Articles for tag: complaining, higher, retailers, Retailers are complaining about the higher tariff of Rs 77 per unit, Tariff, unit

July 27, 2024

LAHORE: Managers of chain stores have urged the government to take serious note of the ever-increasing power tariff for commercial consumers, which has shot up to a ceiling of Rs 77.15 per unit, the highest tariff for all electricity consumers in the country. “Rising electricity costs pose a significant threat to retailers, traders and exporters, severely affecting their competitiveness and affordability. This situation has also adversely affected household budgets, reducing their purchasing power and making it increasingly difficult for businesses to sell products and for consumers to buy them,” said Chainstore Association of Pakistan (CAP) President Tariq Mehboob . This

July 23, 2024

News Desk

Business

The government is implementing a new tax regime for retailers

Islamabad: The government on Monday implemented a new income tax regime to bring tax-free retailers into the net, but excluded a significant number of traders from the scope after protracted negotiations with an influential class. Finance Minister Muhammad Aurangzeb approved the new scheme, which will be implemented from this month. The Federal Board of Revenue (FBR) notified the scheme, which aimed to collect Rs 50 billion from this financial year 2024-2025. However, certain exemptions would make it a challenge for the FBR to collect Rs 50 billion in additional income tax from retailers. Bringing retailers, farmers and exporters into the

July 13, 2024

News Desk

Business

FBR will enforce the tax regime of retailers in 42 cities

A shopkeeper stands outside his shop in a market ahead of Eid ul Fitr celebrations in Karachi, Pakistan, April 19, 2023. — Reuters The FBR projects an annual collection of Rs 50 billion from the retailer scheme. PM will visit FBR today to get detailed briefing on digitization. A minimum tax of Rs 1,200 to Rs 120,000 was proposed for retailers. Islamabad: The Federal Board of Revenue (FBR) has decided to extend the flat tax regime for retailers in 42 cities with a minimum amount of tax ranging from Rs 100 to Rs 10,000 per month depending on the valuation

July 2, 2024

News Desk

International

UK shop price inflation falls to lowest level since October 2021, retailers say

Prices in British shops rose at their slowest pace in nearly three years last month, according to industry figures that underscored how much inflation has eased, even if Prime Minister Rishi Sunak is unlikely to see much benefit in this year’s national election. week. Annual store price inflation slowed to 0.2% in June from 0.6% in May, the smallest increase since October 2021, the British Retail Consortium said on Tuesday. Non-food prices fell 1.0% year-on-year after falling 0.8% in May – helped by promotions on TV sets to coincide with the Euro 2024 football tournament – while food inflation slowed

June 8, 2024

News Desk

Business

The government is considering a 2.5% tax on retailers

Islamabad: In what could be seen as a major budget proposal, the government is considering imposing a 2.5% income tax on the entire trade chain, from manufacturers to retailers, to tap the real revenue potential of non-filers who are active in trade. If approved by Prime Minister Shehbaz Sharif and then by the National Assembly without bowing to pressure from traders, this proposal has the potential to add hundreds of billions of rupees to tax revenue. Under two other proposals, the tax authorities recommended raising the withholding tax by at least 1% on all imports except commercial importers. It recommended

May 2, 2024

News Desk

Business

All efforts ‘in vain’ if retailers not taxed, Miftah Ismail tells govt

Miftah asks the government to send people to jail if they don’t pay taxes. He says retailers can’t afford to close for two days. He says the move to ban non-filers from SIMS is a good decision. Former finance minister Miftah Ismail warned the government that all its efforts to stabilize the economy will be “in vain” if it does not tax retailers and called on authorities to send people to jail if they do not comply. “To begin with, collect a tax of Rs 4,500 from each retailer, if some have to be sent to jail, send them [to]

April 17, 2024

News Desk

Business

Only 50 retailers register with FBR

Islamabad: Fewer than 50 retailers have so far voluntarily registered with the Federal Board of Revenue (FBR) with only two weeks left before the deadline, highlighting the challenges the government faces in getting all retailers registered in six major cities. Despite Prime Minister Shehbaz Sharif’s massive campaign and focus on widening the tax net to include traders, the government’s effort has so far been unsuccessful. FBR sources said that during the first two weeks of the campaign, less than 50 traders signed up voluntarily. This figure reflects the government’s poor performance and is not in line with Prime Minister Sharif

December 12, 2023

News Desk

Business

The caretaker government plans to tax retailers. program that may come into effect from January 15

The government has identified 16 points to join the scheme, including small traders, shopkeepers, service providers A shopkeeper sits in a grocery store. —Reuters/File The government has finalized the tax regime, including the media campaign. It is likely to enter into force from 15 January 2024. Tax payments can be made through Jazz Cash, Easypaisa. ISLAMABAD: Following IMF’s refusal to introduce any fixed system for retailers, the caretaker government has finalized the ‘Asaan Tax Application’ to collect tax from small shopkeepers based on the valuation of each shop determined by the Federal Board of Revenue (FBR). Top official sources confirmed

November 10, 2023

News Desk

Business

The government will impose a heavy tax on retailers

Islamabad: Pakistan has informed the International Monetary Fund (IMF) that it plans to impose an indicative income tax on retailers with the aim of raising their contribution from Rs100 billion to Rs200 billion annually. Tax authorities have shared broader outlines of the proposal with the IMF, which the caretaker government wants to implement with effect from January next year, according to government sources. No specific collection amount has been sharedthe IMF, but the assessment shows that about an additional Rs 9 to 20 billion a month can be collected from retailers through a flat tax on shops, they said. The

Retailers are complaining about the higher tariff of Rs 77 per unit

The government is implementing a new tax regime for retailers

FBR will enforce the tax regime of retailers in 42 cities

UK shop price inflation falls to lowest level since October 2021, retailers say

The government is considering a 2.5% tax on retailers

All efforts ‘in vain’ if retailers not taxed, Miftah Ismail tells govt

Only 50 retailers register with FBR

The caretaker government plans to tax retailers. program that may come into effect from January 15

The government will impose a heavy tax on retailers

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