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Taxation: Pakistan


A leading multinational cigarette manufacturing company has conveyed to the Federal Board of Revenue (FBR) that projected revenue collection from legitimate tobacco industry will witness major shortfall in 2014-15 following increase in the size of Graphical Health Warning (GHW) on cigarette packs front/back to 85 percent (currently 40 percent) by March 30, 2015.

The Federal Board of Revenue (FBR) is planning to publish Annual Tax Directory of taxpayers next month (March 2015) to disclose titles and tax payments of the income tax return filers, corporations, Association of Persons (AoPs) and individuals. Official sources told Business Recorder here on Tuesday that the Tax Directory for year 2014 will comprise all active taxpayers after February 28, 2015 which will be published by mid of next month.
Total collectable current/arrear demand of withholding tax and sales tax amounted to Rs 32.157 billion up to December 2014, showing sluggish performance of the Withholding Tax Zones (WHTZ) of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs).
Federal Board of Revenue (FBR) dismissed its registered workers' union central president Mian Abdul Qayyum from service mainly, what Qayyum said, for raising voice against corruption of high officials. The notification in that regard had been issued on Monday by FBR Chairman Tariq Bajwa, confirmed Mian Abdul Qayyum while talking to Business Recorder on Monday.
The Federal Board of Revenue (FBR) has notified that no exemption, whatsoever, from withholding tax under Eighth Schedule (Capital Gains Tax) of the Income Tax Ordinance, 2001 or under the rules is available to Foreign Institutional Investor.
The Federal Board of Revenue (FBR) has declared that sales tax exemption on import and supply of water-melon and melon seeds for sowing is available under Sixth Schedule of Sates Tax Act, 1990, if duly certified by the relevant government agency that the same shall be used for the sowing only. In this regard, the FBR has issued a sales tax clarification on the 'clearance of confusion on HS Codes 1209 & 1207 ie vegetable seeds for sowing' to the Seed Association of Pakistan.
The Federal Board of Revenue (FBR) has directed Collectors of Customs to immediately amend Web-based One Customs (WeBOC) clearance system module of Duty and Tax Remission for Export (DTRE) scheme to ensure 5 percent random examination of export consignments of kinnow. Sources told Business Recorder here on Saturday that the FBR has issued instructions to the Model Customs Collectorates to implement the decisions taken between FBR Chairman Tariq Bajwa and All Pakistan Fruit & Vegetable Exporters, Importers and Merchants Association.


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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 $15.944 bln