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Traders

Traders must cooperate with FBR in curbing mis-invoicing

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Traders

KARACHI:  Chief Commissioner RTO-1 Karachi Dr Fahim Mohammad said that cooperation from the business community is required in curbing the mis-invoicing in Sales Tax and improper usage of Point of Sales.

This he conveyed during a meeting with the visiting delegation from business community led by Secretary Tajir Dost Scheme Abdul Rehman Khan.

“Traders must refrain from trading the smuggled goods as well as banned items and are required to proceed with their business transactions as per the law and procedures” remarked the Chief Commissioner besides adding that no one is above the law.

Representatives from the business community suggested that an awareness campaign through media may be initiated for awareness of traders and the related audience.

The participants from the visiting delegation apprised the Chief Commissioner of their business-related issues in their respective areas and requested him for resolving them.

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Important meeting between FBR chairman, traders will take place tomorrow

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Important meeting between FBR chairman, traders will take place tomorrow

ISLAMABAD: An important meeting will take place between Federal Board of Revenue (FBR) chairman and traders on Tuesday (tomorrow) before the countrywide shutterdown strike on August 28 announced by the Jamaat-i-Islami and traders’ organizations against inflated power bills and taxes. Trader leaders of Karachi are divided over the meeting with Chairman FBR Rashid Langriyal, who … Read more

FBR launches compulsory registration of traders

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FBR Non-Filer SIM

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a notification of a scheme related to the compulsory registration of traders.

According to FBR, the registration scheme of retailers and wholesalers will initially be applied in six major cities, these cities include Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Peshawar.

FBR has also sought views from stakeholders on the scheme called Special Procedures for Small Traders and Shopkeepers.

According to the notification, the tax will be collected from the traders based on the annual rental value of the shop, every trader has to pay income tax of at least 1200 rupees annually, the traders who submit the income tax return for the year 2023 will also get a discount, the scheme is applicable. It will be from April 1, but the first tax collection will be from July 15.

According to the notification, registration has been made mandatory for dealers, retailers, manufacturers and importers across the country, stores, shops, warehouses, and business offices will be required to register. The retailers and wholesalers will receive advance income tax by registering.

FBR said that in case of payment of tax before the 15th of every month, traders will get a 25% discount, in case of non-compliance with the law, they will be forcibly registered in the National Business Registry.

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PM assures resolving issues as Karachi traders threaten protests

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Morocco earthquake: Caretaker PM expresses grief over damages

PM Kakar held a meeting with members of the business community. Traders complained the economic conditions have worsened. The prime minister assured resolving issues facing by the business community KARACHI Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday assured that the interim government would make maximum efforts to address the issues faced by the business community … Read more

Traders to stage protest against land grabbing

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Traders

KARACHI: The traders have announced to stage a protest at 4pm at Babar market Landhi, against the unlawful encroachment activities being carried out with the support of authorities, an official said on Tuesday. While speaking to a delegation comprising of Babar Market President Shaheen Siddiqui, Vice President Waqar Ahmed, General Secretary Muhammad Uzair, Israr Ahmed … Read more

Traders approach court against collecting sales tax through bills

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sales tax

KARACHI: The Anjuman-e-Tajiran Sindh has approached the Sindh High Court against the levying of retail sales tax through electricity bills. The petition filed by Anjuman-e-Tajiran Sindh President Javed Shams will be heard tomorrow. It stated the implementation of sales tax included in the federal budget 2022-23. It said taxes were not applicable on small traders … Read more

Traders threaten shutterdown strike against fixed tax on retailers

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retailer tax

KARACHI: All Pakistan City Traders Association have termed the government’s ruling of implementation of the fixed tax on retailers as a ‘cruel’ act in current challenging economic times. During a meeting, the businessmen and traders denied complying with the newly imposed tax regime and have further announced a Pakistan-level meeting against this decision. Chairman All … Read more

Ex-JPMorgan traders “ripped off” the metals market, according to jurist

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JPMorgan

Spoofing was outlawed in 2010 when Congress passed the Dodd-Frank Act. Since then, prosecutors have argued that earlier instances constituted fraud. The three men are accused of using the tactic to manipulate futures on metals such as gold, silver, platinum, and palladium. The jury trial is expected to take around five weeks.  Former JPMorgan traders … Read more

Wall Street increases as traders’ irrational concerns of rate increases

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Wall Street

U.S. stock markets have stabilized in July after a brutal selloff in the first half. The benchmark S&P 500 index (.SPX) has risen 3% so far this month, after recording its steepest first-half percentage drop since 1970. The S&P 500 rose 1.36%, while the Dow Jones gained 0.89%, and the Nasdaq added 2.21%. Wall Street … Read more

Bitcoin’s crypto supremacy is on all peak ever since bull market’s peak

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Bitcoin

Smaller cryptocurrencies surged Monday as bitcoin noticed a remedy rally, tracking signs of hazard reset in conventional markets. Leading the marketplace higher at 9.38 am ET to become bitcoin gold, a cryptocurrency created thru a difficult fork of bitcoin in mid-November 2017. The 4-and a half-year-old cryptocurrency changed arms at $27, representing a 40% gain … Read more

Legal action awaits firms trading with Russia: Zelensky adviser

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zelensky

President Volodymyr Zelensky’s top economic adviser has condemned European countries still buying Russian gas and oil, accusing them of aiding war crimes. In an exclusive interview with the Observer, Oleg Ustenko slammed the lack of an immediate western embargo on Russian imports. “Whoever supplies Russia with this bloody money is committing the same war crime,” … Read more

US economy facing ‘modest’ bust next year, Fannie Mae stated

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Fannie Mae

The U.S. Monetary outlook is dimming and a downturn could be on the horizon as the Federal Reserve moves to tame the most updated inflation in four decades, in line with Fannie Mae economists. The mortgage lender said in a brand new economic and housing forecast that the economic system faces a “modest recession” in 2023 … Read more

Double taxation, high cost of doing business big challenges: LCCI

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LCCI

LAHORE: Double taxation, high cost of doing business and the lack of infrastructure in the market were big challenges, an official said. Talking to a delegation of the Textile Traders Association of Pakistan, Lahore Chamber of Commerce and Industry president Mian Nauman Kabir said that the resolution of these issues is in the interests of … Read more

Bitcoin futures highlight some pitfalls for new exchange-traded funds

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RIYADH: Bitcoin hit a six-month high and was within striking distance of its all-time peak on Tuesday, as traders bet an anticipated listing of a futures-based US exchange-traded fund (ETF) could herald investment flows into cryptocurrencies, Arab News reported. Bitcoin has been known for its volatility for 13 years and has recently been trading fairly flat, but … Read more

BMG chairman urges traders to exhibit complete unity

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BMG chairman urges traders to exhibit complete unity

KARACHI: Businessmen Group (BMG) chairman and former president of the Karachi Chamber of Commerce and Industry (KCCI) Zubair Motiwala has urged all the shopkeepers and small traders to exhibit complete unity and solidarity under the KCCI’s umbrella so that one strong voice could be raised to compel the federal and provincial governments pay attention to … Read more

Small traders postpone protest call for September 27

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COVID-19

ISLAMABAD: The negotiations between the Federal Board of Revenue (FBR) and traders succeeded and confusions pertaining to the Tax Laws (Third Amendment) Ordinance, 2021 were clarified. A delegation of elected leadership of small traders led by Kashif Chaudhry, central president of the Markazi Tanzeem-e-Tajiran, Pakistan has been in contact with the FBR for the last … Read more

Sindh government accepts all the demands of traders

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Sindh government

The Sindh government allowed markets to open in Karachi and Hyderabad on Friday.

Leaders of the Karachi Traders Action Committee called on Provincial Minister Nasir Hussain Shah and demanded the reduction of safe days in Karachi and Hyderabad.

Nasir Shah allowed the traders to open the markets on Friday and informed the police and other concerned agencies in this regard.

Nasir Hussain Shah also directed the commissioner, deputy commissioner, and administration of the Karachi division and assured the traders that a notification would be issued soon.

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