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No Oil Gas Reserves Found in Pakistani Waters US Dollar Speculation Political Economy Dada Pota Show 20-05-2019

Dada Pota Show of 20-05-2019. The only program of business and economy in Pakistan.

No Oil Gas Reserves Found in Pakistani Waters US Dollar Speculation Political Economy Dada Pota Show 20-05-2019

Dada Pota Show 20-05-2019 based on No Oil Gas Reserves Found in Pakistani Waters US Dollar Speculation Political Economy.

Today, Dada G shared his opinion on important news No oil, gas reserves found in Pakistani waters.

Hours after Prime Minister Imran Khan told the nation to expect good news regarding the discovery of oil and gas reserves off Karachi coast, his special assistant on petroleum Nadeem Babar announced that offshore drilling in Kekra-I well has been stopped owing to no oil reserves. Amid much hype, Pakistan was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea. The prime minister, on numerous occasions, said he was still hopeful that Pakistan would discover major gas reserves in offshore drilling being carried out in the Arabian Sea.

He said the nation could receive good news within two weeks. The prime minister asked the nation to offer special prayers so that the expectations attached to the drilling project come true. Imran Khan said, if found, the gas reserves would be enough to meet Pakistan’s needs for the next 50 years.

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.

Saudi Oil Fields Debt Nawaz Era Tourism Karachi Electric Iran Pakistan Gas Pipeline Dada Pota Show 17-05-2019

Dada Pota Show of 17-05-2019. The only program of business and economy in Pakistan.

Saudi Oil Fields Debt Nawaz Era Tourism Karachi Electric Iran Pakistan Gas Pipeline Dada Pota Show 17-05-2019

Dada Pota Show 17-05-2019 based on Saudi Oil Fields Debt Nawaz Era Tourism Karachi Electric Iran Pakistan Gas Pipeline.

Today, Dada G shared his opinion on important news that Saudi Arabia says oil stations attacked by armed drones.

 

Armed drones attacked two oil pumping stations in Saudi Arabia on Tuesday in what Riyadh called a “cowardly” act by Yemen’s Houthi rebels, two days after Saudi oil tankers were sabotaged off the coast of the United Arab Emirates.

The drone strikes caused minor damage to one of the stations supplying a pipeline running from its oil-rich Eastern Province to the Yanbu Port on the Red Sea, Saudi Energy Minister Khalid al-Falih said in a statement carried by the state-run Saudi Press Agency.

“These attacks prove again that it is important for us to face terrorist entities, including the Houthi militias in Yemen that are backed by Iran,” Falih 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.

FBR 1400 Billion Rupees Regional Politics Whatsapp Data Hacked Political Economy Dada Pota Show 16-05-2019

Dada Pota Show of 16-05-2019. The only program of business and economy in Pakistan.

FBR 1400 Billion Rupees Regional Politics Whatsapp Data Hacked Political Economy Dada Pota Show 16-05-2019

Dada Pota Show 16-05-2019 based on FBR 1400 Billion Rupees Regional Politics Whatsapp Data Hacked Political Economy.

Today, Dada G shared his opinion on important news that FBR struggles to net Rs1.4trn in May-June.

 

 

The Federal Board of Revenue (FBR) is facing a daunting challenge to net around Rs1.4 trillion in the last two months of the current fiscal year to attain the annual revenue target as the government relaxed recovery from defaulters, but the new tax amnesty is likely to underpin the collection efforts, sources said on Tuesday.

The FBR managed to collect Rs919 billion during May and June of the last fiscal year and that included Rs90 billion generated owing to amnesty scheme announced last year. The sources said the new amnesty scheme approved by the federal cabinet on Tuesday might help the FBR rack up sizeable revenue till June 30, 2019.

The FBR provisionally collected Rs2.993 trillion in the July-April period of 2018/19, up 2.4 percent year-on-year. Sources said the offices of Inland Revenue, however, lost hope of maximizing revenue collection during the last two months owing to latest instructions issued by the newly-appointed FBR chairman. The sources in the Large Taxpayers Unit (LTU) Karachi said the new chairman barred tax officials from freezing bank accounts without informing taxpayers and taking mandatory approval from the chairman.

Prime Minister Imran Khan appointed Shabbar Zaidi, a chartered accountant, as the chairman of the FBR with an aim to bring correction in the tax machinery. Zaidi assumed the charge of the FBR chairman last week. The FBR sources said the Income Tax Ordinance 2001 allowed actions to create deterrence against deliberate tax defaults and tax evasion.

The FBR chairman further directed LTUs and regional tax offices (RTOs) not to exclude any taxpayers from active taxpayers list (ATL). A new procedure has been laid down with regards to exclusion from ATL and the chairman would personally go through all the matter of suspensions and then decide. The FBR chairman also directed the field offices that there would no raids on business premises without prior information to the FBR chairman or Member Inland Revenue (Operations). The sources said tax offices are unanimous that revenue collection would not be increased in such a scenario.

The sources said the FBR headquarters asked LTUs and RTOs to provide estimates of revenue collection during the last two months of the current fiscal year. Most of the tax offices believed that the revenue collection in such circumstances would not even reach the numbers achieved during the last two months of the last fiscal year, according to the sources.

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.

Amnesty Scheme Federal Cabinet IMF Deal FATF Per Capita Income Political Economy Dada Pota Show 15-05-2019

Dada Pota Show of 15-05-2019. The only program of business and economy in Pakistan.

Amnesty Scheme Federal Cabinet IMF Deal FATF Per Capita Income Political Economy Dada Pota Show 15-05-2019

Dada Pota Show 15-05-2019 based on Amnesty Scheme Federal Cabinet IMF Deal FATF Per Capita Income Political Economy.

Today, Dada G shared his opinion on important news that Federal Cabinet approves tax amnesty scheme.

 

The federal cabinet on Tuesday approved a tax amnesty scheme allowing citizens to declared previously undisclosed assets in a bid to identify high earners for more efficient tax collection.

The announcement for the approval of the scheme, made by the Prime Minister’s Adviser on Finace Hafeez Sheikh, comes shortly after Pakistan reached a new agreement with the International Monetary Fund (IMF) securing a $6 billion bailout for the cash-strapped economy as the country struggles to stave off a looming balance-of-payments crisis amid low growth, soaring inflation, and mounting debt.

The amnesty scheme was approved in a session of the federal cabinet chaired by the Prime Minister in Islamabad earlier today. Speaking to reporters at a press conference, Finance Adviser Hafeez Sheikh said the objective of the amnesty scheme was not revenue generation but formalisation and documentation of the black economy.

“We have tried our best to make this scheme as simple as possible so people do not have problems understanding it and implementation is seamless,” he said. “The philosophy is not to threaten or intimidate people but to encourage businessmen.” He said that every Pakistani citizen — except for public office holders and their dependents — could avail this scheme to declare all previously undisclosed assets either abroad or in Pakistan.

Announcing the particulars, he said that citizens could use the scheme to whiten previously undeclared assets abroad by paying a 4% tax. He said that a condition to declaring cash was that the amount be kept in a Pakistani bank account. He said that those who wish to keep the money abroad after getting it whitened would have to pay 6% tax.

For declaring properties, he said that value on which tax would be charged would be the market value, given that it is not less than 1.5 times the FBR-assigned value.

Hafeez said the deadline of June 30 would not be extended and that the scheme was the last opportunity for Pakistani citizens to declare previously undisclosed assets before the law takes its course.

He said that the scheme would also facilitate holders of benami (nameless) accounts and properties in declaring their assets before they are confiscated under a new law for benami assets, which also carried the possibility of prison sentences.

He reiterated that it was the last chance for tax avoiders “to try and come and avail this opportunity” before the law takes its course.

According to details, the amnesty scheme recommends the following:

  • 5 per cent tax on individuals declaring assets by June 30, 2019
  • 10 per cent tax on individuals declaring assets by September 30, 2019
  • 20 per cent tax on individuals declaring assets by December 31, 2019
  • Recommendation for investment in Pakistan Banao Certificates for those declaring assets abroad
  • Recommendation for tax amnesty scheme for real estate sector
  • 1 per cent tax on those declaring property by June 30, 2019
  • 2 per cent tax on those declaring property by September 30, 2019
  • 4 per cent tax on those declaring property by December 31, 2019
  • The scheme will also be applicable on benami accounts
  • 3 per cent tax on undeclared sales
  • The scheme cannot be availed by individuals holding government positions after 2000
  • The scheme will not be applicable on cases being heard in court

According to sources, the cabinet was also briefed on proposed measures to control prices of essential commodities amid rising inflation. It also discussed the $6 billion bailout package agreed upon with the International Monetary Fund. A day ago, newly appointed chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said the government’s focus was to enhance the tax net to improve the economy.

He said he would try to make changes in the tax collection system, adding that data from non-filers would be collected to include them into the tax net. Observers view the scheme as the government’s attempt to broaden its revenue base in a country where barely one percent of the adult population pay taxes. The amnesty scheme is due to take effect before the annual budget, which is going to be the first biggest challenge for the new government of Prime Minister Imran Khan. Economists say the budget is likely to reveal the biggest ever fiscal deficit, with revenue collection facing a shortfall of nearly 500 billion rupees ($3.54 billion).

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.