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Taxation: Pakistan


Sindh government has restrained the Sindh Revenue Board (SRB) to collect sales tax on services from intercity transportation or carriage of goods by road or through conduit or pipeline till December 31, 2015; it was learnt here on Tuesday. Sources said that decision was made on the directives of the federal government that led the suspension of its implementation for the next six months.

The Federal Board of Revenue (FBR) has denied any planning to freeze bank accounts of non-filers in order to deduct taxes. Talking to APP here on Tuesday, Shahid Hussain Asad Senior Member (Inland Revenue-Policy) Official Spokesman of the FBR, said that there was no such a policy in pipeline to freeze bank accounts of non-filers as All Pakistan Truck
The Compressed Natural Gas (CNG) sector leader has accused the Federal Bureau Revenue (FBR) of illegally collecting enhanced sales and income taxes from the sector. Central leader Ghiyas Abdullah Paracha on Tuesday claimed that the illegal collection of taxes from his sector could compromise its ability of operate and serve the public and that delay in resolution of the issue of tax would increase problems for all stakeholders. "It must be resolved on preference," he added.
The solvent extraction industry has requested the Federal Board of Revenue (FBR) to restrain Large Taxpayer Unit (LTU) Karachi from not allowing input tax adjustment paid at the time of import of seed against the output tax charged on extracted edible oil. Sources said Tuesday that Seasons Edible Oil Limited has written a letter to the FBR against the tax demand by the LTU Karachi.
Sindh Minister for Local Bodies Nasir Hussain Shah on Tuesday asked all heads of provincial district administrations and Town Municipal Officers (TMOs) to submit reports within a week regarding development and non-development expenditures during the fiscal year 2014-15.
The Finance Act 2015 has introduced a tax on undistributed profits. According to the new provision, 5-A of the Income Tax Ordinance 2001 inserted through the Act, tax at the rate of 10 percent of undistributed profits has been imposed on public companies, other than a scheduled bank and modaraba, that derive profits in a tax year but do not distribute a certain amount of profit for year as cash dividend within six months of the end of the year.
Banks have asked the Federal Board of Revenue (FBR) to clarify whether withholding tax under section 236P of the Income Tax Ordinance, 2001 is applicable on foreign currency accounts, instruments and Home Remittance Exchange Companies transactions. Sources told Business Recorder Monday that Pakistan Banks Association (PBA) has asked the FBR to respond to the queries and clarifications with respect to applicability of collection of advance tax under section 236P of the Income Tax Ordinance, 2001.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-22.095 bln
Exports $23.885 bln
Imports $45.980 bln
WeeklyAugust 03, 2015
Reserves $18.536 bln