KARACHI: The Federal Revenue Council (FBR) does not allow manual adjustment claims to provincial services and an automatic function is also unavailable, causing difficulties for taxpayers, tax practitioners said.
In a letter, the Karachi Tax Supervisory Association (KTBA) highlighted that data / invoices from all provinces are not synchronized and are not available automatically.
This not only creates problems for taxpayers claiming the provincial input tax (service input tax), but they are also unable to submit their monthly tax returns for March 2021 (last e-filing date 18 April 2021).
In most cases, it appears that the service input tax data before the March 2021 tax period are not available, so taxpayers cannot claim them.
Banks and other businesses such as courier services, etc., deposit provincial sales tax (ST) as bulk entry instead of depositing it with each taxpayer, which affects the service input tax.
Furthermore, service input tax is only for taxpayers who have been taken who have submitted / submitted their returns electronically, who do not need to delay ST filing.
Taxpayers in some cases cannot claim service input tax in ST returns, although the same is available under Appendix A.
Apart from the above, there are other teething issues for taxpayers and tax practitioners, including but not limited to withholding taxes on STs that are seen as payable, previously deleted service input tax entries not being uploaded again, and service input tax deferral.
To solve this problem, KTBA suggested that until now the new system is fully functional “use the old system and the new system for service input tax claims” so that taxpayers can claim the original ST they paid for.
He also suggested that the old system of service input tax claims should be phased out, not a sudden ban. Once the system is fully functional, KTBA suggests providing the option to manually claim service input tax.
KTBA said the use of IT-based archive technology / digitization is the only way to solve complex multi-faceted problems, including fly / fake input taxes. However, the sudden implementation of the new scheme in the middle of the MoU signed by the federation and the province to develop a single SPT is likely to create chaos and chaos for taxpayers.
KTBA said appropriate measures, including but not limited to extending the March 2021 tax period date were needed to reduce pressure on taxpayers and KTBA members.
KARACHI: Al Haj Group chairman Taj Muhammad Afridi inaugurated the Safest End node fuel delivery service in Pakistan, a statement said on Tuesday.
Following the Government of Pakistan’s COVID-19 SOP, Afridi inspected the vehicle and delivered the keynote address on the occasion.
“Without change, there is no innovation, creativity, or incentives for improvement,” said Afridi. “Those who initiate change will have a better chance of managing the changes that are inevitable.”
“I support this new no-load refueling initiative and happily present myself as Fuelship’s first customer and want their gadget to be installed in my generator for no-load refueling.”
Munif Kapadia, chief executive officer at Al Noor Petroleum Private Ltd (N3) said: “Our partnership with Fuelship will revolutionize the way customers refuel their generators and represent us with opportunities to increase our market share.”
“A proven concept, we believe that people in Pakistan are responsive to this innovative, digital-based solution that will enable them to spend their free time that they would otherwise have spent at the gas station.”
Muhammad Omer Khan, chief executive officer of Fuelship said: “Karachi is an internationally recognized testing ground for innovative technology. We can humbly bring our innovative, domestically grown service from Pakistan to the world. Through our joint agreement with N3 Petroleum, we will change the way people in Pakistan fuel their generators by digitizing their entire experience. “
Alpian, Switzerland’s first mass-market digital private bank, has raised US $ 18 million in its Series B funding round
This startup is targeting a sizeable demographic in Switzerland – those with investable assets of between CHF100,000 and CHF1 million.
The company plans to persuade these mass wealthy clients by using a combination of machine intelligence and human advisors to create a unique portfolio aligned with personal “preferences, beliefs, philosophies and goals.”
In addition to the core personal banking offering, each account will come with a debit card and a multi-currency account. Alpian also invests in the creation of educational content on financial matters through its recently launched i-vest platform.
Schuyler Weiss, CEO, Alpian, said: “While the Series A fundraiser was aimed at building a digital bank, the Series B fundraising was intended to be used in principle to launch the bank on the Swiss market.
“This approach ensures that Alpian will be in a strong position to provide the best possible service to its customers by the end of this year subject to the issuance of a full banking license by Finma.”
A new airline is launched, bringing more competition to a domestic travel market that has been ravaged by the coronavirus pandemic but has shown signs of recovery in recent months. Avelo Airlines aims to serve smaller airports and routes that big carriers have ignored or left behind. The new airline is expected to operate its first flight at the end of the month, connecting Burbank to Santa Rosa, Calif., And will initially serve 12 airports in the western states. Avelo was designed before the pandemic disrupted the airline industry. After raising $ 125 million from investors in January 2020 – months before air travel came to a virtual halt in the spring – the airline delayed its launch until demand for travel returned. Andrew Levy, managing director of Avelo, said the time is right. The vaccinations sparked a renewed appetite for the holidays. Passenger volumes at U.S. airports are still down 30-40% from pre-pandemic levels, but airports are busier than they have been for more than a year. While public health officials discourage people from taking travel, the Centers for Disease Control and Prevention said last week that the risks are low for those who have been fully immunized. The pandemic has forced thousands of businesses across the country to close their doors, but has also created opportunities to open new ones. Entrepreneurs are looking to pounce, as states lift restrictions on business activity, betting that consumers with cash to spend are willing to start spending again. .