Day: September 8, 2021

The deadline for filing tax returns with the Federal Board of Revenue (FBR) is September 30, which will not be extended.

Commissioner Inland Revenue (Cantonment Zone) Abbas Ahmed Mir made these remarks during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday.

He announced that a help desk will be set up at RCCI for the convenience of taxpayers and the RCCI members. A timely depositing of taxes is essential for the economic stability of Pakistan, he stated.

The Commissioner assured the business community of resolving their tax-related issues. Terming the taxpayers as important partners for the country’s economic stability, he said that the main objective of the Federal Board of Revenue (FBR) was to effectively strengthen partnerships with the business community. “FBR is aware of the challenges faced by the business community due to COVID-19,” he assured. He also highlighted the key initiatives of FBR to facilitate traders and taxpayers during the pandemic.

Acting President RCCI Osman Ashraf presented a brief summary to the Commissioner Inland Revenue about the ongoing and upcoming programs of the Chamber. He said that traders were facing many problems regarding the POS system, tax notices, registration, and filing of returns. He said the business community was the most affected segment of the society by COVID-19, so a tax relief should be given to traders. He suggested that the tax rate of POS should be brought to a ‘single digit’, emphasizing that there should be ‘no harassment of traders through notices’. Wherever there is an issue, the trader associations should be taken into confidence before the POS installation, he stressed.

Former President RCCI Sohail Altaf urged FBR to find new taxpayers.

Vice President RCCI Shahraiz Malik, Mr. Altaf, former Presidents Jalil Ahmed Malik, Kashif Shabbir, Raja Amer Iqbal, Malik Shahid Saleem, Saboor Malik, members of Executive Committee, representatives of Anjuman-e-Tajiran, Shahid Ghafoor Paracha, Sheikh Hafeez, Tahir Taj Bhatti, Tariq Jadoon, Chaudhry Muhammad Akram, Chairman Chamber Tax Committee Shehzad Malik and Chamber members were also present on the occasion.

Source: Pro Pakistani

The National Assembly Special Committee on Agricultural Products has directed the Pakistan Tobacco Board to ensure that no stock of tobacco is left unsold with the farmers.

In a meeting held at the Parliament House on Wednesday, the Committee members stressed that the government should find a solution to ensure that the existing stock of rice is exported before the arrival of the new crop.

The Committee underlined the need to address the lacunas in the legal and regulatory framework to permanently settle the issues in the tobacco marketing processes while balancing both the interest of the farmers and industry. The Special Committee meeting was part of a series of meetings on tobacco, the export of fruits and vegetables, rice, fish and fish preparations, meat and meat preparations.

Member of National Assembly Shandana Gulzar Khan, while presiding over the meeting in the absence of Speaker National Assembly Mr. Asad Qaiser, stated that the Committee was keen to facilitate a conducive environment for fair and transparent transaction between the farmers and the industry. She underlined the need for building the capability of the Pakistan Tobacco Board and revising the Tobacco Board Ordinance 1968 to make the Board an effective regulator.

The Committee recommended that Pakistan Tobacco Board should propose necessary amendments in the legal framework about tobacco production and marketing. The convener urged the officials concerned to play a leading role in addressing the farmers distress caused by the delayed commencement of purchase by a number of companies.

The representatives of farmers and the tobacco industry expressed their immediate concerns before the Committee.

Present on the occasion, officials from the Ministry of National Food Security and Research and the Pakistan Tobacco Board presented a compliance report on the recommendations of the Special Committee.

Chairman Pakistan Tobacco Board Sahibzada Riaz Noor assured the Committee that no stock of tobacco crop would be left unsold.

Appreciating the Speaker National Assembly, the farmers said that the farmers never had in the parliamentary history of Pakistan such a forceful representation before the Standing and Special Committees. They expressed a hope that the Committee would play a pivotal role in accelerating Pakistan’s agricultural growth while protecting the interests of small farmers as well.

Source: Pro Pakistani

Mera Pakistan Mera Ghar (MPMG), the government’s markup subsidy housing scheme, has picked up the pace as the country’s commercial banks have approved the financing facility of nearly Rs. 60 billion for the customers residing in different cities by the end of August 2021.

As per data released by the State Bank of Pakistan (SBP), the banks have received applications of Rs. 154 billion under the government’s flagship scheme since its launch. By August 31, 2021, the disbursement under the scheme has reached Rs 11.5 billion, showing an increase of around Rs. 3.8 billion or 49% in August 2021.

On average, banks have, to date, approved 38 percent of the amount applied for, while 19 percent of the approved amount has been disbursed. These approval and disbursement ratios have similarly risen over the past few months as banks have put in place the needed upfront investment in procedures and technology to process applications for low-cost housing. On average, banks have, to date, approved 38 percent of the amount applied for, while 19 percent of the approved amount has been disbursed. These approval and disbursement ratios have similarly risen over the past few months as banks have put in place the needed upfront investment in procedures and technology to process applications for low-cost housing. Since the announcement of the low-cost housing scheme last year, SBP has taken various enabling steps such as introducing standardized and simple application form; adopting informal income assessment model; providing relaxations in prudential regulations; establishing helpdesks at all SBP field offices; and, designing a complaint portal supported by a network of focal persons of all banks across all geographical areas. On the instructions of SBP, the banks are accepting MPMG applications through over 8,000 dedicated branches across the country. Furthermore, SBP has also allocated targets to each bank under MPMG. An e-tracking system and a dedicated joint call center for the facilitation of the applicants have also been established in every bank. Naya Pakistan Housing Development Authority (NAPHDA) and Pakistan Banks’ Association (PBA), a representative body of banks, are fully supporting MPMG.

It is expected that with the ongoing efforts by SBP, Government, and banks, the bank financing for MPMG will gain further momentum in the days to come.

Source: Pro Pakistani