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Telecom Revenue Fall Gas Price Boeing 737 Max World Bank Political Economy Dada Pota Show 14-03-2019

Dada Pota Show of 14-03-2019. The only program of business and economy in Pakistan.

Telecom Revenue Fall Gas Price Boeing 737 Max World Bank Political Economy Dada Pota Show 14-03-2019

Dada Pota Show 14-03-2019 based on Telecom Revenue Fall Gas Price Boeing 737 Max World Bank Political Economy.

Today, Dada G shared his opinion on important news that Income tax revenue from telecom services fall 85pc to Rs4.4bln in Jul-Jan.

Youtube:

The Federal Board of Revenue (FBR) has logged more than four billion rupees in tax collection from telecommunication services in the first seven months of the current fiscal year, although a Supreme Court’s ban on taxation on pre-paid mobile phone cards noticeably weighed the revenue down, sources said on Monday.

Cumulative collection of income tax from telephone users amounted to Rs28.85 billion in the July-January period of the last fiscal year, according to official statistics. The collection of advance tax has two components: telephone subscribers and mobile phone prepaid card subscribers.

The FBR collects the tax under a section (236) of Income Tax Ordinance 2001. A 10 percent tax is imposed on telephone subscribers on monthly bill above Rs1,000. Similarly, in case of subscribers of internet, mobile telephone and pre-paid internet or telephone card the tax rate of 12.5 percent is applicable on the amount of bill or sale price.

In June last year, the apex court barred mobile phone network providers and FBR from collection of advance tax on pre-paid cards. The Supreme Court issued the order while observing the tax was ‘exploitative and illegal’.

Later in October 2018, the apex court continued the suspension of the collection of advance tax and other service charges till the new legislation. The court observed that the consumers were paying around 36 percent taxes and service charges on Rs100 pre-paid mobile phone card.

Before the suspension, the consumers were liable to pay 10 percent service charges collected by phone companies, 10 to 12.5 percent to the federal government and 19 percent as sales tax on services to provincial governments.

The FBR said the collection of advance tax on telephone subscribers declined 21.5 percent to Rs3.75 billion during July – January 2018/19.

The collection from pre-paid phone cards was Rs635 million during the period under review compared with Rs24.06 billion in the corresponding period of the last fiscal year, posting a decline of 97.4 percent.

The FBR has lost around Rs24.46 billion in aggregate from collection under the head during the current fiscal year. The withholding tax collection from phone services was the fifth largest revenue spinner. The FBR collected Rs47.38 billion during 2017/18 compared with Rs51.77 billion in the preceding fiscal year, showing a decline of 8.5 percent.

By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

Benami Act Rules 2019 Foreign Remittances Auto Sales Pak India Tension China Dada Pota Show 13-03-2019

Dada Pota Show of 13-03-2019. The only program of business and economy in Pakistan.

Benami Act Rules 2019 Foreign Remittances Auto Sales Pak India Tension China Dada Pota Show 13-03-2019

Dada Pota Show 13-03-2019 based on Benami Act Rules 2019 Foreign Remittances Auto Sales Pak India Tension China.

Today, Dada G shared his opinion on important news that Benami Act Rules 2019 enforced.

Youtube:

The Federal Board of Revenue (FBR) on Monday enforced Benami Act Rules 2019 for attaching assets, properties and transactions kept on fictitious names to move towards whitening of black economy.

According to Benami Transactions (Prohibition) Rules 2019 issued by FBR, the Board offered cash rewards to the whistleblowers who would disclose information leading to the detection and confiscation of Benami properties. The rewards amount would be five per cent of the price of benami property where the price of benami property determined is Rs2,000,000 or less. The amount of reward would be Rs100,000 in addition to four per cent of the price of benami property in excess of Rs2,000,000 where the price of benami property determined is more than Rs2,000,000 but not more than Rs5,000,000. The amount of reward would be Rs220,000 in addition to three per cent of the price of benami property in excess of Rs5,000,000 where the price of benami property is determined to be over Rs5,000,000.

The Board may empower any Commissioner Inland Revenue, Deputy Commissioner Inland and Assistant Commissioner to exercise powers and perform functions for the attachment of the benami properties. The Board may by an order assign any Deputy Commissioner Inland Revenue to exercise the powers and perform the functions of Initiating Officer under the provisions of the Act and these rules. The initiating officer shall be empowered to provisionally attach any property in the manner provided in the Income Tax Rules, 2002. The Board may by an order assign any Assistant Commissioner Inland Revenue to exercise the powers and perform the functions of the administrator under the provisions of the Act and these rules.

Under the rules, the price of the benami properties would be determined in accordance with the provisions of section 68 of the Income Tax Ordinance, 2001 and rules made there to the extent applicable under the Act. Therefore, the price would be determined on the basis of fair market value (section 68). The fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time. The fair market value of any property asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash. The FBR has also laid down the procedure for appointment of Chairperson and Members of Adjudicating Authority for adjudication of the benami properties. Secretary Revenue Division shall forward to the federal government a panel of suitable officers who are qualified as per criteria provided and the federal government shall appoint from amongst the panel a chairperson and as many members as it may deem fit. Where an order of confiscation of property has been made, the Adjudicating Authority shall send a copy of the order to the Approving Authority (Commissioner Inland Revenue), FBR said.

Where an order referred has been received by the Approving Authority in respect of any immovable property, he shall forthwith direct the Administrator (Assistant Commissioner Inland Revenue) to proceed to take any or all necessary steps. He shall issue notice to the authority concerned of the federal government or a provincial government, or a local body or an authority or any person or officer who is responsible for recording the registration of any property or maintaining its record of ownership, as the case may be, having jurisdiction for the purposes of registration of such immovable property, intimating that the property has been confiscated. He shall arrange to place a copy of the notice at some conspicuous part of the immovable property for the benefit of general public mentioning clearly therein, in English and in the vernacular language, that the property has been confiscated under the Act and vests absolutely in the federal government. Where the federal government directs that the property be disposed of, the administrator shall arrange to dispose of the property in the manner as provided in the Income Tax Rules 2002.

By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

Mitsubishi LNG Terminal CPEC Pharmaceutical Exports Private Sector Borrowing Dada Pota Show 12-03-2019

Dada Pota Show of 12-03-2019. The only program of business and economy in Pakistan.

Mitsubishi LNG Terminal CPEC Pharmaceutical Exports Private Sector Borrowing Dada Pota Show 12-03-2019

Dada Pota Show 12-03-2019 based on Mitsubishi LNG Terminal CPEC Pharmaceutical Exports Private Sector Borrowing.

Today, Dada G shared his opinion on important news that Mitsubishi’s subsidiary plans to set up LNG terminal.

Youtube:

 

Tabeer Energy Limited, a wholly-owned subsidiary of Mitsubishi Corporation, has planned to set up a Liquefied Natural Gas (LNG) terminal at Port Qasim with an estimated cost of $400 million. This was stated by Kosuke Makino, Chief Executive of Tabeer Energy Limited, who along with Atsushi Fujii – Chief Executive Mitsubishi Corporation for Pakistan – and Kimihide Ando, SPK – Senior Vice President Mitsubishi Corporation – visited the offices of Business Recorder on Saturday.

“It would be the first of its kind, a market based commercial project without any sovereign guarantee or subsidy from the government of Pakistan. We will import LNG cargoes in Pakistan to sell these directly in open market to our customers,” Makino said. Tabeer Energy is a 100 percent affiliate of Mitsubishi Corporation and has been a global LNG integrated player since the early 1960s. Mitsubishi has over 60 year business experience in Pakistan.

Makino said the company would start its operations by the end of the year 2020. “Subject to regulatory, commercial and technical evaluations, the natural gas will be supplied to Pakistan somewhere by the end of year 2020 or mid 2021,” Makino continued. He said the company would take its financial investment decision in second half of 2019 to start the work on the project. “We have applied to Port Qasim Authority (PQA) for a Letter of Interest (LoI),” he said and added that he hoped to have approval from the Authority at the earliest.

Tabeer LNG Project would be established at Port Qasim, Karachi, according to Makino, the site is discretionally selected as a result of a detailed study on social and environmental impacts of the project. He said the project would be able to ensure the security of supply of LNG to each customer in Pakistan on competitive prices.

“We will supply RLNG to the power, CNG and industrial sectors,” he added. Tabeer Energy will be endowed with a capacity to supply 750mmcfd of gas that would be imported with LNGC arrival frequency of 70-90 cargos per annum. About the infrastructure, he said the present gas supply pipeline is not sufficient and there is a need for laying another gas supply pipeline from Karachi to Lahore. “We have discussed these issues with Finance Minister Asad Umar and other concerned high officials for speeding up the procedures,” he said.

He underscored the need for laying a separate gas pipeline to ensure smooth supply of gas from Karachi to northern parts of Pakistan. However, it would be challenging for Tabeer Energy to start its project without being assured of a separate gas supply pipeline. “We will not go ahead without having government assurance of a new gas pipeline,” he said.

By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.

UAE Makes Fresh Pledge SBP Reserves FATF India Crude Oil Politics Dada Pota Show 11-03-2019

Dada Pota Show of 11-03-2019. The only program of business and economy in Pakistan.

UAE Makes Fresh Pledge SBP Reserves FATF India Crude Oil Politics Dada Pota Show 11-03-2019

Dada Pota Show 11-03-2019 based on UAE Makes Fresh Pledge SBP Reserves FATF India Crude Oil Politics.

Today, Dada G shared his opinion on important news that UAE makes fresh pledge to deposit $2b in SBP reserves.

Youtube:

The United Arab Emirates (UAE), one of the top friendly countries of Pakistan, has made a fresh announcement for depositing $2 billion in the State Bank of Pakistan’s (SBP) foreign currency reserves in a bid to help Islamabad smoothly overcome international payment pressure. “These funds are expected to be received shortly by the SBP,” the central bank announced on Saturday.

“Shortly means the deposits may even come in one day,” SBP spokesman Abid Qamar elaborated while talking to The Express Tribune. “These are expected to be received in the next couple of days (if not in one day).”The deposits are coming at a very critical time as Islamabad is all set to make a large external debt payment next month while its reserves have remained under pressure, said Arif Habib Limited Head of Research Samiullah Tariq.

“Pakistan is scheduled to pay off $1 billion for a maturing Eurobond in April…this will be in addition to some other external debt payments during the month,” he said.

Earlier, the UAE had announced a $6-billion friendly assistance package for Pakistan in December 2018, including $3 billion in cash deposits in SBP’s reserves and a credit line of another $3 billion for the supply of petroleum oil to Islamabad on deferred payment.

Abu Dhabi released the first tranche of $1 billion in cash deposit out of the pledged $3 billion in January 2019.

By & large, Dada G & Pota G presented a very good show. We received huge feedback in the form of SMS & facebook posts. If you missed today’s Dada Pota Show, there is no need to worry because you are just a click away. You can download and listen it now. “Dada Pota” show on-air at www.dadapota.pk.