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Taxation: Pakistan


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 Federal Board of Revenue (FBR) will charge enhanced rate of 36.5 percent sales tax on the supply of electricity generated exclusively through high speed diesel by the Independent Power Producers (IPPs). In this regard, the FBR has issued an SRO719(I)/2015 here on Friday. It said that sales tax shall be charged on the supply of electricity generated exclusively through high speed diesel (PCT heading 2716.0000) at the same rate of sales tax as is charged on high speed diesel (HSD).
Total pending customs duty drawback/rebate claims amounted to over and above Rs 15 billion till date whereas textile sector's claims stood at around Rs 8.5 billion. It is learnt on Friday that the total pendency of the customs duty drawback claims on national level exceeds Rs 15 billion. Major chunk of pending claims are related to the textile sector totalling at nearly Rs 8.5 billion, sources added.
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.
The Federal Board of Revenue (FBR) has clarified certain reports published in a section of the press based on incorrect facts and presumptions regarding the ongoing interaction between trader community and federal government.
The Federal Board of Revenue (FBR) has increased sales tax on motor spirit excluding HOBC from 17 percent to 20 percent, High speed diesel oil from 29 percent to 36.5 percent and Kerosene from 17 to 20 percent from August 1, 2015. According to a notification issued here on Friday, sales tax rate on HOBC would be 17 percent from August 1, 2015.
The Federal Board of Revenue (FBR) here on Friday transferred/posted 13 officers of grade (BS-20/ 21) of Pakistan Customs Group including transfers of four senior officials as FBR Members with immediate effect. According to a notification issued here on Friday, the FBR has transferred four officials as FBR Members. Muhammad Nazim Saleem (Pakistan Customs Service/BS-21) Chief Collector, Chief Collector (Enforcement), Karachi has been given new assignment as Member, Federal Board of Revenue (HQ), Islamabad.


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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