Whey Finance – Vegan Light Chocolate Nowhey http://veganlightchocolatenowhey.com/ Sun, 23 Jan 2022 03:05:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://veganlightchocolatenowhey.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Whey Finance – Vegan Light Chocolate Nowhey http://veganlightchocolatenowhey.com/ 32 32 “Implementing Dalit Bandhu nationwide” – The Hindu https://veganlightchocolatenowhey.com/implementing-dalit-bandhu-nationwide-the-hindu/ Sat, 22 Jan 2022 17:32:00 +0000 https://veganlightchocolatenowhey.com/implementing-dalit-bandhu-nationwide-the-hindu/

Finance and Health Minister T. Harish Rao has challenged the Union Government to implement Dalit Bandhu across the state if the BJP is sincere about the welfare of Dalits as it claims so.

“The BJP in the Center is copying our plans. The Bhagiratha mission was copied in the name of Har Ghar Jal. Rytu Bandhu was copied in the name of Prime Minister Kisan Samman Nidhi. If they are sincere about the welfare of Dalits, why don’t they implement Dalit Bandhu nationwide and allocate an amount in the budget to be presented to Parliament on February 1? Mr. Harish Rao asked while addressing reporters in Bejjanki after appearing on several shows in the mandal.

“BJP has ridiculed that Rytu Bandhu will be confined to Huzurabad constituency.

“Chief Minister K. Chandrasekhar Rao has ordered to implement the program statewide in all constituencies. 100 families from each constituency will be selected and they will benefit by March 31,” Mr. Harish Rao said, adding that about ₹25,000 crore will be allocated in the next budget for the scheme.

Informing that the government has rolled out social welfare programs although elections are not imminent, the minister said that Kalyana Lakshmi and Shaadi Mubarak had benefited about 9.96 lakh families in the state.

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Local supply of factories, machinery: elimination of sales tax zero-rating https://veganlightchocolatenowhey.com/local-supply-of-factories-machinery-elimination-of-sales-tax-zero-rating/ Fri, 21 Jan 2022 00:28:37 +0000 https://veganlightchocolatenowhey.com/local-supply-of-factories-machinery-elimination-of-sales-tax-zero-rating/

ISLAMABAD: The Federal Board of Revenue (FBR) has removed the zero rate of sales tax on the local supply of plant and machinery to export processing zones (EPZ), duty free shops, local supplies to exports covered by the export facilitation program and the supply/repair/maintenance of vessels and related equipment and machinery from January 16, 2022.

The FBR has issued Circular Number 6 of 2022, here on Thursday for the explanation of the significant amendments to the Sales Tax Act 1990, the ICT (Services Tax) Ordinance 2001 and the Federal Excise Act 2005.

The FBR said that the zero-rating of crude oil, which was abolished by the 2021 finance law, was also reinstated from January 16, 2022.

Finance (Suppl) Bill: 17pc GST proposed to be levied on more than 150 items

For the purposes of tax rationalization and broadening of the tax base, while retaining the exemptions on essential foodstuffs, basic health care and education, a number of exemptions in Table 1 of the Sixth Schedule of the Sales Tax Act 1990 have been removed.

Goods on which GST at the standard rate has been imposed can broadly be classified as imported/branded foodstuffs or plant and machinery and industrial inputs.

Imported live animals/poultry, imported uncooked meat/poultry, imported eggs, imported seeds and various types of agricultural equipment, plant and machinery of field industries are some of the items which are now subject to the standard regime.

Tax Laws Amendment Bill (Fourth): FBR seeks to slap 17pc ST on various items

Thanks to a new insertion in Table 2 of the Sixth Annex, the local supply of food products such as cereals, meat, poultry, vegetables, fruits, eggs, etc. has been exempted from the levy of sales tax.

Similarly, supplies of locally produced laptop computers and newspapers are also exempt. An exemption for the local supply of sugar cane has also been provided for. On the other hand, some of the existing exemptions available in Table 2 have been removed on raw cotton, whey and sausages (sold other than in retail packaging), matchboxes among others.

In addition, prior to the Finance (Supplementary) Act 2022, bread, sheermal, vermicelli, buns and rusks sold in all bakeries and confectioneries were exempt under section 7 of the relevant table. However, said provision has now been amended so that the standard rate tax has become payable on such items when sold in bakeries, restaurants, food chains and confectioneries falling under the category of Tier 1 retailers. Exemptions for various plants, machinery and equipment, often involving huge tax expenditures, are available in Table 3 of the Sixth Schedule.

Local supply will be zero-rated: 17% GST may be levied on the importation of pharmaceutical inputs

Some of these exemptions have been removed.

The FBR stated that the Eighth Schedule of the Sales Tax Act 1990 provided rates lower than the standard GST rate and that prior to the Finance (Supplementary) Act 2022 a wide range of rates ranging from 1 % to 16.9% were available under said appendix.

This has led to a distortion of the tax system.

Differential rates were difficult to administer and susceptible to misuse. The eighth schedule has now been simplified and a number of reduced rates and preferential regimes have been removed, bringing these goods under the normal regime.

The rate of sales tax on cellular/mobile devices is specified under the provisions of Table 2 of the Ninth Schedule to the Sales Tax Act 1990. sales tax ranging from Rs1,740 to Rs9,270 per device.

There was little justification for a reduced rate on the importation of expensive/high-end branded mobile devices. Therefore, a 17 percent ad valorem tax was introduced for imported mobile devices worth more than $200, the FBR added. Said amendments to legislation and tax/FED rates are applicable as of January 16, 2022.

Copyright Business Recorder, 2022

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[Funding roundup] Qarmatek, Un1Feed, AppX, MyCaptain, EduFund and others raise seed rounds https://veganlightchocolatenowhey.com/funding-roundup-qarmatek-un1feed-appx-mycaptain-edufund-and-others-raise-seed-rounds/ Tue, 18 Jan 2022 13:08:56 +0000 https://veganlightchocolatenowhey.com/funding-roundup-qarmatek-un1feed-appx-mycaptain-edufund-and-others-raise-seed-rounds/

Refurbished Electronics Startup Qarmatek Raises $3M Led by GVFL, Caspian Debt

Inasmuch asQarmatek Services Pvt. ltd.Inasmuch as, a refurbished and renewed electronics category, announced that it raised $3 million in a funding round led by GVFL (Gujarat Venture Finance Limited) and Caspian Debt.

In the preliminary phase, the funds will be used to expand and digitize operational capabilities, expand into major national markets and foray into B2C operations with MOBEX, a brand of Qarmatek that is resolutely customer-centric.

Co-founders of Qarmatek

The investment will also enable Qarmatek to align with its broader vision of creating a technology-based circular economy for e-waste in India, while improving the customer experience from point of sale to touchpoint. of purchase. Qarmatek intends to use part of the funds to create a versatile technologically advanced infrastructure that will ensure a seamless experience of an embellished B2C journey for the end user, while offering the best prices and products of exceptional quality. .

Tech startup Un1Feed raises $1 million in pre-seed

Un1Feed, the tech startup founded by Hardik Patil and Ansh Nanda which allows users to override and tweak their social feed algorithm, raised over $1 million in a pre-seed round led by Neo, a community-focused venture capital fund based in the Silicon Valley.

Other investors in this round include Tribe Capital, Great Oaks, Global Asset Capital, and angel investors. Un1Feed plans to use this funding for product development and hiring.

AppX Raises $1.3M in Y Combinator-Led Funding Round

Start-up based in Delhi AppX, which allows creators to run their online businesses from their own storefront, raised $1.3 million in a recent funding round led by Y Combinator, Global Founders Capital, Rocket Internet, Soma Capital, Shrug VC, Lenny Rachitsky, James Beshara and TDV Partners. .

The company plans to use the new funds to increase its product offerings to help more creators monetize, deploy their token, and expand internationally.

AppX Co-Founders

Founded in January 2020 by Samir Sadana and Anuj Gupta, AppX helps its creators monetize through their own personal mobile apps and websites, where creators can run their own online businesses such as eBooks, courses, NFTs, and e-commerce businesses. The company currently targets creators with over 10,000 followers on platforms like Instagram, Tiktok, Youtube, and other such social media.

Online Mentoring Platform MyCaptain Raises $3M in Pre-Series A Round

Inasmuch asMy captainInasmuch as, a Bengaluru-based startup focused on reinventing the future of work, has raised $3 million in a pre-Series A round led by Ankur Capital. The round also saw participation from IPV (Inflection Point Ventures), Firstport ventures, IIM Calcutta Angels Network, Singapore Angel Investors and other Super Angels.

Co-founded by Mohammed Zeeshan, Sameer Ramesh and Ruhan Naqash, MyCaptain, an online mentorship platform, has evolved into a platform where students can learn directly from young professionals, discover new career options, and gain practical skills through over 30 live, cohort-based classes from beginner to advanced.

These courses range from content writing, social media management, fashion design to entrepreneurship and even advertising. As the market leader in the segment, MyCaptain has been able to train, mentor and facilitate monetizable results for over 150,000 paid learners so far, coming directly from metropolitan cities like Bangalore to small towns like Guntur in Andhra Pradesh.

Local consumer electronics startup Mivi raises funds from N+1 Capital Inbox

mivi collected an undisclosed amount from Capital N+1 in the debt financing cycle. The new capital will further strengthen the company’s internal capabilities, helping it expand its presence in new vertical markets.

Based in Hyderabad, Mivi is a one-of-a-kind company specializing in the audio gadget category, with its products ranging from TWS (True Wireless Earphones) to speakers to meet the audio needs of today’s tech and music savvy Indian population. Realizing the lack of high quality audio gadgets in the Indian market, the brand is striving to take its consumer electronics industry to the next level with its high quality “Made in India” gadgets at affordable prices.

EduFund raises $1 million seed round led by Anchorage Capital Partners

Inasmuch asEdu FundInasmuch as, the first Indian company that covers a child’s higher education journey from savings (rupee and dollar) to immigration, raised $1 million in its funding round led by Anchorage Capital Partners, as well as additional investments from ViewTrade Holding – Corp and other angel investors. The funds will be used to increase product offerings and expand market presence.

Founded in June 2020, EduFund provides a holistic planning tool to help every parent plan their child’s higher education journey and reduce the financial burden associated with quality higher education.

Co-founders of EduFund

The company has entered into several partnerships with advisors including – OnCourse Global, Zsoldos Coaching, Reva Education Consultant and Overseas Education Consultancy. EduFund is also a registered investment adviser regulated by SEBI. Moreover, it guarantees 100% privacy and confidentiality to protect users’ personal information. The company has also partnered with a major US broker to offer investments in US dollar-linked products.

T-Hub bags Rs 5 Cr from the Startup India Seed Fund

Inasmuch asT-hubInasmuch as which leads India’s pioneering innovation ecosystem, announced on Tuesday that it had been selected under the Startup India Seed Fund Scheme by DPIIT, GOI to disburse Rs 5 crore among eligible startups with the aim of support and fuel seed funding for startups.

With the aim of providing efficient and value-driven growth for startups, T-Hub announced this year that it is focusing on providing funding opportunities for its startups and the receipt of the Startup India Seed Fund is the one of the steps towards this orientation. The fund will be disbursed to eligible startups through debt instruments or convertible bonds. The fund will be used to provide financial assistance to startups for proof of concept, prototype development, product testing, market entry and commercialization.

T-Hub will disburse this fund to 15 startups over three years.

The seed fund allocated to T-Hub is industry-neutral and will focus on supporting technology startups and innovations that are Minimum Viable Product (MVP) ready and in need of funds for initial growth.

HUVIAiR Raises $3.2M in Series A Funding Round Led by Chiratae Ventures

HUVIAiR technologies raises $3.2 million in his Series A round financing, led by Chiratae Ventures. Other investors participating in this round include SOSV, RMZ Management LLP and Artesian Venture Partners.

Inasmuch asHuviairInasmuch as is a pioneer in remote monitoring and construction project management software. Their flagship SaaS platform CONSTRA, pulls information from images and videos (of the exterior and interior of the building) to help immensely through the planning, construction and inspection stages of construction projects. .

With this new round of funding, HUVIAiR plans to hire key people, create new product features, expand customer acquisition in India and a few strategic overseas markets, including the United States. .

Ice cream brand Get-A-Whey makes Rs 1 Cr investment in Shark Tank India

Inasmuch asGet-A-WheyInasmuch as, a healthy ice cream brand founded by two siblings, Jash Shah and Pashmi Shah Agarwal, along with their mother Jimmy Shah, has made an investment of Rs 1 crore for 15% equity in the first edition of Shark Tank India .

Investors understood Ashneer Grover, MD and co-founder, BharatPe; Aman Gupta, CMO and co-founder, boAt; and Vineeta Singh, CEO and Co-Founder, SUGAR Cosmetics.

Available in Mumbai, Pune, Delhi-NCR, Bengaluru, Surat, Hyderabad and Chennai through supermarkets, their website and online platforms, the brand is available in 12 international flavors and also sells four keto-friendly flavors.

Aerostrovilos Energy secures Rs 3.5 crore as part of its funding round

Aerostrovilos Energy, an organization incubated by IIT Madras and Mumbai holding company Angels, secured its funding round on Tuesday from Rs 3.5 billion of Tube Investment of India, a Murugappa Group company.

Working on Micro Gas Turbine (MGT) development with National Center for Combustion Research (NCCR) at IIT Madras, Aerostrovilos Energy is building MGT-based powertrain solution for heavy-duty and power generation. electricity at reduced costs.

The company will use the funds for the completion of its solution, the manufacture of prototypes and a trial of heavy vehicles based on MGT.

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Natural protein powders market – 32% of growth comes from North America https://veganlightchocolatenowhey.com/natural-protein-powders-market-32-of-growth-comes-from-north-america/ Mon, 17 Jan 2022 07:32:28 +0000 https://veganlightchocolatenowhey.com/natural-protein-powders-market-32-of-growth-comes-from-north-america/

NEW YORK, January 17, 2022 /PRNewswire/ — 32% of market growth will come from North America during the forecast period. The United States and Canada are the major markets for the natural protein powder market in North America. Market growth in this region will be faster than market growth in South America regions. The natural protein powder market is expected to grow by $2.81 billion from 200 to 2025, progressing to a CAGR of 8.08% according to Technavio’s latest market forecast report.

For more insights on the market share of different regions –Download the free sample report

Attractive Opportunities in the Natural Protein Powders <a class=Market by Product and Geography – Forecast and Analysis 2021-2025″ src=”https://s.yimg.com/ny/api/res/1.2/Z3XIhPKlPpRPi7rLZAOMLw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw–/https://s.yimg.com/uu/api/res/1.2/sqqIxbI_Q9HdVmdSaANaQg–~B/aD0yMjU7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/25442780f244cf604dfd57a33fb1a1b2″/>

Attractive Opportunities in the Natural Protein Powders Market by Product and Geography – Forecast and Analysis 2021-2025

Natural Protein Powder Market: Rising Preference for Plant-Based Diets to Fuel the Market and Drive Growth

Rising preferences for plant-based diets are one of the major drivers for the growth of the natural protein powder market share. With the increase in awareness and understanding of animal cruelty and killing, there has been an increase in the number of consumers choosing a plant-based diet. Additionally, consumer perception that plant-based products are safer and healthier to eat than animal products has compelled manufacturers to develop new plant-based protein sources to better satisfy the vegan population. growing world. Thus, rising interest in natural and organic products is expected to drive the natural protein powder market over the forecast period.

To learn more about the drivers, trends and challenges – Request a free sample research report

Natural Protein Powder Market: Segmentation Analysis and Revenue Generation Segment

This market research report segments the natural protein powder market through Product (Natural Plant Protein Powder, Natural Whey Protein Powder and Other Natural Protein Powders) and Geography (North America, Europe, APAC, South America, and MEA).

The growth of the natural protein powder market share by the natural plant protein powders segment will be important for revenue generation. Soy protein powder, wheat protein powder, and pea protein powder are the most popular and consumed protein powders and are considered healthier than meat protein. Additionally, plant proteins are helpful in reducing obesity and chronic inflammation and improving metabolism and the like. Thus, the high health benefits of the product segment are expected to increase the growth of the natural protein powder market share over the forecast period.

To better understand the contribution of various segments to the market – Download a free sample report

Some of the main topics covered in the report include:

Market factors

Market challenges

Market trends

Supplier Landscape

Related reports:
Whey Protein Market in the United States – The whey protein market in the United States has the potential to grow in $829.71 million during the period 2021-2025, and the growth momentum of the market will accelerate at a CAGR of 7.28%. Download a free sample now!

Yogurt market –The yogurt market share is expected to increase by USD 32.29 billion from 2020 to 2025, and the market growth momentum will accelerate at a CAGR of 5.41%. Download a free sample now!

Scope of the natural protein powder market

Report cover

Details

Page number

120

base year

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 8.08%

Market Growth 2021-2025

$2.81 billion

Market structure

Fragmented

Annual growth (%)

7.22

Regional analysis

North America, Europe, APAC, South America and MEA

Successful market contribution

North America at 32%

Main consumer countries

United States, Germany, Canada, China and United Kingdom

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Amway Corp., Cargill Inc., Glanbia Nutritionals Inc., GNC Holdings Inc., Herbalife Nutrition Ltd., Kerry Group Plc, Makers Nutrition LLC., NOW Health Group Inc., Organic Valley and Sports Supplements Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

About Technavio

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

contacts

Technavio Research
Jesse Maida
Media & Marketing Manager
USA: +1 844 364 1100
UK: +44 203 893 3200
E-mail: media@technavio.com
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

Quote

Quote

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Minister asks lawmakers to guarantee the inviolability of Parliament https://veganlightchocolatenowhey.com/minister-asks-lawmakers-to-guarantee-the-inviolability-of-parliament/ Fri, 14 Jan 2022 09:34:01 +0000 https://veganlightchocolatenowhey.com/minister-asks-lawmakers-to-guarantee-the-inviolability-of-parliament/

ISLAMABAD: Minister of State for Parliamentary Affairs Ali Muhammad Khan said on Friday it was the primary responsibility of elected representatives to uphold democratic standards and ensure the sanctity of parliament.

Speaking on the floor of the National Assembly, he criticized the attitude of the opposition parties shown in the House the other day and said that the president of the president of the AN must be given the respect due to him from. “Protesting is the right of opposition parties, but it should be done in a respectable way. »

He said that it was regrettable to throw papers on the chair of the president of the National Assembly, because the government was ready to listen to the protests of the opposition parties with an open heart.

Responding to a question from Shazia Marri, the Minister said that the fees announced by the Minister of Finance would be provided to employees who performed duties during the budget session.

The Minister said he had discussed with the Minister of Finance to include staff members of the Press Information Department (PID) and Radio Pakistan in the honorarium list.

Khawaja Muhammad Asif of the Pakistan Muslim League-Nawaz (PML-N) said it was up to members of the House to ensure respect for the president.

He was of the opinion that the attitude of the Treasury bench was inappropriate, because it pushed bills through the House the other day.

Noor Alam Khan called on the government to ensure an end to electricity and gas load shedding in the city of Peshawar. He asked the government to safeguard the interests of ordinary people.

Pakistani MP for Tehreek-e-Insaf (PTI) Amjad Ali Khan said the State Bank of Pakistan (Amendment) Bill 2022 was tabled in the House after consultation with all political parties. He said that during the committee meeting, the political parties gave their opinion on the bill.

He said it was the position of the PTI to give independence to state institutions.

He said the prime minister would appoint the members of the SBP board.

Faheem Khan of the Muttahida Qaumi Movement Pakistan (MQMP) has criticized the Pakistan People’s Party government in Sindh, pointing to the deterioration of law and order in the province.

He asked the federal government to hand over the security of Sindh province to the Rangers to improve law and order.


]]> Government takes giant step for IMF conditions https://veganlightchocolatenowhey.com/government-takes-giant-step-for-imf-conditions/ Fri, 14 Jan 2022 04:24:52 +0000 https://veganlightchocolatenowhey.com/government-takes-giant-step-for-imf-conditions/

ISLAMABAD:

The National Assembly on Thursday approved a controversial supplementary finance bill – also dubbed the ‘mini-budget’ – worth 360 billion rupees with a majority vote and bulldozed the bill. State Bank of Pakistan (SBP) Amendment Act to give absolute autonomy to the central. banking – both measures aimed at meeting two critical conditions set by the International Monetary Fund (IMF).

The government bowed to pressure from local auto assemblers and raised the sales tax rate to 12.5% ​​on imported electric vehicles – even higher than the original 5% rate it had proposed when the “mini-budget” was introduced.

He also waived 15% income tax in favor of a few wealthy families in the country.

The government suspended National Assembly rules that require at least two days’ debate on any bill and rushed through the SBP’s amendment bill – in just 48 minutes.

However, the government allowed debate on the mini-budget and approved minor changes to the Sales Tax Act, income tax, Customs Act and federal excise duty.

Prime Minister Imran Khan, who before coming to power had sworn he would not go to the IMF, remained present in the lower house of parliament until midnight to ensure that disgruntled members of his party and his allies vote to pass both bills to meet IMF conditions.

Read: Government bulldozes mini budget and SBP bill by NA amid opposition protests

The opposition twice forced the government to count the votes during the adoption of the mini-budget. There were a maximum of 168 Treasury members present in the House against 150 from the opposition, giving Prime Minister Imran an 18-vote advantage.

The IMF has set five preconditions for reviving the stalled $6 billion program, including adopting the mini-budget and granting absolute autonomy to the central bank, with the federal government not controlling its operation.

In its desperation to pursue the next $1 billion loan tranche, the government ignored objections raised by the Prime Minister’s Office and Finance Minister Shaukat Tarin on the central bank bill, which passed to the satisfaction of the IMF and the Governor of the SBP.

The IMF board meeting was scheduled for January 12 but was postponed due to a delay in the approval of these bills.

Finance Minister Tarin said the next tentative board meeting date was either Jan. 28 or Jan. 31.

PML-N MP Khurram Dastgir Khan said there was a storm of inflation as the prices of 51 most essential items affecting the poorest rose by 22% last week.

“Inflation is killing people now,” he added.

Where the government withdrew sales tax exemptions of Rs 335 billion which will affect all segments of society, it has approved income tax exemption for the wealthiest people, who own real estate investment trusts (REITs).

Out of Rs 360 billion, Rs 335 billion of sales tax exemptions have been withdrawn.

Tax measures of about Rs 7 billion have been taken in the form of a 50% increase in the rate of tax on telephone calls and a 100% increase in the anticipated income tax on telephone calls. car registration.

A tax of Rs 3 million was also imposed on overseas produced dramas.

In addition to this, the government has also increased federal excise duties on the purchase of locally manufactured and imported cars to generate around Rs 20 billion more in revenue.

Read more: Prime Minister Imran and Khattak engage in ‘spirited discussion’ during parliamentary meeting

The government imposed a General Sales Tax (GST) of 17% on infant milk if it was valued at more than 500 rupees per 200 grams of powder.

He removed the 17% GST that was previously proposed to tax bicycles.

The government also removed the 17% GST on chili peppers and iodized salt.

However, it imposed a 17% GST on breads, vermicelli, naan, chapatti, sheer mal, buns and rusks sold by all grocery stores, bakeries and restaurants that were incorporated into the Federal Board of Revenue (FBR) through “Point of Sales”. ‘ Machinery.

While bowing to pressure from local auto assemblers, the government raised the sales tax rate on imported electric vehicles to 12.5%.

It kept the GST rate on hybrid vehicles up to 1800 cc unchanged at 8.5% and set the rate at 12.75% on hybrid vehicles over 1800 cc.

Similarly, the government has significantly increased federal excise duty rates on locally produced and imported cars. On imported cars of 1001-1799cc engines the DEF was doubled from 5% to 10%, on 1800-3000cc engines the rates were increased from 25% to 30% and from 3001cc engines and above they have been increased from 30% to 40%.

The government kept the federal excise duty rate on cars up to 1300 cc unchanged at 2.5%, but increased the rate on 1301 to 2000 cc to 5% and above 2000 cc to 10 %.

The National Assembly has also given the go-ahead to impose a 17% sales tax on pharmaceutical raw materials to generate Rs 160 billion.

Growth retardation premixes were taxed at 17%.

The tax on preparations and confectionery provided by restaurants, bakeries, caterers and confectionery has increased from 7.5% to 17%.

Imported edible vegetables were taxed at 17%. Imported grain was also subject to the 17% tax.

Matchboxes are taxed at the rate of 17%. Whey excluding those sold at retail under a brand and sausages and similar products made from poultry meat or offal excluding those sold at retail under a brand or brand are taxed at 17% .

The tax rate on flavored milk sold in branded retail packages has been increased from 10% to 17%.

The rates for yoghurt, cheese, butter, cream, desi ghee, whey, milk and cream sold in branded retail packages have also been increased from 10% to 17%.

Machines and equipment related to dairy products were taxed at 17% against 5% currently.

Mobile phones were taxed at the standard rate of 17% over the current fixed rate.

Supplies made from points of sale integrated into the computerized system of the FBR which are currently taxed at 10% will now be taxed at 12%.

The tax rate for sausages prepared or preserved frozen has been increased from 8% to 17%.

Seeds, fruits and spores of a type used for sowing were taxed to generate Rs 4 billion.

The importation of newsprint, newspapers, magazines, periodicals, books – with the exception of directories – was taxed at 17% for Rs 1.5 billion each year.

The government hastily approved the SBP Amendment Bill in just 48 minutes by suspending the assembly rules.

The finance minister had proposed the bill at 10:06 p.m. and the NA president announced his approval at 10:54 p.m.

The PML-N and the PPP first pleaded with the Speaker of the National Assembly to let the debate proceed, then, in sheer frustration, gathered outside his office to prevent him from bulldozing the works of the parliament.

However, nothing could prevent the PTI-led government from handing over absolute autonomy to the central bank, which Syed Naveed Qamar of the PPP said would “compromise national security”.

“I beg of you…please don’t suspend the rules and allow the House to debate the most important bill in the history of the country for at least two days,” said PML’s Ahsan Iqbal -NOT.

Read also : Maryam calls for ‘all possible means’ to oust Imran-led government

However, even this could not move the speaker, who kept bulldozing one after another the amendments proposed by the opposition.

PPP Chairman Bilawal Bhutto Zardari while referring to another condition set by the IMF raised the question of when defense spending would be done from one account, wouldn’t it be easy for institutions and international powers to control the spending of the country’s nuclear program.

The bill, which will now go to the Senate for approval, allowed the central bank to target price stability as its primary objective, but does not set an explicit inflation target.

The new bill gave autonomy to the SBP, but neither parliament nor the federal government has the power to remove the governor for missing the inflation target.

The government made some changes to the final draft approved by the National Assembly.

This includes a two-year ban on the Governor and Deputy Governors of the SBP from seeking employment in any of the institutions with which they have dealt or negotiated during their term of office.

Dual nationals cannot become governors and deputy governors of the SBP.

Parliament and its standing committees can summon the Governor of the SBP to meetings.

However, the SBP will be completely independent in setting monetary policy, exchange rate policy, and will work largely in isolation from the federal government.

The SBP governor and his officers cannot take instructions from anyone in the federal government, including the prime minister.

The governor has become all-powerful. He will chair the executive committee, lead the monetary policy committee and will also be chairman of the board of directors of the SBP.

The Governor’s term has been extended to five years and his salary will be determined by the SBP Board of Directors.

The Minister of Finance’s power to appoint the Deputy Governor was removed and the Monetary and Fiscal Policy Coordinating Council was dissolved.

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Mini-budget Senate adopts suggestions – Business Recorder https://veganlightchocolatenowhey.com/mini-budget-senate-adopts-suggestions-business-recorder/ Tue, 11 Jan 2022 23:26:15 +0000 https://veganlightchocolatenowhey.com/mini-budget-senate-adopts-suggestions-business-recorder/

ISLAMABAD: The upper house of Parliament adopted on Tuesday the recommendations of its standing committee on finance, income and economic affairs concerning the 2021 (additional) finance bill or “mini-budget” which were then sent to the National Assembly for consideration.

The vice-president of the Senate Mirza Muhammad Afridi chaired the session of the Senate.

Talha Mehmood, chair of the Senate panel, presented the committee’s report on the mini-budget adopted by the House.

Speaking on the House floor, Mehmood lambasted the federal government for bringing in the mini-budget. “It’s the budget of the IMF (International Monetary Fund). This will open the floodgates for inflation, ”he said.

The chairman of the Senate committee said the tax exemptions removed in the mini-budget were well over Rs 343 billion. “This mini-budget would lead to unprecedented inflation which would force people to resort to the heist,” Mehmood warned. “It’s an inflation tsunami,” he lamented.

Tarin files a copy of the “mini-budget” in the Senate amid the uproar

The senator condemned what he called “tyranny” by the government against the business community. “If you want to win the battle of the economy, then trust the business world. Businessmen are not thieves. This country, this Parliament, works with the money of these people and you (the government) call them thieves, ”he said.

The chairman of the Senate committee categorically criticized the government for taxing edible and dairy products such as bread, milk, yogurt, “naan” and related products.

He said drug prices would be doubled due to the mini-budget and would be beyond the reach of ordinary people.

During the senator’s fiery speech, the Deputy Speaker of the Senate cut his microphone, which sparked strong protests from the opposition.

Opposition Leader Yousuf Raza Gilani has called for a debate on the Murree tragedy while the Senate Deputy Speaker said members of the Senate Finance Committee are keen to share their views on the mini-budget.

The Senate panel rejected some key provisions of the 2021 Supplementary Finance Bill, including the provision of digital payment, the disclosure of information on public office holders, the increase in withholding tax from 10 to 15 for percent of cellular services, 17 percent sales tax on seeds, 17 percent sales tax on locally made cell phones, and increased withholding tax rate on the purchase of motor vehicles.

‘Mini-budget’: A delay of a few days does not really matter: Siskin

The Senate panel also unanimously rejected the tax imposed on naan and bread.

The committee also rejected the proposed tax on yogurt, butter, desi ghee, milk, cheese, cream and whey.

On January 4, Finance Minister Shaukat Tarin tabled a copy of the mini-budget in the Senate which was referred to the Senate panel.

Constitutionally, the upper house of parliament can debate a finance bill at length and make recommendations accordingly, but it has virtually no role in budget legislation since it is entirely up to the National Assembly either. fully or partially accept these recommendations, or reject them outright.

Article 73 of the constitution which deals with parliamentary affairs with regard to finance bills reads as follows: “(1) Notwithstanding everything contained in Article 70, a finance bill shall emanate from the National Assembly: containing the annual budget statement, is presented to the National Assembly, a copy is sent to the Senate which may, within fourteen days, make recommendations on this subject to the National Assembly .

(1A) The National Assembly examines the recommendations of the Senate and after the bill has been adopted by the Assembly with or without incorporation of the recommendations of the Senate, it is presented to the President for assent.

The House is due to meet again on Friday.

Commercial copyright recorder, 2022

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The Federal Reserve can neither suffocate you nor lift you up https://veganlightchocolatenowhey.com/the-federal-reserve-can-neither-suffocate-you-nor-lift-you-up/ Sun, 09 Jan 2022 15:00:00 +0000 https://veganlightchocolatenowhey.com/the-federal-reserve-can-neither-suffocate-you-nor-lift-you-up/

Everything is so predictable at this point: minutes of the Fed offering clues to its future plans come out, and the economic commentary goes into a frenzy. Supposedly, if the central bank “slackens”, it “will” allow “more economic growth. Conversely, if the Fed “tightens”, growth will be limited. Historians will marvel at how far economic types have been taken by an entity so irrelevant to actual access to credit.

Fed obsessives have apparently forgotten that credit is product in the private sector through the production of real goods and services like desks, chairs, computers, desks, software, not to mention human capital which is the most important resource of all. The Fed cannot reduce or increase what we borrow money for. Likewise, it cannot control the rate of interest we pay to access “money” redeemable for resources.

Despite this obvious statement, the panting about the Fed continues. More recently, widely read commentator Louis-Vincent Gave warned Mark Dittli against the Swiss publication The market that if the Fed “tightens”, the end result will be a collapse in stock prices. Oh my God… .pass Mr. Gave the fragrant salts.

To get back to a semblance of reality, of all US dollars in circulation, more than half migrate out of the United States. Does this happen randomly, or just for fun? Obviously not. Dollars are everywhere in the world simply because the dollar is the primary value agreement arbitrating the exchange of goods and services on a global scale. While the toman, won, and bolivar are the official currencies of Iran, North Korea, and Venezuela, all three nations are for all intents and purposes. dollarized. That they are is also a statement of the obvious.

To see whey, remember that all trade is products and services for products and services. Always always, always. As is the case, it is rare that the producer is willing to accept unreliable paper for actual products and services. To do so is to accept the paper which most often (the Iranian rial, the currency before the Toman, was devalued more than 3,000 times after 1971) exchanges for less goods and services than those initially provided. Hence the dollar.

Although the greenback has suffered devaluations and volatility since the 1970s, it remains widely recognized around the world as a reliable medium of exchange. Its reliability ensures that the dollar is almost always everywhere production takes place.

Please think of this simple truth in terms of the fear often expressed by the deep thought that the Fed will reduce the so-called “money supply” through higher interest rates. The idea that the Fed could block access to “money” or credit is far from serious.

The more informed know this because money is not plentiful in places where economic activity is managed by the American central bank; a rather abundant currency is a logical consequence of economic activity. In other words, the class of economic experts completely reverses the causal link when they denounce the alleged “ease” or “tightness” of the central bank. Their ramblings assume that economic growth occurs on the basis of the relative willingness of the Fed and other central banks to provide “money” to producers. Please.

Really, does anyone seriously think that the Fed has satellite offices in Tehran, Pyongyang, and Caracas that buy bonds from banks in each in order to “liquefy” trade? This isn’t a trick question, or it shouldn’t be. The reality is that production is a magnet for money which facilitates its movement towards ever higher uses. In other words, an individual, city, state or nation never has to fear lack of “money”. If you are productive, the money will find you.

The above is yet another such obvious statement; made evident by the prosperity of the symbol that is “Wall Street” and other global financial centers. The immense wealth gained in these places is a consequence of the relentless competition among financiers to liquefy the exchange of goods and services as well as the movement of resources to their highest uses. Again, if you do something valuable, the money will find you.

Applied in the United States, even if it were true that the Fed could reduce the so-called “money supply”, it would have no consequences. To understand why, let’s once again consider all of the dollars that are migrating around the world right now. They cross the globe with a simple click of the mouse in order to smooth the movement of real resources.

In this case, readers can only imagine that the Fed is somehow crushing the supply of dollars to the United States. The central bank’s attempt to rewrite reality would be overthrown by real market forces within minutes. Damn, if the dollars were to pass through Tehran, does anyone seriously think the hypercompetitive financiers around the world wouldn’t rush to increase their market share in the world’s most economically dynamic nation? The question answers for itself.

Even though the Fed could creating tight credit would exist as the mother of all market opportunities for private sources of finance willing to provide access to resources at rates unrelated to the price controls attempted by the anointed. Assuming the Fed could make real credit cheap (hint, it can’t), doing so wouldn’t reduce credit as much as global financiers would migrate their capital-matching skills to where prices were and reflect the reality.

The bottom line is that readers don’t have to worry about the two scenarios mentioned above. The Fed is a rate follower, as opposed to a rate fixer. And again, he cannot rewrite reality. In a global market defined by globally produced credit, good ideas are a powerful magnet for credit. The Fed cannot stifle you or uplift you.

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Memorandum on the draft finance law (complementary), 2021 – Opinion https://veganlightchocolatenowhey.com/memorandum-on-the-draft-finance-law-complementary-2021-opinion/ Fri, 07 Jan 2022 01:22:53 +0000 https://veganlightchocolatenowhey.com/memorandum-on-the-draft-finance-law-complementary-2021-opinion/
S. No.         Description
==========================================================
               Table II-Local supplies
==========================================================
1              Supply of cotton seed exclusively meant
               for sowing purposes, subject to such
               conditions as the Board may specify.
2              Supply of locally produced crude vegetable
               oil obtained from the locally produced
               seeds other than cotton seed, except
               cooking oil, without having undergone
               any process except the process of washing.
4              Raw material and intermediary goods
               manufactured or produced, and services
               provided or rendered, by a registered
               person, consumed in-house for the
               manufacture of goods subject to sales tax
9              Foodstuff and other eatables prepared
               in the flight kitchens and supplied
               for consumption on-board in local flights
15             a) Sprinkler Equipment
               b) Drip Equipment.
               c) Spray Pumps and nozzles
16             Raw cotton
22             Single cylinder agriculture diesel
               engines (compression-ignition internal
               combustion piston engines) of 3 to 36 HP.
23             Match boxes
33             Whey, excluding that sold in retail
               packing under a brand name
38             Sausages and similar products of
               poultry meat or meat offal excluding
               sold in retail packing under a brand
               name or trademark
==========================================================
================================================================
S. No.         Description
================================================================
               Table III - Capital goods and Plant and Machinery
================================================================
1              Machinery and equipment for initial
               installation, balancing, modernization,
               replacement or expansion of desalination
               plants, coal firing system, gas processing
               plants and oil and gas field prospecting.
2              Machinery, equipment, apparatus, and
               medical, surgical, dental and Veterinary
               furniture, materials, fixtures and
               fittings imported by hospitals and
               medical or diagnostic institutes,
               broadly categorized as:-
               A. Medical Equipment.
               B. Cardiology/Cardiac Surgery Equipment
               C. Disposable Medical Devices
               D. Other Related Equipment
2A             Specified raw materials imported
               by registered manufacturer of
               auto disabled syringes.
3              Machinery, equipment, materials,
               capital goods, specialized vehicles
               (4x4 non-luxury) i.e., single or double
               cabin pickups, accessories, spares,
               chemicals and consumables meant for
               mine construction phase or extraction
               phase and construction machinery,
               equipment and specialized vehicles,
               excluding passenger vehicles, imported
               on temporary basis as required for such projects.
4              Coal mining machinery, equipment,
               spares, including vehicles for site
               use i.e., single or double cabin
               pick-ups and dump trucks, imported
               for Thar Coal Field
5              Machinery, equipment and spares meant
               for initial installation, balancing,
               modernization, replacement or expansion
               of projects for power generation through
               oil, gas, coal, wind and wave energy
               including under construction projects,
               which entered into an implementation
               agreement with the Government of Pakistan
               and construction machinery, equipment
               and specialized vehicles, excluding
               passenger vehicles, imported on
               temporary basis as required for the
               construction of project.
6              Machinery, equipment and spares meant
               for initial installation, balancing,
               modernization, replacement or expansion
               of projects for power generation through
               gas, coal, hydel, and oil including
               under construction projects and
               construction machinery, equipment
               and specialized vehicles, excluding
               passenger vehicles, imported on
               temporary basis as required for
               the construction of project.
7              Machinery, equipment and spares
               meant for initial Installation,
               balancing, modernization, replacement
               or expansion of projects for power
               generation through nuclear and renewable
               energy sources like solar, wind,
               micro-hydel bio-energy, ocean,
               waste-to-energy and hydrogen cell
               and construction machinery, equipment
               and specialized vehicles, excluding
               passenger vehicles, imported on
               temporary basis as required for
               the construction of project.
8              Machinery and equipment meant for
               power transmission and grid stations
               including under construction projects
               and construction machinery, equipment
               and specialized vehicles, excluding
               passenger vehicles, imported on
               temporary basis as required for
               the construction of project.
9              Machinery, equipment and other
               education and research related items
               imported by technical, training
               institutes, research institutes,
               schools, colleges and universities.
11             Machinery and equipment for marble,
               granite and gemstone extraction
               and processing industries
13             Effluent treatment plants
14             Items for use with solar power
               systems and water purification
               plants operating on solar energy.
14A            Specified systems and items for
               dedicated use with renewable source
               of energy like solar, wind, geothermal
               as imported on or before
               the 30th June, 2023.
15             Items for promotion of renewable
               energy technologies or for
               conservation of energy.
15A            Parts and Components for
               manufacturing LED lights.
15B            CKD kits for single cylinder
               agriculture diesel engines
                (compression-ignition internal
               combustion piston engines)
               of 3 to 36 HP.
17             Machinery, equipment, raw materials,
               components and other capital goods
               for use in building, fittings,
               repairing or refitting of ships,
               boats or floating structures imported
               by Karachi Shipyard and
               Engineering Works Limited
21             Import of POS machines
================================================================

Exemption limited to local supplies only

Read the first part here: Memorandum on the (additional) finance bill, 2021

Importation and local supplies of the following goods were exempt from sales tax. It is now proposed to restrict the exemption from this to only local supplies, with certain modifications as below:

==================================================
S.No.          Description
==================================================
40             Live Animals and live poultry
41             Meat of bovine animals, sheep, goat
               and uncooked poultry meat excluding
               those sold in retail packing
               under a brand name
42             Fish and crustaceans excluding
               those sold in retail packaging
               under a brand name
43             Live plants including bulbs,
               roots and the like
44             Cereals other than rice, wheat,
               wheat and meslin flour
45             Edible vegetables including
               roots and tubers, except ware
               potato and onions, whether fresh,
               frozen or otherwise preserved
                (e.g. in cold storage) but
               excluding those bottled or canned.
46             Edible fruits
47             Sugar cane
48             Eggs including eggs for hatching
49             Compost (non-commercial fertilizer)
50             Locally manufactured laptops,
               computers, notebooks whether or
               not incorporating multimedia
               kit and personal computers
51             Newspaper
==================================================

Modification of the perimeter of existing entrances

It is proposed to replace the following entries in Tables I and II of the Sixth Schedule to the Law:

============================================================================================================
S. No.         Existing entry                                         Proposed entry
============================================================================================================
               Table I-Import and supply
============================================================================================================
13             Edible vegetables including roots and                  Edible vegetables imported from
               tubers, except ware potato and onions,                 Afghanistan including roots and
               whether fresh, frozen or otherwise preserved           tubers, except ware potato and onions,
               (e.g., in cold storage) but excluding those            whether fresh, frozen or otherwise
               bottled or canned                                      preserved (e.g., in cold storage) but
                                                                      excluding those bottled or canned
15             Edible fruits excluding imported fruits                Fruit imported from Afghanistan
               whether fresh, frozen or otherwise                     excluding apples PCT 0808.1
               preserved but excluding those bottled
               or canned.
19             cereals and products of milling industr                Rice, wheat, wheat and meslin flour
32             Newsprint, newspapers, journals,                       Newsprint and educational textbooks
               periodicals, books but excluding directories.          but excluding brochures, leaflets and
                                                                      directories
               Table-II-local supply
7              Breads prepared in tandoors and                        Bread, Nan, Chapatti, Sheer mal
               bakeries, vermicllies, nans, chapattis,                prepared in tandoors excluding
               sheer mal, bun, rusk.                                  those prepared in bakeries, restaurants,
                                                                      food chains and sweet shops.
============================================================================================================

REDUCED SALES TAX RATES – SCHEDULE 8

The bill proposes to omit the entries below from the Eighth Schedule according to which said goods are now offered to be subject to sales tax at the standard rate of 17%:

=============================================================================================================
S.No.          Description                                                         Existing rate of sales tax
=============================================================================================================
4              Oilseeds meant for sowing.                                                                  5%
6              Plant and machinery not manufactured locally
               and having no compatible local substitutes                                                 10%
7              Flavoured milk                                                                             10%
8              Yogurt                                                                                     10%
9              Cheese                                                                                     10%
10             Butter                                                                                     10%
11             Cream                                                                                      10%
12             Desi ghee                                                                                  10%
13             Whey                                                                                       10%
14             Milk and cream, concentrated or containing
               added sugar or other sweetening matter                                                     10%
15             Ingredients of poultry feed, cattle feed,
               except soya bean meal of PCT heading 2304.0000
               and oil-cake of cotton-seed falling under PCT
               heading 2306.1000                                                                          10%
16             Incinerators of disposal of waste management,
               motorized sweepers and snow ploughs                                                         5%
17             Re-importation of foreign origin goods which were
               temporarily exported out of Pakistan                                                        5%
20             Plant, machinery, and equipment used in production
               of bio-diesel                                                                               5%
26             Tillage and seed bed preparation equipment.                                                 5%
27             Seeding or planting equipment.                                                              5%
28             Irrigation, drainage and agro-chemical
               application equipment.                                                                      5%
29             Harvesting, threshing and storage equipment.                                                5%
30             Post-harvest handling and processing & miscellaneous
               machinery.                                                                                  5%
34             1. Set top boxes for gaining access to internet                                             5%
               2. TV broadcast transmitter
               3. Reception apparatus for receiving satellite signals
               of a kind used with
               TV (satellite dish receivers)
               4. Other set top boxes                                                                      5%
45             Following machinery for poultry sector:
               (i) Machinery for preparing feeding stuff
               (ii) Incubators, brooders and other poultry equipment
               (iii) Insulated sandwich panels
               (iv) Poultry sheds
               (v) Evaporative air cooling system
               (vi) Evaporative cooling pad                                                                7%
46             Multimedia projectors                                                                      10%
54             lithium iron phosphate battery (LiFe-PO4)                                                  12%
55             Fish babies/seedlings                                                                       5%
59             Products of milling industry
               except wheat and meslin flour                                                              10%
61             Silver, in unworked condition                                                               1%
62             Gold, in unworked condition                                                                 1%
63             Articles of jewellery, or parts thereof, of precious                          1.5% of value of
               metal or of metal clad with precious metal.                                   gold, plus 2% of
                                                                                            value of diamond,
                                                                                           used therein, plus
                                                                                                 3% of making
                                                                                                      charges
64             Prepared Food, foodstuff and sweetmeats supplied
               by restaurants, bakeries, caterers and sweetmeat shops                                    7.5%
66A            Supplies excluding those specified in S. No. 66, as
               made from retail outlets integrated with Board's
               Computerized System for real time reporting of sales                                       16%
66B            Import of remeltable scrap                                                                 14%
68             Frozen prepared or preserved sausages and similar
               products of poultry meat or meat offal                                                      8%
69             Meat and similar products of prepared frozen or
               preserved meat or meat offal of all types including
               poultry, meat and fish.                                                                     8%
75             Import of electric vehicle in CBU conditions                                                5%
76             Business to business transactions specified by the
               Board through a notification in official Gazette subject
               to such conditions and restrictions as specified therein.                                16.9%
=============================================================================================================

It is proposed to increase the reduced rate of sales tax applicable to the following products:

=====================================================================================================================
S.No.          Description                                                       Existing rate          Proposed rate
                                                                                        of tax                 of tax
=====================================================================================================================
66             Supplies as made from retail outlets                                        10%                    12%
               as are integrated with Board's
               computerized system for real-time
               reporting of sales (subject to prescribed
               conditions)
73             Import and local supply of Hybrid Electric Vehicles:
               (a) Upto 1800 cc                                                           8.5%                  12.5%
               (b) From 1801 cc to 2500 cc                                              12.75%                    17%
=====================================================================================================================

• Automobiles currently manufactured or assembled locally with a cylinder capacity of up to 1000 cm3 are subject to a reduced rate of 12.5%. It has been proposed that the said benefit of the reduced rate be limited only to cars with a cylinder capacity of up to 850 cc.

• Currently, the local supply and importation of personal computers, laptops and notebooks are exempt from sales tax under Schedule Six of the Act. The bill proposed to remove this exemption, however, the supply of locally manufactured personal computers, laptops and notebooks would continue to benefit from the said exemption. On the other hand, it has been proposed that the importation of personal computers, laptops and notebooks be subject to a reduced rate of 5% by means of the new entry below in the eighth annex:

===================================================================================================================
S. No.         Description                                       Heading Nos.            Rate of tax      Condition
===================================================================================================================
77             Personal computers and laptop                    8471.3020 and                     5%    If imported
               computers, notebooks whether                         8471.3010                                in CBU
               or not incorporating multimedia kit                                                        condition
===================================================================================================================

• Table 2 of the eighth annex to the law specifies the installations, machinery, equipment and apparatus, including capital goods, which are subject to reduced tax rates subject to compliance with prescribed conditions. . The bill proposed to omit Table 2 of the Eighth Schedule, and therefore the goods specified below are proposed to be subject to the standard tax rate of 17%.

=============================================================================================================
S. No.         Description                                                                        Rate of tax
=============================================================================================================
1              Machinery and equipment for development of
               grain handling and storage facilities including silos                                      10%
2              Cool chain machinery and equipment.                                                         5%
4              1. Machinery, equipment, materials, capital                                                 5%
               goods, specialized vehicles (4x4 non luxury)
               i.e. single or double cabin pickups, accessories,
               spares, chemicals and consumables meant
               for mineral exploration phase.
               2. Construction machinery, equipment and
               specialized vehicles, excluding passenger vehicles,
               imported on temporary basis as required for
               the exploration phase.                                                                      5%
5              Complete plants for relocated industries.                                                  10%
6              Machinery, equipment and other capital goods                                               10%
               meant for initial installation, balancing,
               modernization, replacement or expansion of
               oil refining (mineral oil, hydro-cracking and
               other value added petroleum products),
               petrochemical and petrochemical downstream
               products including fibers and heavy chemical
               industry, cryogenic facility for ethylene storage
               and handling.
8              1. Milk chillers                                                                            5%
               2. Tubular heat exchanger (for pasteurization).
               3. Milk processing plant, milk spray drying plant, Milk UHT plant.
               4. Milk filters
               5. Any other machinery and equipment for manufacturing of dairy products
9              Capital goods otherwise not exempted, for Transmission Line Pr                              5%
=============================================================================================================

CELLULAR MOBILE PHONES – NINTH SCHEDULE

The bill seeks to amend the sales tax on the importation of cellular mobile phones whereby, instead of the fixed tax amounts for each category, a standard rate of 17% sales tax is proposed as shown below. below.

==========================================================================================================================
Sales Tax on CBUs at the time of
==========================================================================================================================
                                                                        import or registration
                                                                        (IMEI number by CMOs)
                                                                             Rate of tax
==========================================================================================================================
Description/specification of goods                                          Existing rate                    Proposed rate
==========================================================================================================================
Cellular mobile phones or satellite phones to be charged on the
basis of import value per set, or equivalent value in rupees in
case of supply by the manufacturer, at the rate as indicated
against each category:
E. Exceeding US$ 200 but not exceeding US$ 350                                 Rs 1,740
F. Exceeding US$ 350 but not exceeding US$ 500                                 Rs 5,400                     17% ad valorem
G. Exceeding US$ 500                                                           Rs 9,270
==========================================================================================================================

The bill proposes to increase the rate of DEF applicable on vehicles imported or manufactured / assembled locally, as indicated below:

=================================================================================================================================
S.No.            Description of Goods                                                 Tarif        Rate of Federal
                                                                                    Heading            Excise Duty
=================================================================================================================================
                                                                                                          Existing       Proposed
=================================================================================================================================
55               Imported motor cars, SUVs and other                                  87.03
                 motor vehicles, excluding auto rickshaws,
                 principally designed for the transport of
                 persons (other than those of headings 87.02),
                 including station wagons and racing cars:
                 (a) of cylinder capacity up to 1000cc                                                        2.5%           2.5%
                 (b) of cylinder capacity from 1001cc to 1799cc                                                 5%            10%
                 (c) of cylinder capacity 1800cc to 3000cc                                                     25%            30%
                 (d) of cylinder capacity exceeding 3001cc                                                     30%            40%
55B              Locally manufactured or assembled                                    87.03
                 motor cars, SUVs and other motor
                 vehicles, excluding auto rickshaws
                 principally designed for the transport
                 of persons (other than those of headings
                 87.02), including station wagons and
                 racing cars:
                 (a) of cylinder capacity up to 1000cc                                                          0%             0%
                 (b) of cylinder capacity from 1001cc to 2000cc                                               2.5%             5%
                 (c) of cylinder capacity 2001cc and above                                                      5%            10%
55C              Imported double cabin (4x4)pick-up                               8704.2190
                 vehicles                                                         8704.3190                    25%            30%
55D              Locally manufactured double cabin                                8704.2190                   7.5%            10%
                 (4x4) pickup vehicles except the                                 8704.3190
                 vehicles booked on or before
                 the 30th June, 2020 subject to
                 the restriction or conditions specified
                 by the Board.
=================================================================================================================================

CHECKING THE GOODS DECLARATION BY CUSTOMS

Article 80 provides for the reassessment of goods for the duties, taxes and other charges levied on them (in addition to any other action) if, during the verification of the declaration of goods, it turns out that any declaration in this statement or document or any information so provided is not correct.

An amendment has been made to the Third Amendment Order of 2021 providing for a specific period of three years (from the release of the goods) for the reassessment of the goods in such circumstances. The bill proposed to overturn the said amendment.

PROVISIONAL DETERMINATION OF LIABILITY

For the provisional determination of liability in certain circumstances, the importer is notably required to provide a bank guarantee for the additional amount of duty determined.

The Tax Laws (Third Amendment) Order 2021 authorized the acceptance of a corporate guarantee, instead of a bank guarantee or payment order, for the purpose of clearing goods on the basis of a provisional assessment of duties, taxes and other charges.

It is now proposed to withdraw the acceptance of the corporate guarantee to avoid complications in securing government revenue.

AUTHORITY TO DETERMINE CUSTOMS VALUE

The finance law for 2021 extended the powers of valuation of goods to the customs collector, in addition to the director of valuation.

It is now proposed to withdraw the power granted to the customs collector in order to standardize the process of determining the value of goods.

RIGHT OF APPEAL AGAINST THE ORDER OF THE DIRECTOR GENERAL ASSESSMENT

The finance law for 2021 has empowered the director general of valuation to cancel or determine the value of any goods imported or exported. The appeal against such an order could have been brought before the Appeals Tribunal.

Through the Tax Laws (Third Amendment) Order 2021, the Valuation Order was made appealable to member Customs (policy), which could be appealed against to the High Court. . The bill proposes to cancel the said amendment (introduced in the ordinance on the third amendment); consequently, an appeal against a review order (issued by the director general of evaluation) would be contestable before the special chamber of the appeal tribunal.

ISLAMABAD CAPITAL TERRITORY – SALES TAX ON SERVICES

SCOPE OF THE TAX

The sales tax on services rendered or provided in the provinces is regulated by provincial laws, while the sales tax on services in the Capital Territory of Islamabad (TIC) is regulated by the Ordinance of 2001 on the territory of the capital of Islamabad (sales tax on services).

At present, the ordinance lists 59 taxable services in its tax schedule at the standard rate of 16%, with the exception of services provided by real estate developers and developers (taxed at Rs 100 per square meter for the land development and Rs 50 per square foot for construction construction) and freight forwarders etc. (taxed at 16% or Rs 400 per bill of lading, whichever is greater).

Through SRO 495 (I) / 2016, 12 (out of 59) services have been notified that are subject to taxes at preferential rates subject to the conditions and restrictions provided therein.

Through the (additional) finance bill, 2021; the list of these 12 services has been transposed into the Ordinance, without modification of the tax rates / consequences. To this end, the existing schedule has been divided into Tables 1 and 2, according to which Table 1 includes all existing taxable services while the services subject to a reduced rate are now listed in Table 2.

The list of 12 services subject to the reduced rate of sales tax, as listed in Table 2 is given below

=================================================================================================================================
S.No.            Description                                                   PCT Heading                      Rate of Tax
=================================================================================================================================
1                Construction services, excluding:                             9814.2000                        0% subject to
                 (i) Construction projects (industrial and                     and 9824.0000                    the condition
                 commercial) of the value (excluding actual                                                     that no input
                 and documented cost of land) not exceeding                                                     tax adjustment
                 Rs 50 million per annum.                                                                       or refund
                 (ii) The cases where sales tax is otherwise paid                                               shall be
                 as property developers or promoters.                                                           admissible
                 (iii) Government civil works including
                 cantonment boards.
                 (iv) Construction of industrial zones, consular
                 building and other organizations exempt from
                 income tax.
                 (v) Residential construction projects where the
                 covered area does not exceed 10,000 square feet
                 for houses and 20,000 square feet for apartments.
2                Services provided for personal care by beauty                 9810.0000,                       5% subject to
                 parlours, clinics and slimming clinics, body                  9821.4000                        the condition
                 massage centres, pedicure centres, including                  and 9821.5000                    that no input
                 cosmetic and plastic surgery by such parlours/                                                 tax adjustment
                 clinics, but excluding cases where-                                                            or refund shall
                 (i) annual turnover does not exceed                                                            be admissible
                 Rs 3.6 million; or
                 (ii) the facility of air-conditioning is not
                 installed or available in the premises
3                Services provided by freight forwarding                       9805.3000                        5% or Rs 1,000
                 agents, and packers and movers                                and 9819.1400                    per bill of
                                                                                                                lading,
                                                                                                                whichever is
                                                                                                                higher subject
                                                                                                                to the condition
                                                                                                                that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
4                Services provided by tour operators and travel                9803.9000,                       5% subject to
                 agents including all their allied services or                 9805.5000                        the condition
                 facilities (other than Hajj and Umrah)                        and 9805.5100                    that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
5                Services provided by specialized workshops or                 98.20                            5% subject to
                 undertakings (auto workshops; workshops for                                                    the condition
                 industrial machinery, construction and                                                         that no input
                 earthmoving machinery or other special                                                         tax adjustment
                 purpose machinery etc; workshops for electric                                                  or refund shall
                 or electronic equipment or appliances etc.                                                     be admissible
                 Including computer hardware; car washing
                 or similar service stations and other workshops)
6                Services provided by health clubs, gyms,                      9821.1000,                       5% subject to
                 physical fitness centres, indoor sports and                   9821.2000                        the condition
                 games centres and body or sauna massage centres               and 9821.4000                    that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
7                Services provided by laundries and dry cleaners               9811.0000                        5% subject to
                                                                                                                the condition
                                                                                                                that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
8                Services provided by property                                 Respective                       0% subject to
                 dealers and realtors                                          headings                         the condition
                                                                                                                that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
9                Services provided by car/automobile dealers                   Respective                       5% subject to
                                                                               headings                         the condition
                                                                                                                that no input
                                                                                                                tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
10               Services provided or rendered by marriage                     Respective                       5% subject to
                 halls and lawns, by whatever name called,                     headings                         the condition
                 including "pandal" and "shamiana" services                                                     that no input
                 and caterers                                                                                   tax adjustment
                                                                                                                or refund shall
                                                                                                                be admissible
11               IT services and IT-enabled services.                          Respective                       5%
                 Explanation.-For the purpose of this entry":                  headings
                 (a) "IT services" include software
                 development, software maintenance, system
                 integration, web design, web development,
                 web hosting and network design; and
                 (b) "IT enabled services" include inbound
                 or outbound call centres, medical
                 transcription, remote monitoring, graphics
                 design, accounting services, HR services,
                 telemedicine centers, data entry operations,
                 locally produced television programs and
                 insurance claims processing
12               Services provided by property developers and                  9807.0000 and                    0% subject to
                 promoters (including allied services) relating                respective                       the condition
                 to low cost housing schemes sponsored or                      subheadings                      that no input
                 approved by Naya Pakistan Housing and                         of heading 98.14                 tax adjustment
                 Development Authority or under Government's                                                    or refund shall
                 Ehsaas programme                                                                               be admissible
=================================================================================================================================

It is suggested to introduce a definition of taxable services under the ICT Ordinance. At present, these services are not defined. In addition, the tariff headings and description of these services should also be aligned between provinces and ICT.

(Ended)

Copyright Business Recorder, 2021

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Aviation, real estate developments hit the headlines in 2021 https://veganlightchocolatenowhey.com/aviation-real-estate-developments-hit-the-headlines-in-2021/ Sun, 02 Jan 2022 05:07:44 +0000 https://veganlightchocolatenowhey.com/aviation-real-estate-developments-hit-the-headlines-in-2021/

AEVEX Aerospace managers are holding an open house on June 14 for business and government leaders in the region at a Roswell Air Center site near Will Rogers Road, which they use to test and train aircraft, drones and equipment that the company modifies and installs. (Photo by Lisa Dunlap)

Copyright © 2021 Roswell Daily Record

Trade deals at Roswell Air Center continued to dominate local economic development headlines in 2021, but other growths have included real estate developments and work on large industrial projects.

A major development at Roswell Air Center during the year was the arrival of a new corporate tenant. AEVEX Aerospace, based in Solana Beach, Calif., Announced to the public in June that it had purchased the Matrix Group in April. The Matrix companies included the former Matrix International Security Training Intelligence Center (MISTIC) site on Will Rogers Road.

Executives at the aviation and intelligence company said they would keep the old MISTIC site as a training and testing location.

AEVEX has sites in eight US states and works with 25 countries as it modifies planes and drones to meet customer specifications and air-certifies modified gear afterward. The company also installs intelligence collection and monitoring equipment, and collects and analyzes data and intelligence. Its clients include defense contractors, the US military, allied foreign governments, the US Forest Service, and law enforcement.

Brian Raduenz, CEO of AEVEX, said in June that the company intends to expand the Roswell operations, which had around eight employees. Overall, the company has more than 500 employees and generates revenue of approximately $ 150 million annually.

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Negotiations on the new widebody hangar for Arizona-based Ascent Aviation Services advanced during the year. Ascent Aviation announced in September 2020 that it plans to open a maintenance, repair and overhaul operation in Roswell at the Air Center, ultimately hiring up to 360 aircraft maintenance and support staff. When the company begins operations in the spring or summer of 2022, it is expected to have at least 100 employees and an annual payroll of $ 7 million.

The company is planning a two-phase hangar project, with the first phase involving a structure 10 stories high and 300 feet long by 300 feet wide.

The fabric hanger will be located on the grounds of the Air Center at the corner of West Earl Cummings Loop and Mathis Street. The city and county signed legal agreements that allowed the city to move ahead with construction work while using $ 3 million of the county’s $ 5 million in capital spending.

Among other major economic news for the city, New Mexico real estate developers unveiled their plans in April 2021 for a large residential development in northwest Roswell, on Sycamore Avenue and West Country Club Road.

The Oaks is a joint venture of MAC Real Estate Inc. of Albuquerque and DWD Consulting of Piñon and could have up to 800 single family homes. One of DWD Consulting’s partners said his company has completed a similar project in Hobbs, selling the last homes in 2021 after six years of work on the project.

A new development, El Toro Housing Community, is also under construction in South Roswell, near South Main and Gayle streets. The builder, Artisan’s Guild Construction LLC of Lovington, began work in July on the first phase of the development that could eventually have 97 homes.

City of Roswell Community Development Director Kevin Maevers announced in September that several entities had filed plans to build or renovate commercial and office developments. One of the plans is for a new mall on North Main Street near Tierra Berrenda that will include a Texas Roadhouse restaurant, with the catering company confirming plans to open its first location here. Another plan involves the purchase of the Wilshire Mall by Olive Tree Investments Inc., an investor group that includes residents of Roswell. The group is planning a “major” renovation of the North Main Street and East Mescalero Road shopping center which was originally built in 1968. The investor group plans to bring a few new businesses to the city, including a fast food restaurant. -food Popeye’s.

In August, Admiral Beverage Corp. opened its large warehouse and distribution center in southeast Roswell at 515 E. Brasher Road. Company officials said they plan to hire an additional seven people once construction of the 110,000-square-foot facility is completed.

Roswell’s operations have been around for approximately 20 years and now employ approximately 68 people, with a current distribution site on South Atkinson Avenue. Seven new hires would increase the annual payroll for Roswell operations by approximately $ 303,000. The company, which distributes alcoholic and non-alcoholic beverages in seven states, intends to work with the city to issue up to $ 9 million in industrial revenue bonds to be paid by the company and its subsidiaries to fund the new installation.

Leprino Foods Co., the city’s largest private employer with around 600 workers, continues to modernize its Roswell plant on Omaha Road. On June 10, Roswell City Council approved the order that allowed the company to issue up to $ 60 million more in industrial revenue bonds to pay for a second phase of upgrades, described as improvements to the sanitation system and public services. A first phase of renovations, funded with approximately $ 90 million in industrial revenue bonds, involved the construction of a new wet whey facility and freezer, with work starting on these projects in 2019.

Leprino, a global company, has been operating in Roswell in the Omaha plant for about 28 years, with the plant being about 30 years old.

On December 28, Tom Krumland, owner of Krumland Auto Group, presented the company’s plans to the City of Roswell Planning and Zoning Commission for an expansion of car dealerships on West Second Street, to include a new Ford dealership. Construction costs are estimated at $ 25 million.

Lisa Dunlap can be reached at 575-622-7710, ext. 351, or at reporter02@rdrnews.com.

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