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Taxation: Pakistan


The Federal Board of Revenue (FBR) has increased sales tax from 20 percent to 25.5 percent on Motor spirit, 17 to 24 percent on HOBC, 20 to 30 percent on Kerosene, 36.5 to 45 percent on High speed diesel oil and on Light diesel oil from 20 to 29.5 percent from September 1, 2015. In this regard, the FBR has SRO.847 (I)/2015 issued here on Monday. According to sources, the FBR has estimated revenue to the tune of Rs 6-7 billion from changes in the sales tax rates on POL products.

The Federal Board of Revenue (FBR) has provisionally collected Rs 324 billion during first two months of 2015-16 against Rs 312.861 billion, reflecting an increase of Rs 11.139 billion. According to the provisional revenue collection figures compiled here on Monday, the monthly revenue collection in August 2015 amounted to Rs 181 billion (net) against Rs 178.9 billion in the same period last fiscal, showing meagre increase of 2 percent.
Traders have announced that they would proceed with country-wide shutter down plan as the government has refused to withdraw 0.6 percent withholding tax on all banking transactions to be implemented from 30 September while the applicable rate is 0.3 percent till the end of this month.
The Supreme Court on Monday issued directives to Federal Law Secretary to convene a meeting of various federal government departments and provincial advocate generals for seeking proposals to enforce Articles 9, 14, 25 and 38 of the Constitution of Pakistan. A three-judge bench led by the Chief Justice Jawwad S. Khawaja resumed the hearing of a plea filed by Awami Workers Party and some affectees against the Capital Development Authority (CDA) operation against Katchi Abadis in Islamabad.
The Federal Board of Revenue (FBR) has introduced draft income tax return and wealth statement forms for electronic filing for the Tax Year 2015 for all taxpayers including individuals, AoPs and companies along with statement of assets and liabilities, respectively.
Finance Minister Ishaq Dar has extended the tenure of Tax Reforms Commission (TRC) for a further period of 90 days, wef, August 15, 2015. According to a notification issued by the FBR Monday, in partial modification of earlier notification.2014, 16.02.2014 and 19.05.2015 the Federal Minister for Finance and Revenue has been pleased to extend the tenure of Tax Reforms Commission for a further period of 90 days, wef, 15th August, 2015.
The Trading Corporation of Pakistan (TCP) has asked the Federal Board of Revenue (FBR) to clarify the rate of withholding tax on purchase of lint cotton under the prevailing laws, as the rate would have future implications for TCP if government intervenes in the market during current season. It is learnt on Monday that the TCP has written a letter to the FBR seeking clarification of withholding tax rate on purchase of ginned/lint cotton.


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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