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Taxation: Pakistan


The Federal Board of Revenue (FBR) has accepted banks'' request to deposit the payment of advance tax deducted under section 236P of Income Tax Ordinance 2001 by July 31, 2015. According to sources, after the insertion of section 236P in Income Tax Ordinance 2001, the financial institutions are required to collect advance adjustable tax from a non-filer at the time of sale of any instrument, including demand draft, pay order, special deposit receipt, cash deposit receipt, short term deposit receipt, call deposit receipt, rupee traveller''s cheque or any other instrument of such nature from July 1, 2015 at the rate of 0.6 per cent.

The Federal Board of Revenue (FBR) has asked banks to ensure deduction of 0.6 percent tax from non-filers at the time of sale of any instrument and then cash demand draft, pay order, special deposit receipt; cash deposit receipt, short term deposit receipt, call deposit receipt, rupee traveller''s cheque or any other instrument. Sources said here on Monday that the FBR Chief Income Tax Policy Malik Amjad Zubair Tiwana has issued instructions to banks on the new withholding tax provisions applicable to banking companies.
Finance Minister Ishaq Dar has convened a meeting of traders and Federal Board of Revenue (FBR) on Wednesday (July 8) to discuss the issue of 0.6 percent withholding tax on banking transactions of non-filers of income tax returns. When contacted, sources in the Ministry of Finance said a discussion on the issue arising out of traders'' call for strike took place in the Finance Ministry on Monday evening.
Senate Standing Committee on Commerce on Monday forwarded various amendments for incorporation in three bills - the Anti-Dumping Duties Bill, 2015, the Countervailing Duties Bill, 2015 and the Safeguard Measures (Amendment) Bill, 2015. The committee, chaired by Senator Syed Shibli Faraz, was given a detailed briefing by adviser to Ministry of Commerce, Shandana Gulzar Khan. The proposed amendments in all the bills were on technical grounds that mostly contain language corrections and other technical terms.
Chief Executive of Trade Development Authority (TDAP) S M Muneer, who is also patron-in-chief of Korangi Association of Trade and Industry (KATI), has sought the intervention of Prime Minister Nawaz Sharif to direct concerned authorities to withdraw controversial withholding tax on banking transactions, as the fragile economy can not afford any protest or agitation.
Associations from service sector have rejected the imposition of 8 per cent minimum tax on service providers. According to details, representatives of Pakistan International Freight Forwarders Association-PIFFA, Air Cargo Agents Association of Pakistan-ACAAP, Fleet Operators Association of Pakistan, All Pakistan Customs Bonded Carriers Association, All Pakistan Customs Clearing Agents Association and others joined hands against the excessive increase in minimum tax on service providers. For the purpose, the meeting was convened at a local hotel here.
Parliament is the only authority which can bring any change in threshold of above Rs 50,000 or rate of 0.6 percent withholding tax on all banking instruments of the non-filers of income tax returns at the banks. A senior tax official told Business Recorder on Monday that the Parliament has passed the Finance Act 2015. It is now a law and cannot be withdrawn or amended.


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 06, 2015
Reserves $18.201 bln