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Brazil’s GDP shrank 6.25 percent by 2020: economists | Instant News

General view of the Central Bank of Brazil during the coronavirus outbreak (COVID-19) in downtown Brasilia, Brazil, March 20, 2020. [Photo/Agencies]

BRAZIL – Brazilian financial analysts lowered their economic growth forecast for 2020 from -5.89 percent to -6.25 percent, marking the 16th consecutive adjustment, the Brazilian Central Bank said on Monday.

According to the bank’s weekly poll of economists at leading Brazilian financial institutions, analysts maintain their growth projection for 2021 at 3.5 percent.

Inflation forecasts for this year declined slightly from 1.57 to 1.55 percent, and from 3.14 to 3.1 percent for next year. Both are included in the government’s official inflation target of 4 percent for 2020 and 3.75 percent for 2021, with variations of 1.5 percent up or down.

The projected interest rate for Brazil remains stable at 2.25 percent for this year, but analysts raised their estimates for next year from 3.29 to 3.38 percent.

Latin America’s largest economy is expected to see a trade surplus of 45.5 billion US dollars in 2020, and 45 billion dollars in 2021.

Foreign direct investment is estimated to reach 64 billion dollars this year, and the next 75 billion dollars.


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Tax collection from exports fell 25 percent in April | Instant News

KARACHI: Tax collection from exports fell sharply by 25 percent year-on-year in April because the lockout hurt foreign trade for almost two months before easing recently.

Karachi’s Big Tax Payers Unit data on Wednesday showed that income tax collection from exports fell to Rs402 million in April compared with Rs538 million in the corresponding month of the last fiscal year.

The country’s exports were badly affected because the government imposed lockouts after a coronavirus outbreak. Exports recorded a 54 percent decline in April, according to the Statistics Bureau of Pakistan. Exports were recorded at $ 957 million in April compared with $ 2.09 billion in the same month last year.

Exporters lost their foreign orders due to the global pandemic while lockdown added to the insult with local manufacturing activity that was almost halted. There is a decrease in easing foreign trade cargoes because transportation is prohibited. However, income tax collection from exports recorded a 27 percent increase during the first 10 months of the current fiscal year 2019/20. Collection of income tax from exports increased to Rs5.65 billion in the July-April 2019/20 period compared to Rs4.45 billion in the same period last fiscal year.

Sources link the increase in income tax with better income in terms of rupees. The value of rupees decreased significantly against the US dollar during the period compared to the same period last fiscal year, which increased export earnings.

Exports recorded a 3.92 percent decline to $ 18.41 billion during the July-April period compared with $ 19.16 billion in the same period last fiscal year. However, in terms of rupees, exports witnessed a growth of 12.71 percent to Rs2.88 trillion. That compared to Rs2.56 trillion in the same period last fiscal year.

The Federal Board of Revenue collects a one percent tax from exports on foreign revenues, which is a waiver of final obligations, from exporters. Commercial banks and foreign exchange companies are required to collect one percent income tax on behalf of the tax authorities from exporters upon the realization of foreign exchange earnings.

Sources said tax collection from exports could further witness a decline in the coming months due to COVID-19 side effects. Economic activity began to return to normal when the government loosened the lock after standard procedures to prevent transmission of the virus locally.

The International Monetary Fund (IMF) warns Pakistan against high uncertainties related to exports.

“Externally, the global downturn, including in Pakistan’s main export markets (China, the European Union and the US), will reduce Pakistan’s export demand, especially textiles, and lead to more limited financial flows,” the IMF said in a report. Pakistan is currently implementing IMF reforms under an extended $ 6 billion funding facility to avoid a balance of payments crisis.


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Reduction in payments made by the National Football League | Instant News

Commissioner Roger Goodell will not be paid during the coronavirus pandemic as part of the reduction initiated by the leadership of the NFL.

Some outlets reported widespread salary reduction provisions confirmed by memos sent to the team on Wednesday. The NFL reduction includes leave for employees who will still receive full medical benefits.

“We hope business conditions will improve and allow salaries to be returned to their current levels, even though we don’t know when that will be possible,” Goodell wrote in the memo.

Goodell’s salary is no longer a public record due to changes in tax status for the NFL. His last salary was added with an incentive of more than $ 40 million.

The salary reduction came into force in May and included manager-level staff receiving a 5 percent reduction, the director’s salary being cut 7 percent and 10 percent for the vice president. The senior vice president took a 12 percent reduction and the executive vice president lost 15 percent.

Any employee with a base salary of less than $ 100,000 is not affected by the reduction and the NFL decides not to reduce salary below $ 100,000 as a result of this reduction, the memo said.

Furloughed employees are mainly based in the New York NFL office. Goodell wrote in the memo that the league was not sure when the employee would return.

“We do not know how long the leave will last, but we hope that we will be able to return the employee to return to work in a few months,” he wrote.

– Field Level Media


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Tax collection from car registrations fell 40 percent in July-March | Instant News


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Tax collection grew 29 percent to Rs84 billion in nine months Business | thenews.com.pk | Instant News


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