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Taxation: Pakistan


Directorate General of Intelligence and Investigation Customs Federal Board of Revenue (FBR) has confirmed that a media group has smuggled sophisticated machinery and equipment valuing around Rs 800 million without payment of leviable duty/tax of Rs 370 million in connivance with the customs officers/officials.

Punjab Chief Minister Shahbaz Sharif has extended assurance to representatives of the business community that the issue of the withholding tax on banking transactions will be resolved amicably. During a meeting of traders at the Chief Minister House on Monday, Shahbaz told delegates that he had already contacted Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to convey traders' concern over imposition of withholding tax and urged them to review the matter for an amicable resolution.
Federal Board of Revenue (FBR) has launched an enforcement campaign against illegal trade of cigarettes and served notices to around 200 retailers across the country, warning them to stop the sale of illegal cigarettes forthwith. According to a source, the Directorate General of Intelligence & Investigation, IRS has been collecting evidence against retailers violating the law for some time now.
National Accountability Bureau (NAB) Khyber Pakhtunkhwa on Monday arrested accused Muhammad Saddique, Supervisor Income Tax Department Abbottabad for his alleged involvement in accumulating assets beyond known sources of income worth millions of rupees.
Provincial minister for finance & energy, Murad Ali Shah Monday said the Sindh government is going to raise its voice for bringing sales tax on goods under the ambit of provinces during discussion on the next NFC Award. Presiding over the first international workshop on sub-national taxation organised by Sindh Revenue Board (SRB) at local hotel here, he said that although 1973 constitution had given the right of collecting tax on services to the provinces, no tax was collected either by centre or province till year 2000.
Federal Tax Ombudsman (FTO) has declared that the FTO Ordinance protects bona fide acts of tax employees and provides for award of reasonable compensation to tax employees against frivolous and vexatious complaints filed by unscrupulous persons to abuse the Ombudsman mechanism.
The Inland Revenue Audit Officers (IRAOs) have approached Federal Board of Revenue (FBR) Chairman for accepting their legal right of up-gradation to BPS- 18 by declaring rules for new promotion path of Assistant Manager, Deputy Manager etc framed under SRO.1126 (I)/2010, as illegal and ultra vires to the Civil Servants Act, 1973.


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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 $-1.988 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklyOctober 05, 2015
Reserves $18.349 bln