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

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1 year ago

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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.

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Following’successful’ climate finance negotiations, Pakistan will get $1.3 billion.

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Julie Kozack, director of communications for the International Monetary Fund (IMF), announced Friday that $1.3 billion would be given to Pakistan as part of climate assistance.

Addressing a press conference, she claimed that talks were held with Pakistan on EFF (Extended Fund Facility) and climate financing. She emphasized that the climate finance negotiations were successful.

In 28 months, $1.3 billion in climate funding will be distributed, she said.

A 37-month EFF program for Pakistan was authorized in September of last year, she said.

According to Ms. Kozack, on March 25, a staff-level agreement was achieved for the fresh loan tranche for Pakistan. Following a successful evaluation process, Pakistan would get a $1 billion EFF tranche.

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Eidul Fitr 2025: PSX observes a week-long holiday in celebration of the festival

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The Pakistan Stock Exchange (PSX) will recommence trading next Thursday following nearly a week-long Eidul Fitr holiday.

Friday typically serves as the final working day of the week at the PSX; nevertheless, the stock trading platform was closed this occasion because to Jumatul Wida.

On Thursday, bullish momentum persisted in the PSX as the benchmark KSE-100 Index hovered at 118,147 after gaining more than 375 points during the early hours.

The day’s minimum was 117,551, after which the market rebounded and ultimately closed at 117,806 points.

Widespread purchasing was noted in essential industries, including commercial banking, fertilisers, power generation, and oil and gas exploration firms.

PEAK LEVEL

On March 21, the PSX resumed its optimal performance by exceeding the 119,000 threshold.

The KSE-100 Index had a peak of 119,405 and a trough of 118,638. The trading activity for the day concluded at 118,442 points.

Previously, the PSX sustained its bullish trajectory, achieving an unprecedented peak of 119,000.

The KSE-100 index increased by 1,330.22 points, reaching a new high of 119,304.24 during intraday trade, reflecting a positive move of 1.13 percent. Subsequently, the principal index concluded the day at 118,769.

FESTIVE ECONOMIC OUTLOOK

Recent market surges have been attributed by analysts to Pakistan’s Staff-Level Agreement with the International Monetary Fund (IMF) regarding the Extended Fund Facility (EFF) and the successful negotiations for a new arrangement under the Resilience and Sustainability Facility (RSF), often referred to as climate debt, which have bolstered investor confidence.

Julie Kozack, Director of Communications at the IMF, revealed on Friday that Pakistan will get $1.3 billion in climate finance.

She stated during a news conference that the discussions on climate money were fruitful, noting that Pakistan would get $1.3 billion within 28 months.

A 37-month Extended Fund Facility programme for Pakistan was agreed in September of the previous year, and the Staff-Level Agreement for the next loan tranche was established on March 25. Pakistan is set to receive a $1 billion disbursement under the Extended Fund Facility (EFF).

Besides, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors.

Earlier, reports about upgrade of Pakistani banks by Moody’s Ratings and potential resolution of circular debt issue also contributed to investor confidence.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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