Tag Archives: rs15

Sugar gets cheaper by Rs15-20: minister | Instant News


ISLAMABAD: Federal Minister for Industry and Production Hammad Azhar on Friday said imported sugar would lower commodity prices by 15 to 20 rupees per kilogram on the domestic market, adding that controlling inflation was the government’s top priority. “More than a hundred tonnes of imported sugar have arrived at Karachi port”, Hammad Azhar said at a press conference flanked by Information and Broadcasting Minister Shibli Faraz and National Food Security Minister Syed Fakhar Imam.

The minister said imported sugar would be sold at a price of Rs15 lower than local market prices and added that more than 50,000 tonnes of sugar would reach the country soon.

Hammad Azhar hopes that imported sugar and the milled season that will start soon can greatly help reduce sugar prices in the domestic market.

Responding to questions, the federal minister said that the country’s industrial sector was doing better.

During the press conference, Senator Shibli Faraz said that the government under the leadership of Prime Minister Imran Khan is making efforts to transform Pakistan into the Riyasat-e-Madina model despite all obstacles and difficulties.

He said, “We have decided our goal and by Allah’s grace, the ultimate goal of the prime minister is to transform Pakistan based on the Riyasat-e-Madinah model and the historical traditions and caliph of Islam.

To inquiries, he said no decision had been taken on the privatization of Pakistan Television and denied any news circulating about it.

For other questions, he said the government was disappointed by the violent incidents in the country. Meanwhile, Special Assistant to the Prime Minister of Political Communications Dr Shahbaz Gill said because of the government’s prudent economic policies, the country’s economy was revived and had been restored. progress path of development and prosperity.

Speaking to private news channels, he said remarkable economic progress had been witnessed in almost all areas of life over the past two years during the tenure of the incumbent government.

Shahbaz Gill said international companies were approaching to work with Pakistan which was going on exactly according to Prime Minister Imran Khan’s vision.

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Sugar gets cheaper by Rs15-20: minister | Instant News



ISLAMABAD: Federal Minister for Industry and Production Hammad Azhar on Friday said imported sugar would lower commodity prices by 15 to 20 rupees per kilogram on the domestic market, adding that controlling inflation was the government’s top priority. “More than one hundred tonnes of imported sugar have arrived at Karachi Port,” said Hammad Azhar at a press conference flanked by Information and Broadcasting Minister Shibli Faraz and National Food Security Minister Syed Fakhar Imam.

The minister said imported sugar would be sold at Rs15 cheaper than local market prices and added that more than 50,000 tonnes of sugar would reach the country soon. Hammad Azhar hopes that imported sugar and the milled season that will start soon will help reduce sugar prices in the domestic market. Responding to questions, the federal minister said that the country’s industrial sector was doing better.

During the press conference, Senator Shibli Faraz said that the government under the leadership of Prime Minister Imran Khan is making efforts to transform Pakistan into the Riyasat-e-Madina model despite all obstacles and difficulties.

He said, “We have decided our goal and by the grace of Allah, the ultimate goal of the prime minister is to transform Pakistan with the Riyasat-e-Madinah model and the historical traditions and caliph of Islam.

As for a question, he said no decision had been taken on the privatization of Pakistan Television and denied any news circulating about it. On another question, he said the government was disappointed over the violent incidents in the country. Meanwhile, Special Assistant to the Prime Minister for Political Communications Dr Shahbaz Gill said because of the government’s prudent economic policies, the country’s economy was revived and had been returned to the path of progressing development and prosperity.

Speaking to private news channels, he said remarkable economic progress had been witnessed in almost all areas of life over the past two years during the tenure of the incumbent government. Shahbaz Gill said international companies were approaching to work with Pakistan which was going on exactly according to Prime Minister Imran Khan’s vision.

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Fazaia Housing Scheme cashed Rs15 billion checks among 400 customers | Instant News



ISLAMABAD: Fazaia Karachi Housing Scheme has started paying funds to its customers through the Karachi National Accountability Bureau (NAB) as per court order and cashing more than 400 checks worth Rs1.5 billion in a week.

As per the joint efforts of the State Projects Directorate and Fazaia Karachi Housing Scheme NAB, the process of disbursing money to Fazaia Karachi’s customers has begun, said a press release by the Pakistan Air Force (PAF).

He added that the payment process would continue until the money was transferred to the last customer of the Fazaia Housing Scheme, Karachi. The PAF welcomes orders from the top court in this regard and appreciates NAB’s efforts, said a PAF spokesman.

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FBR is eyeing waste of output to increase additional revenue of Rs15 billion | Instant News


KARACHI: The Federal Revenue Council (FBR) aims to generate up to Rs15 billion in additional sales tax revenue by setting limits on production waste announced by producers, officials said on Saturday.

To prohibit waste and treat it as a sale, FBR has put in place a rule whereby companies’ reported wastage of raw materials equates to average wastage in the sector concerned.

Officials say large entities engage in practices that claim a significant percentage of production wastes and in some cases claim as high as 40 percent.

Through the Finance Law, 2020, new amendments were introduced to the Sales Tax Law, 1990, in which the fixation of waste would be determined by sector.

FBR in a circular issued on August 6, 2020, stated, “The changes were made to remove the discretion of the jury officers and for similar treatment throughout the board regarding allowing / prohibiting input tax credits for input items wasted during normal business processes, as long as the credit exceed the benchmarks / limits set by FBR ”. FBR on October 1, 2020 issued SRO 938 (I) / 2020 to inform the rules for implementing sectoral fixation of waste.

As a rule, the FBR Input-Output Coefficient Organization (IOCO) has been mandated to improve the limits of waste for an economic sector. “Where the level of waste has been corrected and notified by the board [FBR] Under this rule, no registered person has the right to take input tax adjustments with respect to wasted input above and above the limit set and notified by the board, “the guidelines said.

A senior FBR official said at the time of budgeting for the 2020/21 fiscal year policymakers were expecting around Rs12-15 billion in additional revenue by streamlining this process.

FBR has detected a large variant of waste claimed by manufacturing companies in various sectors including tobacco, steel, vegetable oils, food, sugar, cement, pharmaceuticals etc., the official added. He further said the wastage claimed by some industrial issues was well above international benchmarks.

The entire exercise will help FBR reduce the size of the refund, he said.

“Once the benchmark for wastage is set, FBR can add waste to sales and subtract the same amount from the plaintiff’s refund amount,” the official added.

Zeeshan Merchant, President, Karachi Tax Bar Association (KTBA) said that it is almost impossible to compare waste because of the different production environments of different companies in the same sector.

“If FBR sets limits on waste for a particular sector, the implementation stage will be more difficult because companies from the same sector can use machines of different brands, origins and capacities,” he said, adding that such situations led to an increase. in litigation.

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