Syed Haider Imam
Chief Minister (5k+ posts)
PML-N targetted Savers and Pensioners
PML-N targetted Savers and Pensions.
- Thread starter Syed Haider Imam
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Syed Haider Imam
Chief Minister (5k+ posts)
Why Government is targeting savers and Pensioners. ?
Last 5 Years , PML- N was part of the Government and then become opposition. They did not challenge the Zardari Government for massive corruption Now, once things went out of control, Government is penalizing general public and attacking their life time savings. This sucks.
People are equally responsible for supporting these thugs. Like always, pay the price again....over and over...We will never learn from our BLUNDERS.
For higher returns, people may go to Karachi Stock Exchange where sharks are waiting for them. PONZI schemes at Karachi stock exchange are at peak. Karachi Stock Exchange always suffer massiver corections in short inetervals where people investment wipes out in matter of days.
Congratualtions to people for having rotten democracy in Pakistan.........Hoor CHopppoooooooo
Last 5 Years , PML- N was part of the Government and then become opposition. They did not challenge the Zardari Government for massive corruption Now, once things went out of control, Government is penalizing general public and attacking their life time savings. This sucks.
People are equally responsible for supporting these thugs. Like always, pay the price again....over and over...We will never learn from our BLUNDERS.
For higher returns, people may go to Karachi Stock Exchange where sharks are waiting for them. PONZI schemes at Karachi stock exchange are at peak. Karachi Stock Exchange always suffer massiver corections in short inetervals where people investment wipes out in matter of days.
Congratualtions to people for having rotten democracy in Pakistan.........Hoor CHopppoooooooo
Last edited:
Syed Haider Imam
Chief Minister (5k+ posts)
PML-N is a criminal party. People elected them and sent them in assemblies. They did not do their job and waited for their " BARI "
They got their Government but at what cost ?
If they would have done their job as opposition party, things could have lot better for them. Their life style won't change but people of Pakistani will suffer big time.
Andhoon mein Kana Raja did nothing to stop these crooks .
Now, the time has come when justice will be perform in roads.
[URL="http://www.siasat.pk/forum/showthread.php?167434-PML-N-Pakistan-Muslim-League-(N)-5-YEARS-Performance-as-an-Opposition-Party-and-Past-History&highlight=shahbaz+sharif+projects"]Pakistan-Muslim-League-(N)-5-YEARS-Performance-as-an-Opposition-Party-
http://www.siasat.pk/forum/showthread.php?167434-PML-N-Pakistan-Muslim-League-(N)-5-YEARS-Performance-as-an-Opposition-Party-and-Past-History&highlight=shahbaz+sharif+projects[/URL]
What they call Abenomics in Japan, is called WaterKitonomics in Pakistan.. Its always the pensioners and savers. Anything in local currency denomination asset, is going to get creamed.
Syed Haider Imam
Chief Minister (5k+ posts)
Syed Haider Imam
Chief Minister (5k+ posts)
PML-N Government has proven that they know how to milk people money in banks while their assets are in foreign banks.
Congratulations to people of PUnjab who use something in elections ( as per nawaz Shairf ) which they never had at first place. LMAO
Congratulations to people of PUnjab who use something in elections ( as per nawaz Shairf ) which they never had at first place. LMAO
Although I cant read Urdu, but there is no doubt in my mind that all dollar denominated assets, including Foreign bank accounts, Dollar based CDs, will not be paid out in real dollar but a forced converstion using suppressed rates.
Forget Cyprus, say hello to Argentina! Remember, Cyprus Central Bank is a sublet of the ECB. Pakistan State Bank has 1 god - Ministry of Finance.
Forget Cyprus, say hello to Argentina! Remember, Cyprus Central Bank is a sublet of the ECB. Pakistan State Bank has 1 god - Ministry of Finance.
Asif, Cyprus like confiscation of bank accounts is coming to Pakistan ?
Syed Haider Imam
Chief Minister (5k+ posts)
Here is the english version of this news.
ISLAMABAD: The government has slashed down interest rates on various products of National Savings Schemes (NSS) in line with reduction in discount rate policy unveiled by the State Bank of Pakistan (SBP).
According to announcement made by CDNS on Friday, as a consequence of reduction in discount rate by SBP, the government has downward revised interest rates on NSS for the investment made on or after 01-07-2013.
The instant revision is made in the backdrop of current market scenario and in accordance with the government’s policy to provide market based competitive rate of return to the investors of national savings.
As per notification issued by the federal government the new rates for special savings certificates (R)/account, regular income certificates, defence savings certificates and savings accounts have been fixed at 8.92 percent, 9.72 percent, 10.36 percent and 6.00 percent respectively.
While, the new rates for short term savings certificates of three months, six months and one year have been fixed at 8.45 percent, 8.50 percent and 8.55 percent respectively, the profit rate of return for specialized savings schemes i.e. Bahbood Savings Certificates and Pensioners’ Benefit Account has also been revised and fixed at 12.24 percent in order to provide safety net to specialized segments of society.
Syed Haider Imam
Chief Minister (5k+ posts)
KSE criticises income support levy
KARACHI: The Karachi Stock Exchange (KSE) has demanded of the government to withdraw 0.5 percent income support levy on net moveable wealth mentioned in the Finance Bill 2013.
The taxation committee of the board of KSE said that some of the important proposals presented by the exchange were not included in the bill, said a statement. It urged the federal government to reconsider its decision.
It said Pakistan’s capital market is highly documented and every single transaction made in the stock exchange is transparent since it is routed through banking channel.
The statement said that on account of advance tax on sale/purchase of shares, capital value tax, and capital gains tax, the exchange paid Rs1.8 billion to the federal government between July 2012 and June 2013. Moreover, stock brokers paid federal excise duty, it added.
It said that the imposition of 0.5 percent under Income Support Levy Act, 2013 would result in a significant flight of capital.
Besides, it added, it would pare bank deposits in addition to investment in real estate sector, thereby causing speculation. The committee maintained that the tax would encourage parallel economy.
Further, the committee took to task the insertion of section 165-A in the Income Tax Ordinance, 2001 – which provides a framework to banks for furnishing information about banking transactions to the tax authorities, saying this would result in harassment by tax officials.
KARACHI: The Karachi Stock Exchange (KSE) has demanded of the government to withdraw 0.5 percent income support levy on net moveable wealth mentioned in the Finance Bill 2013.
The taxation committee of the board of KSE said that some of the important proposals presented by the exchange were not included in the bill, said a statement. It urged the federal government to reconsider its decision.
It said Pakistan’s capital market is highly documented and every single transaction made in the stock exchange is transparent since it is routed through banking channel.
The statement said that on account of advance tax on sale/purchase of shares, capital value tax, and capital gains tax, the exchange paid Rs1.8 billion to the federal government between July 2012 and June 2013. Moreover, stock brokers paid federal excise duty, it added.
It said that the imposition of 0.5 percent under Income Support Levy Act, 2013 would result in a significant flight of capital.
Besides, it added, it would pare bank deposits in addition to investment in real estate sector, thereby causing speculation. The committee maintained that the tax would encourage parallel economy.
Further, the committee took to task the insertion of section 165-A in the Income Tax Ordinance, 2001 – which provides a framework to banks for furnishing information about banking transactions to the tax authorities, saying this would result in harassment by tax officials.
Syed Haider Imam
Chief Minister (5k+ posts)
[h=1]Tax on moveable assets being imposed in Pakistan[/h]Sun, 23 June 2013
KARACHI — Near the end of the 65-page Finance Bill 2013, presented before parliament on June 12, is buried a chapter that is inconspicuously titled 'Income Support Levy Act 2013,' a tax to be charged at the rate of 0.5 per cent on net moveable assets in excess of Rs 1 million.
Net moveable wealth means the amount by which the aggregate value of the moveable assets belonging to a person, as declared in the wealth statement for a tax year, is in excess of the aggregate value of all the liabilities owed by that person on the closing date of the tax year.
If the fact that it is called an 'Act' and has already 'come into force at once' despite being part of the Finance Bill 2013 was not surprising enough, its full title seems to suggest that it is going to be imposed retrospectively. In fact, Section 3 of this Act explicitly states that the levy will be applicable from tax year 2013 and onward.
Thus, the question arises: how can a proposed amendment, that would probably become part of the Act only upon the passage of the Finance Bill 2013, be applicable for approximately 355 days of a year that has already passed?
'The Finance Bill 2013 itself is still a proposal, and not an Act. Therefore, the applicability of the bill is still questionable,' said Komail Abbas Badami, who serves as partner at Badami Law Associates, a Karachi-based tax advisory firm.
In the likely case of the bill’s passage, he noted, the changes introduced in the Act should ideally be prospective in nature. However, in such a case, the Income Support Levy Act 2013 should instead be named Income Support Levy Act 2014, in order to make it applicable from tax year 2014 and onward, Badami says.
Nevertheless, concerns that taxation experts are raising with regard to the Income Support Levy Act 2013 are not just limited to its retrospective applicability from tax year 2013. Questions such as whether net movable assets are to include foreign currency bank accounts, motor vehicles and fixed deposits that are not allowed to be moved remain unanswered, Badami says. — Internews
http://main.omanobserver.om/node/168805
KARACHI — Near the end of the 65-page Finance Bill 2013, presented before parliament on June 12, is buried a chapter that is inconspicuously titled 'Income Support Levy Act 2013,' a tax to be charged at the rate of 0.5 per cent on net moveable assets in excess of Rs 1 million.
Net moveable wealth means the amount by which the aggregate value of the moveable assets belonging to a person, as declared in the wealth statement for a tax year, is in excess of the aggregate value of all the liabilities owed by that person on the closing date of the tax year.
If the fact that it is called an 'Act' and has already 'come into force at once' despite being part of the Finance Bill 2013 was not surprising enough, its full title seems to suggest that it is going to be imposed retrospectively. In fact, Section 3 of this Act explicitly states that the levy will be applicable from tax year 2013 and onward.
Thus, the question arises: how can a proposed amendment, that would probably become part of the Act only upon the passage of the Finance Bill 2013, be applicable for approximately 355 days of a year that has already passed?
'The Finance Bill 2013 itself is still a proposal, and not an Act. Therefore, the applicability of the bill is still questionable,' said Komail Abbas Badami, who serves as partner at Badami Law Associates, a Karachi-based tax advisory firm.
In the likely case of the bill’s passage, he noted, the changes introduced in the Act should ideally be prospective in nature. However, in such a case, the Income Support Levy Act 2013 should instead be named Income Support Levy Act 2014, in order to make it applicable from tax year 2014 and onward, Badami says.
Nevertheless, concerns that taxation experts are raising with regard to the Income Support Levy Act 2013 are not just limited to its retrospective applicability from tax year 2013. Questions such as whether net movable assets are to include foreign currency bank accounts, motor vehicles and fixed deposits that are not allowed to be moved remain unanswered, Badami says. — Internews
http://main.omanobserver.om/node/168805
Ali raza babar
Chief Minister (5k+ posts)
concern_paki
Chief Minister (5k+ posts)
Corrupt PMLN...now wants to kill olders...........kutttttayyyy ke bachhe
