Tax Amendment Ordinance to promote trade, facilitate traders

ISLAMABAD (APP): The Tax Amendment Ordinance has made corrections in law to accommodate reasonable demands of traders for the development and promotion of trade and business activities in the country. According to a press release issued by Federal Board of Revenue on Saturday that since CNIC disclosure of every sale is a major requirement of law now, the traders were rightfully demanding a decrease in minimum tax rate as majority of taxpayers were earlier paying the minimum tax on grossly suppressed sales. In view to encourage correct declarations, the rate of minimum tax has been rationalized, it said adding that medium sized traders have been absolved from their liability as withholding agent to increase ease of doing business. The trade associations have committed to get all medium and large sized retailers registered with income tax. The associations have also nominated their representatives to evaluate turnover of under declaring business and have also joined hands with FBR for dispute resolution in audits. FBR considers that the future of taxation lies in collaboration with taxpayers as opposed to confrontation. It is likely that this arrangement will achieve a win-win situation for traders and FBR in achieving goals of documentation and reasonable taxation without creating fear and distorted economic behavior.

Govt increases prices of essential items at Utility Stores

ISLAMABAD (INP): Following the increase in petroleum goods prices, the government did not stop and dropped another bomb of price hike when it has raised the prices of the items at Utility Stores. According to details, as the New Year kicks off the new wave of inflation engulfed the poor people and the utility stores which were established to relieve the people has increased the prices of essential food items. The prices of Ghee increased by Rs14 per kg, cooking oil Rs24 per kg, Dal Chana Rs25 per kg, Dal Masoor Rs27 per kg and rice jumped with Rs25 per kg.

Gold price increases by Rs1000 per tola

KARACHI (NNI): Prices of gold on Saturday saw a sizeable upsurge of Rs1000 on the tola taking the per tola cost of the precious metal to Rs90500 across the country. 10 grams of gold also saw an appreciation of Rs858, the current price of gold per 10 grams stands at Rs77590 in the country. Earlier on January 2, The gold prices increased by Rs100 per tola and traded at Rs88,200 in the local market. The price of 10-gram gold increased by Rs86 and traded at Rs75,617 in the domestic market. The gold prices on Wednesday decreased by Rs200 to Rs88,100 in the local market. The rupee extended marginal gains against the US dollar in both the interbank and open markets during the outgoing week. According to a weekly report, the local currency edged up 14 paisa to close at 154.89 against the greenback in the interbank market. The US dollar had finished at 155.03 against the rupee last week, according to forex dealers. The rupee also registered a trifling increase in its value in the open market where it gained 30 paisa to clock in at Rs155.10 against the dollar as compared to last week’s closing of Rs155.40.