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Articles for tag: account, hurt, Latest, Oil, retailers, Traders, warn

September 1, 2024

News Desk

Traders threaten to stop imports through WHT

KARACHI: Traders at Jodia Bazaar, the largest wholesale market for goods in Karachi, have warned that they will stop imports if the new withholding tax (WHT) is implemented. During a press conference on Saturday, Rauf Ibrahim, President of the Wholesale Grocers Association, announced that the closure of Jodia Bazaar shops was a protest against the recent hikes in WHT and electricity tariffs. He criticized the 2.5% increase in WHT on pulses and commodities, questioning why traders who already pay an annual fixed tax should also be required to act as withholding agents. Ibrahim, along with Ahmed Majeed, President of Pakistan

August 28, 2024

News Desk

FBR agrees to modify the tax regime as per the requirements of traders

The Federal Board of Revenue (FBR) has expressed its willingness to amend the tax regime in line with traders’ demands, signaling a possible shift in the ongoing tax collection debate. According to FBR sources, a revised memo could be issued immediately if traders agree, with proposed changes including exemption of small traders from tax liability. One of the important amendments under consideration is to simplify the income tax return form and issue it in easy-to-understand Urdu. Additionally, there is a proposal to exempt businesses with an annual turnover of up to Rs 100 million from sales tax. Earlier, Rana Ehsan

August 28, 2024

News Desk

Traders across Pakistan observe strike against hike in taxes and electricity bills

A man sits in front of closed shops along a street in Peshawar on September 2, 2023, during a nationwide strike by traders against rising electricity and fuel prices. — AFP “The political leadership has failed,” says the head of the traders. JUI-F, JI and PTI support traders’ call for nationwide strike. Traders are hinting at an extended strike period if the demands are not met. To protest the government’s tax reforms, traders across the country are observing a nationwide strike on Wednesday with the support of traders’ associations and political parties. Political parties targeting traders include Jamiat Ulema-e-Islam Fazl

August 28, 2024

News Desk

Traders go on strike against duties, taxes

ISLAMABAD/ LAHORE/ PESHAWAR: Trade unions are set to stage a countrywide shutdown on Wednesday (today) against high electricity tariffs, arbitrary taxes and unfair International Power Producers (IPP) contracts. In a related move, Jamat-e-Islami (JI), Jamiat Ulema-e-Islam Fazl (JUI-F), Pakistan Tehreek-e-Insaf and Awami National Party (ANP) have also thrown their weight behind in the case of merchants. . Addressing a joint press conference in Islamabad, officials of two major traders’ groups – Pakistan Anjuman Tajiran and Markazi Anjuman Tajiran – expressed their determination to observe a countrywide shutdown strike. They categorically stated that they will not back down from the strike,

August 24, 2024

News Desk

The traders announce a nationwide strike on August 28

KARACHI: A nationwide shutdown has been called for August 28 by traders and businessmen protesting the rising cost of doing business, fueled by unbearable taxes and exorbitant electricity and gas tariffs. The Karachi Chamber of Commerce and Industry (KCCI) announced its full support for the strike. Speaking to The Express Tribune, All Karachi Tajir Ittehad President Atiq Mir stressed the need for unity among traders against what he described as a “harsh tax system”. He criticized the federal budget for imposing new taxes that increased the prices of basic goods and services, including pulses, vegetables, medicines, books, utility bills and

August 20, 2024

News Desk

The government extends the tax status of traders

Islamabad: The government has quietly expanded the scope of the traders’ program to include shops located in residential areas as there is uncertainty over the approval of the $7 billion International Monetary Fund (IMF) program due to funding gap and ad-hoc relief for electricity consumers. A few days ago, the federal government extended the status of retailers to cover shops of 100 square feet in residential areas, which were earlier exempted from fixed income tax of 100 to 60,000 rupees per month, according to government sources. This move was necessary to address the IMF’s objections to the narrow basis of

July 25, 2024

News Desk

Oil traders can set fuel prices

Islamabad: The PML-N-led federal government has decided to deregulate the prices of petroleum products, allowing oil marketing companies (OMCs) to set prices based on various factors, including demand and supply. According to a statement issued by the Petroleum Ministry on Wednesday, the federal energy minister is set to hold a meeting on the matter today (Thursday) in view of an office order issued by Prime Minister Shehbaz Sharif. In the office order, the Prime Minister had directed the Petroleum Directorate to finalize and present the deregulation framework for the petroleum sector. The Petroleum and Natural Gas Regulatory Authority (Ogra)—the fuel

July 21, 2024

News Desk

Oil traders seek PM’s help to recover losses

LAHORE: The Petroleum Marketing Association of Pakistan (OMAP) has appealed to Prime Minister Shehbaz Sharif to intervene immediately and facilitate recovery of foreign exchange losses of the oil industry. In this regard, OMAP President Tariq Wazir Ali wrote a letter to the Prime Minister to draw his attention to the unrecoverable foreign exchange losses of the oil industry, which were pending for a long time. He stressed that immediate action will help safeguard the oil industry from further crisis and ensure its continued contribution to the national economy. He praised the government’s policies for getting the country back on track,

July 14, 2024

News Desk

Cement traders go on strike to protest high taxes

LAHORE: The cement traders association has announced that it is going on an immediate strike to protest the increase in withholding tax. “No cement dealer will receive cement from any company from today (Saturday) onwards,” the association said. “The tax target has increased but the business opportunities for traders and industrialists are decreasing. The higher the tax, the more people look for tax evasion avenues,” Union president Sajid Chaudhry said on Saturday. He added that a bag of cement was available for Rs 1,500 due to the tough measures announced in the federal budget for the financial year 2024-25, which

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