Govt nods reduction in upfront taxes on machinery imports
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Govt nods reduction in upfront taxes on machinery imports
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
ICAP for more direct taxes on exports
Business
May 8, 2021
KARACHI: Scope and quantum of taxation needs to be widened to those segments from where no or insignificant taxes are generated to bring in the required revenue, a professional accountancy body said.
The Institute of Chartered Accountants of Pakistan (ICAP) said the share of agriculture and wholesale trade in total direct taxes is around 1.5 percent, although these sectors make up 42 percent in aggregate of the real GDP. Similarly, exports 10 percent of the GDP but only contribute 1 percent in direct taxes.
“There is an urgent need to tap the potential of these sources for their optimum contribution towards national exchequer which will not only remove inequities in tax regime; but will also provide the much-needed additional revenue to the government,” ICAP said in in budget proposals to the minister of finance and economic affairs.
Business
May 8, 2021
ISLAMABAD: Large scale manufacturing (LSM) posted 22.4 percent year-on-year growth in March as industrial activities largely resumed compared to the laggard last year, but the big industry extended sequential decline second month in a row, official data showed on Friday.
The Pakistan Bureau of Statistics (PBS) said LSM output increased 22.39 percent for March compared to the corresponding period a year earlier and decreased 7.66 percent if compared to February 2021.
In March, ministry of industries reported 9.43 percent month-on-month drop in production, although provincial bureau of statistics and Oil Companies Advisory Council (OCAC) recorded growth over February.
In February, the decline was 4.15 percent month-on-month. LSM surpassed its pre-COVID level of production in February FY2021, witnessing 4.8 percent growth on year-on-year basis. LSM contracted 10.2 percent last fiscal year.