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Taxation: Pakistan


The government has projected a GDP growth rate of 5.5 percent for 2015-16 backed by projected growth of 3.9% in agriculture, 6.4% industry (with 6 percent in large scale manufacturing sector, 8.3 percent in small and household, 8.5 percent in construction industry and 6% in electricity generation and gas distribution), and 5.7 percent in services sector, according to an official document. The government is projecting a growth of 15.2% in indirect taxes in 2015-16 budget - a projection less than half of 34.2 % which it claims was achieved between 2013-14 and 2014-15.

The Federal Board of Revenue (FBR) is proposing the government to enhance Federal Excise Duty (FED) on sugar, beverages and edible oil to generate additional revenue in budget (2015-16). Sources told Business Recorder on Monday that the budget makers are examining different options for raising the incidence of taxes on these commodities/items its effect on common man.
Directorate of Intelligence and Investigation (DI&I)-Customs, Karachi, has asked the BOL Media Group to provide the record of all imported equipment within three days; it was learnt here on Monday. According to sources, DI&I, Customs has served a notice under section 26 of Customs Act 1969, asking the BOL Media Group to submit all records related to imported equipment along with Goods Declaration and other relevant documents including packing list, bill of lading, letter of credit, air-shipment bill, etc.
Directorate of Intelligence and Investigation (DI&I), FBR, Karachi on Monday claimed to have seized huge quantity of drugs worth Rs 30 million in international market from Fishery Harbor. According to official sources, credible information was received by the DG DI&I, Islamabad that some unscrupulous elements, who brought huge quantity of drugs in Karachi, were planning to dispatch the same aboard via sea.
The State Bank of Pakistan has announced that NIFT will provide special clearing facility on May 30, 2015 to facilitate the Federal Board of Revenue for collection of taxes. According to SBP, in terms of FBR request and to facilitate the collection of government taxes, NIFT will provide special clearing facility on the advice of SBP on May 30, 2015 (Saturday) at 3pm. Banks are, therefore, advised to open concerned branches on May 30, 2015 (Saturday) till such time that is necessary to facilitate special clearing only for the FBR collections, it added.
The Federal Board of Revenue (FBR) has launched recovery proceedings in all those cases where illegal zero-rating, exemption or refund/adjustment of input tax is claimed, as from June 13, 2013 onwards, supplies against international tender have been made chargeable to 17 percent sales tax. Sources told Business Recorder here on Monday that the FBR has issued instructions to all Chief Commissioners of Large Taxpayer Units and Regional Tax Offices.
Federal Board of Revenue (FBR) has suspended Sales Tax registration of M/s MTW Pak Assembling Industries (Pvt) Limited of Belarussian nationals in order to pre-empt any revenue loss to the national exchequer.


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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 21, 2015
Reserves $17.75 bln