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IT and Computers: Pakistan


The effective tax rate on IT services companies under the new regime (8 percent minimum tax on service providers) will now range between 94 percent and 188 percent against normal corporate tax rate of 32 percent, reflecting a serious anomaly that will mar the development in rapidly growing IT sector.

Chinese companies are fast growing their IT and telecom goods share in attractive and stable Pakistani market. CEO of CommIT Solutions, Muhammad Aqil has said that the Chinese IT and telecom firms were fast capturing the Pakistani vibrant markets. "With the success of many Chinese brands, especially in mobile phones and communication devices, it seems only logical that global thin client, cloud solutions, and e-payment solutions provider Centerm is also planning to launch its operations in Pakistan. Centerm is currently one of the top three thin client providers in the world and has been operating since 2002," he said.
Pakistani intelligence sought to tap world-wide Internet traffic via underwater cables that would have given the country a digital espionage capacity to rival the US, according to a report by Privacy International. The report says the country's Inter Services Intelligence (ISI) agency hired intermediary companies to acquire domestic spying toolkits from Western and Chinese firms for domestic surveillance.
The high-level committee set up by the Prime Minister to review laws and regulations regarding accreditation and activities of International Non-governmental Organisations (INGOs) has endorsed the new electronic/online registration form and the draft Memorandum of Understanding (MoU) for INGOs.
The subscribers of internet, mobile telephone and pre-paid internet and telephone cards would be required to pay 14 percent withholding tax, according to the new Withholding Tax Regime (Rates Card) issued by the FBR here on Tuesday. According to the FBR's guidelines for the taxpayers, Tax Collectors & Withholding Agents (Updated Upto June 30, 2015), tax rate would be 14% of the amount of Bill or sales price of internet prepaid card or prepaid telephone card or sale of units through any electronic medium or whatever form.
The Senate standing committee on information technology and communication has recommended to the government to form a regulatory body to regulate IT firms and take steps for collection of tax from them after having discussed the issue of selling fake degrees and diplomas by Axact.
The Grand Mosque in Makkah Mukarramah is now providing pilgrims with a mobile phone app that can keep track of their rounds during the Tawaaf or circumambulation. The app is available through the Google Play Store and can be downloaded and connected to the mosque's system. It issues an alert when the pilgrim completes the seventh and last round, Arab News reported on Thursday.


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln