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Taxation
The government is seriously considering clearing outstanding amounts of duty drawback of exporters including Drawback of Local Taxes and Levies (DLTL) scheme through issuance of bonds from the FBR Refund Settlement Company (Private) Limited.

Sources said that a meeting was held at the Finance Division to discuss the issue of settlement of outstanding claims under the scheme of duty drawback of taxes order 2017-18 through FBR Refund Settlement Company (Private) Limited.

The government intends to expedite release of verified refund claims of around Rs 36 billion on account of DLTL drawbacks.

On issuance of promissory notes for release of refunds, sources said that so far 78 sales tax refund claimants opted for Rs 15 billion bonds.

FBR Refund Settlement Company (Private) Limited, registered with the Securities and Exchange Commission of Pakistan (SECP), has been empowered to pay sales tax refund bonds to exporters having bonds values in multiples of Rs 100,000.
The sales tax refunds payable may also be paid through sales tax refund bonds to be issued by FBR Refund Settlement Company (Private) Limited, in book-entry form through an establishment licensed by the Securities and Exchange Commission of Pakistan as a central depository under the Securities Act, 2015, in lieu of payment to be made through issuance of cheques or bank debit advice.

The Board shall issue a promissory note to FBR Refund Settlement Company Private Limited (company), incorporating the details of refund claimants and the amount of refund determined as payable to each for issuance of sales tax refund bonds, hereinafter referred to as the bonds, of the same amount.
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Business

PARIS: US ride-hailing group Uber said Wednesday that it would start deploying electric bikes and scooters for rent on Paris streets as soon as this week, joining a crowded market which city officials have vowed to rein in.

Initially 500 of its Jump bikes and 500 scooters will be rolled out, before Uber extends the programme to Paris suburbs and other French cities.

They will be so-called “dockless” rentals that can be picked up and left anywhere, a system that has proved a headache for residents who often find them blocking pavements or strewn across the city’s picturesque squares.

An estimated 15,000 scooters operated by several companies have flooded the French capital since their introduction last year, a number projected to surge to 40,000 by the end of this year.

This month Paris said it would start imposing fines of 135 euros ($150) for riding scooters on pavements, and 35 euros for improper parking.

Like the other nine scooter operators in the city, Uber will also have to pay an annual licensing fee of 50 to 65 euros per scooter, depending on the size of its fleet.

And Uber said it had already signed the code of good conduct unveiled by Paris officials last week.

Rental prices for both the bikes and scooters will be the same: a one-euro unlocking fee and then 15 cents per minute.

The bikes will have a top speed of 25 km/h (15 mph), while the scooters can reach 20 km/h.

Uber bought Jump, a fellow San Francisco-based start-up, last year. Its bright-red bikes are already present in several US cities as well as in Lisbon and Berlin.

Uber had already announced Tuesday its plans to develop scooter offerings across Europe, beginning with Madrid.

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Taxation
On the directives of Chief Commissioner Inland Revenue, Regional Tax Office (RTO) Peshawar, Qaiser Iqbal recovery campaign against tax defaulters has been accelerated. In this connection, Assistant Commissioner, Inland Revenue Usman Asif while using his legal powers arrested tax defaulter, Suleman Irshad son of Haji Mohammad Irshad, resident of Kachi Mohallah (Lahori Gate) for outstanding tax arrears of Rs.10,865,956/- and put him in the lock off of Police Station, University Town.

The Regional Tax Office has further directed the University Town Police for producing the tax defaulter before the Assistant Commissioner Inland Revenue, Usman Asif on Thursday (today) for further proceedings. Meanwhile, the Chief Commissioner Inland Revenue, RTO Peshawar, Qaiser Iqbal and Commissioner Inland Revenue, Peshawar Zone, Abid Mahmood has warned tax defaulters to pay all outstanding arrears in head of tax against them in national interest to avoid stern action for recovery of tax by the authorities.
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