A new pro-establishment alliance led by former Hong Kong leaders hopes to educate young residents on the rule of law, but cannot fulfil the government’s role of addressing political issues that emerged from last year’s months of social unrest, one of its leaders said on Sunday.Hong Kong Coalition co-convenor Leung Chun-ying, the city’s chief executive from 2012 to 2017, also said the body has been formulating plans to offer young graduates training and employment opportunities.“I hope we can…

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ISLAMABAD: Textile Industry has submitted with the government its budgetary proposal for budget 2020-21 asking for abolishing turnover tax, reduction of corporate tax to 25 percent and withdrawal of...

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KARACHI: Pakistan Tehreek-e-Insaf Karachi President Khurram Sher Zaman on Saturday claimed that the Sindh government is exaggerating the number of COVID-19 cases to keep the markets shut down. The ...

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ISLAMABAD: Textile Industry has submitted with the government its budgetary proposal for budget 2020-21 asking for abolishing turnover tax, reduction of corporate tax to 25 percent and withdrawal of...

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LAHORE: Punjab Governor Chaudhry Muhammad Sarwar has warned that if the number of coronavirus-positive patients increased in the country, more stringent measures and lockdown may be imposed in the...

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KARACHI: Pakistan Tehreek-e-Insaf Karachi President Khurram Sher Zaman on Saturday claimed that the Sindh government is exaggerating the number of COVID-19 cases to keep the markets shut down. The ...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

ISLAMABAD: Textile Industry has submitted with the government its budgetary proposal for budget 2020-21 asking for abolishing turnover tax, reduction of corporate tax to 25 percent and withdrawal of...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

The Pakistan Tehreek-e-Insaf Karachi president and MPA Khurrum Sher Zaman on Saturday said that one of his Friday statements had been misrepresented and therefore he tendered his apologies if it had hurt anyone’s sentiments.Zaman came under severe criticism by a section of activists on...

ISLAMABAD: The Federal Board of Revenue (FBR) has drafted tax proposals for Budget 2020-21 mainly focusing on “simplification of laws and removing tax anomalies,” Dawn has learnt from knowledgeable sources.

Unconfirmed reports are that the government is likely to announce a ‘tax-free budget’, an official in the FBR told Dawn, adding a final decision will be taken after consulting with the International Monetary Fund (IMF) after Eidul Fitr.

Also read: Govt, IMF agree to put on hold $6bn programme

Meanwhile, Finance Adviser Abdul Hafeez Shaikh has already termed the next year budget a ‘corona-budget’.

It will depend on the IMF whether it considers Pakistan’s proposal to lower tax target for TY21. The Fund had proposed a tax target of Rs5.1 trillion for the next year, which is higher by 30pc from the FY20’s proposed collection.

Consultation with IMF after Eidul Fitr

For the current year, the IMF has lowered the FBR tax target to Rs3.9tr, from Rs4.8tr to subside the impact of Covid-19 on businesses. However, achieving this benchmark also depends on the revival of activity before and after Eid and the entire June, the official added.

Another senior tax official told Dawn that the Fund officials meeting with Pakistani economic team will determine the direction of the next budget whether it will be tax-free or have some taxation to achieve the following year’s target.

The official said the FBR has already completed its homework on budget proposals for the next year and is currently working on identifying anomalies that should be removed.

“We are also working on simplification of tax laws to facilitate taxpayers,” the official said.

At the same time, the FBR is also engaging all stakeholders to identify problems related to taxation for redressal. “We will also consider tax incentives in the next budget for some sectors to help them revive their business,” they added.

Some of the proposals on the table from stakeholders are the revival of zero-rating for the five export-oriented sectors, allowing lower rates of sales tax on domestic sales of textile, clothing, waiver of CNIC conditions for traders and reducing the sales tax rate to 5pc from 17pc. “These are the demands of the stakeholders,” the official said.

Tax officials privy to budget-making said the FBR will try to avoid the introduction of new tax measures but will defend the continuation of those already in place. “It will be best to preserve our existing tax measures for now and see onward in the year how it progresses,” the officials commented.

At the moment, the focus is on the ease of doing business and facilitating taxpayers through information technology support. As the economy will revive, the FBR will support any new taxation proposals, they continued.

However, a senior tax official said the FBR cannot do away with maximum existing tax measures. “We need money for running the government machinery,” he said, adding other measures like printing of notes will add to inflationary pressure in the country.

The FBR has already worked out the impact of ongoing lockdown and closing down of businesses on the country’s revenue collection. The IMF has approved the incentive package for the construction sector on the request of Prime Minister Imran Khan to create employment.

“We are under an IMF programme so all budget proposals will be discussed with them,” the official said.

The FBR estimates a revenue loss of Rs450 billion in the first quarter (July-September) of next fiscal year in case the partial lockdown remains. It further projects that in case the partial lockdown extends, the tax body will see another shortfall in revenue realisation to the tune of Rs350bn.

According to the official, the FBR will try to recover some portion of the shortfall in the second half of the year. However, the government will have no other options but to seek a loan to bridge revenue shortfall. “You cannot bridge such a huge gap with new tax measures,” the source said.

Moreover, the FBR estimates also show that imports will remain on the lower side in the first half-year and so is the case of exports until orders revive. The domestic economy will revive to some extent while revenue collection from the services sector will be much lower from last year’s level.

Published in Dawn, May 10th, 2020

Iraq's new government promised Saturday to release demonstrators arrested during mass protests that erupted in October and pledged justice and compensation to relatives of over 550 people killed during that unrest.

South Dakota Gov. Kristi Noem has warned two tribal leaders she will take “necessary” legal action if the tribes don’t remove coronavirus checkpoints on their reservations.

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The labourers, rendered jobless due to the coronavirus-enforced lockdown, had set off for their homes on foot along the rail tracks apparently to escape police attention. Sixteen migrant workers sleeping on rail tracks while returning to Madhya Pradesh were crushed to death by a goods train in Aurangabad district of Maharashtra in the early hours of Friday.

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Prosecutor rejects Australia’s argument International Criminal Court has no jurisdiction because Palestine is ‘not a state’

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It is clear Boris Johnson has favoured his health advisers as he looks to ease the lockdown. Worries about a second coronavirus outbreak have clinched victory over concerns about keeping much of industry and commerce in a state of suspended animation.

After weeks of pleading by the Treasury to get the nation back to work, No 10 has opted to play it safe with people’s health, and particularly older people. And no wonder, after a hapless first few months in which the UK leapt to fourth place in probably the most ignominious league table in modern history – that of Covid-19 deaths per 100,000 population – behind Belgium, Spain and Italy.

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‘In spite of the sunny bank holiday, it is vitally important that we continue to abide by the current restrictions: stay home, protect the NHS and save lives.” That was the message delivered by the environment secretary, George Eustice, at Friday afternoon’s press conference. Yet just the day before, most newspapers were emblazoned with excited headlines foretelling a significant relaxation of social distancing restrictions, based on briefing from government sources: “Lockdown freedom beckons”, “First steps to freedom from Monday” and “Stay home advice to be scrapped”.

Despite the critical importance of clear public messaging to any public health strategy, the government’s communications have been marred by mixed messages throughout this deadly pandemic. Its core message, asking the public to stay at home to protect the NHS and save lives, has been very effective, but this has consistently been undermined by ministers and advisers inaccurately briefing the press that there is about to be a shift in policy. Before the Easter weekend, reports appeared that ministers thought that the public had been too obedient in following the lockdown, and that a relaxation was imminent. The same happened before this bank holiday weekend, forcing the government to clarify that there was no change in restrictions and that people must continue to abide by the law.

Metropolitan Police Federation says No 10 is sending mixed messages and authorities needed to be ‘firmer right from the beginning’

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