FBR spokesperson Dr Iqbal declared the deadline date for filing assets under tax amnesty scheme is until June 30th and it won’t be extended as the department doesn’t have authorization to do it.

According to him, this scheme is a chance to the people to file their local and foreign assets. Moreover, he has warned that the failure of this scheme would bring catastrophic consequences.

Details related to Tax amnesty Scheme

Dr Iqbal added, “Foreign assets will taxed two percent while the local assets will be taxed five percent under the scheme.”

However, the main advantage is that no criminal can take advantage from the scheme and it is not for the people holding public office. Also it is untimely to say anything on the revenues from the scheme.

The post Deadline for filing assets under Tax amnesty scheme declared as 30th June 2018: FBR appeared first on Nibbing.com.

Regulator Transport for London (TfL) shocked the Silicon Valley firm last September by refusing to renew its license, citing failings in its approach to reporting serious criminal offences and to background checks on drivers.

Uber, whose backers include Goldman Sachs and BlackRock and which is valued at over $70 billion, has faced protests, bans and restrictions around the world as it challenges traditional operators and angers some unions.

In London, the firm has since made several changes to its business model since losing its license, including the introduction of 24/7 telephone support and the proactive reporting of serious incidents to the city’s police.

It has also changed its senior management and apologized for mistakes.

“I know we got things wrong and that we have more work to do. I promise Londoners we will keep listening and improving as Uber moves forward in a new direction,” UK General Manager Tom Elvidge, who will give evidence in court, said in May.

The appeal is due to be heard at Westminster Magistrates’ Court over three days and witnesses will also include Uber’s UK Chairman Laurel Powers-Freeling, UK Head of Cities Fred Jones and TfL’s Interim Director of Licensing Helen Chapman.

After its application for a five-year license was rejected last year by TfL, the company is now seeking an 18-month one to prove to the authorities that it has reformed.

Judge Emma Arbuthnot may take weeks before making her decision, which is likely to be subject to further appeal by the losing side, meaning the whole legal process could take years.

In the meantime, Uber can continue to operate in the city.

At stake for the US firm is one of its most crucial foreign markets. Of its roughly 50,000 drivers in Britain, around 40,000 are in London.

Since September’s TfL decision, the firm has also been stripped of its license by the southern coastal city of Brighton, in a decision which it is appealing, and the northern city of York.

It has however gained new licenses in Sheffield, Cambridge, Nottingham and Leicester.

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According to sources, the proposal forwarded by OGRA to the interim government supports, increase of Rs204 per MMBTU for the domestic consumers. The per MMBtu price will increase from existing Rs110 to Rs314.67 for the domestic consumers using less than 100 cubic meters of gas, and from Rs220 to Rs629.33 for those consuming between 100-300 cubic meters gas, which is an increase of 286 percent.

OGRA has made the hike while raising by average gas price Rs4 per Million British Thermal Unit (MMBTU) and has set the new gas price at Rs629/MMBTU.

Although former Pakistan Muslim League-Nawaz (PML-N) government artificially maintained the gas price for the last four years, however, ex-Prime Minister Shahid Khaqqan Abbasi at the end of the constitutional tenure of his government during the month of May 2018 has approved to collect Rs 117 billion from gas consumers in four installments.

It is observed that masses will have to bear Rs 160 billion heavy burden due to this gas price hike.

It is further learnt that Sui Northern Gas Pipelines Limited (SNGPL) will collect Rs11 billion from its consumers and Southern Gas Company Limited (SSGCL) will collect Rs10 billion on account of gas theft and leakages.

Similarly, to gain public/voters sympathy during upcoming general elections 2018, outgoing PML-N government launched new gas schemes and for this Rs23 billion will be collected from the masses.

Furthermore, OGRA while changing national gas price mechanism has separated cost of gas for SNGPL and SSGCL. Also, during next financial year, the first installment of Rs 29bln will be collected.

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As per formal request submitted by CPPA with Nepra, total energy generated in May 2018 was 12117.67 Gwh at a total price of Rs75.872 billion which is Rs6.2613 per kWh.

The net electricity delivered to power distribution companies (Discos) was 11896.75 Gwh at cost of Rs78.665 billion or 6.6123 per kWh. Out of total electricity generation, losses stood at 1.82%, however, the total losses in April were 2.54%.

Since the actual cost of generation was Rs6.62 per unit in the period under review against reference price of Rs5.29 per unit therefore CPPA has requested an increase of Rs1.32 per unit.

As per petition, total generation from hydel sources was 2217.61 Gwh, which accounted for 18.30 percent of total generation. The share of hydropower production in the overall energy mix in May was improved a bit from around 15.07 percent in April.

In May 2338.23 Gwh Residual Fuel Oil (RFO) based electricity produced at a cost of Rs12.47 per unit and its share was 19.30 percent of total generation. In April the power generation from furnace oil-based power plants was 15.30 percent at a cost of Rs11.22 per unit.

The total share of gas based electricity was 1971.34 GWh accounting for 16.27 percent of total generation and its cost of electricity was Rs4.84 per unit. In April total share of gas based electricity was 16.24 percent at a cost of Rs 5.06per unit.

The generation from imported Liquefied Natural Gas (LNG) also contributed. In May the overall energy contribution from coal was 1468.95 Gwh which accounts for 12.12 percent of total generation and its cost was 5.76 per unit. In April the generation from coal was 13.83 percent and its fuel cost of generation stood at Rs6.44 per unit.

The nuclear power plants contributed 656.17 Gwh or 5.41 percent of electricity with a cost of Rs 1.02 per unit. In April the share of nuclear based electricity was 8.25 percent with the cost of Rs 1.04 per unit.

The electricity imported from Iran was 53.63 GWh at a price of Rs11.57 per unit and its total share in generation was 0.44 percent.

The CPPA, in its petition said that it had not purchased any HSD based electricity during the May.

On the basis of the above data the CPPA has proposed an increase of Rs1.32/kWh over the reference fuel charges, that is Rs5.29 kWh for the month of May. The Nepra will conduct hearing on the petition on June 27.

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