Connect with us

News

Possible rejection of VAT bills: FBR finalises contingency plan

Published

on

The Federal Board of Revenue (FBR) has finalized a contingency plan to tackle with the situation in case National Assembly and four Provincial Assemblies reject the Value Added Tax Bill 2010.

It has been decided that the general sales tax rate of 16% will continue in 2010-2011 and excise duty on items will be increased as an alternative option in case the Federal and Provincial VAT Bills are not passed by the National and Provincial Assemblies, official sources said.

A Federal Board of Revenue (FBR) official informed Daily Times on Monday that the FBR has conducted an in-house exercise to draft alternative budget proposals if a situation arises where VAT laws are not passed by the National Assembly and Provincial Assemblies. The drafted alternative tax proposals suggest the continuation of the Sales Tax Act of 1990 in case Federal and Provincial VAT Bills are not implemented for any reason.

Under the alternative proposals, sales tax on services would be given to the provinces. To meet the revenue collection target for next fiscal year the FBR has estimated around 25 percent growth to realize their revenue projections. In such a case, the inflation should be around 12 percent for achieving required growth in revenue collection. Furthermore, the federal excise duty on selected items would be increased to increase revenue collection on the indirect taxes. Under this arrangement, the zero-rating of the export-oriented sectors may be continued with some changes.

The collection of sales tax on prescribed items or sectors may continue in the next fiscal year through special procedures. The exemptions on the listed items in the Sixth Schedule of the Sales Tax Act may be withdrawn to bring it close to the proposed model of the Federal VAT Act. At the same time, the fiscal anomalies or distortions would be removed from the Sales Tax Act.

The FBR has completed its preparations for the implementation of the VAT. It has finalized the rules and regulations for the implementation of the VAT, drafted all necessary material and launched the Expeditious Refund System for payment of VAT.

The alternate plan has been internally drafted by the FBR to deal with an emergency situation at the time of coming budget.

Continue Reading
3 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Quran Burning Protest 3rd Day in Afghanistan

Published

on

By

Afghanistan Protests Over Florida Quran Burning Enter Third Day

KABUL, Afghanistan (AP) — Afghan protests against the burning of a Quran in Florida entered a third day with a demonstrations in the south and east Sunday, while the Taliban called on people to rise up, blaming government forces for any violence.

The desecration at a small U.S. church has outraged Muslims worldwide, and in Afghanistan many of the demonstrations have turned into deadly riots. Protests in the north and south in recent days have killed 20 people.

In southern Kandahar city on Sunday, hundreds took to the streets for the second day in a row, and hospital officials said 20 people were hurt in skirmishes between police and demonstrators. On Saturday, nine people were killed and 80 injured when a protest turned into a riot.

At least two wounded police officers and 18 civilians had been brought into city hospitals, said Qayum Pokhla the provincial health director.

A morning protest in Jalalabad city was peaceful, with hundreds of people blocking a main highway for three hours, shouting for U.S. troops to leave and burning an effigy of President Barack Obama before dispersing, according to an Associated Press photographer at the scene.

A similar protest in eastern Parwan province blocked a main highway with burning tires for about an hour, with more than 1,000 people protesting against the desecration of the Quran, said provincial police chief Sher Ahmad Maladani. He said there was no violence.

The violence started Friday when demonstrators stormed a U.N. compound in the northern city of Mazar-i-Sharif, killing 11 people including seven foreign U.N. employees.

The Taliban said in a statement emailed to media outlets that the U.S. and other Western countries have wrongly excused the burning a Quran by the pastor of a Florida church on March 20 as freedom of speech and that Afghans “cannot accept this un-Islamic act.”

NATO officials re-iterated their condemnation of the Quran burning in an apparent attempt to quell the rising anger.

 

Continue Reading

Cricket

INDIA World Champions 2011 as ICC Wished

Published

on

By

India the Next World Champion of Cricket

Mumbai: Final of World Cup 2011 starts dramatically with twice a time toss , on both tossing Sri-Lanka won. Jayawardane who never scored solid in whole world cup as in the finals and ends up Sri-Lankan innings with more than  100 not out . Sri Lanka gives target of 275 in 50 overs to India.

India loosing first wicket on the 2nd ball of their innings and soon after they lost wicket of Sachin Tendulker . Virat and Gautham gives a solid recovery to India and Dhoni ends with the six . Glory comes to India .

Without any doubt India was not capable to win the World Cup of 2011 , but they won due to amazing captaincy of MS Dhoni.

MS Dhoni declared to be the man of the match. Yuvraj Singh declared man of the series and ICC President passed Trophy to Indian captain.

Continue Reading

Cricket

IPL Will Win This World Cup

Published

on

By

 

Cricket World Cup Final 2011

World Cup 2007 begins and in the very first round India drops from the World Cup . ICC bears the loss of advertisement and assures this that India will be given more favors in future World Cups . Today 2nd April 2011 India is in finals of World Cup 2011 and ICC so called International Cricket Council is more like Indian Cricket Council.

Money Talks!

Yes, this is the bitter truth which we have to realize more money is coming from India to ICC and ICC don’t want to disappoint Indians for this . Regardless of caring the sentiments of other nations fighting hard for playing entertaining cricket.

In a TV show on ARY News , when Basit Ali (Former Test Player Pakistan) was asked who will win this Final encounter he said “IPL”. He also hinted this is a signal for wise that IPL will take this cup. Sri Lankans might be given huge amounts so they could also come to IPL after this world cup. , otherwise stage is banned for Sri Lankans.

This is the history of sports since 50 years , many of the closed notches had been settled in wealth and need. As , Brazil comes to settle in 1998 Football World Cup for France  might this could be another France.

Hope for the fair game.

Continue Reading

Trending

Copyright © 2021 Jagonews.