Business

Under IMF guidelines, FBR introduces the “Tajir Dost Scheme” in six cities.

Published

1 month ago

Farwa

Six major cities, namely Islamabad, Rawalpindi, Karachi, Lahore, Quetta, and Peshawar, were the sites of the scheme’s launch.
Monthly advance tax payments under the Tajir Dost Scheme will begin on July 1, 2024, with the first payment due on July 15, 2024.
The private news station stated that further payments will be due on the fifteenth of the following month, allowing for quick payments through a specialized computerized system with a Payment Slip ID (PSID) produced by the Tajir Dost module or the FBR’s internet portal.
The system will impose monthly advance tax payments on traders and retailers, which will act as a minimum tax on income from covered enterprises.
In an effort to facilitate compliance and support the nation’s economic growth, the FBR will outline the monthly advance tax computation methodology.
The Tajir Dost Scheme was introduced under SRO 420(I)/2024 and utilizes Section 99B of the Income Tax Ordinance, 2001, to assist traders and shopkeepers who operate within designated territorial limits through fixed premises such as shops, stores, warehouses, and offices. However, as decided by the FBR, the plan does not include businesses or branches of national or international chain stores that operate throughout many cities.
All qualified merchants and retailers must register by April 30, 2024, in accordance with Section 181 of the Income Tax Ordinance, 2001, in order for it to go into effect on July 1, 2024. You can register in person at one of FBR’s Tax Facilitation Centers or online using specific platforms like the Tax Asaan app or the FBR portal.
According to Section 182 of the Ordinance, non-compliant people may be registered by the Commissioner of Inland Revenue, and non-compliant dealers or shopkeepers may face penalties. A minimum yearly advance tax of Rs 1,200 is imposed on individuals with zero computed advance tax; this amount does not include income that is exempt from payment under any Ordinance provision.
Additionally, the plan offers a 25 percent reduction in advance tax payable if income tax returns for the tax year 2023 are filed before the first monthly installment is due or if the full amount of advance tax for the applicable tax year is paid in a lump sum before the due date.
The FBR’s dedication to creating an environment that is favorable for small enterprises, encouraging compliance, and accelerating economic growth across the country is reflected in this program.

Business

Pakistan will “seek” to have a $12 billion loan from friendly nations rolled over.

Published

9 mins ago

Farwa

According to information, Pakistan will require Rs23 billion in foreign funding for the upcoming FY2024–2025. In light of this, Islamabad has apparently chosen to pursue the rollover of a $12 billion loan from friendly nations, such as Saudi Arabia, the United Arab Emirates, and China.

According to information provided by sources inside the finance ministry, rollovers for loans totaling $5 billion from Saudi Arabia, $4 billion from China, and $3 billion from the United Arab Emirates would be pursued in order to cover the external funding requirements for the upcoming year.

Budgetary allocations also take into account the new funding from the World Bank, Asian Development Bank, and other financial organisations.

Read more: Prior to the arrival of the IMF team, Pakistan will “finalise” its FY2024–25 budget targets.

On May 2, it was revealed that the government of Pakistan had made the decision to “finalise” the FY2024–25 budget targets before to the arrival of an IMF team in Islamabad.

Pakistan has scheduled the arrival of the IMF team on May 15th for negotiations on the new loan programme that it is requesting to meet its financial demands.

According to sources, the government hurried budget target preparations prior to the IMF mission’s arrival. The relevant ministries have been instructed by the Ministry of Finance to meet their targets as soon as possible.

Business

Pakistan’s lunar mission ‘ICUBE-Q’ reaches the moon orbit.

Published

22 hours ago

Farwa

Pakistan’s lunar mission (ICUBE-Q) entered orbit around the moon on Wednesday.

Pakistan’s historic lunar mission (ICUBE-Q) launched from Hainan, China, on Friday aboard China’s Chang’E6 spacecraft.

According to the IST, the satellite ICUBE-Q was planned and developed in partnership with China’s Shanghai University SJTU and Pakistan’s national space agency SUPARCO.

The ICUBE-Q orbiter is equipped with two optical cameras to image the lunar surface. ICUBE-Q has now been integrated into the Chang’e6 mission after successfully qualifying and testing it.

Chang’e6 is the sixth lunar exploration mission launched by China.

The launch event was streamed live on the IST website and social media platforms. Chang’6, China’s Lunar Mission, will land on the Moon’s far side to collect surface samples before returning to Earth for further research.

Business

The FIA and KE have launched 13 successful operations against power theft.

Published

23 hours ago

Farwa

In March 2024, operations were performed in collaboration with the FIA, targeting locations such as Marora Goth, Peer Abad, Ellahi Colony Metroville, Merchant Navy Housing Society, Johar Colony, Willayatabad, and Architects Society, among others. As a result of these collaborative efforts, six FIRs regarding power theft have been filed. Furthermore, four people were caught, with three being remanded to jail and one being released after paying the fines. To enforce governance and maintain accountability, a total fine of PKR 44.33 million was issued. Additionally, in partnership with FIA Balochistan, KE has conducted anti-theft operations in Hub, where teams from KE and FIA thoroughly investigated places including as markets, retail plazas, residential and commercial properties.

Regular actions against illicit power use are part of KE’s everyday activities to prevent line losses and protect the safety and security of the electrical infrastructure. Since the start of the fiscal year (FY 2023-24), over 24,000 kunda removal drives have been performed, resulting in the elimination of over 190,000 unlawful connections and the recovery of over 260,000 kgs of illegal kunda wires.
Ongoing raids involving law enforcement personnel and other agencies have resulted in the registration of around 994 FIRs against various individuals throughout Karachi. Since the launch of the nationwide power theft campaign in September 2023, more over 100,000 incidences of theft of 180 million units of electrical power have been identified in KE’s service zone.

In response to KE’s anti-theft initiatives, a KE spokesperson stated that “71% of KE’s feeder network is loadshed-free. However, 29% of the KE network remains difficult, with electricity theft and nonpayment of bills still key issues. Serious theft cases have been found in Baldia, Surjani, Korangi, Orangi, Liaqatabad, Landhi, and Lyari, among other places. Highlighting the repercussions of electricity theft, which may jeopardize the safety standards of the power network, the KE Spokesperson noted that PKR 117 million has been recovered.

Recognizing the challenges faced by current macroeconomic conditions, especially high inflation, KE is taking proactive steps to assist customers by establishing facilitation camps throughout the city. Since July 2023, approximately 240 recovery camps have been hosted around KE’s operational zone to help customers resolve billing concerns, including supporting payment plans with manageable installments.