FBR launches Iris-ADX application

 ISLAMABAD(Staff Reporter): Federal Board of Revenue (FBR) has launched Iris-ADX (Asynchronous Data exchange), an application that allows the taxpayer/ E-intermediary to prepare data related to sales tax return including sales invoices, debit/credit notes and sales tax withholding, in offline mode. With the launching of this application, the taxpayer/ EI will be able to prepare sales tax invoices without having to remain connected with the internet, thus the issues related to connectivity, peak load, system downtime etc. will have no effect on the speed/efficiency of data entry. This will especially facilitate data preparation of large taxpayers including DISCOs, MNCs etc. and will indirectly benefit the buyers who require input adjustment on purchases from large taxpayers, thus enhancing the efficiency of the whole supply chain. It may be noted that this is the first version of Iris-ADX which will be further enhanced to allow offline preparation of all declarations including Income Tax Returns/Statements in the near future.

 National Highways Authority gets Rs9.4b sales tax liability

LAHORE (Staff Reporter): The Punjab Revenue Authority (PRA) has imposed tax liability worth Rs9.491 billion on the National Highways Authority (NHA) with Rs 8.131bn in one case and Rs 1.360b in other case of default of non withholding of Punjab Sales Tax on Services Act 2012.   According to a press release, the National Highways Authority failed to comply with the withholding rules of PRA on construction, contractual execution of works and repair and maintenance services. The authority has calculated amount from the period between July 2013 and March 2017 against the taxable services hired by National Highways Authority  during the period. The NHA can avail a right of appeal in the office of Commissioner Appeals PRA. In case the authority does not move for appeal, the outstanding amount mentioned above shall be treated as final and recovery proceedings will be initiated.

 4th Pakistan Leather Show 2018 from tomorrow

LAHORE (Staff Reporter): The Pakistan Footwear Manufacturers Association (PFMA) in collaboration with Pakistan Tanners Association (PTA) held a press conference at a local hotel in Lahore on Thursday to announce the 4th Pakistan Mega Leather Show 2018 (PMLS18). The senior members of both the bodies were present at the press conference. The PMLS18 is scheduled to be held on 27th till 29th of January, 2018 at Lahore International Expo Centre. The press conference was addressed by Farrukh Saleem (Chairman PFMA), Abid Hafeez (Sr Vice Chairman PFMA) & Convener-PMLS-2018, Aman Ullah Aftab (Chairman PTA), Mansoor Iqbal (Sr. Vice chairman PTA) and Muhammad Musaddiq (PTA) Co-Convener-PMLS-2018. This 2nd largest event of Southeast Asia will be inaugurated by Mohammad Pervaiz Malik and special participation is also confirmed by His Excellency Dr. Stefano Pontecorvo ambassador for Italy in Pakistan.

Pakistan Mega Leather Show is a series of vibrant, annual events promoting a wide range of leather products; including Footwear, Garments, Gloves, etc.

This event will attract international customers towards the tremendous potential that exists in the leather sector of Pakistan to provide a viable platform for nurturing stronger ties or collaborations between the allied industries of the Leather Sector of Pakistan.

Germany to promote trade relations with Pakistan, says ambassador

RAWALPINDI (APP): Germany is willing to offer her utmost assistance to Pakistan in different sectors, including, Automobile, Communication, Solar energy, surgical goods and tourism, said German Ambassador Martin Kobler. He was talking to a six-member delegation of Rawalpindi Chamber of Commerce and Industry (RCCI) led by President Zahid Latif Khan which called on him in Islamabad on Thursday. The delegation included Senior Vice President Muhammad Nasir Mirza, Vice President Khalid Farooq Qazi, former President Mian Humayun Parvez and vice chairman exhibition committee Khurshid Berlas. The ambassador said "Germany is one of the largest trade partners of Pakistan among European Union and trade volume between the two countries is 2.5 billion dollar." He said Pakistan having population of more than 200 million could be the best trade market for Germans to invest in the country.

He said China Pakistan Economic Corridor (CPEC), no doubt, a mega project for uplifting Pakistan economy.

CPEC is an opportunity for Pakistani and German companies and that it could improve cooperation between both the countries.

The German ambassador has expressed desire for the German Companies to become part of the CPEC Projects.

While appreciating RCCI's role in promoting trade activities the German envoy accepted RCCI President Invitation for the upcoming Rawal International Expo 2018.

He assured his full cooperation to the President RCCI in this regard.

Speaking on the occasion RCCI President Zahid Latif Khan said that Rawalpindi Chamber is fully aware of the significance of enhancing trade relation among all the countries and to achieve the said purpose RCCI is organizing single country expos.

Zahid also gave a short briefing on RCCI current and upcoming events. The expo is expected to create effective partnerships between the two sides, particularly in light of the incentives provided by the Pakistani government to attract foreign investments and facilitate the business environment, he added.