08242016Wed
Last update: Wed, 24 Aug 2016 01pm

Taxation: Pakistan

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Prime Minister Nawaz Sharif Tuesday said the country was moving forward on the path of peace and prosperity as terrorism was breathing its last. "Peace is vital for economic progress and development," he said while addressing a gathering at the PM Office, where he handed over sales tax refund cheques to top taxpayers. He also announced that the government would fully pay all outstanding sales tax refunds to some other vital export sectors by October 15, this year.
Commerce Minister Engineer Khurram Dastgir said on Tuesday that National Tariff Commission (NTC) will be completely operational by the end of next month as short-listing process is completed and interviews will be conducted on August 30. This issue of dysfunctional NTC also came under discussion at a meeting of Parliamentary panel which pointed out the "appalling" situation in the organisation which is causing serious concern within the business community.
Karachi Tax Bar Association (KTBA) has proposed the Federal Board of Revenue (FBR) to deduct Withholding Tax only from unregistered persons at the time of making payments. In a letter sent to chairman FBR here on Tuesday, the association stated that taxpayers were facing practical difficulties facing in e-filing of sales tax returns for the period July 2016.
The Federal Board of Revenue (FBR) is equipped with necessary infrastructure to implement the directives of Prime Minister Nawaz Sharif to directly credit refunds into bank accounts of the taxpayers using Electronic Payment and Refunds (EPARS). Experts said that the Prime Minister while addressing the refund-cheque distribution ceremony, announced that very soon the tax refunds will be directly credited to the bank accounts of the taxpayers instead of issuing the paper cheques.
The Khyber Pakhtunkhwa Assembly Public Accounts Committee (PAC) Tuesday directed Excise & Taxation Department for the recovery of Rs 15 million in head of property tax within a period of two months and deposits it in the provincial exchequer.
The Directorate General of Intelligence and Investigation Inland Revenue (IR) is seeking legal option that whether a leading petroleum company can be treated as designated buyer for import of LNG on behalf of the government of Pakistan on government to government basis only, or the income tax law also extends exemption to commercial imports of LNG made by the said company from other countries through bidding process.
A global analysis by the Association of Chartered Certified Accountants (ACCA) has concluded that the trend for governments to raise more revenue from indirect taxes is expected to continue, demanding a different approach to tax management as some tax jurisdictions like China and Singapore may abolish direct personal and corporate taxation by 2025.