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Taxation: Pakistan


The effective rate of sales tax is 4 percent of 60 major sectors/industries during 2014-15 against the existing standard rate of 17 percent sales tax. According to the data compiled by the FBR here on Friday, the FBR has finalised a sector-wise comparative report on the effective rate of sales tax of 60 major sectors during July-December (2014-15) against the corresponding period of 2013-14.

The Federal Board of Revenue (FBR) is examining a proposal to further increase sales tax on the import and local supply of four petroleum products ie motor spirit including High Octane Blending Component (HOBC); kerosene oil; light diesel and high speed diesel oil from February 1, 2014.
Director General Intelligence and Investigation Inland Revenue (IR) Federal Board of Revenue (FBR) Haroon Khan Tareen has assured the documented tobacco sector that the agency is taking appropriate steps through its intelligence network to curb illicit trade of cigarette.
The Federal Board of Revenue (FBR) has directed the Collectors of Customs to continue collecting definitive anti-dumping duty on imports of Secondary Quality Tinplate (SQTP) into Pakistan from Belgium, France, Germany, Netherlands and USA. In this regard, the FBR has issued instructions to all Model Customs Collectorates (MCCs) here on Friday.
Senior Vice-President, Karachi Chamber of Commerce and Industry (KCCI), Muhammad Ibrahim Kasumbi, has asked the Federal Board of Revenue (FBR) to order the concerned quarters to clarify the issue of sales tax audit notices being issued to taxpayers constantly. In a letter to Shahid Hussain Asad, Member IR Policy FBR, Kasumbi advised the FBR to make necessary announcement through media to withdraw the ST audit notices issued to the sales tax payers under Fixed Tax Regime (FTR).
The provisional revenue collection of the Federal Board of Revenue (FBR) was Rs 1,336 billion during July-January (2014-15) against Rs 1185 billion in the corresponding period of 2013-15, reflecting a growth of 13 percent. According to the provisional data released by the FBR here on Friday the revenue collection during January amounted to Rs 170 billion against Rs 165 billion amassed last year in the same month.
The Supreme Court on Friday issued notices to Ministry of Commerce and Federal Board of Revenue (FBR) to submit a copy of the import policy and details of plastic scrap imports carried out during the last five years. Resuming the hearing of a human right case relating to the import of plastic scrap, a three-member bench led by Justice Mian Saqib Nisar queried the government's policy on the use of plastic bags in the country.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln