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FBR introduces a fixed tax plan for small business owners

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he Federal Board of Revenue (FBR) has issued the framework for a fixed tax scheme for small traders, allowing owners of a single shop with an annual turnover of up to Rs200 million to benefit from the proposed regime.

According to an FBR notification, the scheme proposes a one percent tax on gross turnover, with the government expecting to generate more than Rs50 billion annually if the initiative is successfully implemented.

The FBR said the scheme will be voluntary, allowing traders to either opt for the fixed tax regime or continue filing regular income tax returns. A minimum cash tax payment of Rs25,000 will be mandatory, while owners of multiple shops will not be eligible. Tier-1 retailers, jewellers and professional service providers have also been excluded from the scheme.

The tax authority has invited objections and suggestions on the draft within seven days. Eligible traders will be able to register through the IRIS portal, the FBR mobile application or the nearest tax office. Under the proposed scheme, qualifying traders will be issued a “Green Plate.”

Under the notification, FBR officials will not enter Green Plate shops for routine tax matters. Small traders registered under the scheme will not be required to install POS machines and will also be exempt from routine tax audits.

The notification further states that participants must provide details of net profit, income from other sources and total taxes paid. They will also be required to disclose immovable property, bank balances, available cash and other assets in the prescribed form.

The FBR has also introduced a simplified one-page tax return form for small traders, requiring information including the business name, address, CNIC number, nature of business, annual sales, purchases and business expenses.

According to the FBR, audits may still be conducted in cases involving unusual business activity or significant asset purchases. The authority warned that legal action will be taken against anyone found misusing the scheme or concealing information, and said it is authorized to act on data received from third-party sources.

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Nine companies prequalified for GEPCO privatisation

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The Privatisation Commission Board has shortlisted nine companies to take over 51% to 100% of the shares and control of Gujranwala Electric Power Company (GEPCO).

This decision was made during a meeting of the Privatisation Commission Board, led by Prime Minister’s Adviser Muhammad Ali, where the progress on GEPCO’s privatisation and other state-owned companies was discussed.

The board received 11 applications for GEPCO’s privatisation, and nine of them were approved to move forward.

The companies that made it through the first round include Aktor Electric and Genvira Energy from Türkiye, and Engro Energy, Hub Power, Sapphire, Shirazi Investments, Artistic Milliners, and AKD Securities from Pakistan.

K-Electric officially pulled out of the bidding, and Al-Sharif Contracting did not submit the required paperwork.

The Privatisation Commission said the nine approved companies will now start the due diligence process using a virtual data room.

The meeting also looked at the progress on outsourcing Islamabad, Karachi, and Lahore airports.
The board agreed to reorganize the team handling the airport outsourcing deals.

Additionally, the board has decided to speed up the privatisation of Zarai Taraqiati Bank Limited (ZTBL) and the House Building Finance Company Limited (HBFCL), asking advisers to work quickly on these deals.

A spokesperson from the Privatisation Commission stated that all privatisation deals will be handled in a fair, competitive, and professional way.

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Pakistan squads announced for Sri Lanka T20Is and ODI tri-series

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The Pakistan Cricket Board (PCB) has shared the national teams for the upcoming three-match T20I series against Sri Lanka and the seven-match ODI tri-series involving Pakistan, England, and Sri Lanka.

Sahibzada Farhan will lead Pakistan in the T20I matches against Sri Lanka, while Shaheen Shah Afridi will captain the team in the ODI tri-series.

The T20I games will take place at Rawalpindi Cricket Stadium on October 9, 11, and 13.

The 15-player T20I squad includes Sahibzada Farhan, Abdul Samad, Abrar Ahmed, Arafat Minhas, Fakhar Zaman, Hasan Nawaz, Mohammad Imran Randhawa, Khawaja Nafay, Maaz Sadaqat, Naseem Shah, Razaullah, Saim Ayub, Mohammad Salman Mirza, Shadab Khan, and Sufiyan Moqim.
Khawaja Nafay is the wicketkeeper in this group.

The ODI tri-series will have Pakistan, England, and Sri Lanka playing seven matches.
The first three matches will be in Rawalpindi, and the rest of the games and the final will be in Lahore.

Shaheen Shah Afridi will captain the 16-member ODI squad, which includes Abrar Ahmed, Salman Ali Agha, Arafat Minhas, Babar Azam, Faheem Ashraf, Fakhar Zaman, Mohammad Ghazi Ghori, Haris Rauf, Hasan Nawaz, Naseem Shah, Razaullah, Saad Baig, Saim Ayub, Shadab Khan, and Sufiyan Moqim.

The coaching staff for the team includes Mike Hesson as head coach, Shaun Tait as bowling coach, Michael Smith as batting coach, and Mansoor Amjad as fielding coach.
Naveed Akram Cheema has been named as the team manager.

The PCB’s announcement confirms that Farhan will continue to lead the team in the shortest format of the game, as he was the captain of Pakistan during the recent Asian Games.

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Yemen forces retake Mocha, key positions from Houthis

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Yemen’s officially recognized government forces have taken back the important port city of Mocha and key areas close to the Bab El Mandeb Strait as they continue a major push against the Iran-backed Houthis, the military announced.

The military reported on Monday that their forces also regained control of the Dhubab area in Taiz province and took over important positions near the Bab El Mandeb, a vital route for global oil supplies.

They also started a “strategic offensive” aimed at Sanaa, the Houthi-controlled capital since 2014.

Fighting was happening in several places around Mocha, with many Houthi fighters either dead, injured, or captured, according to military sources.

No specific numbers were given for how many people were hurt or killed.

The Saudi-backed government forces said that troops from the Homeland Shield Forces and Giants Brigades carried out a big operation with air support against the Houthis in several areas of Dhubab, according to Al Jazeera.

An unnamed military source said the forces had moved forward and taken key positions, blocking supply roads and routes to Bab El Mandeb.

The source added that the Houthis, also called Ansar Allah, lost many fighters in the fighting, and several military vehicles and weapons were destroyed or damaged.

Government forces are still working to hold the areas they have taken back and block the Houthi supply lines, according to the government-aligned Saba news agency.

These events happened as the Saudi-led coalition supporting Yemen’s government carried out an air strike campaign against the Houthis.

Coalition spokesperson Major General Turki Al Maliki said 100 fighter jets were helping Yemen’s government forces.

He said the coalition had ensured “air protection” over the Bab El Mandeb Strait and destroyed hundreds of Houthi targets.

The Houthis had taken over Mocha in western Taiz province during a quick attack in September, followed by control of areas around the Bab El Mandeb Strait.

The group has held Sanaa and much of Yemen’s northwest since 2014.

The latest fighting is happening amid the US-Israeli war with Iran and the closure of the Strait of Hormuz, with the Houthis restarting attacks on the Saudi-backed Yemeni government.

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