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Taxation: Pakistan


The Federal Board of Revenue (FBR) has sought legal opinion of the customs collectors, asking for rationale behind not allowing sales tax exemption on pharmaceutical grade (granules) imported as raw material for the manufacture of intravenous infusion solution bottles.

Economic Co-ordination Committee (ECC) of the Cabinet has reportedly exempted Floating Storage& and Re-Gasification Unit (FRSU) of M/s Engro Elengy Terminal Private Limited (EETPL) from taxes under the LNG policy.
National Accountability Bureau (NAB) has recommended to the Federal Board of Revenue (FBR) to collect data regarding stock exchange transactions and enquire about sources of investment without fear of any adverse market reaction. The NAB''s Prevention Committee regarding Tax Evasion has finalised its recommendations, which have been sent to the board Chairman for implementation, so as to plug loopholes in broadening the tax base by improvement in the existing system and maximising documentation of the economy, providing lucrative incentives.
Karachi Customs Agents Association (KCAA) has proposed to establish Directorate of Research & Classification (DR&C) for advance rulings and new PCTs' classifications. The KCAA in its budget proposals, which were submitted to the Federal Board of Revenue (FBR) during meeting with member customs at customs house on the other day, suggested the board to establish the DR&C for advance rulings and new PCTs' classifications. The Directorate should also be responsible for laboratory's helms of affairs including allocation of funds, procurement of latest equipment, staff deputation and lab reports.
The Tax Advisory Council (TAC) is considering proposing to the Ministry of Finance single stage sales tax to check illegal input tax adjustments to the tune of billions with the benefit of hassle-free environment to the registered persons.
A leading cigarette manufacturing company has contributed Rs 22.7 billion to the Federal Board of Revenue (FBR) in the form of duties and taxes during January-March 2015, which is a 22% increase over the same period last year.
The Federal Board of Revenue (FBR) and Pakistan Banks Association (PBA) will discuss issues of refunds and withholding tax collection by banks with emphasis on "Filers and Non-Filers" at the PBA office Karachi on Monday(April 20).


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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 $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln