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Taxation: Pakistan


The country''s top anti-graft body on Friday ordered an investigation against officers of Sindh Workers Welfare Board and Revenue Department, Gadap Town. An official source of National Accountability Bureau (NAB) said that the decision to initiate an investigation against Officers/Officials of Sindh Workers Welfare Board and Revenue Department, Gadap Town, was taken in the bureau''s Executive Board Meeting (EBM) presided over by NAB chariman Qamar Zaman Chaudhry and attended by senior official of the anti-graft body.

"The Federal Board of Revenue (FBR) through a notification has withdrawn Federal Excise Duty (FED) on such services (Table-II of First Schedule to the Federal Excise Act, 2005) with effect from... 1st July 2011 in order to avoid double taxation". Under pressure to meet the FY16''s over Rs 4.3 trillion ambitious tax collection target, the federal tax collector, however, appears to have forgotten the above statement it had issued some four years back to declare its withdrawal of FED to the sales tax on services to be collected by the provinces from July 1, 2011 under the 18th constitutional amendment.
The Federal Tax Ombudsman (FTO) has recommended Federal Board of Revenue (FBR) to amend Income Tax Law to do away with the powers of tax officer, seeking bank statements to avoid harassment of small businessmen and traders. The FTO office conveyed to the FBR on Friday that to create awareness amongst small traders and trade bodies, in connection with country-wide Outreach Program, a team comprising Advisors of FTO Secretariat, Islamabad, visited Abbottabad and held a meeting with the members of local chamber as well as other small traders. During the question/answer session, a number of queries were raised.
Pakistan Banks Association (PBA) and the Federal Board of Revenue (FBR) will convene a meeting on Monday (July 6) to discuss the budgetary provisions relating to the banking sector under the Finance Act, 2015. Sources told Business Recorder on Friday that the tax authorities would meet representatives of banking companies in Karachi next week.
The Federal Board of Revenue (FBR) has issued draft Electronic Return Form for companies, individual/AOPs and wealth statement for Tax Year 2015. In this regard, the FBR has issued SRO(I)2015 on Friday. According to the SRO, the Board has published draft for information of stakeholders. The draft will be taken into consideration by the FBR after 15 days of its publication in the official Gazette. This notification will be applicable for Tax Year 2015.
The Government of Khyber Pakhtunkhwa has formed the Policy Making Council (PMC) of Khyber Pakhtunkhwa Revenue Authority (KPRA) and the first meeting of the PMC was held Friday under the chairmanship of Chief Minister Khyber Pakhtunkhwa, Pervez Khattak at CM House.
Sindh Revenue Board (SRB) once again achieved another highest-ever collection of Rs49.37 billion up to June-2015 (Financial Year 2014-15), by exceeding its annual target of Rs49 billion. This represents an increase of Rs7.37 billion as compared to Rs42 billion target for the year 2013-14.


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln