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Pakistan has given approval to accede to International Transports of Goods (TIR) Convention to provide a legal framework for traffic-in-transit of goods across borders among the contracting parties without involving payment of Customs duties, taxes and without undergoing checking. The convention will be signed by Pakistan within a week or so.

As many as 1,000 officials of Customs department have been awaiting promotions from Grade 16 to 17 despite passage of one year, as promised by Finance Minister Ishaq Dar in his budget 2014-15 speech. A senior official of the Federal Board of Revenue told Business Recorder Tuesday that some quarters were creating hurdles in the promotion of the Superintendents of the department.
The Federal Board of Revenue (FBR) is reviewing a budget proposal of computer industry to fix import duties/taxes at Rs 3,000 on the import of laptop and desktop computers in the budget (2015-16) to generate additional revenue and provide an opportunity to informal importers to declare and get cleared imports assessed on fixed rates.
The Federal Board of Revenue (FBR) is likely to approach Ministry of Finance and Industry of the United Arab Emirates (UAE) seeking information about M/s. Axact (Private) Limited from UAE's tax authorities, as it has claimed huge exempt income on the pretext of exporting software to its parent company in the UAE.
Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to reconsider the rate of withholding tax (WHT) on the commission income of insurance business field workers. In an order issued here on Tuesday, FTO observed that charging WHT on income which is below taxable limit and placing such tax under Final tax Regime (FTR), being non-adjustable, is contrary to legal provisions of Income Tax law and the Constitution. The FBR should provide field workers of insurance business fair opportunity to represent their case in accordance with the principles of natural justice and report on the action within 45 days.
The Federal Board of Revenue (FBR) is reviewing duties and taxes structure on the automobile sector in budget (2015-16) on the recommendations of the Engineering Development Board (EDB) and other stakeholders/departments. Sources said on Tuesday that the FBR has received budget proposals of the EBD for consideration in the coming budget. The EDB has made specific budget proposals to the tax authorities relating to the automobile sector.
The government has projected a GDP growth rate of 5.5 percent for 2015-16 backed by projected growth of 3.9% in agriculture, 6.4% industry (with 6 percent in large scale manufacturing sector, 8.3 percent in small and household, 8.5 percent in construction industry and 6% in electricity generation and gas distribution), and 5.7 percent in services sector, according to an official document. The government is projecting a growth of 15.2% in indirect taxes in 2015-16 budget - a projection less than half of 34.2 % which it claims was achieved between 2013-14 and 2014-15.

 



 
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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%
MonthlyApril
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 26, 2015
Reserves $17.749 bln