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Taxation: Pakistan


On the directions of the Supreme Court of Pakistan, the Federal Board of Revenue (FBR) has constituted a high-level committee to probe the matter and fix responsibility on the officers/officials for their negligence in pursuance of the case relating to an investment bank before High Court and the Supreme Court. In this regard, the FBR has issued an office order here on Wednesday.

The National Tax Reforms Commission would chalk out a draft of practical recommendations for the government to gradual withdraw the presumptive tax regime, improve enforcement of the existing tax system, remove flaws in the Universal self Assessment Scheme (USAS) and exploit full potential of value added tax (VAT) regime.
The customs officials in Karachi have adopted an illegal practice to increase revenue collection on imports by issuing 'guideline customs value' meant for the assessment of imported consignment to charge higher rates of duties/taxes as compared to actual lower duties/taxes under applicable valuation rulings.
Finance Minister Ishaq Dar has asked the Tax Reforms Commission (TRC) to finalise an interim report on its deliberations and outline important proposals for consideration of the government. Speaking at the concluding session of the two-day TRC meeting here Tuesday, Dar said he wanted the commission to bring forth an interim report on its deliberations and outline important proposals for consideration of the government.
Director General of Intelligence and Investigation Inland Revenue (IR) Lahore has unearthed a mega tax fraud by a leading electronics company of Lahore involved in evasion of duties and taxes to the tune of billions. It is learnt on Tuesday that the intelligence agency of the Federal Board of Revenue (FBR) has drafted the contravention report against the company and forwarded it to the relevant Regional Tax Office (RTO) for adjudication.
Sindh Revenue Board (SRB) has invited proposals from concerned tax payers along with tax bars, chambers of commerce and industries, cotton exchanges, business councils, institute of chartered accountants in relation to Sindh Sales Tax on Services Act 2011. SRB sources on Monday said under Circular No SRB-3-4/2015/54966, dated 12/12/2014 the board proposes to formulate budgetary measures (for the Sindh Budget 2015-2016) in relation to taxation and procedural provision of Sindh Sales Tax on Services Act 2011.
The Federal Board of Revenue (FBR) has referred applicability of 2 percent extra tax on import/manufacturing of confectionery items to the Pakistan Customs Tariff (PCT) Classification Committee, Karachi.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln