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Taxation: Pakistan


The Federal Board of Revenue (FBR) has received a strong recommendation of a Regional Tax Office (RTO) to conduct comprehensive audits of each electric power generation company (GENCO) falling in the jurisdiction of various Large Taxpayer Units (LTUs) and RTOs to check evasion of sales tax on supply of electricity. Sources told Business Recorder here on Sunday that the FBR Member Taxpayer Audit has received a report on the huge revenue potential of electric power generation companies and recommendation of comprehensive audit by the RTO Peshawar.

The Auditor General of Pakistan (AGP) has unearthed a loss of Rs 103.94 million of revenue to Khyber Pakhtunkhwa government due to nine cases of non-realization of Property Tax, Hotel Tax, Professional Tax, Motor Vehicle Tax, Motor Vehicle Registration Fee & Penalty and Tobacco Development Cess during financial year 2011-12.
Appellate Tribunal Inland Revenue (ATIR) Lahore while explaining the Sales Special Procedure Rules, 2007 has ruled that if the tax department is permitted to conduct the void proceedings against taxpayers without adhering to law, it will compromise the neutrality of the taxation system in Pakistan.
The Federal Board of Revenue (FBR) has divided Pakistan into two zones ie North Zone and South Zone, for determination of the highest retail price of cement sold in retail packing for accurate calculation of sales tax.
The Federal Board of Revenue (FBR) is planning to direct field formations for conducting audit of the bank challans submitted for release of confiscated goods against payment of duties/taxes and redemption fine to check fraudulent clearance of confiscated smuggled goods against fake bank challans.
Pakistan Railways has questioned 32 percent sales tax/excise duty on services including 16 percent Federal Excise Duty (FED) and 16 percent provincial sales tax ie double taxation under Federal Excise Act 2005 and Punjab Sales Tax on Services Act 2012.
The Federal Board of Revenue (FBR) has announced that all field offices will remain opened on Saturday (December 27) from 09:00am to 5:00pm and till 8:00pm on Wednesday (December 31) for collection of duties/taxes from corporate taxpayers. In this regard, the FBR has issued instructions to all Chief Commissioners Inland Revenue, Large Tax Payers Units, Regional Tax Offices and all Chief Collectors of Model Customs collectorates here on Friday on the collection of duties / taxes and receipt of corporate income tax returns on December 31, 2014.


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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 $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln