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Taxation: Pakistan

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The Islamabad High Court (IHC) on Tuesday disposed of identical applications filed by some private telecom companies against 10 percent Federal Excise Duty (FED) with directives to deposit Rs 1.97 billion in the national kitty. A single-member bench headed by Justice Noor-ul-Haq N. Qureshi heard a petition filed by as many as six telecom companies, challenging a 10 percent federal excise tax duty.

Directorate General of Intelligence and Investigation Inland Revenue has identified 13 fraudulent units of Karachi, who cleared imports by declaring their status incorrectly as 'manufacturers' to avoid value addition tax at import stage.
Pakistan is losing almost $6 trillion a year in terms of losses and subsidies to public sector organisations due to poor governance and corruption. Former chairman of Federal Board of Revenue Abdullah Yousuf said this while addressing a two-day conference on public financial management organised by the Institute of Chartered Accountants of Pakistan in collaboration with World Bank and USAID.
Experts have challenged the legal interpretation of Sales Tax Act, 1990 and Federal Excise Act 2005 by Directorate General of Intelligence and Investigation Inland Revenue, which formed the basis of raids on the offices of ghee and cooking oil producers.
The Civil Establishment Code (ESTA Code) authorises the acting chairman of the National Tariff Commission (NTC) to exercise all statutory, administrative and financial powers and issue orders/decisions for imposition of anti-dumping or countervailing duties on the request of domestic industry.
The Federal Board of Revenue (FBR) has asked the Chairman Senate, Speaker National Assembly and Speakers of all four provincial assemblies to enforce filing of income tax returns by the parliamentarians till the December 5 deadline. Sources told Business Recorder here on Monday that the FBR has reminded the parliamentarians to discharge their legal obligations of filing tax returns by the extended deadline of December 5, 2014.
All Revenue Sindh Employees Association here on Monday staged a sit-in before Shahnaz Building against extortionists. The sit-in was led by Sardar Ali Shah, President of the association along with other office-bearers including Amjad Ali Lashari, Aziz Ahmed Soomro, Ghulam Sarwar Meerjat and members of central cabinet and office-bearers of Hyderabad division and district.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln