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Taxation: Pakistan


Pakistani authorities have conveyed to the International Monitory Fund (IMF) that income tax law has been amended to provide Federal Board of Revenue (FBR) full access to bank accounts and transactions to gather financial information of high wealth individuals and by end-January 2016 draft legislation against "benami" transactions would be submitted to National Assembly.

Public Accounts Committee (PAC) here on Tuesday expressed serious concern over huge difference in figures of detections/recovery etc presented by the Auditor General of Pakistan (AGP) and Federal Board of Revenue (FBR). During the scrutiny of the audit objections related to the year 2010-2011, the PAC observed that the figures presented before the committee by the audit officials were entirely different than those of FBR. According to the FBR''s statistics, the amount was far less than the audit report had claimed.
Chairman Federal Board of Revenue (FBR) Tariq Bajwa has categorically stated that the FBR has not closed ''Green Channel'' facility for the incoming international passengers at airports. He was responding to a query of Shafqat Mahmood member Public Accounts Committee (PAC) during the meeting of the PAC held at the Parliament House on Tuesday. Shafqat Mahmood asked the FBR to clarify whether ''Green Channel'' facility is not operating, as 100 percent examination of baggage is being carried out at the airports of incoming international passengers.
Chairman Federal Board of Revenue (FBR) Tariq Bajwa said on Tuesday that the FBR is only accepting financial securities in the form of pay orders instead of bank guarantees from importers to ensure timely encashment. He informed the Public Accounts Committee (PAC) here on Tuesday that the FBR is facing problems in the encashment of importers bank guarantees in cases under litigation. Even courts give decisions in favour of the FBR, if the bank guarantees are not timely enchased.
The Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will sign a memorandum of understanding (MoU) for providing online access to the data of E-forms submitted by the exporters to ensure clearance of goods on genuine/admissible forms. FBR Member Customs Nisar Muhammad told Public Accounts Committee (PAC) here on Tuesday that for the first time in the history of FBR, online verification of the E-forms would be possible by the customs officials. In this regard, a MoU would be signed between the SBP and the FBR.
The Federal Board of Revenue (FBR) has clarified that a taxpayer is eligible for exemption certificate even if he imports raw material which is a substitute of the raw material imported and consumed during the previous tax year. According to an income tax clarification issued to the FBR Member IT here on Tuesday, it has been sought from the Board that whether a taxpayer is eligible for exemption certificate under clause (72B) of Part IV of Second Schedule read with SRO 717(1)/2014, dated 07.08.2014, if he intends to import raw material, which is a substitute of the raw material imported and consumed in the previous tax year.
The Federal Board of Revenue (FBR) informed the National Assembly's Public Accounts Committee (PAC) on Tuesday that the smuggled currency recovered from Ayyan Ali was seized and deposited in the bank, now the court verdict is awaited. During a PAC session chaired by opposition leader Syed Khursheed Shah, representatives of the FBR briefed the committee about the current status of the Ayyan's currency smuggling case.


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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