The Financial Daily : 2020-08-21

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Friday, August 21, 2020 ISLAMABAD: Prime Minister Imran Khan chairs a meeting on FBR reforms, here Thursday. - PID photo Dr Hafeez seeks technical input from WB on the pension reforms Exempts sales tax and income tax on import of sugar Disqualifi­cation case IHC asks Vawda to submit his reply FBR Directorat­e unearth Rs4.36 bn tax evasion ISLAMABAD: The Islamabad High Court ( IHC) on Thursday directed Minister for Water Resources Faisal Vawda to furnish his reply on a petitio n seeking his disqualifi­cat ion as a member of the National Assembly for allegedly concealing his dual citizenshi­p. The IHC bench comprising Justice Aamir Farooq directed him to submit his response within a period of five days an d adjourned the hearing of the petition by Sept 17. Barrister Jahangir Khan Jadoon, the counsel for petitioner ISLAMABAD: Advisor to the Prime Minister on Finance & Revenue, Dr Abdul Hafeez Shaikh has requested technical input from the World Bank on the pension reforms currently being prepared by the Ministry of Finance. The advisor was t alking to World Bank's newly appointed Country Director in Pakistan, Najy Benhassine who called on him here on Thursday. Dr Shaikh welcomed the country director and appreciate­d the strong working relationsh­ip between the government of Pakistan and the World Bank. He highlighte­d the reforms initiated by the government to tackle the balance of payment crisis i n 2018/ 19 and bring stability to the economy. Dr Shaikh shared details of how the COVID pandemic has adversely impacted the economy and slowed down the reforms programme. He outlined the steps taken by the government to tackle the COVID 19 pandemic and stimulate the economy. In particular, he highlighte­d the Prime Minister's Ehsas program where over 16 million of the most vulnerable households have benefitted from cash t ransfers. Similarly, support provided to SMEs and business in the form of subsidized payroll loans, deferred Raza Kazmi Lahore as a result of which it was observed that registered person was involved in massive evasion of due sales tax/ commission of tax fraud by way of suppressio­n of its actual quantum of production and supplies. The Director Intelli gence and Investigat­ion- IR, Lahore after fulfilling the legal formalitie­s constitute­d a team to take action under section 38 read with section 40 of the Sales Tax Act, 1990. The authorized officer along with his team initiated proceeding­s under section 38 of the Sales Tax Act, 1990 and after obtaining search warrant in accordance with the provisions of section 40 of the Sales Tax Act, 1990 from the concerned Area Magistrate and took into custody record/ documents/ computers/ diskettes etc. from business and manufactur­ing premises of the registered person. Scrutiny of impounded record/ documents inter alia, establishe­d that the registered person had committed ta x fraud by evading due sales tax to the tune of Rs. 4.36 billion by concealing its actual production & supplies which was found to be recoverabl­e along with default surcharge amounting to Rs. 2. 45 billion and penalty amounting to Rs. 4.36 billion for commission of tax ISLAMABAD: The Field Formations of Federal Board of Revenue are engaged in operations against tax evasion and tax fraud to comply with the strict directions of FBR Headquarte­r. While implementi­ng the directions of FBR, the Directorat­e of Intelligen­ce and Investigat­ion has unearthed a massive tax evasion case of Rs. 4.36 billion in Lahore. In pursuance of informatio­n received, discrete intelligen­ce gathering was carried out in relation to a registered person operating a manufactur­ing concern of edible products in See # 14 Page 7 Sharif withdraws petition from IHC in Toshakhana ref See # 13 Page 7 See # 10 Page 7 Punjab seeks deployment of army, rangers in Muharram SBP raises financing limit to facilitate exporters ISLAMABAD: Islamabad High Court ( IHC) on Thursday dismissed as withdrawn a petition filed by former prime minister Nawaz Sharif challengin­g his non- bailable arrest warrants issued by an accountabi­lity court in the Toshakhana reference. A two- member bench headed by IHC Chief Justice Athar Minallah heard the petition. The matter was closed after Sharif requested to withdraw his petition. At the previous hearing, the bench had inquired about the status of the bail granted to the PML- N supreme leader in the AlAzizia reference. It noted that the removal of Sharif's name from the Exit Control List ( ECL) was not ordered by the court, but the government. Nawaz Sharif, who is currently in London, had moved the petition through Barrister Jahangir Khan Jadoon, citing NAB chairman, the judge of the accountabi­lity court- III and the investigat­ion officer in the Toshakhana reference as respondent­s. The petitioner stated that the IHC granted him bail on October 9, 2019 on medical grounds yet the accountabi­lity court initiated the process of declaring him a proclaimed offender under Section 87 of the criminal procedure code ( CrPC). ISLAMABAD: The State Bank of Pakistan ( SBP) has enhanced the limit of refinancin­g provided to banks under the Export Finance Scheme ( EFS) by Rs100 billion in a bid to extend further facilitati­on to exporters. According to a seri es of tweets by the central bank on Thursday, banks will now have an overall limit of Rs700 billion for the exporters for fiscal year 2020- 21. "Moreover, t o promote export- oriented i nvestment, Rs90 billion have also been allocated under the Long Term Financing Facility ( LTFF) for FY21," it tweeted. "This amount is in addition to the limit of Rs100 billion already allocated to banks/ developmen­t finance institutio­ns ( DFIs) under the Temporary Economic Relief Facility ( TERF) - a concession­ary refinance scheme for setting up industrial units." Shariah- compliant versions of both the schemes are also available. Since the emergence of COVID- 19, the SBP has taken several measures to counter its impact on the economy and prioritise­d safeguardi­ng the country's exports. According to the statement, the SBP has provided a number of relaxation­s under EFS and LTFF since March 2020 i ncluding giving additional period of six months for maki ng shipment against loan s availed under EFS part- I. It said that an additional period of six months was granted for meeting required export performanc­e against loan s availed under EFS part- II. "The export performanc­e of this extended period will also be considered for calculatin­g t he entitlemen­t l imit for FY21," the statement said. LAHORE: The Punjab Police have written a l et ter to Additional Chief Secretary ( Home) Momin Agha seeking deployment of militar y t roops i n t he province for maintainin­g law and order during Muharram- ulHaram. According to the letter, a requisitio­n was forwarded to t he See # 15 Page 7 See # 16 Page 7 Active COVID- 19 cases come down to 11,945 Iran unveils missiles named after Suleimani See # 11 Page 7 ML- 1 be completed in less than stipulated three years, remarks CJP; ML- 1 project to prove milestone in Railways developmen­t: Rashid SC gives four weeks to overhaul railways ISLAMABAD: Coronaviru­s cases and associated deaths are on the decline in the country as 513 new infections and eight fatalities were reported over the last 24 hours. According to the National Command and Operation Centre ( NCOC), the total active COVID- 19 cases in the country are now 11,945. So far, 6,209 people have died due to complicati­ons related to the contagion with addition of eight fatalities reported over the previous 24 hours. As many as 23,670 tests were conducted dur- ing this period, taking the number of tests conducted across the country thus far to more than 2.3 million. The number of active coronaviru­s cases stands at 11,945. Meanwhile, India reported a record daily jump of 69,672 coronaviru­s infections on Thursday, taking the total number of cases to 2.84 million, data from the federal health ministry showed. It reported 997 new deaths, taking the total to 53,886. India is the worst- hit country in Asia and third only behind the United States and Brazil in terms of number of cases. - TLTP TEHRAN: Iran has unveiled two new missiles named after the slain head of the Islamic Revolution­ary Gard's force head Gen Qassem Suleimani and the head of Iraqi militias, state TV reported. The move comes amid heightened ISLAMABAD: The Supreme Court on Thursday gave the government four more weeks t o overhaul loss- making Pakistan Railways in order to turn it into a profit- making national entity. A bench headed by Chief Justice Gulzar Ahmed issued these directions while hearing a suo motu case pertaining to financial losses the Railways department has been inflicting on the national kitty. The court gave the fourweek extension for the restructur­ing of Railways on t he request of the Planning Commission. The court also issued directives to the Sindh government and the Railways Ministry to submit a report regarding Karachi's circular railway project. Chief Justice Gulzar Ahmed expressed reservatio­ns See # 12 Page 7 See # 17 Page 7 Chief Minister Punjab Sardar Usman Buzdar directs for ensuring early drainage of rainwater 17 die in incidents as rains wreak havoc in Punjab LAHORE: At least 17 people died and many others got i njured i n different rainrelate­d i nci dents in Punjab on Thursday. Accordi ng t o a r e sc ue te am spokespers­on, t he roof of an old house collapsed in Ibrahim Colony located in Lahore's Harbanspur­a area, ki l l i ng f our peopl e and injuring five others. Fol l owing t he i n c i dent , rescue workers rushed t o the spot and recovered the t wo bodies, whereas seven others were injured, t wo of the i nj ured s uc cumb ed t o i nj uri es d uring t r e at ment while the condition of the remaining i njured i s said t o be ou t of d anger. Meanwhile, t he roof of a house on Muridke Road in Sheikhupur­a coll aps ed, kill ing t wo people and i njuri ng seven o thers. Moreover, f i ve pe ople, i nclu ding a woman and four children, were killed when the roof of t hei r house col l aps ed i n Phalia area of Mandi Bahauddin. I n addition, a la ndslide occurred in a coal mine i n Qasba Bhal of Chakwal due t o t he rain, causing t hree l abourers to get crushed to death and fi ve others in jured. Two other person s died in Fai sa l aba d and Zafa r wal due t o el ect r ocut i on. Meanwhile , Punj ab Chi ef Mini st er Sarda r Usman Buzdar Thursday di r ecte d the concerned department­s t o r emain vi gi l ant i n t he wake o f hea vy r ai ns f or quick rel ief and rescue operation. The chie f minis t e r s ai d that drainage of rainwater should be ensured in minimum poss i bl e t i me. He di r e ct ed t h at t h e s i t u - a t i o n a r i s i n g a f t e r r a i n s s h oul d b e f u l l y monit ore d. Weat he r i n La hore an d i t s a d j o i n i n g a r e a s t u r n e d p l e as a nt a f t er h ea vy mons o o n r a i n l a s h e d t h e p r o v i n c i a l c a p i t a l o f Pu nj ab . Hea vy do wnp our i n di ff e r e nt are a s i nu nda t - e d r o a d s a n d s t r e e t s i n La hor e. Published by Shakil Haider Jafri & Printed by Mukhtar Aqil at KK Printers for Data Research Communicat­ion, 111- C, Jami Commercial Phase VII, DHA Karachi. 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