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Taxation: Pakistan


State Bank of Pakistan (SBP) on Friday advanced deadlines for submission of different quarterly reports. According to SBP, it has been decided to change the submission date of quarterly stress testing report w.e.f. December 31, 2014 and now all banks and DFIs will submit their quarterly stress testing reports within 16 working days from the close of each calendar quarter instead of 22 working days.

The Federal Board of Revenue (FBR) will issue statutory regulatory orders (SROs) to do away with the budgetary anomalies in tax rates introduced through Finance Act 2014, extending sales tax exemption to the pharmaceutical raw materials, where customs duty does not exceed 10 percent. Sources told Business Recorder here on Friday that the budget anomalies have been pointed out while rescinding the SROs in budget 2014-15.
Former LCCI President & Chairman of LPG Association of Pakistan Farooq Iftikhar has urged the Federal Board of Revenue (FBR) and Customs authorities to make vigilance system effective at borders as day-by-day rising smuggling of LPG is causing huge loss to the national economy.
The Federal Board of Revenue (FBR) has provisionally collected Rs 900 billion during July-November (2014-15) against Rs 789 billion in corresponding period of 2013-14, reflecting a growth of 14 percent. Sources told Business Recorder here on Friday that the provisional revenue collection stood at Rs 900 billion during first five months of 2014-15.
The Federal Board of Revenue (FBR) is ready to pay Rs 2 billion to the Sindh Revenue Board (SRB) on account of sales tax on services which was part of the SRB collection, but deposited in the FBR account. Official sources told Business Recorder here on Thursday that the issue came to the light during an advisory meeting of the provincial revenue authorities/ board held at the FBR House to discuss the issues of revenue reconciliation; joint forensic audit of telecommunication companies; sales tax on toll manufacturing; Pakistan Revenue Automation Limited (PRAL)/IT related issues and deputation of FBR''s officers/officials to the provincial revenue authorities.
The Federal Board of Revenue (FBR) for the first time introduced the concept of computerised record based evaluation of tax officials in public sector organisation having key performance indicators for writing Annual Confidential Reports (ACRs). Sources told Business Recorder here on Thursday that the promotions of the tax officials are primarily made on the basis of ACRs. There are instances where officers with pathetic performance have been promoted on the basis of their excellent ACRs.
The Federal Board of Revenue (FBR) has imposed a 20 percent regulatory duty on the import of sugar, says a notification issued on Wednesday. According to the SRO 143(I)/2014, in exercise of powers conferred by sub-section (3) of Section 18 of the Customs Act, 1969 (IV of 1969), the federal government has levied regulatory duty @ 20 percent ad valorem on the import of sugar falling under the Pakistan Customs Tariff headings 1701.1310, 1701.1390 and 1701.9910 of the First Schedule to the Customs Act, 1969 (IV of 1969).


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln