Just in:  

You are here: Home»Taxation»Pakistan

Taxation: Pakistan


China has raised serious concerns over the issue of tax, electricity price and security with Pakistan regarding the implementation process of the China-Pakistan Economic Corridor (CPEC) energy projects, it is learnt. According to sources, China has expressed serious reservations over the hurdles and delaying tactics purportedly being employed by the Federal Board of Revenue (FBR) in extending exemption from sales tax and withholding tax.

The import duty slabs may be raised by one percent - from 2 to 3 percent, 5 to 6 percent, 10 to 11 percent, 15 to 16 percent and 20 to 21 percent from December 1, 2015. Sources told Business Recorder here on Saturday that one of the proposals under consideration to generate additional revenue is to increase customs duty slabs under Pakistan Customs Tariff by one percent. In case the proposal is implemented, all customs duty slabs would be increased by one percent raising the existing slabs to 3 percent, 6 percent, 11 percent, 16 percent and 21 percent.
The government is likely to enhance regulatory duty on the import of different kinds of weapons including pistols and shotguns from existing 15-20 percent to 20-25 percent from December 1, 2015. Sources said that the 15 to 20 percent regulatory duty is applicable on the import of pistols, single barrel, semiautomatic or otherwise; pistols, multiple barrel; muzzle loading firearms; pump action; semiautomatic; shotguns, multiple barrel, including combination guns; single shot; semiautomatic; other arms (for example, spring, air or gas guns and pistols, truncheons), excluding those of Pakistan Customs Tariff heading 93.07; cartridges; cartridges for riveting or similar tools or for captive bolt human killers and parts thereof. It is expected that the RD on the said items would be raised from next month.
Karachi Tax Bar Association (KTBA) has requested the Federal Bureau of Revenue (FBR) to extend the date of filing of returns till December 31, 2015 to facilitate taxpayers at maximum level. Highlighting the problems being faced by taxpayers in filing returns, the KTBA in its letter sent to the FBR chairman, stated that the enrolment of non-resident Pakistanis could not be done as they did not have registered local mobile numbers.
Customs department appears reluctant in pursuing the case detected by Directorate General of Internal Audit (DGIA) against some persons for their alleged involvement in transferring black money worth Rs 100 billion under the guise of gold exports on fake Form-Es, it emerged on Friday. According to sources, some `unscrupulous' elements misused the entrustment scheme in 2011-2013 to get 80 per cent tax exemptions in gold imports by submitting fake E-form to avoid legal action.
Punjab government has abolished sales tax on internet services including email services, data communication network services (DCNS) and value added data services by issuing Notification on November 25, 2015. In this regard, the Finance Department Punjab has amended the Punjab Sales Tax on Services Act, 2012. According to the notification, the Punjab Sales Tax on Services Act, 2012 has excluded the following from its Second Schedule:
The Federal Board of Revenue (FBR) has made it mandatory for all FBR officers/staff to obtain a "No-Objection Certificate (NOC) prior to applying/seeking admission in any local/foreign institute. According to a circular issued by FBR here on Friday, in continuation of Economic Affairs Division's letter and FBR's guidelines vide letter No 2(1)S(HRD)/2012 dated 30th April, 2014 following further instructions need to be observed strictly:-


ArrowDJIA 17,798.49 0.08
ArrowNasdaq 5,127.52 0.22
ArrowS&P 2,090.11 0.06
ArrowFTSE 6,375.15 0.28
ArrowDAX 11,293.76 0.24
ArrowCAC-40 4,930.14 0.32
ArrowNikkei 19,883.94 0.30
ArrowH.Seng 22,068.32 1.87
ArrowSensex 26,128.20 0.65

Wholesale Camping Equipment from China at 

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Ad Asia 2015

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln