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New amnesty scheme is more practical, covering all loopholes of previous one

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ISLAMABAD: Federation Pakistan Chamber of Commerce and Industry (FPCCI) Senior Vice President Dr Mirza Ikhtiar Baig Wednesday hailed the new amnesty scheme announced by the government and called it more practical and effective covering all the loopholes of previous amnesty scheme.

He appreciated the measures taken in the amnesty scheme which were misused under previous amnesty, like whitening of cash but depositing money in bank account, whereas earlier there was no such condition and people misused it by whitening under cash in hand, a statement said.

He also endorsed that the persons availing amnesty scheme must file income tax returns to become a registered tax payer, whereas there was no such condition in the previous scheme and as such could not attract large number of non-filers in the tax net.

He said the new scheme applies 2% additional tax on foreign assets not repatriated to Pakistan.

He said the new amnesty scheme also provide clearance of past sales tax liabilities by 2% taxes which will give relief to the registered tax persons to regularize their old dispute cases.

The provision to submit revised balance sheets and returns is a proof that the scheme is not just to generate revenue but to provide last opportunity to whiten benami income or assets to avoid implementation of harsh conditions of benami law 2017.

Dr Baig advised businessmen to avail the amnesty scheme as soon as possible.

 

 

 

 

 

 

 

 

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National

Pakistan Post opens its rest houses for general public at cheaper rates

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E-Commerce initiative at Pakistan Post

ISLAMABAD: The Pakistan Post has opened its rest houses, across the country located at attractive places for the general public and tourists at cheaper rates.
In an interview, spokesperson of Pakistan Post said that to promote tourism in the country and generate more revenue for the department the initiative has been taken on the directions of the Minister for Communications and Postal Services Murad Saeed.
He said that earlier, these rest houses were being used by the officials of Pakistan Post only but now the general public could have access to those places for recreational activities, he added.
He said that the postal rest house has been divided into three categories in the category ‘A’ located in Karachi, Multan, Jhelum, Mianwali, Rawalpindi, Peshawar, Nathia Gali, Hyderabad, Sukkur, Shadman Lahore, Lahore Cantt, Sialkot General Post Office (GPO), Sialkot Cantt, Faislabad GPO and Quetta, tourist would be charged Rs 3,000 per day.
However, for the rest houses fall in the category “B” including rest houses in Attock, Murree GPO, Gujrat, Sargodha, Layyah, Chitral, Abbottabad, Ayubia, Kohat, D I Khan, Mirpurkhas, Sorab, Amri, Taftan, Qallat, Muzzaffarbad, Mirpur, Kotli, Gilgit, Sust and Skardu would be charged Rs 2,200, he added.
Similarly, for rest houses in Pindi Point Murree, Saidu Sharif, Bannu, Ziarat and Sialkot Cantt, which fell in category ‘C’, per day rent of Rs 1,200 has been fixed.

 

 

 

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National

IMF program to ensure sustainable, inclusive growth in Pakistan: IMF

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ISLAMABAD: The International Monetary Fund on Friday said that the programme with Pakistan was aimed at improving its public finances, reducing public debt and helping Pakistan get back on the path to a sustainable and more inclusive growth.

“We hope that the programme can also create fiscal space for a substantial increase

in social spending, to strengthen social protection, as well as infrastructure and other human capital development,” Director Communication Department of the IMF, Jerry Rice said in an online press briefing.

Updating the Pakistan’s recent programme with IMF, Rice said there had been major developments recently as Pakistan and the IMF had the agreement of a $6-billion three-year extended Fund facility to support Pakistan’s economic reform efforts.

“So that happened on May the 12th. Just prior to that, Managing Director, Christine Lagarde, had met with Prime Minister Khan”, he added.

 

 

 

 

 

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PTI Govt to present its first budget on June 11

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Govt taking steps for strengthening national economy

ISLAMABAD: The Pakistan Tehreek-i-Insaf led government is all set to present its first federal budget for the fiscal year 2019-20 in the parliament on Tuesday.

The finance ministry has been engaged in finalizing the budget and had been directed by the Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh to timely complete all the budget process before its presentation on the fixed date, sources said.

The budget would have main focus on measures for reducing fiscal deficit and enhancing revenues.

Prior to the presentation of the federal budget, the government would launch the pre-budgetary document Economic Survey of Pakistan (2018-19) on Monday, June 10 to share key economic indicators and the performance of different sectors of economy during the fiscal year 2018-19, sources said.

The survey will cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.

 

 

 

 

 

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