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Taxation: Pakistan


Activity at Customs House Thursday came to a halt as the life in the city remained paralysed following appeal by MQM to observe day of mourning. However, the cargo handling at Karachi Port and Port Qasim remained as usual. A wave of uncertainty gripped the country's financial hub where the life stayed suspended after the MQM call to mourn the death of its worker.

The World Bank approved $50 million to strengthen public sector performance in Sindh through improved revenue generation and expenditure management. The Sindh Public Sector Management Reform Project will contribute to improved collection of sales tax on services, improved credibility of budget execution and increased timeliness of contract execution.
The Federal Board of Revenue (FBR) retrospectively granted sales tax exemption on the import and supply of raw material for basic manufacture of active pharmaceutical ingredients and pharmaceutical products from June 26, 2014.
There are major shortcomings in Securities and Exchange Ordinance, 1969, which need to be replaced with Securities Bill 2015, as the SEO 69 has no provision for system audit of stock exchanges; Commission intervention powers for investor protection and regulation for clearing houses etc.
A sales tax refund has been issued by Regional Tax Office (RTO) Lahore after 15 long years, solely due to strict intervention by the office of Federal Tax Ombudsman (FTO).
Senior Member Board of Revenue Nadeem Ashraf has immediately suspended Tehsildars of Sahiwal, DG Khan and Attock districts for showing negligence and delay in allotment of inherited property to women and issued instructions for taking action against them. Nadeem Ashraf said that the committees comprising assistant commissioners, Tehsildars and assistant directors land record are sending weekly reports to the government regarding wrong distribution of inherited transfer deeds.
The customs department has reportedly granted utter immunity to the importers of inferior quality of betel nut that poses serious health risks against undue gains, it was learnt here on Wednesday. According to sources, consignments of betel nuts, which were imported from Indonesia, Sri Lanka and Thailand, are being cleared at Karachi ports under an arranged system.


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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 $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln