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Single digit GST in next budget?

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Car Parking Plaza in F-8 Markaz

ISLAMABAD: ICCI  in a pre-budget consultative session on Saturday called upon the government to introduce single digit General Sales Tax in the next budget.

The session was organize to seek budget proposals from the local business community.  President ICCI Ahmed Hassan Moughal presided over the session while Rafat Farid Senior Vice President ICCI, Naeem Siddiqui Chairman ICCI Tax Committee, and others were also present at the occasion. Addressing the session, Ahmed Hassan Moughal, President ICCI said that the prevailing complicated and difficult tax system was a major hurdle in promoting tax culture and improving tax revenue. He urged that the government should develop a simplified tax system that should facilitate the growth of business activities and increasing tax revenue.  He said that tax rates were quite high in Pakistan that should be rationalized that would help in broadening tax net.

Rafat Farid Senior Vice President ICCI said that there were different tax rates at federation and provinces that were creating problems for the business community and emphasized that the government should introduce a uniform tax system across the country.  He said the government should ensure better benefits, incentives, and respect for taxpayers that would help in expanding the tax base in the country.  He said billions of rupees of taxpayers were stuck up with FBR and industry was facing liquidity issues and urged that government should evolve a streamlined refunds clearances process. Naeem Siddiqui, Chairman ICCI Tax Committee said that GST in Pakistan quite high that was a major hurdle in promoting business activities and emphasized that government should bring it down to single digit level in next budget. 

He said the number of taxes should be minimized to ease the problems of taxpayers. He said Commissioner Appeal should be made independent from FBR to ensure justice in tax disputes.  He said FBR should shun the practice of bank attachments without intimation to taxpayers as it was creating harassment in the business community. The participants said that FBR has increased proper value vide SRO-117(1)/2019 and government should reduce the tax on sale/purchase of property from 2% to 1% for non-filers and from 1% to 0.5% for filers.  They said that SBP has banned advance payment for imports that was affecting business activities and stressed that this ban should be lifted forthwith.  They were of the view that the government should impose a tax on profits and not on revenue of business as tax should be only on income. They said FBR should streamline its audit process and audit of a business should be after 3-5 years.

 

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Economy

French Police arrest 100 Yellow Vest demonstrators

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PARIS: French police said they arrested more than 100 “yellow vest” demonstrators today in Paris as thousands of protestors took to the streets for the 23rd week of anti-government marches.

Scuffles between police and protesters in the afternoon, after hours of calm, as police used anti-riot grenades and tear gas to disperse marchers in the center of the French capital. Police headquarters reported 126 arrests and 11,000 checks on individual protesters. Paris seemed to bear the brunt of Saturday’s protests, but other French cities were also expecting demonstrations.

Earlier this month, French President Emmanuel Macron signed into law legislation that gave security forces greater powers at demonstrations but which opponents claimed violated civil liberties. One measure banned protestors from covering their faces, but France’s Constitutional Council, its highest constitutional authority, refused to give its green light to one of the most contentious parts of the legislation. 

It would also have given the authorities the power to ban from demonstrations any individual “posing a particularly serious threat to public order”. The “yellow vest” movement is demanding changes to the government’s social and fiscal policies.

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Asia

BMW to recall over 360K vehicles in China

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BEIJING: BMW will recall 360,001 vehicles in China to replace defective airbags, according to a State Administration for Market Regulation statement.
The recall, set to begin on Aug. 30, involves 272,880 vehicles produced by BMW Brilliance Automotive Ltd. between Jan. 2, 2014 and Oct. 16, 2017, and 87,121 imported models manufactured between 5th April 2000, and 21st Feb. 2018.
A defect could cause the airbags to eject debris at passengers if deployed.
The defective airbags were made by now-defunct Japanese supplier Takata. Founded in 1933, Takata went out of business in 2017 because of the airbag crisis. BMW will replace the defective airbags free of charge.

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Economy

Govt. to assist rain-affected farmers

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ISLAMABAD: Government has promised to take all administrative and relief measures to help farmers hit by rain-related incidents, as a special relief package will soon be announced for the farmers whose crops were damaged in rains.
Minister for National Food and Security Sahibzada Mehboob Sultan expressed concern over the problems faced by farmers due to abnormal weather conditions.
He said the government would take all possible measures to facilitate the people related to farming so as to benefit from the potential of this sector.
The government has been successful in bringing about awareness amongst farmers through new initiatives taken for the development of the agriculture sector in the country, he added.
Minister said the PTI led government was doing its best to estimate the damages to the crops as well as human losses in the rains at the earliest.
He said the damage caused to standing crops due to heavy rains is moderate and there is no likelihood of food insecurity or emergency situation thereof.
The met department has been directed to remain vigilant and maintain liaison with provincial agriculture departments for the timely weather forecast, he mentioned.

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