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Budgets: Suggestions


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.
Pakistan Automotive Manufacturers Association (PAMA) has proposed to the ministry of finance to take remedial measures for providing level playing field to the auto industry. According to the budget proposals for 2015-16, PAMA's prime focus is on unfair advantages being given to the used car importers inflicting heavy damage not only to the local industry but the exchequer also, due to underinvoicing and misuse of used car import policies.
Industrialists and trade leaders have urged the government to present a pro-poor, business and investment friendly budget to give impetus to the economic growth. Addressing first-ever national level pre-budget seminar at a local hotel, which was arranged by ICMA Pakistan, they recommended that income tax on agriculture be increased and agriculture income be brought under tax net.
The Small and Medium Enterprises Development Authority (Smeda) has proposed an export credit guarantee insurance scheme besides increasing the income tax exemption and decreasing the corporate tax for small-business enterprises in the upcoming federal budget.
The All Pakistan Cement Manufacturers Association (APCMA) has presented its budget proposals to the Federal Board of Revenue chairman, saying the industry is subject to the Federal Excise Duty at the rate of 5 percent of retail price and General Sales Tax at the rate of 17 percent of maximum retail price.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 04, 2015
Reserves $17.491 bln