Tag Archives: drops

The number of active taxpayers decreased 14% to 2.18 million | Instant News



KARACHI: The number of active taxpayers fell 14 percent to 2.18 million for the 2020 tax year as many return reporters were unable to file returns when they were due, sources said on Monday.

The Federal Board of Revenue (FBR) issued a new Register of Active Taxpayers (ATL) for the 2020 tax year on March 1. The new ATL has 2.18 million names of taxpayers filing returns for the 2020 tax year. However, this figure is less than the 2019 ATL, which carries 2.53 million active taxpayers.

The last date for filing an SPT for the 2020 tax year is December 8, 2020 for business actors, salaried people and companies with a special year that is extended from September 30, 2020. However, for the 2019 tax year this date is extended to February 25, 2020.

The day before, FBR admitted to having received SPT PPh 2.62 million until February 28, 2021. This means that FBR has received 440,000 SPT submitted after maturity or failed to pay additional fees due to appearing at ATL 2020.

FBR introduced the ATL concept through the 2010 Financial Act. Since then people have been allowed to appear on ATL even filing returns after the due date without payment of any additional fees.

The emergence of the taxpayer’s name ensures exemption from withholding taxes on various transactions in addition to a 50 percent reduction in the amount of withholding tax on many other transactions.

However, through an amendment through the Finance Act, 2019 major changes were introduced and reporters who were returned after the due date were refused to appear on ATL.

The appearance of a taxpayer in ATL is related to filing an SPT PPh either with the due date or after payment of additional costs in the event that the SPT is filed after the due date.

The total surcharge according to the Income Tax Act, 2001 is Rs20,000 for companies, Rs10,000 for associations of persons, and Rs1,000 for individuals.

Tax experts say FBR should allow income tax returns filed after the due date without fines and penalties and also without any additional fees to appear on the ATL.

A tax practitioner at the Karachi Tax Lawyers Association said FBR has agreed to waive fines and fines as well as additional fees for people who file their returns after the due date.

However, FBR explained that there had been crackdown on people who had taxable income but did not file an SPT, the tax practitioner added.

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The temperature in Karachi drops to 11 ° C: Met Dept | Instant News


Pakistan’s Meteorological Department announced minimum temperatures were recorded at 11 º Celsius in Karachi on Sunday morning.

Currently a northwest wind is blowing over the city, which can become southwest with a change in wind direction. The maximum temperature in the city could rise to 28 degrees Celsius, according to weather reports.

Cold and dry weather is likely to occur in most parts of the country, while it is very cold in upper Khyber Pakhtunkhwa, Gilgit-Baltistan and Balochistan. However, light rain and light snow over the hills are expected in upper Khyber Pakhtunkhwa, Gilgit-Baltistan and Kashmir during the evening hours.

Severe cold waves continued in the northern districts of Balochistan including Quetta and Kalat.

Minimum Temperature: Mercury drops to minus-14 in Leh, minus-12 in Astore, minus-10 in Skardu and Anantnag, minus-09 in Gopis and Srinagar to minus-07 in Kalam and Hunza, and minus-06 in Bagrote.

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Siberian winds lower the temperature in Karachi, thick fog blankets Punjab | Instant News


The minimum temperature in the city on Monday morning fell to 08 º Celsius as northeastern Siberian winds blow across the city, Karachi will experience cold and dry weather in the next 24 hours, while humidity is recorded at 21 percent in the morning.

The Pakistan Meteorological Department reported in its report that wind speeds had been recorded at between 10 and 12 kilometers per hour in Karachi. The maximum temperature can increase during the day to 27 degrees Celsius.

Visibility limits up to four kilometers in the city.

Winter in the city will continue for another two days, the weather report said.

In addition, severe cold waves continued in the northern districts of Balochistan including Quetta, where mercury fell to minus-8 degrees Celsius affecting normal life in the region. The minimum temperature in Kalat is minus 09 Celsius.

Cold and dry weather is expected in most parts of the country, while it is very cold at the top.

According to sources, heavy fog had occurred in several areas of the Punjab and upper Sindh plains, the office said.

Minimum Temperature: Mercury drops to minus-13 in Leh and Astore, minus-12 in Kalam, minus-11 in Gopis, minus-09 in Kalat and Bagrote, minus-08 in Quetta, minus-07 in Skardu and Gilgit, minus – 06 in Pulwama and minus-05 in Hunza, Malamjabba, Dalbandin, Srinagar, Baramulla and Anantnag.

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A cooler night is coming as the mercury drops to 6 ° C again | Instant News



Mercury fell to six degrees Celsius in Karachi on Monday morning under the influence of a cold wave that swept across the country today, the Pakistan Meteorological Department said.

The Met Office added that the cold wave will continue until at least January 16 in the port city. “Under the influence of the cold north wind, mercury fell to 6 ° C on Monday morning and this weather pattern will most likely continue until January 16. After that, the nighttime temperature will most likely remain between 10-11 degrees Celsius,” said Sardar. Sarfraz, Sindh’s chief meteorological officer.

The Met Office predicts cool nights in Karachi this week with temperatures hovering between 6 and 8 degrees Celsius. The weather is likely to cool again later this month due to western disturbances.

“We expect another western wave later this month, which will bring rain and snow to the north and over the country in the third week of this month. This wave will be followed by extremely cold weather in the country and under its influence, it will cool down again at the end of this month and from next month, ”said Sarfraz.

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Mortgage war: Westpac lowered the one-year interest rate to 2.29 percent | Instant News


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Frances Cook and OneRoof’s Need to Know series set an immediate record for the home loan process.

Westpac is pressing its competitors with the lowest interest rates ever.

The bank today announced a mortgage rate of 2.29 percent – the lowest currently offered by any of the four major banks.

However, there is a limitation that special rates are only available for a fixed period of one year for customers with 20 percent equity in the owner’s occupied home.

Westpac NZ wealth and consumer banking general manager Gina Dellabarca noted how this rate compares to previous years.

“Two years ago the same special home loan rate for the same period was 4.15 percent,” he said.

“It costs $ 1,119 two weeks to pay off a $ 500,000 mortgage over 30 years. Now, a lower interest rate means the same payment would be $ 885 two weeks – a savings of $ 6084 over the year.”

Dellabarca said the one-year rate is currently the bank’s most popular rate.

“We helped first-home buyers to more than 5300 new homes in the 12 months to September 2020, a 7 percent increase from the previous year with many accessing their Kiwisaver first home buyer withdrawal option to assist them with their deposits.”

Although the 2.29 percent rate is the lowest among the big banks, it is not the lowest when smaller players are also considered.

Heartland Bank currently offers a one-year interest rate at 1.99 percent. This, New Zealand’s first sub-2 percent tariff, was first released in October last year and is only available to customers who refinance or purchase a self-contained home in one share, have a deposit or equity of at least 20 percent – and intend to stay home.

With a fixed one-year rate currently at 2.25 percent, HSBC is also offering better rates than the one released by Westpac today.

While low interest rates can be attractive, homeowners are advised to first check with their bank or mortgage broker to see if the associated break costs make the savings worthwhile.

The low rates currently on the market come at a time of growing concern about the state of the property market in New Zealand.

REINZ data shows the average Auckland house price hit $ 1 million for the first time in October last year, and the national average jumped 19.8 percent from $ 605,000 last year to $ 725,000.

And the high price didn’t dampen the enthusiasm of the buyers much because in November the highest number of houses had been sold since March 2007.

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Economists now estimate that house prices could increase by as much as 13 to 16 percent in the coming months.

This will only put further pressure on the many Kiwis currently locked out of the housing market with home ownership rates at the lowest levels since 1951.

Rapidly rising house prices also have an impact on those on the property ladder, with data from credit agency Centrix showing that nearly one in five over 65 years still has a mortgage.

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