Category: Information Technology

The Federal Board of Revenue (FBR) has given a deadline of March 10, 2021 to the business community for submission of budget proposals pertaining to the sales tax and federal excise duty for 2021-22.

In this connection, the FBR Friday issued instructions to the business community on budget proposals for next fiscal year.

The FBR’s letters to the business community revealed that the Board has invited the proposals for the coming budget for fiscal year (2021-22) relating to Sales Tax & Federal Excise, on the following broad parameters:

The proposals should focus on broadening the tax base and increase in revenue;
Amendments may be suggested in any of the following laws/rules etc: Sales Tax Act, 1990 Federal Excise Act, 2005 Sales Tax Rules, 2006 Federal Excise Rules, 2005 ICT (Sales Tax on Services) Ordinance, 2001.

The FBR stated that the amendments may be suggested with a view to achieve simplification, remove difficulties and anomalies, and abolish any outdated/obsolete provisions.

The FBR would especially welcome proposals for eliminating tax fraud, fake & flying invoices, plugging loopholes if any, facilitating genuine taxpayers, and making the procedures transparent; and The proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measure.

It is requested that the requisite proposals may kindly be sent to the Board by March 10, 2021, FBR’s instructions added.

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An agreement on cooperation and Mutual Assistance in Customs Matters has been signed in Dushanbe, Tajikistan. Mr. Imran Haider, Ambassador of the Islamic Republic of Pakistan to Tajikistan and Mr. Karimzoda K. Chairman, Customs Service, Republic of Tajikistan signed the said agreement on behalf of their respective governments.

The provisions of this Agreement were finalized after an exchange of detailed information/comments between Pakistan Customs and Tajikistan Customs and getting approvals by both governments.

In order to ensure prompt implementation of the said provisions, Pakistan Customs authorized (through the Ministry of Foreign Affairs) Pakistan’s Ambassador to Tajikistan to sign this Agreement on behalf of the Federal Board of Revenue, Government of Pakistan.

The said agreement would promote co-operation between the Customs authorities of the two countries through the exchange of customs-related information. Important information – that would be exchanged between both countries – pertains to

Goods and passengers;
Prevention and investigation of offenses against Customs legislation;
Illicit traffic of narcotic drugs;
Enforcement of customs laws;
Research and development;
Enhanced/mutual foreign direct investments;
Promotion of exports between both countries.

This would go a long way in ensuring optimum trade facilitation/security for the bilateral / transit trade between both countries and would tangibly reduce the cost of doing business for the importers/exporters from both countries. It is yet another milestone in the growing bilateral relations between Tajikistan and Pakistan. The agreement also reflects the will of the leadership in both countries to further re-enforce friendly relations.

This agreement will ensure requisite international cooperation for the achievement of stated/ strategic objectives for greater economic integration with the regional/international countries and diversification of Pakistan’s international trade. To this effect, Pakistan Customs, Federal Board of Revenue has already signed Customs Mutual Cooperation Agreements with, inter-alia, Afghanistan, Turkey, Iran, United Arab Emirates and the USA.

Pakistan Customs is actively pursuing the finalization of such Agreements with South Korea, ASEAN Countries, Saudi Arabia, Russia and European Union as well.

Before the signing ceremony, the Chairman of the Customs Service under the Government of the Republic of Tajikistan welcomed the Ambassador of the Islamic Republic of Pakistan H.E. Mr. Imran Hayder and the latter expressed his gratitude for the close cooperation of Tajikistan in customs matters and noted that the Government of Pakistan and Pakistan Customs are always ready to enhance the economic and trade cooperation with Tajikistan.

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The Securities and Exchange Commission of Pakistan (SECP) has directed all listed companies to facilitate virtual attendance of shareholders through electronic means, as a regular feature in annual general meetings (AGMs), through Circular No. 4 of 2021.

The decision has been taken with the objective of ensuring the protection of minority shareholder’s interests, as well as safeguarding their wellbeing.

Last year, amidst the COVID-19 pandemic, the SECP had allowed companies to arrange electronic facilities to ensure maximum participation of shareholders at AGMs, to deter large gatherings.

This ease of participation in attending shareholders’ meetings, led to increased participation of members in the AGMs, which is a very positive development for the corporate sector.

Considering its beneficial impact, electronic participation has now been made a permanent feature, in addition to the existing requirement of holding AGMs physically, at specified venues.

In physical AGMs, companies are required to comply with the SOPs of the federal and provincial governments relating to the COVID-19 Pandemic, as notified from time to time.

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The Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here today.

The Economic Coordination Committee (ECC) has approved a phase-wise reduction in taxes on telecom services.

The Secretary of the Ministry of Information Technology and Telecommunication presented a summary of the taxation issues of the telecommunication sector.

A participant of the ECC meeting told Propakistani that all these tax relief measures for the telecom sector would be made part of the next Finance Bill 2020-21 and would be applicable from July 1, 2021 including abolition of the Regulatory Duty on Import of different kinds of telecom equipment.

Sources said that the said approved tax relief measures and reduction in taxes for the telecom sector would not be implemented during the current fiscal year. There are many qualifications to each of tax relief measures which were approved by the ECC. The government would include these reductions in taxes and other relief in the coming federal budget.

The sub-committee presented its recommendations to the ECC, and they were approved as endorsed by the Federal Board of Revenue (FBR).

The following recommendations have been approved by the Economic Coordination Committee:

Advance Income tax/WHT has been reduced from 12.5 to 10% w-e-f July 2021 and to be further reduced to 8% in July 2022. The phased-wise reduction will continue.
FED reduced from 17% to 16% in the federal capital. Harmonization in provinces to be included in the harmonization framework currently being concluded.
Government to accept Lahore High Court’s Judgment in favor of Ufone & Zong, implement it for all the mobile operators, and withdraw Rs. 250 issuance tax on the sale of new SIM cards.
Telecom Sector (All PTA Licensees) should be included in Division II of PART III of Income-tax Ordinance to grant relief of 3% minimum tax instead of 8%.
Pakistan Telecom Companies are dependent to import various equipment under HS Code 8517 and HS Code 8544. It was proposed that the Regulatory Duty on were equipment should be abolished. ECC approved that this will be actuated through a decision of the National Tariff Commission

When asked whether the abolition of the Regulatory Duty on Import of different kinds of telecom equipment would be made applicable through amendment in the RD related SRO, top officials added that the RD would also be abolished from the next fiscal year.

Previously, the ECC had constituted a sub-committee dated 20 October 2020, under the Chairmanship of the Adviser to the PM, Dr. Ishrat Hussain, for due deliberation.

The federal Minister for National Food Security and Research Syed Fakhar Imam, the federal Minister for Industries and Production Hammad Azhar, the Adviser to the PM on Institutional Reforms and Austerity Dr. Ishrat Hussain, the SAPM on Revenue Dr. Waqar Masood, the SAPM on Power Tabish Gauhar, the SAPM on Petroleum Nadeem Babar, and the Chairman Board of Investment (BOI) Atif Bokhari also attended the meeting.

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Pakistan’s number one 4G operator, Jazz, has initiated the rollout of 4G in South Waziristan to empower the region with high-speed mobile broadband.

The 4G rollout has been initiated in record time following Prime Minister Imran Khan’s recent promise to the people of South Waziristan to provide high-speed internet services in the tribal region. It is pertinent to note that Jazz is the only operator providing 4G services in this region and the rollout will continue at a fast pace.

Aamir Ibrahim, CEO, Jazz said, “The rollout of 4G services in South Waziristan is in line with our commitment to bridge the digital divide and connect our fellow countrymen with fast and reliable mobile broadband. Our ambition to digitally empower Pakistan is fueled through enhanced connectivity and by creating equal opportunities for all. We will continue to empower the people in remote areas to ensure that every Pakistani has access to high-speed internet, and no one is left behind.”

During the last quarter of 2020, Jazz has invested PKR 12.3 billion, 4G network investment being the principal focus, enabling the company to take its 4G population coverage to 59% and 4G customer base to 25 million.

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Wildlife experts have advised citizens to avoid feeding monkeys while strolling along the Margalla Hills National Park (MHNP)’s hiking trails and its vicinity to avoid being attacked.

The Islamabad Wildlife Management Board (IWMB) spokesperson said in a statement on Thursday that in a very rare incident, a female monkey attacked an IWMB official at Trail-4.

“Monkeys have their food or prey readily available in their natural habitat and do not require an artificial diet to survive,” he said, adding that when citizens offer food to monkeys makes the animal dependent on them and as a consequence, it retaliates if someone does not offer food.

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He said that the IWMB has been creating awareness on the matter through social media portals and media briefs.

The spokesperson said that the masses need to shun the practice of feeding wildlife species in the national park.

There are enough species available to the monkeys and they can survive much better by feeding on them.

He added that a few days back, a female Asian common leopard nicknamed ‘Shezadi’ was also spotted at Trails IV and VI.

Due to enough preys such as wild boars, green pheasants, and barking deer, the leopard has been spotted using camera traps installed in the national park.

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The statement emphasized masses to avoid venturing into the national park after sunset and to leave the trails half an hour before the stipulated time as a safety measure.

The official noted that they have installed 18 camera traps at various locations of the park, but only eight of them are fully functional. Eight more cameras have been installed at different places for effective monitoring.

Meanwhile, Pakistan Wildlife Foundation Vice-President, Safwan Ahmed, informed that people strolling in the trails should refrain from offering food to monkeys and wear some perfume or deodorant to prevent monkey attacks.

“A fragrance is an unperceived odor for monkeys, which they consider a threat and, therefore, flee in fear,” he advised.

He also suggested that people who are irked by monkeys breaking into their houses in the sectors adjoining the National Park should apply air freshener on their walls to keep the monkeys away.

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