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Taxation: Pakistan


Model Customs Collectorate (Preventive) on Tuesday claimed to have seized 1.350 kilograms gold jewellery from the passenger at Jinnah International Airport, Karachi. According to official details, a passenger Shahzad Ahmad, coming from Dubai, was intercepted by the customs staff at Green Channel of the international arrival hall of the airport on early Tuesday.

The country faced $130 million export loss on Tuesday, following the countrywide strike observed by associations from service sector against the imposition of eight per cent minimum tax on service providers. Talking to Business Recorder, Asim Saeed Khan, Chairman, Pakistan International Freight Forwarders Association said that inward and outward movement of cargos from Sialkot, Lahore, Faisalabad & Karachi remained suspended.
The Federal Board of Revenue (FBR) has collected around Rs 27 billion sales tax from petroleum sector at domestic stage during July-August (2015-16) against Rs 36 billion in the corresponding period of 2014-15, showing a decrease of Rs 9 billion.
Regional Tax Office of the Zone-I Lahore of the Federal Board of Revenue, after freezing the bank account of Arsalan Iftikhar, son of former chief justice Iftikhar Chaudhry, has recovered Rs 2.8 million out of an outstanding amount of Rs 3.7 million against him. FBR sources said on Tuesday that Arsalan was the director of FEA (Pvt) Limited in Gulberg. During audit of 2012-13, company was declared defaulter of Rs 3.7 million.
Taxpayers should be exempted from filing wealth statement along with their tax returns. Engineer Rizwan Ashraf President Faisalabad Chamber of Commerce and Industry said that last year on the demand of FCCI, the FBR had exempted tax payers who had income less than 1 million or their withholding was less than 35 percent from wealth statement.
Ministry of Law and Justice will convene a meeting with Finance Division and Federal Board of Revenue (FBR) on the request of Punjab government to abolish federal government's Capital Gain Tax (CGT) on the disposal of immovable property, empowering the province to levy CGT on immovable property following the 18th Constitutional Amendment.
-The Federal Board of Revenue (FBR) here on Tuesday signed a contract with the Institute of Business Administration (IBA), Karachi regarding MBA Tax Management Programme for FBR Officers. Chairman FBR, Tariq Bajwa and Dean IBA, Dr Ishrat Hussain signed the contract. Finance Minister, Senator Mohammad Ishaq Dar and Special Assistant to Prime Minister on Revenue, Haroon Akhtar, were also present on the occasion.


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln