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Taxation: Pakistan


The government has reportedly earned Rs 2 billion in just three months through a levy of Regulatory Duty on import of different steel products. On January, 14, ECC decided to levy RD on steel products with the intention to gain an additional revenue and also to provide a fair competitive environment for domestic units and imported goods.

The government is reviewing the adverse impact of the withholding tax, imposed on sale/purchase of immovable properties, on provincial taxes like Capital Value Tax (CVT) for possible withdrawal of withholding tax on properties in budget (2015-16).
The Federal Board of Revenue (FBR) is likely to enhance the fixed rate of Federal Excise Duty (FED) in value addition mode on import of edible oil from existing Rs 1 per kg to Rs 2 per kg or Rs 2,000 per metric ton (PMT) to generate additional revenue in 2014-15.
Finance Minister, Senator Mohammad Ishaq Dar here reviewed progress of revenue generation by FBR during the 2014-15 fiscal year. In this regard, the Minister was briefed by the Chairman FBR at a meeting which was also attended by senior officials of the FBR and Finance Ministry.
Following the conservative approach adopted by Commissioners Inland Revenue-Appeals for granting stay and relief to the taxpayers reportedly on the directives of Chairman Federal Board of Revenue, the Karachi Tax Bar Association (KTBA) has asked the chairman FBR to elucidate legal status of the said instruction.
The budget preparation exercise (2015-16) kicked off here at the Federal Board of Revenue (FBR) with specific focus on measures meant for providing major relief to the general public during the next fiscal year. Sources told Business Recorder here on Saturday that the FBR House remained open on April 25 for initiating budget preparation exercise.
The Appellate Tribunal Inland Revenue (ATIR) Lahore, while directing the Federal Board of Revenue (FBR) to detach the bank accounts of a registered company, declared that the tax recovery in any form should not be made till disposal of appeal by an independent forum. According to a judgment of ATIR Lahore in favour of a registered company here on Saturday, ATIR Lahore said that the tax department is advised not to pursue the recovery, in any manner, in this case till decision of the main appeal by the Commissioner Appeals.


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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