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The Federal Board of Revenue (FBR) has decided to setup two new departments ie Market Monitoring and Intervention Unit and Tax Policy Analysis Unit at the FBR headquarters for effective monitoring/documentation of businesses/markets and carry out analysis of tax policy issues, respectively.

The new tax at the rate of 10 percent on undistributed "reserves" of a Public Company, introduced through Finance Act 2015, would not be applicable on scheduled bank, modaraba and other specified categories.
The All Pakistan Anjuman Tajiran has criticized the imposition of withholding tax on transactions over Rs 50,000 describing it unfair and urged the government to withdraw this immediately. Khawaja Suleman Siddiqui APAT President while addressing a press conference in Multan with regard to imposition of withholding tax said it would hike up inflation by increasing the operational costs of business communities and the small industry, who are already suffering great hurdles.
The business community has criticized the imposition of withholding tax on transactions over Rs 50,000 and urged the government to withdraw this immediately. They also warned if the government and FBR didn't accept their demand, would compel to take extreme steps, even go for strike and launch protest campaign against it.
A registered manufacturer of footwear has desperately approached forum of Federal Tax Ombudsman (FTO) for implementation of FTO's recommendations by a Regional Tax Office of the Federal Board of Revenue (FBR) seeking balance sales tax refund of Rs 24.895 million.
From July 1, 2015, the companies who are filers will be liable to pay minimum tax on the revenue earned from services rendered or provided to persons, who are withholding agents under section 153 at the rate of 8 percent of the revenue whereas in case of non-filers tax is 12 percent.
The country''s top anti-graft body on Friday ordered an investigation against officers of Sindh Workers Welfare Board and Revenue Department, Gadap Town. An official source of National Accountability Bureau (NAB) said that the decision to initiate an investigation against Officers/Officials of Sindh Workers Welfare Board and Revenue Department, Gadap Town, was taken in the bureau''s Executive Board Meeting (EBM) presided over by NAB chariman Qamar Zaman Chaudhry and attended by senior official of the anti-graft body.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMay
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln