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Taxation: Pakistan


Super model Ayyan Ali could not be indicted by a Customs Court in the currency smuggling case on Friday due to incomplete challan. Customs Court Judge Rana Aftab Ahmad took up the currency smuggling case. Ayyan appeared before the court for the third-time following her release on bail. Ayyan Ali was arrested from Benezir International Airport, Rawalpindi on March 04 when customs officials recovered $500,000 from her baggage.

Large Taxpayers Unit (LTU), Karachi, has frozen nine bank accounts of Pakistan International Airline (PIA) to recover Federal Excise Duty (FED) amounting to Rs 1.6 billion; it was learnt here on Friday. The action was taken under Rule 60 of FED Rules 2005. The national flag carrier, which collects Rs 10000 and Rs 5000 from international passengers of business and economy classes, respectively, is required to deposit the collected amount on a monthly basis.
Federal Minister for Finance Senator Ishaq Dar chaired a meeting here Thursday to discuss important matters related to levy of eight percent minimum tax on services. Special Assistant to Prime Minister on Revenue, Haroon Akhtar also participated the meeting. Chairman FBR, Tariq Bajwa apprised the Minister that FBR had held consultative meetings with the relevant stakeholders to discuss various issues. The Chairman informed the Minister that various services sectors had different financial profiles for arriving at their income and imposition of minimum tax rate sector wise.
Special Judge Customs, Taxation and Anti-Smuggling has admitted two cases filed by Directorate General of Intelligence and Investigation Inland Revenue against a leading Islamabad-based school in the Diplomatic Enclave and a real estate investor for alleged misdeclarations in their income tax returns and wealth statements.
Anti Smuggling Organisation (ASO) of Directorate of Intelligence and Investigation-FBR, Karachi on Tuesday claimed to have seized huge quantity of smuggled electronic goods and home appliances worth Rs 15 million. According to official sources, the ASO staff on a tip-off raided a place located in the residential area of Bahadurabad after obtaining search warrant from the area Magistrate to make the search process transparent. They said that ASO staff had seized 222 air conditioner, (11) refrigerators and 12 washing machines, which were dumped in the basement of the house.
Super tax shall apply to income of banks without any threshold, according to the new procedure for levy of super tax issued by the Federal Board of Revenue (FBR), on Wednesday. The FBR has issued S.R.O.890(1)/2015 here on Wednesday. Through this SRO, the FBR has proposed a new procedure for levy of super tax on individuals, association of persons and companies under section 4B of the Income Tax Ordinance 2001 for rehabilitation of Temporary Displaced Persons.
Deduction of excess tax under Section 8B of the Sales Tax Act 1990 by the Federal Board of Revenue (FBR) is putting large manufacturing units into severe liquidity crunch; it is learnt on Wednesday. According to sources, 10 percent minimum value addition sales tax was applicable to certain registered persons including manufacturers. Therefore, manufacturers are duly maintaining tax compliance of minimum 10 percent value addition.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln