Last update: Fri, 09 Dec 2016 12pm

Taxation: Pakistan


All Pakistan Customs Agents Association (APCAA) on Thursday threatened to take legal action against the Karachi International Containers Terminal (KICT) in case of no improvement in its services being provided to the trade. Arshad Jamal, Senior Vice Chairman (APCAA) said that APCAA had requested the KICT for agenda meeting but no response had been witnessed so far, adding that if the same attitude continued by KICT, APCAA would knock the doors of court against the terminal.
Pakistani tax authorities and the Chinese tax department Thursday signed Third Protocol Agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
Directorate of Intelligence and investigation-Inland Revenue (IR) Islamabad has conducted successful raids on two soap manufacturers of Islamabad, allegedly involved in sales tax evasion. According to sources, Directorate of Intelligence and investigation-IR Islamabad conducted raid on a soap factory located in Industrial Area Islamabad on the charges of sales tax fraud.
The Federal Board of Revenue (FBR) has said that the Asset Management Companies and Pakistan Mercantile Exchange (PMEX) shall continue to determine, compute and collect capital gains tax on open ended mutual funds and future commodity contracts respectively, and shall deposit the same with National Clearing Company of Pakistan Limited (NCCPL) within ten working days of the month end.
The three percent advance tax applicable on the differential between the value of immovable property notified by the Federal Board of Revenue (FBR) and the value recorded by the authority registering/attesting the transfer would be applicable where value of immovable property notified by the FBR is greater than the value recorded by the registering/attesting authority.
All Pakistan Customs Agents Association and All Pakistan Dry Ports Association members staged a protest on Wednesday against levy of Infrastructure Development Cess in Punjab province. The demonstration was participated by a large number of members of both the organisations and their office bearers. The protestors urged the Prime Minister Nawaz Sharif, Chief Minister Shahbaz Sharif and Chairman Federal Board of Revenue (FBR) to press the provincial government to immediately withdraw the infrastructure development cess.
The government may grant tax exemption on interest payments on money borrowed under certain foreign commercial loans as well as on interest payments accrued on these transactions since 2013. Sources told Business Recorder here on Wednesday that the Finance Division has prepared a summary for the federal cabinet in this regard.