Tax on savings scheme profit raised to 15pc for filers

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday announced that the rate of withholding tax on profit of national savings schemes (NSS) will be 15 per cent effective from July 1, 2021.

According to a circular, the rate will be available only to those people who are on the Active Taxpayers List (ATL). The rate will be 30pc for those who are not on the ATL.

A tax official said that currently the withholding tax rate was 10pc on profits of NSS while 5pc tax will have to be deposited at the time of depositing income tax returns. Under the amendments introduced in the Income Tax Ordinance through the Finance Act 2021 now it will be 15pc and there will be no requirement at the time of filing of tax returns.

The government offers higher profit rates on savings schemes including Defence Savings Certificate, Behbood Savings Certificates, Regular Income Certificates, Special Savings Certificate, Pensioners Benefit Accounts, Shuhada Family Welfare Account, and Short Term Savings Certificates.

Tax on savings scheme profit raised to 15pc for filers
Tax on savings scheme profit raised to 15pc for filers

Govt set to start Kamyab Pakistan Programme soon

ISLAMABAD: The government has decided in principle to launch `Kamy ab Pakistan Programme` this month under which four million households would be assisted in various schemes.

The programme appears to be one of the major initiatives taken by the government for the poor segment of society ahead of next elections.

Talking to media on Saturday,Finance Minister Shaukat Tarin said: `We have finalised every aspect of this programme, and it would be launched in mid-July.

Detailing some of the features of the programme, he said it aimed at providing support to people in housing projects, skill development, health cards and interest-free loans for businesses and agri-services.

However, he made it clear that the targets would be achieved over a period of time and not in one year.The minister said approximately Rs300 billion to Rs400bn interest-free loans would be given in the current fiscal year 2021-22, adding that the amount had also been budgeted to provide subsidy against interest-free loans.

The minister said `Kamyab Jawan` would be a part of this programme.

About broadening of tax base, Mr Tarin said a strategy was being devised to bring 7.2 million people under the tax net. The strategy will be finalised soon, however, no taxpayer would be harassed, he added.

He said the point of sales programme would be extended to maximum traders in the current fiscal year.

Meanwhile, at a meeting of the Economic Advisory Council (EAC), Finance Minister Shaukat Tarin stressed the importance of long-term planning to achieve sustainable and all-inclusive economic growth.

He said Prime Minister Imran Khan had reconstituted the EAC after decades with an objective to draw up concrete proposals for sustainable economic growth through comprehensive and seamless planning and by taking allstakeholders on board.

During the third meeting of the EAC, four sub-groups gave their presentationsonState-Owned Enterprises and Privatisation, Energy, Domestic Commerce and Price Stability.

Special Assistant on Finance and Revenue Dr Waqar Masood Khan gavea detailed presentation on price stability which included short-term, medium-term and long-term proposals to bring price stability in the country.

He drew a comparative analysis between prices prevailing in Pakistan and those in the entire region both in current and historical perspectives.

Zaid Bashir, in his presentation on `Domestic Commerce Sector`, underlined the need to enrich and revive documented/integrated sectors and fully realise the true potential of e-commerce during the short term by bringing retailers into a more organised environment, ultimately benefiting the national exchequer.

Tax credit on enlistment of companies and to incentivise the induction of women into worl(force were suggested as part of medium-term plans whereas financing facility for growth of the retailers and tax adjustability were suggested as part of a long-term strategy to promote domestic commerce sector.

In his presentation on energy (power) sector, Farooq Rehmatullah highlighted global, regional and localtrends in the refining sectors. The presentation also included recommendations for bringing in sustainable solutions to streamline operations from oil downstream to marketing sectors.

Mr Rehmatullah gave suggestions to deal with challenges faced by the LPG, exploration and production sectors and to explore renewable energy resources in Pakistan. Sultan Ali Allana, meanwhile, spoke on `State-Owned Enterprises (SOEs)` while the privatisation secretary, Hassan Nasir Jamy, updated the EAC on privatisation.

Five airlines asked to compensate stranded passengers

ISLAMABAD: As the nation continues its fight against the coronavirus pandemic with another consignment of vaccine from China scheduled to arrive on Sunday (today), the government has not overlooked the Pakistani travellers stranded in other countries after some international airlines cancelled their flights.

Presuming ease of travel restrictions by the authorities, the airlines had sched-uled extra flights to Pakistan and made bookings as well but then cancelled those flights af ter the National Command and Operation Centre (NCOC) maintained travel curbs considering the rise in Covid cases in some areas.

The Civil Aviation Authority (CAA) took up the matter with five international airlines, directing them to accommodate the passengers on the earliest possible flights of the same or any other airline to Pakistan besides hotel accommodation and payment of damages to passengers.

The CAA also cautioned those airlines that it would be constrained to initiate regulatory action against them, which may include financial penalty, cancellation of one or more flights and revocation of schedule authorization.

In its letter to five airlines i.e. Qatar Airways, Turkish Airline, Emirates Airline, Etihad Airways and Fly Dubai, the CAA took up the issue of inconvenience caused to passengers by flight cancellations. `It has been seriously noted that a huge number of passengers have been affected by flight cancellations of your airline to Pakistan in recent weeks. Keeping in view the imposition of flight operation restrictions (i.e. 20pc of approved inbound scheduled flight operations) since 5th May 2021 and subsequent periodic extensions of the restrictions which were duly communicated to the airlines through timely NOTAMs, the reservations made by your airline after 5th May 2021 or such passengers on such flights, were unjustified,` stated the aviation regulator.

Five airlines asked to compensate stranded passengers
Five airlines asked to compensate stranded passengers

Covid-19 risk allowance to health workers

ISLAMABAD: On the intervention of Speaker National Assembly Asad Qaier, the Ministry of National Health Services (NHS) has decided to pay the Covid-19 health risk allowance to the frontline health workers.

However, the healthcare workers complained that the ministry wanted to pay the allowance to selected employee despite the fact that all healthcare workers faced the risk of contractingthe virus.

Last year, the health risk allowance was paid to a majority of healthcare worl(ers but there were complaints that some of them were paid more compared to others.

During a session of the National Assembly on June 28, the speaker pointed out that the healthcare workers had not been paid the Covid-19 health risk allowance for 11 months.

`I direct the secretary Ministry of National Health Services (NHS) to address the issue till noon by June 29,` he had said.

Covid-19 risk allowance to health workers
Covid-19 risk allowance to health workers

Appointment process for Multan courts staff recruitment suspended

LAHORE: The Lahore High Court has set aside the process of appointments in the district judiciary of Multan for lack of transparency and directed the registrar to place the matter before the administrative committee of the LHC for fixation of responsibility and consequent action against the officials who committed illegalities and irregularities.

`Transparency is a tool, not only for ensuring but for showing that the procedure adopted is unbiased, provides equality of status and opportunity to each eligible candidate, for achieving the goal of recruiting the most suitable person,` Justice Shahid Jamil Khan observed in his judgement released on Saturday.

Several petitions were filed against the recruitment on various posts by the Multan district and sessions judge alleging illegalities in the procedure, lack of transparency and favouritism.

The posts of junior clerk (BS-11), process server (BS-7), driver (BS-5), naib qasid (BS-3) and watchman (Chowkidar) (BS-3), were advertised.Except for the posts of watchman the procedure for appointment on all other posts was through written tests and interviews.

Justice Khan declared the whole process for the appointments null and void with a direction to the LHC registrar to place the matter before the administrative committee for consideration to appoint an inquiry committee.

The judge further directed the registrar to place a record of appointments in all the districts of Punjab by respective district & sessions judges and by senior civil judges before the administrative committee for approval.

The registrar shall also place the rules, regulations and laws, relevant for recruitment of ministerial staff in subordinate courts, before the administrative committee, for their consideration to bring them in harmony with Articles 192(1), 202, 203 and 208 of the Constitution.

Appointment process for Multan courts staff recruitment suspended
Appointment process for Multan courts staff recruitment suspended

Shafqat says exams not to be cancelled

LAHORE: Federal Minister for Education and Professional Training Shafqat Mahmood said on Saturday that education had already suffered a lot as exams would not be canceled and students should focus on their studies. Speaking to media persons, he said that last year there was a lot of trouble in education, schools remained closed for a long time and many shortcomings had to be filled in.

“Let me make it clear that this year nobody will be promoted without exams,” he said. The minister said that the Punjab government would look into the matter of fees but examinations would not be postponed. He said the decision to reopen schools is up to the provinces, all the children passed last year but the provincial ministers decided that examinations must be conducted, he added.

Shafqat Mehmood said, “Already a lot of damage has been done, I will tell the students that the exams will be held according to the date sheet.”

Federal Minister for Education and Professional Training Shafqat Mahmood said on Saturday that education had already suffered a lot as exams
Federal Minister for Education and Professional Training Shafqat Mahmood said on Saturday that education had already suffered a lot as exams

Thousands tweet, ask PM to cancel physical exam

ISLAMABAD: ‘Imran Khan Students Ke Sun Lo’ is the top trend in twitter in which students uploaded over 10,00000 tweets in a day to cancelation of physical examinations.

It is a recorded tweet in a day which has made top trend on twitter here on Saturday. On the other hand, Federal and Punjab boards have issued date sheet and roll number slips for physical examinations from July 11, 2021. The concerned boards have informed all regular students to receive roll number slips from their colleges while private students will get roll number slips by post.

Rawalpindi Board of Intermediate and Secondary Education (RBISE) Official Spokesman Arsalan Cheema told media that they had issued date sheet and roll number slips to all students for physical examinations. Annual examinations will start from July 11, 2021, he said. He said that regular students will get their roll number slips from colleges while private students by post.

Thousands tweet, ask PM to cancel physical exam
Thousands tweet, ask PM to cancel physical exam

Moderna to be made available across Pakistan from today

ISLAMABAD: The National Command and Operation Centre on Saturday said that the Moderna vaccine will be available starting Monday at designated vaccination centres across Pakistan.

Inoculations using the Moderna COVID-19 vaccine have meanwhile already begun at a mass vaccination centre in Islamabad’s F-9 Park area.

NCOC also shared a list of the vaccination centres across the major cities of Pakistan where the Moderna vaccine will be available.

According to the list, it will be available at 15 locations in Punjab, 13 locations in KP, six locations in Gilgit-Baltistan, five locations in Azad Jammu and Kashmir, five locations in Islamabad Capital Territory, three locations in Balochistan and two locations in Sindh.

The forum also highlighted the criteria that must be met by the recipient of the Moderna vaccine.

The vaccine will be administered to the following categories, provided they are 18 years of age or older and have NOT received any other currently available COVID-19 vaccines.

  1. Those with comorbid conditions, e.g diabetes, hypertension, congestive cardiac failure, renal failure, chronic liver disease, malignancy, etc. – Those who are chronically immunosuppressed:
  2. Post organ transplantation, the patient may receive the vaccine 3 months after transplantation procedure.
  3. Post chemotherapy, the patient may receive the vaccine 28 days after chemotherapy.
  4. Individuals with a mandatory requirement of vaccination for travel.

– Overseas workers who have a mandatory need for travel for employment overseas with valid work visas/iqama in a country where Chinese vaccines are not accepted at present

– Students

– Those travelling for official or business purposes

Women who are pregnant and lactating, falling under the above-listed categories CAN receive the Moderna vaccine.

More doses of the Sinopharm vaccine have also arrived in Pakistan, officials of the ministry of health told media.

Moderna to be made available across Pakistan from today
Moderna to be made available across Pakistan from today

A shipment of 700,000 doses arrived from China, said the officials.

Federal Religious minister inaugurates Samadhi of Sir Ganga Ram

LAHORE : Minister for Religious Affairs Noor-ul-Haq Qadri inaugurated samadhi of Sir Ganga Ram here on Saturday.

The work of samadhi of Sir Ganga Ram has been completed. The minister was given briefing on the occasion.

The minister said Evacuee Trust Property Board Chairman (ETPB) was working according to vision of Prime Minister Imran Khan. He said there were many services of Sir Ganga Ram for the humanity.

A celebration was held in Lahore on Saturday. Dr Aamir Ahmed, Imran Gondal, Deputy Secretary, Amir Hashmi, Rushan Fawad and other participated in the celebrations.

Sir Ganga Raam had served Lahore with giving Lahore the best architecture.

Sir Ganga Ram was born in 1851 in Mangtanwala, a small town about 64 km from Lahore.

He supervised the construction of high court, Cathedral and constructed the Aitcheson College.

During the period of his posting as executive engineer of Lahore, he had designed and constructed the magnificent buildings.

These included the majestic buildings of Lahore Museum, which remains a masterpiece till date, the famous and unique Mayo School of Arts which is now known as the National College of Arts and the building of which is used in several television commercials and serials, the General Post Office building on The Mall, the Albert Victor Wing of the Lahore Mayo Hospital and the Government College’s Chemical Laboratory.

Federal Religious minister inaugurates Samadhi of Sir Ganga Ram
Federal Religious minister inaugurates Samadhi of Sir Ganga Ram

Roshan Digital Accounts: Overseas Pakistanis remit $1.6b

KARACHI: Overseas Pakistanis have remitted approximately $1.6 billion through Roshan digital accounts (RDAs) in less than one year, according to the central bank on Saturday, using funds for financial transactions and investments in their homeland.

Total 181,556 accounts have been opened from 171 countries across the world and 1.562 billion has been deposited in these accounts through end-June 2021, according to online data of the State Bank of Pakistan (SBP).

The webpage shows monthly trends in the number of accounts opened, deposits, and investments in Naya Pakistan Certificates (NPCs) and the stock market. The data shows an accelerating trend across all these dimensions over the last few months. June 2021 saw the highest monthly amount of deposits ($310 million) and NPC investments ($233 million) since the launch of RDA. As of end-June, $1.050 billion has been invested in NPCs, with $621 million in conventional NPCs and $429 million in Islamic NPCs.

Since its launch on 10th September, 2020, RDA, connecting the diaspora to the local financial system and economy, has attracted significant interest from overseas Pakistanis.

Roshan Digital Accounts: Overseas Pakistanis remit $1.6b
Roshan Digital Accounts: Overseas Pakistanis remit $1.6b