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  Donations for Dam’s Fun..

  Islamabad: The Supreme Court Islamabad apprised of three options for the donations collected through the 'Supreme Court of Pakistan and the Prime Minister of Pakistan for the Diamer-Bhasha and Mohmand Dams Fund.' Rs 10.24428 billion has been collected in the Fund until April 10, 2019, that was set up by the then Chief Justice Mian Saqib Nisar for the construction of Diamer-Bhasha and Mohmand Dams. On behalf of State Bank of Pakistan, Attorney General Khurram Saeed informed the five-member larger bench that there are three options to invest the money collected so far for Diamer-Bhasha and Mohmand Dams. The first option is from the Treasury bill for six months to three years and has a 10.2% to 10.5% interest rate, depending on the period. The second option is Pakistan Investment Bond that is of 3, 5 and 10-year tenor and its interest rates are 12.2%, 12.5% and 12.9%, while the third option is National Saving Certificates. The Supreme Court on January 9, 2019, had established a special committee including two directors of the State Bank of Pakistan (SBP) and an official of the Supreme Court to find new ways for the investment of the fund. It also shaped the execution bench for the supervision of the development on the construction of the dams. Justice Sheik Azmat Saeed, head of the bench, with Justice - Umar Ata Bandial, Justice Faisal Arab, Justice Ijaz Ul Ahsan, and Justice Munib Akhtar - said they would make an order after talking about options in the chambers. The large bench discussed implementation of the WAPDA, Federal Revenue Board (FBR), the Pakistan State Bank (SBP) and the Pakistan Electronic Media Regulatory Authority (PEMRA) Directives on dam building. The Supreme Court also examined the implementation of the SBP Directives.

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  FBR Request Center for Fu..

  Islamabad:  In order to facilitate the operation of its employees working in three benami zone areas, as well as the functioning of the tribunal established to tackle benami properties, the Federal Board of Revenue (FBR) has asked for an allocation of funds in Budget 2019 - 20. Additional vacancies for these new departments are planned by the Board. These would include ten Grade 21 settlements, three Grade 20 settlements, four Grade 18 settlements, and three Grade 17 settlements. Vacancies would also be approved for other employees. For this purpose, a summary was prepared, which is to be finalized and approved by April 15, 2019. Those who are accused of having benami property have the right to appeal before the appellate tribunals. Two tribunal benches will be developed in particular. The word ' Benami ' refers to holding in the name of one person property / assets for the benefit of another person. However, benami is often designed to hide ownership, frauds creditors or avoid payments for Government fees, or taxes of the property acquired through illegal means. The law was made through a parliamentary act (Benami Transactions Act 2017) in Jan 2017, but the legislation was put on the back burner because the finalisation of regulations was delayed. The FBR notified the rules on Monday through the 2019 SRO326 notification. In detection of benami property the administration also announced cash awards for whistleblowers. Three bars were notified of cash award. After the confiscation of the benami land, however, the amount of benefits will be sanctioned.

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  FBR Releases Valuation Ta..

  It's a promise of 2016, came true in 2019. The Federal Board of Revenue (FBR) has increased property valuation rates for real estate within 20 major cities of Pakistan. This rise will grow gradually based on another board commitment. The federal authority hopes to raise tax collection from the real estate sector from the existing PKR 50 billion to the PKR 75 billion mark by simply increasing the table rates by 15% to 25%.   The Previous Run-Through The new assessment tables have allowed FBR to reduce the modification between the rates at which an agreement is concluded and those reported in the transaction act. The property taxes were calculated according to Deputy Commissar's (DC) rate prior to the first publication of the valuation tables in July 2016. Current DC rates across Pakistan are about 80% lower than the corresponding market rates of their properties in question. This is despite the fact that the rates were almost 50% higher two years ago.   The Prime Purpose In order to make the collection of property taxes feasible, FBR required a new set of valuation tables. The main reason behind the revision is believed to be preventing the investors from parking in the real estate sector with their undocumented money. It is estimated that Pakistan's real estate sector worth PKR 7 trillion, according to recent reports in some news agencies. In 2017-2018, the sector was only marginally contributing 0.1% of GDP – PKR 23 billion in fiscal contributions – to the national economy.   The Amnesty Scheme In May 2018, the FBR offered an amnesty program to help stakeholders adjust to the planned property tax mechanism. In the event of non - compliance, tax evaders across the country have been encouraged to make use of that concession before its expiry. Currently, FBR is in discussions to get details from offshore owners from a number of foreign governments. Those who chose not to declare their domestic and foreign assets have thus begun to receive official notifications. Many economists hope that the operation will help the country recover billions of rupees with respect to assets if it is carried out in its own spirit.   The Recent Rise At present, in terms of the tax objective set for the current financial year, the FBR is short of PKR 188 billion. The Board intends to increase its revenue collection and reduce this difference with the recently increased rates of the valuation tables. To achieve this, the FBR raised rates of property evaluation to include the following: Islamabad, Karachi, Lahore, Peshawar, Quetta, Rawalpindi, Multan, Hyderabad, Faisalabad, Bahawalpur, Gujranwala. What is next? The FBR is committed to reducing the gap in fair market values and real - time prices for properties. Of course, this requires steady increase in rates. Many people expect the authority to disclose a new rate table in the forthcoming 2019 - 20 budget to compensate for the lapse.   There is a discernible fear that the move will adversely influence the real estate market as the rates increase twice within a year. Several experts on property believe that the new FBR rates will make black money in the real estate sector even harder with a limit of PRK 5 million imposed on non - filers.  The Board wishes to decrease the rates of the valuation table to close to 80% of property market values according to an FBR official. At present, this metric reads the FBR rates by less than 40 percent. In addition, the Board seeks at provincial and federal level to eliminate all indications of this disparity. Simply put, what comes next is an increase in the rates for the assessment table and the DC rates. This process will continue until the provincial and federal rates notified are less than 20% of the average market value of a property.  

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  The Government Planned An..

  1:   Govt Introduces Another Budgetary Measure Before IMF Programmed 2:   Finance Minister Gives Green Signal to Non-Filers to Purchase and Sell           Properties of Any Value from July 3:   Interest Payments Expected to Increase Rs2tr 4:   The Defense Budget Will Go Up Due to Tension with India ISLAMABAD: In addition to introducing further financial actions in the run-up to an IMF program, the Government is planning to introduce another Amnesty Scheme to allow Non-Fillers with tax returns to whiten their undeclared assets both domestically and abroad. Tuesday Finance Minister Asad Umar told reporters that the Amnesty Scheme Details had yet to be ended and would, on the strong demand of the business community, be introduced before the next budget. He also announced that he would begin selling and buying property for non - filers on 1 July. He argued that a condition such that he announced in January of this year for the sale and purchase of vehicles was removed and this led to job creation. He argued that a condition such that he announced in January of this year for the sale and purchase of vehicles was removed and this led to job creation. In addition, Mr. Umar said that the government intends once and for all to increase property assessments at real - market rates for fiscal reasons and to reduce tax rates. This will begin with Punjab, Khyber Pakhtunkhwa and the capital of the Federal Republic and could then spread to Sindh and Balochistan. The minister said interest payments were anticipated at around Rs2 trillion for the current year against the budget estimates of Rs1.62tr, while defense expenditures would also go up due to the recent tension with India but estimates at present were not available. In response to a question, he said any increase in next year’s normal defense budget would be based on Rs1.1tr of the current year and the armed forces development fund would increase on the basis of current year’s Rs576 billion. In what appeared to be another move to satisfy the International Monetary Fund to keep fiscal deficit within the budgetary limits and predictable, the finance minister said the government would move out of the fixing of prices of utilities and petroleum products. He told the media that many businessmen and industrialists suggested the government to grant a tax amnesty scheme before the next financial year's annual budget. He said the government had begun to consider an amnesty plan to disclose local and foreign property through the payment of tax. He informed the government that it would take hard decisions to improve the country's economic situation. The Regulatory Authority for National Electric Power Tariffs would announce the determination of the tariff. In accordance with the Benami Act 2017, the Federal Revenue Board (FBR) has begun to issue a notice. He reported that in the next 2019 - 2020 budget, the Government would withdraw the bank withholding tax for non - filers. The government is also considering allowing non - filers to buy the property, but adds that they have full value for black money transactions. The Minister of Finance said the government was approaching the IMF in order to implement the country's last programme. In order to restrict the current account deficit, the Government would have to improve exports and remittances and control imports. Asad Umar said the inflation headline is growing, which is a bad signal. But, for the first time in two years, the positive aspect is the fall in core inflation. He said that there were special benches set up for Supreme Court and High Court in order to deal with fiscal cases.

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  Prime Minister Imran Khan..

  KARACHI: On Saturday, Premier Imran Khan on his visit to announced Rs162 billion for Karachi, stressing the need to develop a master plan for Karachi's business hub. He said the government will take more than 18 Projects, including 10 for Transport under this package. "The problem facing Karachi requires a master plan," He said while briefing the press. Prime Minister Khan also underlined the need for vertical growth. According to him, it was an obstacle in providing basic facilities to halt city expansion.  He said the government would also construct of sky-high buildings in the city to restrain the expansion.  "Karachi seems like a concrete slab," With this, he also urged the Sindh government to preserve green areas in the city. "There is a need to stop Karachi from further expansion,"   he said, adding that his government would hammer out a master-plan.  Talking about water shortage, he said no campaign was launched in the Karachi to save water. He said a big water reservoir could be built by saving water. He said Karachi's development was vital for the development of the entire country.  The prime minister also inaugurated Bagh Ibn-e-Qasim and lauded Karachi Mayor Waseem Akhtar for launching the project. The Prime Minister, who is on a two-day visit to the metropolis, will also hold an important meeting regarding development projects in the city.  

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