GENEVA: In one of the world’s most expensive cities, thousands of people lined up on Saturday for free food, as the Covid-19 crisis casts a spotlight on Geneva’s usually invisible poor.In the Swiss city famous for its private banks, luxury watchmakers and fancy boutiques, people began...

LONDON: Britain’s coronavirus lockdown has deepened the nation’s love affair with gardening at the same time as threatening the future of traditional businesses in the sector.Some 83 percent of homes in England have some private outdoor space, according to 2016 government figures,...

Rawalpindi : Unruly scenes were witnessed when the shopkeepers of the city and cantonment board areas opened their shops on Saturday but were forced to close down by the local administration and police. The shopkeepers started a protest demonstration and raised full throated slogans against local...

The real principle of any democracy is choice, equity and inclusion; by echoing the populist-political demand for single national curriculum, standardized exams, regimented testing regimes and uniform text books, we shall sponsor a polarized nation-state and thus imposing one size fit all, which...

Rawalpindi : The foundation stone laying ceremony of Forces School’s flagship campus was held at Blue World City, one of its kind lifestyle community project, which offers unique leisure and entertainment opportunities of international standards, says a press release.Forces School is an...

Islamabad : The founder of Islamabad Chamber for Small Traders and former President ICCI Shahid Rasheed Butt on Saturday lauded the decision of Prime Minister Imran Khan to restart the economy revival.The COVID-19 will affect the economy for months, maybe years, but reopening businesses cannot...

Corona has brought with it a different lifestyle, new challenges and opportunities. Unfortunately, urban centres like Karachi, Lahore, Rawalpindi and Peshawar etc. had turbulence in landing into this new scenario as we witnessed scenes of public humiliation of lockdown violators and disorder in...

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

CES 2014, LAS VEGAS – HARMAN, the premium global audio and infotainment group (NYSE:HAR), unveiled two new services for the automotive market that leverage the Aha by HARMAN Cloud Platform and HARMAN’s infotainment system design leadership to ensure safe, personalized and connected driving experiences throughout the life of the vehicle. Extending beyond the popular Aha Radio interactive content service, the new Aha Updates and Aha Analytics services take HARMAN’s expertise and investments in cloud infrastructure into new directions.

CES 2014, LAS VEGAS, NV – HARMAN announced today that its Aha Radio service has partnered with Univision Radio, the leading Hispanic radio group that owns and operates 69 broadcast radio stations in 16 of the top 25 U.S. markets, to integrate more than 65 radio stations from the Uforia digital music service into Aha-enabled vehicles and mobile apps.This partnership represents a continuing effort by Univision Radio to provide Hispanic audiences with high-quality content across all its platforms. For Aha, this is another step to further expand its content offerings and specifically, to provide high-quality content to Hispanic audiences in the U.S.

Palo Alto, CA – August 12, 2014– HARMAN announced today that its Aha Radio service has integrated Radio Disney, the #1 radio network for kids, tweens and families, into today’s two million Aha-enabled vehicles. This alliance represents the continuing effort of Aha by Harman to further expand its content offerings and specifically, provide an enjoyable experience for all users, regardless of age or taste in music.

With the championship race in Brooklyn, New York over the weekend of July 14-15, Harman Kardon recently wrapped a second successful season partnering with BMW i and the MS&AD Andretti Formula E team. The ABB FIA Formula E Championship began in 2014 ...

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What are the trends shaping VC investment right now.

While still 68% rural, it seems India is the only exception to Democratic theory. Professor Ashutosh Varshney explains where the country's political and economic strengths lie.

How do we get the world's largest economies on the same page moving forward with regulation? CFTC Commissioner Jill Sommers outlines some of the progress and challenges the U.S. has had and Thomson Reuters CEO Tom Glocer touts Canada as a template for a great country in which to do business in.

Amid a dispute with local officials over stay-at-home orders, Tesla CEO Elon Musk tweeted on Saturday that Tesla will move its headquarters and future programs to Texas or Nevada from California immediately. Colette Luke has more.

More than 1,000 people lined up on Saturday (May 9) to receive free food parcels in Geneva, underscoring the impact of the coronavirus epidemic on the working poor and undocumented immigrants even in wealthy Switzerland. Olivia Chan reports.

(The following statement was released by the rating agency) CHICAGO, January 08 (Fitch) Fitch Ratings has published an updated recovery analysis for U.S. Telecommunication and Cable companies including the following: --Level 3 Communications, Inc. --Sprint Corporation The interactive recovery analysis worksheet is available at 'www.fitchratings.com' under the following headers: Sectors>> Corporate Finance >> Corporates >> Research Contact: David Peterson Senior Director +

The U.S. Food and Drug Administration (FDA) on Saturday approved emergency use authorization (EUA) to Quidel Corp for the first COVID-19 antigen test.

Tesla Inc's chief executive Elon Musk tweeted https://twitter.com/elonmusk/status/1259162367285317633 on Saturday that Tesla will move its headquarters and future programs to Texas or Nevada from California immediately.

* PM Johnson to detail Britain's next steps on Sunday (Adds comment from transport minister, Balpa, updated death toll)

A major U.S. airline trade group on Saturday said it backed the U.S. Transportation Security Administration (TSA) checking the temperatures of passengers and customer-facing employees during the coronavirus pandemic.

Tesla Inc sued local authorities in California on Saturday as the electric carmaker pushed to re-open its factory there and Chief Executive Elon Musk threatened to move Tesla's headquarters and future programs from the state to Texas or Nevada.

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When Weapon X was wet behind the ears. Check out a young Hugh Jackman auditioning and screen testing for Wolverine.

We've updated our list of every confirmed game for Xbox Series X, along with including rumored games and their status.

The moves would clear the way for an appeal to the United States Court of Appeals for the Ninth Circuit.

Priscilla Bienkowski, 18, and Sophia Hernandez, 17, have been missing since Wednesday when they were tubing on Utah Lake.

One attendee joked that, because she was coughing, she probably had the virus, a city of Pasadena spokeswoman said.

If you put off Mother's Day gift shopping, you've still got plenty of gifting options that should arrive on time.

The former president was also critical of the Justice Department directing prosecutors to drop their case against Michael Flynn, warning that the “rule of law is at risk.”

The stretch of state beach where the attack took place was closed for five days.

Alameda County ordered the facility closed to prevent the spread of coronavirus and said it was working with Elon Musk's electric car company to resolve the issue.

EXCLUSIVE: The leader of the National Republican Congressional Committee (NRCC) sent a memo to all House Republicans Saturday with an "urgent call to arms" that Democrats are trying to "steal" Tuesday's special election for California's 25th Congressional District Seat, Fox News has learned.