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Govt asked to cut tax rate on steel sector National February 1, 2021 ISLAMABAD: The manufacturers of steel products have asked the government for reduction in minimum tax rate for dealers/distributors from 1.5% to 0.25% on steel sector. In a letter, written to Minister for Finance Dr Abdul Hafeez Shaikh, Minister for Industries Hamad Azhar and Special Assistant to PM on Revenues Dr Waqar Masood, stating that the manufacturer of steel products are operating on very thin profit margins and the similar earnings’ philosophy rests with the dealers and distributors of steel products. Thus the existing extortionate rate of minimum tax (1.5%) applicable under Section 113 of the Income Tax Ordinance, 2001 not only discourages the steel manufactures for future investments in the sector but it also becomes additional burden on their cash flows and discourages the supply chain of steel sector (distributor/dealers and retailers/traders) to document their business transa ....
The Pakistan Tehreek-e-Insaf (PTI) government on Wednesday approved the removal of Pakistan Television Corporation (PTV) from its already thin list of entities that it wanted to sell to stem losses but had so far failed to control the haemorrhaging ....
Defending the PTI government’s economic policies, Minister for Finance Dr Abdul Hafeez Shaikh has said Pakistan was facing an economic crisis when the PTI took up reigns and the government had to seek help from the International Monetary Fund (IMF) to meet government expenditures. ....
Govt offers Rs450b to IPPS to clear circular debt Proposes to make payment to 47 companies over a period of one year ISLAMABAD: The federal government has offered a package to the independent power producers (IPPs) in a bid to clear Rs450 billion circular debt, which has plagued the entire energy chain. The circular debt in the power sector stood at Rs2.3 trillion by end June 2020 against Rs1.6 trillion during the same period in 2019. The circular debt in the oil and gas sector stands at Rs1.6 trillion. The IPPs are also facing circular debt which overdue receivables had increased to around Rs700 billion. ....