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Taxation: Pakistan


The government is likely to amend section 80 and section 121 of the Customs Act 1969 in the federal budget 2015-16 aimed at rechecking of goods in case of Misdeclaration and allowing transshipment of imported goods from one destination to the other without payment of duty, well-informed sources told Business Recorder.

Senior Member Board of Revenue Sindh, Shoaib Ahmed Siddiqi has said that a letter written to the Chairman FBR has called for ensuring recovery of Revenue Stamps Duty in the interest of the government and the people. He said that the importers have not been paying the revenue stamp duty to the national exchequer since 2010. He said this while chairing a meeting of the high officials of the Revenue Department at his camp office here, said a statement on Thursday. Shoaib Siddiqi has also taken notice of the theft of revenue stamps duty from Customs' bill of entry.
Customs department is planning to initiate 'Colour Markings' on the containers selected for examination to clear containers' backlog at Karachi International Containers Terminal (KICT). This proposal was given by All Pakistan Clearing Agents Association (APCAA) at a meeting held with Additional Collector Azhar Marchant of West Collectorate, here on Wednesday.
One of the key revenue generation measures to be announced in budget (2015-16) is to double sales tax rates on the import of mobile phones from Rs 150 (low price), Rs 250 (medium price) and Rs 500 (smart phones) to Rs 300, Rs 500 and Rs 1000 for all the three categories, respectively. Sources told Business Recorder on Thursday that the government is planning to double sales tax rates on the import of mobile phones to generate additional revenue to the tune of Rs 6-7 billion per annum.
Additional Inspector General Karachi Police Ghulam Qadir Thebo has sent a letter to the Excise and Taxation Department, calling for installation of GPS trackers in motorcycles at the time of registration of the two-wheeler.
The Federal Board of Revenue (FBR) has found that no proof of export of software has been furnished by Axact Company and 'so-called' exports of software are merely a mean to bring in huge sums of money into the country without paying taxes. Sources told Business Recorder here on Thursday that the FBR has received a report of Regional Tax Office (RTO) Karachi on the said case.
The Federal Board of Revenue (FBR) will brief Prime Minister Nawaz Sharif here on Thursday (May 28) on estimated Rs 215 billion budgetary measures for 2015-16. It is learnt that the FBR team headed by FBR Chairman Tariq Bajwa will give a budget presentation to Nawaz Sharif at the PM House Thursday morning to finalise taxation and relief measures for 2015-16.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln