Latest news with #financeBill
Washington Post
10 hours ago
- Politics
- Washington Post
As Kenya protests police killings, families search for the disappeared
NAIROBI — No one seems to know what happened to Emmanuel Mukuria. Not his friends, who said they last saw him being dragged off the streets of the Kenyan capital by unidentified men during an anti-government protest. And not his family, which has spent a year searching for him. The 24-year-old bus driver disappeared June 25, 2024, during a demonstration against a controversial finance bill that would have sent the price of basic goods soaring. Less than an hour after Kenyan politicians passed the legislation, Parliament was in flames and three protesters had been shot outside the building.
Business Recorder
7 days ago
- Business
- Business Recorder
NA panel approves bringing over Rs10m pension into tax net
ISLAMABAD: National Assembly Standing Committee on Finance and Revenue Friday granted approval for bringing over Rs 10million pension into the tax net at a rate of 5 percent. Taking part in discussion, MNA Muhammad Jawed Hanif Khan stated that it seems that this move would bring all pensionable amounts into the tax net in the future. He was of the view that there might be a limited number of people, and probably Judges of the higher courts would come into the tax net. The NA Panel also discussed the FBR's proposal for the deduction of the tax amount after the decision of the High Court. The Parliamentarians belonging to PPP and PTI opposed this proposal and argued that it was an infringement of the right of appeal of the taxpayer, as the FBR should not withdraw the money from the account of the taxpayer soon after getting a favourable decision from the High Court. Chairman FBR, Rashid Mahmood Langrial, made all-out efforts to convince the members of the NA Panel and stated that the tax amount was proven at three to four forums, and after proving the case in favour of the FBR the tax amount was secured from the taxpayers. The Parliamentarians were of the view that the due tax amount should only be drawn after exhausting all forums, including the Supreme Court of Pakistan. The Chairman of the Committee instructed the FBR to come up with a second thought and revised draft on the piece of legislation in the finance Bill; otherwise, in the existing shape, the committee would reject such powers from the FBR. The NA Panel also approved amendments proposed in the Income Tax in the Seventh Schedule, which provides special treatment for the banking sector. The FBR has proposed five amendments for disallowing banks from incorporating expenses from the payment of taxes, including the rented building of banks and advances to Non-Performing Loans (NPLs). Copyright Business Recorder, 2025
Business Recorder
16-06-2025
- Business
- Business Recorder
Punjab Finance Bill aims at rationalising ST on services structure
LAHORE: With a view to rationalise the structure of sales tax on services in Punjab and to deal with the matters ancillary thereto and connected therewith the Punjab Finance Act 2025 has been laid in the Punjab Assembly under which the concept of taxing of services based on negative list has been introduced. As per the finance Bill, the concept of taxing of services based on negative list is not new, as the system already exists in many countries and implementation of this would give substantial increase in the revenues to the provincial government by broadening the tax base. Under the Finance Bill, the amount of penalty has been increased for compliance purposes especially in respect of Electronic Invoice Monitoring System. As per the bill, section 3A has been inserted to provide that 'all services are taxable under this Act, including but not limited to the services.' Under the bill, notwithstanding anything contained in this Act and subject to any condition and to the extent specified therein; all services mentioned in the First Schedule shall be tax-free services under this Act. Section 16B has been inserted for defining tax free services including rendering and consumption of goods or services; amount of sales tax paid on; telecommunication services in excess of nineteen and a half percent ad valorem; carriage of goods by rail or road in excess of fifteen percent ad valorem; and other services in excess of sixteen percent ad valorem. Under the bill, where any person refuses to accept payments through digital means i.e. (debit/credit cards, mobile wallets or QR scanning, such person shall be liable to pay a penalty of up to one million rupees: provided that the penalty shall not be less than four hundred thousand rupees on first and three hundred thousand rupees on each subsequent default: provided further that in case of three acts of commission or omission, the business premises of such person may further be liable to be sealed for a period which may extend to one month. As per Second Schedule, Taxable Services, there will be 15% rate of tax with input tax adjustment for service provider and service recipient against services provided by persons for carriage of goods by rail or road. There will be 19 and half percent of tax for telecommunication services: (a) telephone services; (b) fixed line voice telephone service; (c) wireless telephone; (d) cellular telephone; (e) wireless local loop telephone; (f) video telephone; (g) payphone cards; (h) pre-paid calling cards; (i) voice mail service; (j) messaging service; (k) short message service (SMS); (l) multimedia message service (MMS); (m) bandwidth services used for voice and video telecommunication services: (i) copper line based; (ii) fiber-optic based; (iii) co-axial cable based; (iv) microwave based; (v) satellite based; (n) telegraph; (o) telex; (p) telefax; (q) store and forward fax services; (r) audio-text services; (s) tele-text services; (t) trunk radio services; (u) paging services; (v) voice paging services; (w) radio paging services; (x) vehicle and other tracking services; and (y) burglar and security alarm services; (i) internet services, whether dialup or broadband, including email services, data communication network services (DCNS) and value added data services; (ii) such charges payable on the international leased lines or bandwidth services used by: (a) software exporting firms registered with Pakistan Software Export Board; and (b) data and internet service providers licensed by the Pakistan Telecommunication Authority; and (iii) such charges payable on the international leased lines used by the software exporting firms registered with Pakistan Software Export Board for software exports. Copyright Business Recorder, 2025
