Last update: Sat, 22 Oct 2016 02am

Taxation: Pakistan


The United States said Thursday that Pakistan has to reform its tax system, investment policies and dispute resolution mechanism to attract Foreign Directive Investment (FDI) and increase external trade from the rest of the world, including the US. This was stated by Assistant US Trade Representative (AUSTR) for South Asia Michael J Delaney at an on-the-record roundtable at a local hotel after two-day discussions with Pakistani authorities under the umbrella of Trade and Investment Framework Agreement (TIFA) Council. United States Trade Representative (USTR), Michael B Froman presided over the meeting.
Punjab is considering revising DC rates on immovable properties however, the final decision would be taken in view of revenue performance of first quarter of the current fiscal year, Punjab Finance Minister Ayesha Ghaus Pasha told Business Recorder. Dr Pasha added that it is expected that some decision would be taken soon in this regard and said: "we are reviewing the entire revenue situation at the provincial level and would also take up the issue of immovable properties valuation with the federal government".
In a major move to facilitate business community particularly exporters, the Federal Board of Revenue (FBR) has approached the sales tax registered taxpayers seeking their bank account numbers for direct electronic credit of sales tax refunds into their accounts from November 2016. The FBR has issued requests to the taxpayers for providing IBANs (International Bank Account Numbers) for direct electronic credit of sales tax refund.
The senior officials of Canada Border Service Agency (CBSA) met Pakistani customs authorities in Karachi and Islamabad and appreciated the electronic customs clearance processes in Pakistan. Sources told Business Recorder here on Thursday that the Claude St-Denis, Regional Director of Canada Border Service Agency for Asia is visiting Pakistan from October 17 to 21, 2016. Beside senior officials of CBSA, liaison officer High Commission of Canada also assisted the delegation.
Model Customs Collectorate (MCC) Islamabad's ongoing crackdown against non-duty paid smuggled goods resulted in seizure of large quantity of foreign fabrics and assorted mobile phones here on Thursday. According to the details, on specific information, Islamabad Customs seized one dumper carrying full load of smuggled foreign fabrics weighing 7,000 kg having worth approximately Rs 7,700,000 whereas value of vehicle comes at Rs 3,000,000. The total value of seizure is Rs 10,700,000. The customs have arrested three persons involved in smuggling of these goods.
The Federal Board of Revenue (FBR) has reactivated all Tax Facilitation Kiosks (KIOSKS) and Tax Facilitation Centres (TFCS) to facilitate taxpayers in timely filing of their income tax returns. According to the FBR instructions to Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) here Thursday, all Chief Commissioners have been requested to ensure that all Tax Facilitation Kiosks (KIOSKS) and Tax Facilitation Centres (TFCS) are immediately operational and reactivated as the last date for filling of income tax return is October, 31 2016.
Speakers at a seminar organized by Hansuke Consulting have urged the federal government for close co-ordination among the regulators of the financial sector so that the sector grows well and meet the global challenges.