion with the trade organization, a plan was prepared for the trader. The draft also includes solutions to the real problems facing traders in terms of tax compliance. This scheme will be performed with no receipts, without requiring retention of records to retailers and wholesalers who choose to report their profits under the simplified tax system of non-jurisdictions.

FBR also said that people using this plan will not receive any audits. The scope of this system extends to traders whose revenues are less than US $ 50 million. The eligibility criteria are the self-invested assets of Rs. 50 million, fixed asset costs of Rs. 100 million or less, and the number of employees is less than five. The threshold will increase by 10% annually to account for the economic progress of the business.

Individuals who are not registered with the FBR are also enrolled under this plan by submitting their registration form to the Integrated Risk Information System (Iris) through the FBR website. Each individual electronically submits a simplified refund of income with tax payment and a statement of wealth. The tax rate is calculated at the rates set forth in Article 1, Paragraph 1 of Article 1 of the Income Tax Act 2001.

A small shop owner

The Federal Bureau of Investigation (FBR) also announced special procedures for the payment of taxes by owners of small shops (Special Procedures for Taxes for Small Shopkeepers). This draft defines a small shopkeeper as an individual performing a business in the premises covering an area of ​​less than 300 square feet, but includes the shopkeeper if engaged in the activities of a jeweler, wholesaler, warehouse, real estate agent, builder or architect Do not. Developers, doctors, lawyers, CPAs.

This definition also includes retailers operating as domestic or international chain store units, air conditioner malls, retailers operating in the plaza or center, retailers with credit / debit card systems, people with cumulative power In the past 12 months, An individual who has exceeded Rs and is equivalent to Income Tax Act 99C in 2001. The tax on this system will be 2% of sales or a fixed tax rate notified by FBR.

If there is a store in the area designated as Category A during the tax year 2019 and the storefront where the business activity was performed does not exceed 150 square feet, the token tax will be Rs 35,000. However, for a store located in Category B, if the store occupies more than 150 square feet but does not exceed 300 square feet, the tax will be Rs 40,000 in 2019 and Rs 20,000 if there is a store.

Store sites that are located outside of Category A and where business activities are conducted do not exceed 150 square feet. Also, if the store is in a location other than Category A and the storefront where the business activity is performed exceeds 150 square feet but does not exceed 300 square feet, the token tax will be Rs 25,000. Token tax is paid in equal installments twice a year.

However, the store owner will not be audited or tested. The shop owner pays the tax at a certified bank and then issues a sticker for each place of business to be displayed in a prominent place. The shopkeeper must submit a one-page return form.

Company registration

FBR has also issued rules to automate business registration systems to obtain licenses. Enrollment is essential for all businesses and is implemented through each district administration. FBR has notified a simple application to apply for a license to anyone in any business, occupation or profession. The applicant may take the phone and submit the form to a software application developed by Iris or FBR. The system-generated business license is then e-mailed to the applicant.

If you do not have a mobile phone, you can provide details to your service provider or employee with the kiosk designated by your local tax office to submit the form online. The details of this form will be verified with the applicant's complete biometric verification and will provide the applicant with a system generated print of the license.

In addition, current taxpayers will file an application, and a system-generated license will be emailed to each email address registered with Iris. According to the FBR Notice, the licensee must issue a license at the workplace.

Senate panel asked the Nepra

On Thursday, the Senate panel asked the National Electric Power Regulatory Authority (Nepra) to collect all relevant data from independent power producers (IPPs) and analyze the annual details of accounting profits in comparison to their own records. Please submit your report after 10 days. The Senate Standing Power Subcommittee was attended only by senator Senator Nauman Wazir Khattak,  who concluded in almost thirty minutes with an unfounded activity in the Senate.

With no confidence in Congress and members of the Senate. vice-chairman. When asked about the quorum, Khattak explained that 33% of the total force of the committee members is sufficient to meet the requirements. Khalid Mansoor, CEO of Hub Power Company (Hubco), briefly explained the customs process and argued that it might have made more investments under contract to improve efficiency above minimum guarantee, but it should not be considered irrational.

Senator Wazir did not advise in any event to break the contract or fulfill any obligations, but he was deeply involved in the matter to satisfy himself that the profitability enjoyed by the IPP is not contractually permissible through false statements or wisdom. He said. The committee received a briefing on accounting profits and capital returns on Hubco's tariffs and stated that the actual return on capital enjoyed by the company did not exceed 7-8p and that legitimate cost factors were not allowed by regulators.

The senator asked the regulator to collect information on all IPPs in an agreed format and to collect information on the profitability of individual IPPs and on the comparison of internal returns, return on capital, and profits allowed under approved tariffs.

Standing Committee on Power Standing

A subcommittee of the Standing Committee on Power Standing, who met at a meeting of Khattak, added that stringent measures would be taken if problems were found in the IPP payments beyond the IPP allowed range. The Subcommittee was structured to review the issues of high tariffs, charges, fever rate and IPP payback period calculation issues.

The committee was to ensure that the purpose of the event was to ensure that all payments and profits met the terms of the Nepra contract and that the IPP did not incur excess payments or excessive profits. In previous meetings, the Subcommittee observed that underpricing of Rs 95.5 billion over the past six years, which increased cyclical debt, occurred in IPPs.

While briefing the IPP Advisory Council on additional benefits, the Commission said that regulatory authorities made decisions in accordance with the government's policy of power. The IPP representatives told the panel that they had submitted all the data to the prime minister's debt investigation committee.

Khattak said Hubco was allowed a profit of 15pc before the commercial operation of the Hub power plant. Under the 2015 power policy, certain efficiency standards have already been determined, but it appears that the company has had the power to determine the cogeneration ratio at will. He agreed that the efficiency of the public sector was lower than that of the private sector, one of which was that operational and maintenance costs would have been negligible.

He said the committee will issue clean dumps after listening to all stakeholders and clarifying their records, and if some ambiguity and issues arise, they will propose rigorous action against them. He also added that the committee will finalize the report on the ability to make final decisions through Nepal's consultations and submit them to all courts.

The State Bank of Pakistan

The State Bank of Pakistan (SBP) said in a press release Thursday that it has revised its effective exchange rate (NEER) and real effective exchange rate (REER) series using updated trade weights and new countries. SBP updated the series with a wide range of data sets provided by the International Monetary Fund (IMF). The new weights are calculated by the IMF based on the 2013-15 trade patterns in the world economy. In Pakistan, the number of basket calls increased from 25 to 37 due to this update.

The new weights include China 's changing trade dynamics as the share of China and other Asian countries with Pakistan has significantly increased over the last few years. Effective exchange rates are an important tool in macroeconomic analysis and help to measure relative position with other countries in terms of trade competitiveness.

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