Uqiq 150 sealed K-P schools yet to reopen
The PTI government has launched its first amnesty scheme. Around 3% tax ha
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s been recommended on undeclared sales while the scheme will also follow on benami accounts. People residing in Pakistan can declare their property after paying 4% tax before December 31 while 2% tax will be applicable in case of those who de
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clare assets by September 30 of this year. Those
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residing abroad will have to pay 6% in taxes and declare their assets in accordance with the scheme.However, this is not the first scheme of its kind, and more than a dozen amnesty schemes have been offered since 1958. The country s first tax amnesty offered in 1958 had brought 71,289 people into the tax net as well as an amount of Rs1.3 billion. The amnesty scheme of 2018 brought 80,000 people into the tax net along with Rs121 billion in tax collection.However, the tax-to-GDP ratio in Pakistan is still very low as well as the number of taxpayers when compared with other countries in the region. During FY 2013-14, the tax-to-GD Yfpc FM Qureshi in Kuwait on two-day visit
SINGAPORE/LONDON:Oil prices fell on Thursday on fears of a global economic slowdown due to a US-China trade war but losses were capped by a tightening crude market and rising political tensions in the Middle East.Brent crude futures, the international benchmark for oil prices, wer
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e at $68.86 per barrel at 1044 GMT, down $0.59, or 0.9%, from their last close.US West Texas Intermediate (WTI) crude futures were up $0.12, or 0.2%, at $58.93 a barrel, supported by expectations of a fall in US crude inventories. An escalating US-China trade war represents a risk to oil markets, Bernstein E
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nergy said in a note on Thursday.A senior Chinese diplomat ramped up the rhetoric against the United States on Thursday by comparing actions from Washington to naked economic terrorism
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.Bernstein said that under a full-blown trade war scenario global oil demand would grow by 0.7% this year versus 2018, only half of current estimates.Because of weakening demand, Bernstein said any upside for oil markets