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Taxation: Pakistan


The Land and Revenue department tops the corruption index followed by Water and Power, Petroleum and Natural Resources and Finance ministries according to the latest assessment by Transparency International, Pakistan. Pakistan, which was ranked as low as 127 among 177 countries around the world by Transparency International''s Corruption Perception Index (CPI) in 2013, improved its ranking by one and came down to 126 in 2014. With a score of 29 out of 100 in CPI 2014, and ranking of 126/175 is the best Pakistan has ever achieved since the first CPI was issued in 1995.

The federal government has decided to impose a standard rate of sales tax on 21 new services provided within the jurisdiction of Islamabad Capital Territory (ICT) and Balochistan in budget (2015-16). It is learnt that after 18th Amendment, powers to collect and levy sales tax on services were delegated to the provincial governments and subsequent Sindh, Punjab and KP have established their independent sales tax collection authorities within their provinces and scope as services were expanded enormously. The provincial government has brought new services within the ambit of sales tax.
Senate Standing Committee on Finance here on Friday stressed upon the Federal Board of Revenue (FBR) to introduce ''Undisclosed Foreign Income and Assets Act'' in budget (2015-16) for declaration of assets including bank accounts held by Resident Pakistanis out of Pakistan and undisclosed income aboard and regularise declared assets by payment of tax at specified rate.
Directorate of Intelligence and Investigation (DI&I)-Customs, Karachi on Friday raided BOL Media Group over non-compliance of its notice. According to sources, a notice under section 26 of Customs Act 1969 was served to BOL channel on May 25, 2015, asking to submit all records related to imported equipment along with Goods Declaration and other relevant documents including packing list, bill of lading, letter of credit, air-shipment bill, etc.
As May 31st, is a public holiday being Sunday, the Federal Board of Revenue (FBR), Islamabad, in co-ordination with State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP), has made special arrangements for collection of duties and taxes on Saturday (30th May, 2015). The SBP directed settlement/clearing of FBR transactions on month end by NBP as follows: The NBP Bank branches (A, B and C) will settle their transactions on same day ie 30th May with respective SBP BSC Offices for which a special clearing will be arranged at 3.00 pm by NIFT and NBP will settle the transactions with SBP BSC by 9:00 pm.
The Federal Board of Revenue (FBR) has imposed a permanent ban on all officials of the Board from interacting with media except official spokesperson FBR under new Internal Communication Policy & Strategy issued by the FBR, here on Friday. According to the FBR's new Internal Communication Policy & Strategy, the official spokesperson of FBR interacts with the media on policy issues. He is also responsible for issuing any press release, clarifications or rebuttals to the media.
Directorate General of Internal Audit Inland Revenue has detected that most of the housing schemes/estate developers are not deducting withholding tax as per law, prompting Chairman Federal Board of Revenue (FBR) to order recovery action against the non-deduction of withholding taxes by owners of such schemes and developers.


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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