TMA HEAD OFFICE
NEWS CLIPPINGS
DATE 02-08-2015
Traders observe strike against new tax
LAHORE: An overwhelming majority of traders — retailers and wholesalers both — across the country kept their
shutters down on Saturday in protest against the Nawaz Sharif government’s decision on extension of the scope of
withholding tax (WHT) on banking transactions.
KE: paying penalties
I READ in an Indian newspaper that a distribution company (Discom) will have to pay the penalties for all
unscheduled power cuts in New Delhi.
‘Taxing non-filers’
APROPOS the editorial ‘Taxing non-filers’ (July 28). I feel it gives a one-sided view. First, you have presumed that
non-filers do not pay any taxes at all. This is not true, as withholding taxes and indirect taxes are being paid at
various stages irrespective of the fact whether the businesses make a profit or loss.
Dar offers open talks to traders on banking transaction tax
ISLAMABAD: Finance Minister Ishaq Dar has softened up to protesting traders and offered open talks on Monday
(Aug 3) to hammer out an amicable solution on the issue of 0.3 per cent withholding tax on banking transactions.
Committee formed to resolve textile issues
ISLAMABAD: Federal Finance Minister Ishaq Dar here on Saturday constituted a committee to resolve issues of
the textile industry.
Business community ‘misrepresenting’ withholding tax issue
KARACHI: The imposition of 0.3 per cent withholding tax (WHT) on banking transactions by the Federal Board of
Revenue (FBR) can bring paradigm shift in taxation system by helping increase revenue collection and tax-to-GDP
ratio, experts say, adding that the business community was misrepresenting the issue.
Complete countrywide shutter-down observed
ISLAMABAD/ PESHAWAR/ LAHORE/KARACHI: Despite differences among different trade organisations on the
schedule of the shutter-down strike against the imposition of 0.3% Withholding Tax (WHT) on banking transactions,
traders countrywide observed a complete shutter-down on Saturday to record their protest with the government.
Only non-filers to pay WHT, Dar tells traders
ISLAMABAD: Federal Minister for Finance Ishaq Dar Saturday said the government was in contact with traders
and would soon resolve their genuine issues.
Traders’ strike invokes mixed response
LAHORE: The nationwide strike called by trader groups on Saturday against the 0.3 percent tax on banking
transactions by non-filers invoked a mixed response as a number of wholesale markets observed a complete
shutdown but the neighborhood markets kept their shutters open.
SBP cuts export refinance rate to 4.5 percent
KARACHI: The State Bank of Pakistan (SBP) on Saturday cut rate of refinance under Export Finance Scheme (EFS)
to 4.5 percent per annum from 6 percent to boost flagging exports.
FBR withdraws mandatory requirement
KARACHI: The Federal Board of Revenue (FBR) has withdrawn the mandatory requirement of income return filing
for the tax year 2014 by individuals even in those cases where refunds have been claimed.
Unisame proposes crackdown on tax evaders
KARACHI: The president of the Union of Small and Medium Enterprises (Unisame) said on Saturday that the
federal government should ask the chambers of commerce and industries and trade associations to require
membership applicants to furnish their national tax numbers (NTN) with their applications.
Strike on August 7: government-APTMA talks end in stalemate
The talks between government and All Pakistan Textile Mills Association (APTMA''s) to postpone the latter''s strike
call of August 7 failed to produce results on Saturday after the Finance Ministry refused to accept industry''s
demand for withdrawal of recently imposed surcharges on electricity along with Gas Infrastructure Development
Cess (GIDC).
Surcharges, other reasons behind doubling of power bills
Imposition of three surcharges, higher energy consumption due to a heatwave and Ramazan, as well as the
cessation of refund of Fuel Price Adjustment (FPA) in June 2015 are the major reasons behind doubling of
electricity bills of consumers. Well-informed sources told Business Recorder that Power Distribution Companies
(Discos) have sent higher bills to consumers primarily because around Rs 3 per unit surcharges were made part of
regular tariff. Additionally, the government did not pass on to the consumers the impact of Fuel Price Adjustment
(FPA).
WHT on bank transactions: markets largely closed across country
Traders in Lahore staged a strike on Saturday to press the government to drop the 0.3-percent advance adjustable
tax on banking transactions which is worth over Rs 50,000. A survey conducted by Business Recorder says all the
major markets were largely shut. The markets included those on the Mall and Hall Roads, the Abid and the
Currency Markets, Wahdat Road, Icchra, Ferozepur Road, Azam Cloth Market, Akbari Mandi, Shah Alam Market,
Rang Mahal, Brandreth Road, the Jail Road, Liberty, Hafeez Centre, Karim Lock, Loha Market, Defence and
Township Market.
Service providers in corporate sector: LHC admits petition against levy of 8
percent tax
Lahore High Court (LHC) has admitted a petition against levy of 8 percent minimum tax on service providers in
corporate sector under Finance Act, 2015. It is learnt that a petition on behalf of a service provider company was
filed on the issue of amendments made in Section 153 of the Income Tax Ordinance, 2001 by way of Finance Act,
2015 to make the tax so withheld @ 8% minimum tax as being ultra vires to the Articles 18 & 25 of the Constitution
in the LHC.
Overcharging consumers during petrol crisis: Ogra imposes fine of Rs 10.7
million on 12 OMCs
The Oil and Gas Regulatory Authority (Ogra) has imposed a fine of Rs 10.7 million on 12 Oil Marketing Companies
(OMCs) for overcharging the consumers during petrol crisis of January 2015. The Ogra on January 15, 2015 while
taking serious notices of the petrol shortage which crippled upper parts of the country for almost two weeks, issued
show-cause notices to OMCs which according to law were bound to keep at least 20 days stocks of the commodity.
China July factory growth unexpectedly Stalls
Growth at China's big manufacturing companies unexpectedly stalled in July as demand at home and abroad
weakened, an official survey showed on Saturday, reinforcing views that the economy needs more stimulus as it
faces fresh risks from a stock market slump.
Gas pressure normalized in SITE, claims SSGC
Apropos to the news item related to low gas pressure in SITE that appeared in a section of the press on August 1,
2015. Due to technical reasons, gas pressure in SITE industrial area dropped on Friday, that affected only few
industries out of nearly 4,200 units located in SSGC's franchise area. Specifically, only those high pressure
customers who are located at the tail-end of SITE's distribution network were affected due to low pressure and not
all the units.
Chinese businesspeople keen in making Investments
Leader 16 member Chinese delegation, Director General of Communal department of Xinjiang province, HE
Yiming has said that Chinese investors are keen to invest more in Pakistan in difference sectors including
agriculture & petrochemical. Speaking at a meeting of Federation of Pakistan Chambers of Commerce and Industry
(FPCCI), he said that many Pakistanis are doing business in Xinjiang province of China. He said that Pakistan
China Economic Corridor is an important part of China Silk road which will open new avenues of enhancing trade
and commerce activities.
Delegation of Chinese entrepreneurs visits FPCCI
A 16-member entrepreneurs' delegation from China headed by Commercial Department of Xingiang Province
Director General He Yiminf visited the Federation of Pakistan Chambers of Commerce and Industry on Saturday to
discuss business opportunities. The delegation met the Chairman of the Regional Standing Committee on Law and
Order, Khawaja Khawar Rashid, and proposed backup solutions and the solar PV systems to run small and medium
enterprises and industries in Pakistan.
FBR advertisement
Govt and APTMAs negotiations failed
IMF will remove complications in Pakistan tax system
Karachi operation be continued till complete peace