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Last update: Thu, 11 Feb 2016 07am

Taxation: Pakistan

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Model Customs Collectorate, Peshawar has decided to evolve new strategy for prevention of smuggling from FATA. Under the new anti-smuggling strategy, Pakistan Customs will seek the assistance of Frontier Corps (FC), Frontier Constabulary, political administration, Federal Investigation Agency (FIA), Anti-Narcotics Force (ANF) and Motorway and a meeting in this connection will be held in Federal Board of Revenue (FBR), Islamabad.
The Tax Reform Commission (TRC) has recommended to the Federal Board of Revenue (FBR) to introduce the concept of ''higher income contribution'' whereby individual and Association of Persons earning taxable income of more than Rs 100 million and in case of corporate taxpayers earning taxable income of more than Rs 200 million should be liable to surcharge. There should be a sunset time limit for this enactment of three years.
Tax Reform Commission (TRC) has recommended a new list of green channel companies for which certain minimum criteria should be fixed for speedy clearance of consignments of manufacturers/industrial importers. According to the final recommendations of the TRC, the company should be registered company under the Companies Ordinance 1984 to qualify for placement on green channel.
The Federal Board of Revenue (FBR) Wednesday announced that the acknowledgement of the returns filed under Voluntary Tax Compliance Scheme (VTCS) would automatically place new taxpayers/traders on Active Taxpayer List (ATL) within seven days after filing of return. According to an income tax circular issued by the FBR here on Wednesday, new taxpayer trader for tax year 2015 shall pay one percent tax only on the declared working capital, which shall not exceed Rs 50 million, and furnish a simplified one page income tax return supported by proof of tax payment and copy of CNIC at the facilitation desk of concerned Regional Tax Office.
The Tax Reform Commission (TRC) has said that the estimates of the Economic Survey on tax expenditure appeared to be unreliable when compared with the Federal Board of Revenue (FBR) strategy paper estimates of tax exemptions/concessions for 2013-14 and 2012-13.
The final report of the Tax Reform Commission (TRC) has strongly recommended amendments to forex regulations to get hold of the black money held abroad by imposing 15 percent tax on the amount of property owned by persons involved in misdeclaration of foreign assets.
The Federal Board of Revenue has violated rules and regulations by withdrawing Rs 851 million from bank accounts of China Harbour Engineering Company Limited as the matter is still pending adjudication. Chairman Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation Senator Saleem Mandviwala said this on Tuesday while chairing the meeting at the Parliament House.