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

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9 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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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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7 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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