Latest news with #FTR
Yahoo
5 days ago
- Entertainment
- Yahoo
AEW Collision Spoilers For 5/31 From El Paso, TX
On May 28, All Elite Wrestling taped AEW Collision at the El Paso County Coliseum in El Paso, Texas, for May 31. These matches will air on this Saturday's episode. The spoilers, courtesy of PWInsider, are as follows: spoiler alert AEW Collision for May 31: Claudio Castagnoli defeated Komander AEW International Title Number One Contender Tournament Match Tony Schiavone interviewed FTR and Stokely Hathaway in the ring. Atlantis Jr. and Templario interrupt and fend off an attempted attack from FTR Don Callis Family (Trent Beretta, Rocky Romero, & Konosuke Takeshita) defeated Tomohiro Ishii & Paragon (Roderick Strong & Kyle O'Reilly) Kazuchika Okada (c) defeated Anthony Bowens in an AEW Continental Championship Eliminator match Will Ospreay and Swerve Strickland brawl backstage Mina Shirakawa defeated Skye Blue. Julia Hart attacked Shirakawa after the match, which brought Toni Storm out to make the save. Gates Of Agony (Toa Liona & Bishop Kaun) win a tag team squash match RUSH, Dralistico & The Beast Mortos defeated AR Fox & Top Flight Mascara Dorada defeated Hechicero in an AEW International Title Number One Contender Tournament Match Advertisement WrestleZone will have live coverage of AEW Collision as it airs on Saturday evening. READ MORE: Will Ospreay Gives Honest Advice To Latest Round Of WWE Releases What do you make of these spoilers for AEW Collision overall? Do these results make you more excited to check out the show on Saturday? Let us know your overall thoughts by sounding off in the comments section below. The post AEW Collision Spoilers For 5/31 From El Paso, TX appeared first on Wrestlezone.
Express Tribune
5 days ago
- Business
- Express Tribune
IT sector seeks policy continuity
Pakistan Freelancers Association Chairman Ibrahim Amin cautioned against increasing tax rates on freelancers, who already pay taxes on every transaction in addition to fees charged by freelancing platforms and payment gateway service providers. photo: REUTERS Listen to article Key stakeholders of the IT industry have urged the government to continue reforms and extend incentives for the significant growth of the IT sector and its allied fields to enhance export earnings and create jobs for youth, in line with the objectives of the futuristic "Uraan Pakistan" economic plan. They called for incorporating their recommendations in the upcoming federal budget 2025-26 to enable the IT sector to grow faster, generate more employment opportunities, and contribute more effectively to strengthening the national economy. They also stressed the need for continuity of existing policies and resolution of regulatory and tax-related challenges in the finance bill for 2025-26, particularly for the IT industry and freelancers, to help accelerate sectoral growth and development. Khushnood Aftab, Convener of the IT Committee at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), recommended that the government reduce import duties on essential hardware components such as RAM, SSDs, motherboards, batteries, and displays. This would support the local assembly of fully built imported devices like laptops, desktops, and tablets, fostering local value addition and attracting investment in domestic production facilities. He noted that increased support for the localisation of computer devices and hardware accessories could help Pakistan conserve foreign exchange, create skilled jobs, and position itself as a competitive exporter in regional markets. The locally branded IT hardware sector, he added, deserves focused attention as it directly aligns with the "Made in Pakistan" initiative and the broader Digital Pakistan vision. Furthermore, he emphasised the urgent need for the fair inclusion of local brands in government procurement, which would encourage scale, improve quality, and support domestic industry without compromising standards. Pakistan must also prepare for the growing demand for AI-integrated hardware and edge computing devices, he said, which could be achieved through the introduction of targeted Research and Development (R&D) tax credits and innovation grants to support companies working on emerging technologies within the country, said Khushnood Aftab, who is also Chairman Viper Group. Muhammad Umair Nizam, Senior Vice Chairman of the Pakistan Software Houses Association (P@SHA), said the IT sector is a key driver of economic growth, job creation, and foreign investment. He stressed that extending the Final Tax Regime (FTR) for the next decade would provide the policy stability necessary to encourage reinvestment and help Pakistan maintain its competitive edge in global markets. He also urged the government to harmonise the definitions of IT and Information Technology Enabled Services (ITeS) across federal and provincial tax laws to ensure consistency, eliminate jurisdictional ambiguities, and reduce compliance burdens. A unified framework, he said, would enhance investor confidence, streamline taxation, and promote sectoral growth by creating a predictable regulatory environmentultimately strengthening Pakistan's digital economy and competitiveness. Equally important, he said, is reducing income tax for salaried IT professionals, which would help retain top talent and mitigate the ongoing brain drain. Pakistan Freelancers Association Chairman Ibrahim Amin cautioned against increasing tax rates on freelancers, who already pay taxes on every transaction in addition to fees charged by freelancing platforms and payment gateway service providers. He recommended that the government exempt freelancers and IT companies from withholding tax (WHT) on international transactions under the Exporters' Special Foreign Currency Account (ESFCA) in the upcoming finance bill, following the concurrence of the Ministry of Finance and Revenue. He also urged the finance division to ensure that all features of the Roshan Digital Account (RDA) be extended to ESFCAs for IT companies and freelancers, enabling them to benefit from streamlined banking services and improved access to capital.
Economic Times
6 days ago
- Business
- Economic Times
Merge ahead! Govt shifts gears to put fast-track M&As in the express lane
Budget 2025 had stated that requirements and procedures for speedy approval of company mergers would be rationalised. Scope of fast-track mergers (FTMs) will be widened and the process made simpler. As a follow-up to the announcement, the corporate affairs ministry issued a public notice last month containing a draft notification amending Companies (Compromises, Arrangements & Amalgamations) Rules 2016, proposing inclusion of more classes of companies for is a welcome step. While the aim is to expand the scope of companies that can avail of FTMs, the fast-track route (FTR) itself can be further simplified. GoI proposes to expand the scope of 3 existing categories of FTMs: of two or more startups, of one or more startups with one or more small companies, and between a holding company and its wholly-owned subsidiary,by adding 4 other classes of companies that can avail of FTR: Unlisted company with another unlisted company (where neither is a not- for-profit company), both companies having individual borrowings of less than ₹50 cr and have not defaulted on repayment of such borrowings. Holding company (listed or unlisted) and one or more unlisted subsidiary company/companies. Coverage is to include 'subsidiary' company, and not just 'wholly-owned subsidiary', which is so far the case. Such a subsidiary, though, has to be an unlisted company. Merger of fellow subsidiaries of the same holding company where the merging transferor company isn't a listed company. It's proposed to cover only unlisted fellow subsidiaries under this category. Merger of a foreign company (a company incorporated overseas) with its wholly-owned subsidiary in India, thereby enabling reverse-flipping, or promoting Indian ownership of assets, instead of foreign the case of a subsidiary merging with a parent company, the latter can be listed but the subsidiary cannot. If the restriction on subsidiary being 'wholly-owned' is proposed to be removed, listed subsidiary should be considered for inclusion. Also, in the case of fellow subsidiaries, they need to be it's good to see that merger between fellow subsidiaries belonging to the same group will get the benefit of FTR, this benefit is restricted if any subsidiary is listed. While listed entities will have greater public interest, as long as they are subsidiaries of a listed entity, such interest will be protected when they merge with a publicly-listed parent being subjected to higher degree of FTR entails several steps: Giving notice of proposed scheme of merger to registrar and official liquidator. Seeking their comments and objections. Seeking requisite approval of shareholders and creditors to the scheme where the threshold prescribed is higher than in non-FTMs. Filing of certificate of solvency with registrar. Filing approved scheme with GoI, registrar and official liquidator. If there are no objections by these two authorities, GoI will register the scheme and issue an intimation to the companies. But if there are objections, the scheme is referred to the regional director, who may still confirm the scheme after considering the the regional director has objections that the scheme is not in public interest, or in the interest of creditors, it will refer the matter to NCLT. Then the process before NCLT is followed, which means one virtually comes out of current procedure under FTR can take up to 90-120 days. Ideally, once shareholders and creditors have approved of the scheme, it should be registered, with GoI having the power to modify it at a later FTR does not cover all types of demergers. The latter are commonly deployed to restructure, to provide sharper focus to a business line, reduce costs, etc. FTR should be extended to 'mirror demergers' by listed entities where a division of the listed entity is hived off into another listed company with shareholders receiving equal shares in the new listed mergers other than FTMs as well, GoI should consider easing the process. Presently, two NCLTs have to approve the scheme if the registered office of the merging company and the resultant company are in two different states. This entails avoidable delays. Only NCLT that has jurisdiction over the company, which is going to merge and lose its legal existence, should sanction the scheme. The resultant company can be investigated later if there is any post-merger concern. This will help hasten the process and unclog are an important instrument of economic activity. Growth of industry through inorganic means will play an important role in India's economic growth story. We should take all steps to further simplify the process, and keep reviewing company categories for FTR inclusion. The writer is adviser, HUL (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. 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Business Recorder
26-05-2025
- Business
- Business Recorder
Consistent policies needed for economic stability: FCCI chief
FAISALABAD: Long term policies are prerequisite to achieve sustained economic stability and, in this connection, the business leaders across the country must adopt a unified stand, said Rehan Naseem Bharara, President Faisalabad Chamber of Commerce & Industry (FCCI). Addressing All Pakistan Chambers Presidents Conference 2025 organised by the RCCI, he said that Pakistan was making steady progress in the 1960s but later on decline started due to multiple reasons including inconsistent policies and international and domestic meltdown. He said that once again serious efforts were made for the revival of the economy which were sabotaged and failed to give the required results. He appreciated the economic vision of Prime Minister Shehbaz Sharif and said that he has not only saved Pakistan from bankruptcy but also put it back on the path of revival. 'However, positive, practical and long term policies are required to consolidate these achievements on a sustained basis,' he said and added that consultation with genuine stakeholders is a must in policy formulation. About the problems confronted by the business community, he expressed concern over the recently amended tax laws and demanded its immediate review. He said that exports are the lifeline of Pakistan and we must satisfy exporters by restoring the Final Tax Regime (FTR). He also stressed the need to bring down the policy rate to single digit in addition to providing electricity to the industrial sector at 9 cent per unit. 'It would help our exportable surplus to compete in the international markets,' he added. About the SME sector, he termed it as an economic growth engine but added that this financially starved sector was facing multiple issues. He said that the SME sector must be facilitated with concessional loans to unlock their immediate growth potential. 'Similarly, the limit of the SME sector should also be enhanced from 80 crore to Rs 2 billion, he said and demanded that the SME sector may also be allowed to import used machinery through concessional loans. President FCCI said that the tax net should be broadened in connection with the documentation of the economy. He acknowledged the importance of women entrepreneurs and said that the government should also take special measures to encourage them by providing them concessional loans. Later President FCCI Rehan Naseem Bharara signed two separate MoUs with Movenpick Hotel Centaurus Islamabad and Wah Nobel Group. Under the MoUs, these institutions would provide services to FCCI members at subsidized rates. Copyright Business Recorder, 2025
Business Recorder
24-05-2025
- Business
- Business Recorder
Fair share of taxes: PHMA objects to FBR's claim
KARACHI: The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) Chairman Muhammad Babar Khan has strongly objected to what he calls a misleading impression by the Federal Board of Revenue (FBR) that exporters do not pay their fair share of taxes. This claim, reportedly shared with the IMF and in parliamentary budget sessions, is 'untrue and damaging,' he said. Babar Khan clarified that under the current Normal Tax Regime (NTR), apparel exporters are paying significantly higher taxes—over 45 percent—compared to the previous Final Tax Regime (FTR), where taxes ranged from 25 percent to 33.3 percent based on profit margins. He explained that under FTR, exporters paid a one percent fixed tax plus a 0.25 percent Export Development Surcharge (EDS), deducted automatically. Now under NTR, exporters pay a one percent minimum tax and one percent advance tax, plus the 0.25 percent EDS—totaling 2.25 percent on export proceeds at the time of realization. Additional taxes are levied on profits annually, increasing the total tax burden. He warned that the manual processing in NTR has increased opportunities for corruption, contrasting it with the automated deductions under FTR. Exporters also face super tax and minimum tax even in loss-making years, with refunds delayed for months—causing severe liquidity issues. PHMA raised concerns over government plans to impose Sales Tax at the import stage under the Export Facilitation Scheme (EFS), saying this would worsen exporters' financial strain as sales tax refunds are already delayed. The association urged the government to retain the original EFS provisions, including the zero-rated status for local purchases under SRO 957(I)/2021, to support competitiveness and ensure smoother operations across the textile value chain. Babar Khan warned that current policies would hurt exports, widen the trade deficit, and reduce foreign exchange earnings. He called on the government to focus on bringing non-taxpayers into the tax net rather than penalizing compliant exporters. Copyright Business Recorder, 2025
