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Taxation: Pakistan


Finance Minister Ishaq Dar has said an out of the box solution is under consideration to clear all the pending refund claims of Rs 200 billion and fixed tax scheme for non-filer traders, to be divided into 3 to 4 separate categories for payment of fixed amount of tax under special block. Ishaq Dar informed the National Assembly Standing Committee on Finance here on Thursday that the government is ready to offer a fixed tax scheme for un-registered traders for which a special block would be created, non-filer businessmen would be divided into 3 to 4 categories for payment of a fixed amount of tax by filing tax returns.

In a bid to offload year-long cotton stocks, the Trading Corporation of Pakistan (TCP) is attracting buyers with a 10 percent advance tax exemption. The TCP''''s move/offer follows the Economic Co-ordination Committee''''s (ECC) nod to retail the whole stockpiles on prices that Karachi Cotton Association (KCA) determines on a daily basis in a bid to offload the stored commodity without further delays and losses.
The government is planning to impose regulatory duty on the import of vehicles including old and used cars and increase rate of the import duty slabs under Pakistan Customs Tariff from December 1, 2015. It is learnt that the meeting of the Economic Co-ordination Committee (ECC) of the Cabinet to be held on Friday (today) may not take up agenda of additional revenue generation through imposition of the RD. A special ECC meeting is likely to be convened later for approval of the RD on luxury items.
The Federal Board of Revenue has so far collected Rs 8 billion from withholding tax on banking instruments of non-filers during 2015-16. This was stated by tax officials of the FBR before the newly constituted National Assembly Standing Committee on Finance chaired by MNA Qaiser Ahmad Sheikh here on Thursday. FBR Chairman Nisar Muhammad Khan has informed the committee that the FBR has anticipated withholding tax collection of Rs 18 billion from banking transactions of the non-filers of income tax returns during current fiscal year, he added.
The Governor Sindh has promulgated the Sindh Sales Tax on Services (Amendment) Ordinance - 2015, which shall come into force at once and shall be deemed to have taken effect on and from July 1, 2015. According to a notification, issued by Law Department on Thursday, Section 2 of the Sindh Sales Tax Act No XII of 2011 has been amended accordingly for clause (72 C) the following shall be substituted.
"In the last few days, there have been reports alleging tax evasion by M/s Fatima Fertiliser Company Limited (Fatima) and Pakarab Fertilizers Limited(Pakarab) and their sponsors/directors based on the proceedings initiated by the Regional Tax Office, Multan (RTO).
Prime Minister Nawaz Sharif Wednesday approved Rs40 billion new revenue generation measures, including imposition of regulatory duty (RD) on luxury items, withdrawal of a few income tax exemptions and enhancement in the rates of excise duty on some items. Sources told Business Recorder that a meeting of the Economic Co-ordination Committee of the Cabinet is likely to be convened on coming Friday to approve imposition of the RD on luxury items.


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln