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Taxation: Pakistan


Pakistan Coast Guards (PCG) and Pakistan Customs officials on Wednesday seized 19,000 litres of petrol and diesel on RCD Highway and Baba Island Keamari, Karachi. During joint raid with Pakistan Customs, PCG recovered about 15,000 litres Irani petrol from a Hina Mazda truck on RCD Highway and 4,000 litres Irani diesel from a launch at Baba Island Keamari. The market value of seized petroleum was Rs 20 million. Further investigation and legal process was underway.

Federal Investigation Agency (FIA) has identified 28 customs officials, reportedly involved in the clearance of 308 luxury vehicles under the guise of ambulances that inflicted a Rs 775 million financial loss on the national kitty; it is learnt here on Wednesday.
The Lahore High Court (LHC) has granted interim relief against selection of cases for sales tax audit by the Commissioner Inland Revenue for Tax Year 2013. It is learnt here on Wednesday that a taxpayer through Waheed Shahzad Butt had challenged the audit selection by the Commissioner-IR, Gujranwala and stay has been granted by the LHC with the directions that no final order shall be passed.
Finance Minister Ishaq Dar said on Wednesday that the government had decided to publish a tax directory of Parliamentarians following criticism by the US and the UK. Replying to a question during a media briefing here on Wednesday, the Finance Minister said that the present government had decided to be on high moral ground in response to the statements by the US Secretary of State and some members of the UK Parliament during the tenure of the previous government that Pakistan must tax its elites if it wanted to continue receiving foreign assistance.
The Federal Board of Revenue will maintain its legal stance at all fora, including the Economic Co-ordination Committee (ECC) of the Cabinet for charging sales tax on the supply of electricity including subsidy granted to power consumers. Sources told Business Recorder here on Wednesday that the FBR will charge sales tax on electricity as per sales tax law and rules. The high court has upheld the interpretation of the FBR on charging sales tax on electricity.
There is a decrease of 26.5 percent in customs duty collection during first 15 days of April 2014 as import duty collection stood at Rs 6.931 billion during April 1-15 against Rs 9.424 billion in the same period last year. Sources told Business Recorder, here on Wednesday the Federal Board of Revenue (FBR) has to collect Rs 124.607 billion in the next two weeks of April 2014 to meet the monthly target of Rs 196.3 billion for the current month.
The Federal Board of Revenue (FBR) on Wednesday organised workshop in Hyderabad to interact with the taxpayers regarding the role and responsibilities of Withholding Agents and to explain the various e-services extended to them through FBR's portal. Commissioner RTO Hyderabad Dr Tauqeer Ahmed inaugurated the workshop by briefly introducing the format and series of presentations and the objectives of the workshop.


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln