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Senate Standing Committee on Finance has expressed serious concern on bringing serious tax crimes/tax evasion and taxation offences into the ambit of money-laundering - part of the proposed Anti Money Laundering (AML) amendment Bill - due to fear that it would be misused. Chairman of the Committee Saleem Mandviwalla said how he could support making tax regime as part of the AML Bill when entire committee has expressed serious concern and opposed its inclusion in the law primarily because of its misuse fear.

The effective tax rate on IT services companies under the new regime (8 percent minimum tax on service providers) will now range between 94 percent and 188 percent against normal corporate tax rate of 32 percent, reflecting a serious anomaly that will mar the development in rapidly growing IT sector.
Renowned academician, scholar and former Chief Secretary KPK, Abdullah has delivered a lecture to FBR officers on "Morality, ethics and public service delivery." The talk was held as part of a new series of motivational lectures organised on the initiative of FBR chairman to motivate officers to work with renewed zeal. The lecture was arranged at the main auditorium of FBR Headquarters Islamabad and officers in field formations attended it through a video link.
Traders and political parties at an All Parties Conference on Wednesday called for agitation across the country against the government's move to impose 0.3 percent withholding tax on bank transactions. Traders and political parties including PPP, which is ruling Sindh, rejected the controversial withholding tax even at the reduced rate during the conference, which All Pakistan Organisation of Small Traders and Cottage Industry (APOSTCI) organised at Karachi Press Club.
The Federal Board of Revenue (FBR) has constituted three committees i.e. "Communication Committee", "Income Tax Committee", and "Sales Tax Committee" to facilitate business community to become filers and resolve their issues of income and sales taxes. A senior FBR official said that the representatives of traders associations and chambers present in the meeting assured the tax authorities that they would not participate in any shutter down strike on August 1 or 5.
The Federal Board of Revenue (FBR) has allowed banks to deposit withholding tax being deducted/collected up to July 19, 2015 on banking transactions of non-filers by July 31, 2015 under Section 236p of the Income Tax Ordinance. The FBR has issued SRO 498(I)/2015 to amend Income Tax Rules, 2002 to extend the date for depositing tax by banking companies under section 236P, up to July 31, 2015.
The Federal Board of Revenue (FBR) has decided to launch Withholding Tax Module of "Iris" for which training and education of withholding agents would be done by Directorate General (Withholding Taxes) and IT Wing. According to the FBR's instructions issued to the field formations here on Tuesday, Withholding Tax Module of "Iris" is ready for launch. In order to introduce the new module and to educate and train withholding agents for its use, Directorate General (Withholding Taxes) and IT Wing have planned to hold Seminars for Withholding Agents, in all major cities, as per the following schedule:

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln