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The government has offered a tax incentive package to unregistered traders for voluntarily filing income tax returns ie, payment of minimum tax along with returns, a three-year exemption from audit and assets declarations under the self-assessment scheme to be accepted. This was stated by President Federation of Pakistan Chamber of Commerce & Industries (FPCCI) Mian Iddress at a joint press conference along with Senior Member Inland Revenue (IR) Policy Shahid Hussain Asad here at FBR's headquarters on Friday.

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Idrees accompanied by former President, FPCCI, Zubair Tufail called on the Federal Minister for Finance Senator Mohammad Ishaq Dar on Friday. They discussed the issue of withholding tax on banking transactions with the Minister in detail. They informed the Minister about meetings with traders and representatives of various business spheres to ascertain their standpoint and apprehensions with regard to the withholding tax.
A clear division among traders is evident given the different scheduled dates of protests against 0.6 percent withholding tax on all banking transactions. All Karachi Tajir Ittehad (AKTI) has announced that it will hold a protest demonstration on August 05, Islamabad Chamber of commerce and Industry (ICCI) on August 3, while All Pakistan Traders Association called for a country wide protest against withholding tax on August 1.
The Federal Minister for Finance Ishaq Dar has invited the All Pakistan Textile Mills Association leadership for a meeting in Islamabad on Saturday (today) to mull over the textile industry issues and avert its strike call of August 7. The Association has announced to hold a countrywide strike of textile industry on August 7, to highlight that high cost of doing business has challenged the viability of the textile industry. Chairman of the Association S M Tanveer had announced the strike a day earlier after holding an emergent general body meeting of the Association.
Pakistan Steel Mills (PSM) has reportedly sought federal government's permission to arrange financing facility of up to Rs 3 billion against mortgage of 1400 acres of land in the vicinity of the mills, well informed sources in Ministry of Industries and Production told Business Recorder. Giving the details, sources said, on April 25, 2014, ECC approved Business Plan of Rs 18.5 billion including achieving target capacity utilization.
Ministry of Commerce (MoC) is unlikely to include any incentives for textile sector in the forthcoming Strategic Trade Policy Framework 2015-18 (STPF) but intends to continue to extend all possible support to Textile Policy, well informed sources told Business Recorder. Textile sector's share in country's exports is around 60 per cent but its share in global trade is on the decline due to domestic impediments and global recession.
The Sindh High Court (SHC) has restrained the Federal Board of Revenue (FBR) from taking any coercive action against the stockbrokers who are resisting double taxation on brokerage services by the federal and Sindh governments. The SHC's stay order came in response to petitions filed by the KSE Stock Brokers Association (KSE-SBA) and 73 others challenging the constitutional right of the federal government to collect 16 percent federal excise duty (FED) from stockbrokers after the passage of 18th Amendment.

 



 
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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%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln