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The Federal Board of Revenue (FBR) has announced that all the Model Customs Collectorates will remain open till 9 pm on March 31 (Tuesday) for collection of duties/taxes. In this regard, the FBR has issued instructions to all MCCs here on Thursday regarding collection of duties/taxes on March 31, 2015.

Large Taxpayer Units (LTUs) of Karachi, Lahore and Islamabad collected Rs 283.985 billion from 16 top sectors of the economy during July-February (2015-16) against Rs 283.856 billion in same period last fiscal year, reflecting a marginal growth.
The Federal Board of Revenue (FBR) will convene meetings with the five export-oriented sectors, ie, textile, leather, surgical, carpets and sports goods to weed out problems in existing sales tax regime and ensure reduction in accrual of sales tax refund.
Provincial Minister for Law, Excise and Taxation and Finance Mujtaba Shujaur Rehman has said private educational institutions are playing a pivotal role in providing quality education and the government lauds the private sector for growing the literacy rate.
Former State Bank of Pakistan (SBP) governor Dr Ishrat Hussain has said on Wednesday that the uniform tax regime should be applied to all sectors without discrimination and on the principle of utility to boost industrialisation. He also said there was a clear separation in policy, ownership and regulation was necessary to maximise efficiency, protect consumers, provide competitive markets and promote investment.
The International Finance Corporation (IFC) has approached Finance Minister Ishaq Dar seeking withholding tax exemption on the payments made or transactions carried out by the IFC, through an amendment in the Second Schedule of the Income Tax Ordinance 2001 along with an exemption certificate from withholding tax provisions from July 1, 2014.
A key feature of the Budget (2015-16) would be the continuation of the policy for imposing higher rates of withholding taxes on non-filers of income tax returns to penalise persons operating in undocumented regime. Sources told Business Recorder on Monday that the government will impose higher rates of withholding taxes on non-filers in different sectors through Finance Act, 2015.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln