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Taxation: Pakistan


Provincial Minister for Law, Excise and Taxation and Finance Mujtaba Shujaur Rehman has said private educational institutions are playing a pivotal role in providing quality education and the government lauds the private sector for growing the literacy rate.

Former State Bank of Pakistan (SBP) governor Dr Ishrat Hussain has said on Wednesday that the uniform tax regime should be applied to all sectors without discrimination and on the principle of utility to boost industrialisation. He also said there was a clear separation in policy, ownership and regulation was necessary to maximise efficiency, protect consumers, provide competitive markets and promote investment.
The International Finance Corporation (IFC) has approached Finance Minister Ishaq Dar seeking withholding tax exemption on the payments made or transactions carried out by the IFC, through an amendment in the Second Schedule of the Income Tax Ordinance 2001 along with an exemption certificate from withholding tax provisions from July 1, 2014.
A key feature of the Budget (2015-16) would be the continuation of the policy for imposing higher rates of withholding taxes on non-filers of income tax returns to penalise persons operating in undocumented regime. Sources told Business Recorder on Monday that the government will impose higher rates of withholding taxes on non-filers in different sectors through Finance Act, 2015.
All Pakistan Customs Agents Association (APCAA) showed alarming concern over import of job & stock lot consignments banned through Import Policy Order of Commerce Ministry, reflecting blatant violations of the order.
The Federal Board of Revenue (FBR) will release Annual Tax Directories of taxpayers and Parliamentarians on April 10, 2015 to disclose titles and tax payments of the income tax return filers, corporations, Association of Persons (AoPs) and individuals.
The Federal Board of Revenue (FBR) has announced that all field offices will remain open and observe normal working hours, ie, 9am to 5pm on March 28 (Saturday) and till 9pm on March 31 (Tuesday) for collection of duties/taxes.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln