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

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8 months 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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Dar chairs the CCOP meeting; Blue World’s bid offer of Rs.10 billion is rejected.

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3 days ago

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The Foreign Minister/Deputy Prime Minister chaired the Cabinet Committee on Privatization meeting.

Other committee members who attended the conference included the Federal Secretaries of several Divisions, the Ministers of Finance and Revenue, Industry and Food, Commerce, Power, and Privatization.

The CCOP took the PC Board’s recommendation into consideration and suggested that Blue World’s bid of 10 billion rupees for the sale of 60% of PIACL’s shares be rejected. The bid was rejected by the CCOP, who chose to follow the PC Board’s advice.

The government’s determination to sell out PIACL through government-to-government or privatization was reaffirmed by the CCOP.

The CCOP was pleased with the Aviation Division’s evaluation of PIACL’s sound financial standing.

Additionally, the CCOP established a committee, chaired by the Minister of State for Finance, to assess potential transaction possibilities for the privatization of the Roosevelt Hotel and the appropriate modes of adoption in light of existing legal rules.

Prior to its subsequent meeting, the CCOP also ordered that all difficulties be resolved and an agreement for the selling of services to an international hotel be concluded.

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The KSE-100 Index has surged by 790 points, resulting in an all-time peak for the stock exchange.

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3 days ago

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The benchmark KSE-100 Index increased by 790 points, marking a new all-time high for the Pakistan Stock Exchange (PSX) at 94,982 points.

The record-breaking performance underscores a surge of optimism and investor confidence in the stock market.

As investors responded to favorable economic signals, the market experienced a significant increase of over 500 points in early trading. Later, the KSE-100 Index reached another record level of 94,786 points after adding 594 points to its upward trajectory.

This positive development comes as the State Bank of Pakistan’s (SBP) foreign exchange reserves saw an increase of $84 million, reaching $11.26 billion during the week ending November 8, according to data released by the central bank on Thursday.

This represents an increase of 0.75% from the previous week. In addition, the nation’s total liquid foreign reserves experienced a modest increase, increasing by $33.7 million or 0.21% week-on-week to $15.97 billion.

In contrast, commercial banks’ reserves experienced a decline of $50.3 million or 1.06%, ultimately settling at $4.71 billion.

Furthermore, the economic team of Pakistan has expressed confidence in the discussions with the International Monetary Fund (IMF). Minister of State for Finance Ali Pervaiz Malik, in an exclusive conversation with Samaa TV, claimed talks were moving in a positive direction.

Highlighting improvements in Pakistan’s economic conditions, Malik noted substantial progress over the past six months to a year. He emphasized that Pakistan’s current economic situation has seen significant enhancement, with a reduced current account deficit of only $100 million in the first quarter, a reflection of the government’s strategy to increase remittances and boost exports.

Malik shared that discussions with the IMF are primarily focused on external financing, and while there have been speculations about a potential mini-budget or an increase in the petroleum levy, he clarified that these are currently premature considerations.

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Positive IMF negotiations propel KSE-100 Index above 94,000 points

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4 days ago

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As a result of investors’ optimism about the reported progress in the continuing talks with the International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) experienced a robust surge.

The benchmark KSE-100 Index of the PSX, which tracks market sentiment, rose 713 points to a new record high of 94,068 points, breaking above the 94,000-point barrier, as the trading session began.

Early in the day, the stock market began its upward trajectory as the KSE-100 Index steadily rose, gaining 574 points to reach 93,932 points. A possible agreement with the International Monetary Fund (IMF) might lead to more fiscal stability and back Pakistan’s economic reforms, which is why investors are so optimistic about the country’s future.

Officials from the Federal Board of Revenue (FBR) informed the International Monetary Fund (IMF) on Wednesday that the government would not be introducing a mini-budget and would instead continue to aim to collect Rs12,970 billion in taxes each year.

In line with continuing discussions with the Fund, FBR sources revealed that petroleum goods will not be subject to the General Sales Tax (GST).

The fact that Pakistan’s tax-to-GDP ratio has increased from 8.8% to 10.3%, a 1.5% gain viewed as a favorable sign of Pakistan’s fiscal policies, has reportedly pleased the IMF, who has voiced satisfaction at Pakistan’s recent economic performance.

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