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Taxation: Pakistan


Directorate of Intelligence and Investigation (DI&I)-FBR, Karachi on Wednesday claimed to have seized nine non-duty paid vehicles and smuggled goods worth Rs 16 million approximately during its anti smuggling drive. According to official sources, staff of Anti Smuggling Organization (ASO) of DI&I-FBR Karachi has confiscated 111 LCDs and 3000 kilograms of ladies fabric, which were coming from Lahore, at bus stand located at West Wharf area.

Finance Minister Senator Mohammad Ishaq Dar here on Wednesday approved three- month extension (up to 15th November 2015) to the Tax Reforms Commission (TRC) to complete its task. Special Assistant to Prime Minister on Revenue Haroon Akhtar was also present. Chairman TRC Masood Naqvi briefed the minister about the working of the Commission and informed that most of the areas had been covered barring a few sales tax and customs related issues. He emphasised the need for developing a foolproof mechanism to check cross border smuggling with inputs from all stakeholders.
Despite recent optimism surrounding Pakistan''s economy, the country is facing an "existential crisis" stemming from its woeful tax collection rates and inability to finance itself, a report said Wednesday. Pakistan''s economy grew at 4.24 percent during the 2014-2015 fiscal year with per capita income rising a significant 9.25 percent, markers that come as investor confidence in the long-underperfoming South Asian giant have also increased.
Pakistan has decided to revise obsolete convention of double taxation and provision of fiscal evasion convention with the United State of America (USA) aimed at bringing the treaty at par with neighbouring countries, well informed sources told Business Recorder. Pakistan and US signed a convention on the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on July 1, 1957 and enforced in 1959.
The Federal Board of Revenue (FBR) has notified sales tax exemption on the supply of wheat bran. According to SRO837(I)/2015 issued here on Wednesday, in exercise of the powers conferred by clause (a) of sub-section (2) of section 13 of the Sales Tax Act, 1990, the federal government has exempted the supply of wheat bran, falling under Pakistan Customs Tariff (PCT) heading 2302.3000, from whole of the sales tax.
The Federal Board of Revenue (FBR) has directed withholding agents/authorities to accept the National Tax Number, Computerised National Identity Card (CNIC) number and the business names for the purpose of Active Taxpayers List of Income Tax in 'respect of the individual proprietor, if it is available on this list.
The Federal Board of Revenue (FBR) has proposed amendments in the monthly withholding statement filed under Section 165(1) of the Income Tax Ordinance, 2001. In this regard, the FBR has circulated the draft of the proposed amendments under SRO.(i)/2015 here on Tuesday. In the proposed notification amendment in Part X of Second Schedule to the Income Tax Rules 2002 is proposed regarding filing monthly withholding statement under section 165(1) of the Income Tax Ordinance, 2001. The FBR has issued revised statement of withholding taxes filed voluntarily under section 165(1) of the Income Tax Ordinance, 2001.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 24, 2015
Reserves $18.678 bln