Tag Archives: Presents

Investors need to show proof of profit for tax incentives | Instant News

KARACHI: Financial institutions are demanding certificates of evidence from investors showing they receive a return of less than Rs500,000 on debt in a year if they wish to take advantage of lower income tax rates, sources said on Friday.

The source said the financial institution asked debt beneficiaries to provide an annual certificate of profit of less than Rs500,000 to take advantage of the reduced rate of income tax on return on investment.

Financial institutions, including banks and other debt benefit payers obtain these certificates from their customers for tax incentives.

Under section 151 of the 2001 Income Tax Ordinance, the withholding rate of tax on return on debt is 10 percent if total profit does not exceed Rs500,000. However, if the profit exceeds the benchmark, the withholding tax rate is 15 percent. If the recipient is not on the list of active taxpayers, the tax rate turns out to be 30 percent.

Through the 2020 Finance Law, the amendment was made in part where a 10 percent tariff reduction would only be available if the beneficiary provided a certificate that his annual income under this head would not exceed the threshold.

To explain the amendment, FBR issued circular no. 07 of 2020 on 22 December 2020. FBR receives many inquiries regarding the application of lowered tariffs under article 151.

“It explains that the required certificate must be completed by the beneficiary of the debt to the profit payer so that the total profit on debt received / receivable during the tax year from all investments in the case does not exceed Rs500,000. The required certificates can be submitted on plain paper, ”said FBR.

Tax managers and tax experts agree that amendments to certifying by profit recipients will not exempt the withholder’s responsibility for reducing the actual amount of withholding tax.

Tax officials at the Karachi Large Taxpayers Office said the amendment required beneficiaries to estimate annual returns, which is impractical.

One official said if returns increase the threshold income in such a scenario the bank will cut the tax rate at a higher rate or the beneficiary will be held responsible for the declaration error.

Rehan Hassan, former president of the Karachi Tax Bar Association said certificates are not important but when income tax returns are filed for the 2021 tax year, such problems will arise.

Hassan said that a bank or financial institution will ultimately be responsible for the true and proper withholding of taxes under PART 151 of the 2001 Income Tax Act. “How can a person estimate his annual income? What will happen if the interest rate is changed? “


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The Corona Assisted Tiger Troop has no work to do at this time | Instant News

ISLAMABAD: The Korona Assisted Tiger Forces (CRTF), made up of PTI volunteers, introduced by the ruling party last year, are unemployed, not in action.

“For now, the CRTF does not have a national level task, there is no work to do,” special assistant to the prime minister of youth affairs Usman Dar, who is spearheading the force, told The News.

He said CRTF members remain in close contact with the deputy commissioner and assistant commissioner in their respective areas to provide any assistance to the government. Since there is no lockdown required by the COVID-19 pandemic, CRTF members have no obligation to do so voluntarily; Usman Dar said adding that if the weather improves, they will be reused for different activities.

He said, because these volunteers were connected to the portal, they could be asked to perform certain tasks in a short amount of time. They are available to do any task quickly. When the CRTF was launched, it drew widespread criticism from political rivals PTI and others because the power had no legal backing. Not known to have done any substantial work. This is simply the political arm of the PTI, which has a large number of cardholders, who can be approached to do the work allocated by the party.

Instead of having well-known jobs, certain CRTF volunteers have even sparked controversy in various fields by meddling in administrative matters. Its constitution does not go beyond mere political slogans. Like its nomenclature, this force is spearheaded to assist the authorities in the coronavirus pandemic and ensure the implementation of Standard Operating Procedures (SOPs) aimed at reducing the spread of disease. But it has never been determined how to do all this because this work is carried out by the bureaucracy according to the law.

In addition, he did not have the power to interfere in administrative matters. While the second wave of COVID-19 has devastated Pakistan over the past months, claiming several deaths and many new infections every day, the CRTF is nowhere to be seen. Neither government leader said anything about the power when it was launched with great fanfare.

Shortly after its creation, Prime Minister Imran Khan tasked CRTF volunteers with “one million members” to check food prices and post them on the portal. He wants the troops to regularly check the prices of beans, flour, sugar and cooking oil in their area. Even if the CRTF did, it couldn’t do anything meaningful. As the forces remain “in operation”, daily commodity prices have skyrocketed. Moreover, the price of sugar continues to run out of control. Formerly sold for Rs55 / kg during the previous government term. But that jumps to over Rs100 / kg. The government is getting shortages of sugar and wheat demanded by a committee. Since then, the prime minister has held several meetings to reduce the price of the commodity but to no avail. The various strict measures taken by various government agencies based on the inquiry committee’s report against the sugar kings have left a negative impact on the price situation. Even large imports of sugar and wheat did not help bring prices down. As the government claims, the CRTF was formed in Punjab, Khyber Pakhtunkhwa and Balochistan, provinces ruled by PTI and its allies. It does not exist in Sindh. The Sindh government had announced shortly after the CRTF was created that it would not allow the troops to operate in its province because there was nothing that could be done, and that it could not allow the interference of political workers in the work of the administrative machinery.

Apart from the performance of the CRTF in the specific areas assigned to carry out its duties, the CRTF is expected to be able to assist PTI in regional head elections whenever it will be held. The main goal of having these volunteers is to become a strength in every area for PTI to show courage in every election exercise.


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Sindh CM Murad Ali Shah was given one month to present a report on the encroachment case in Karachi | Instant News

AFP file image of the Karachi skyline.

KARACHI: The Supreme Court on Tuesday gave Chief Minister Sindh Syed Murad Ali Shah to submit a report on a case related to eliminating illegal encroachment in Karachi.

Chief Justice of Pakistan (CJP) Gulzar Ahmed presides over a hearing at the high court registry in the port city. He was disappointed by the authorities’ failure to report on anti-encroachment efforts and summoned CM Murad, the advocate general, secretary of the local government and commissioner of Karachi.

The Chief Justice of the Supreme Court is seeking reforms regarding compliance with the top court directives. When Karachi Commissioner Navid Ahmed Shaikh said he had just been appointed, the top judge observed that the official should have finished his homework.

Expressing displeasure at the official’s unpreparedness, CJP Ahmed questioned what they knew about the citizens’ needs. “Are we going to frame the charges against you and send you to jail because you are unaware of the problems this city faces?”

The top judge observed that the case lasted four years but to no avail. “A multi-storey building is built on a one-story building permit. Government land is out of your control.”

After a short break, the trial continued with CM Murad appearing before the judge and looking for two weeks to submit a report. He was accompanied by Murtaza Wahab and the provincial minister for local government Nasir Shah.

The court has given the chief minister of Sindh one month to submit a report.


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NORAD and Google continue to track Santa Claus as he sends gifts around the world | Regional | Instant News

Santa Claus hasn’t let the pandemic stop him from sending gifts around the world, and NORAD and Google are watching him once again this year.

Twitter NORAD Tracks Santa said Thursday morning conditions in the Arctic suggested good weather for Santa.

Twitter posted a position update for Mr. Claus of the world, tweeted early in the morning to us in the US that he made one of his first stops at Provideniya, Russia before enjoying warmer weather in the Marshall Islands not long after.

You can follow the NORAD tracker their website right here, or by checking Twitter for updates here. You can too use Google Santa Tracker here.


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Switzerland- Ethics of artificial intelligence | Instant News

(MENAFN – Swissinfo)

Digital technology is very promising for the economy and society. However, some recent developments, such as facial recognition, also present ethical dilemmas. The challenges are huge for Switzerland, which is one of the leading artificial intelligence (AI) developers.

This content is published on 10 December 2020 – 14:00 10 December 2020 – 14:00 Christian Raaflaub

Radio, TV and online journalist.

More on the author | German Ministry

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Digitalization has led to an explosion of new ethical challenges: job losses due to automation, filter bubbles, data protection, facial recognition, video deepfakes, cybersecurity, and most of all, misuse of AI technology.

It’s hard to imagine what would happen if AI fell into the wrong hands. If you take the issue of “killer robots”, for example, the international community cannot agree on whether to introduce strict rules to control their use. Talks at the United Nations in Geneva on arranging lethal autonomous weapons have so far had limited results.

Such weapons do not yet exist, but campaigners say they could be deployed on the battlefield in just a few years given the rapid advances and spending on AI and other technologies.



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