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Budgets: Suggestions

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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Finance Ministry to present the forthcoming budget as business friendly. Chamber Regional Chairman Khawja Zarar Kaleem said, "In the forthcoming budget the problems of common people should also be considered on priority basis," and also emphasised on broadening the tax net by the Federal Board of Revenue (FBR) and suggested that all incomes be declared taxable.

Chairman, Pakistan Chemicals and Dyes Merchant Association (PCDMA), Haroon Nisar Numberdar, has suggested that customs duty rate should be rationalised ie 10 percent for locally-manufactured raw materials and 5 percent for all imported raw materials.
Pakistan Tehreek-e-Insaf (PTI) on Monday proposed the government to scale back the 'highest' sales tax on services to help reduce the soaring cost of businesses, but suggested the implementation of the agriculture income tax. The Sindh Assembly opened a historic pre-budget discussion, allowing lawmakers from either side of the divide to debate the third quarter budget expenditure and utilisation, besides giving their proposals for the next fiscal budget 2015-16.
Karachi Chamber of Commerce and Industry (KCCI) has suggested that policy-making process and tax legislation should be separated from enforcement and administration. According to the KCCI, its tax proposals are aimed at bringing the tax regime in line with economic goals of the nation as well as to ensure a high rate of growth. The KCCI opined that Pakistan cannot afford to continue with the current narrow tax base due to out-dated tax regime, discretionary powers and disproportionate hold of bureaucracy on formulation of economic and tax policies.
The Karachi Chamber of Commerce and Industry (KCCI) has proposed that sales tax audit should only be conducted on random balloting basis. In its budget proposal for the year 2015-16, the chamber noted that prior to the deletion of Clause 58-E from the Sales Tax Special Procedures 2007, through the Finance Bill 2013, the registered persons in FTR were exempted from Sales Tax Audit.
The government is reviewing the adverse impact of the withholding tax, imposed on sale/purchase of immovable properties, on provincial taxes like Capital Value Tax (CVT) for possible withdrawal of withholding tax on properties in budget (2015-16).
The petroleum Exploration and Production (E&P) companies have proposed to the government to allow import of armoured/bullet-proof vehicles at concessionary rate of duties/taxes in view of abnormal security in remote petroleum concession areas of Balochistan, KP, Punjab and Sindh for local and foreign employees of national and multinational companies. Sources told Business Recorder here on Monday that the Pakistan Exploration &Production Companies Association (PPEPCA) has submitted budget proposals to the government for 2015-16.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln