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Taxation: Pakistan


Shahid Hussain Asad, Senior Member IR-Policy/Official Spokesman FBR has said that the Federal Board of Revenue (FBR) has not taken any advance from the banks and compensation is being paid in only those cases where Appellate Tribunal/High Court/Supreme Court have set aside demand created and collected by the FBR in the past.

The Lahore Chamber of Commerce and Industry (LCCI) has urged the Federal Board of Revenue (FBR) to take notice of non acceptance of refund applications from five sectors covered under SRO 1125 by Regional Tax Offices (RTO) Lahore.
Commerce Ministry has reportedly decided to get into a fight with Federal Board of Revenue (FBR) to bring down tariffs on import of machinery and raw material to offset trade diversion effects, well informed sources told Business Recorder. "Commerce Ministry is of the view that an import-related SRO should be transposed to normal tariff in such a manner that it does not increase duty burden," the sources added.
All Pakistan Customs Bonded Carrier Association (APCBCA) has said that the bonded carriers are being unlawfully accused of smuggling and pilferage, as they transport the transit goods safely to Afghanistan with a reduction in dual time after the promulgation of Transit Rules.
The melting industry seeking an increase in the regulatory duty on steel items including steel billets, steel bars and M.S. Products from 15 percent to 40 percent in view of a downward trend in steel prices in the world market. Industry sources confirmed that melting industry representatives have met the top officials of Federal Board of Revenue (FBR) and submitted a proposal to increase the RD on steel items from 15 percent to 40 percent.
Finally, the Oil and Gas Regulatory Authority (Ogra) is going to issue the much-delayed Final Revenue Requirements (FRR) to the Sui Northern Gas Pipelines Limited (SNGPL). Belated by ''lack of quorum'' at Ogra, the much-awaited FRR can be issued anytime this month, officials at SNGPL told Business Recorder on Wednesday.
Speakers at a consultative conference on "Setting research agenda for precision agriculture" held at New Syndicate Hall of the University of Agriculture Faisalabad (UAF) urged the government to abolish GST and income tax on all agricultural inputs and agri machinery to enable the farmers, researchers and the sector compete with rest of the world. The conference was organised by Pakistan Centre for Advanced Studies in Food Security/Agriculture funded by USAID.


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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 $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln