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Taxation: Pakistan


Finance Minister Ishaq Dar has said the government was keen to resolve all issues of investors so that they could support government''s efforts to achieve higher growth and generate employment opportunities in the country. He said the government was determined to expanding the tax base and will ban grant of tax exemptions so as to provide a level playing field.

The Customs department has principally agreed to provide a hearing opportunity to the clearing agents before blocking their licenses. The decision was taken during a meeting at Model Customs Collectorate Appraisement, West, with the representatives of Karachi Customs Agents Association (KCAA).
The Federal Board of Revenue (FBR) has directed all Chief Commissioners of Regional Tax Offices (RTOs) to issue notices to Market Committees, who failed to collect withholding tax from dealers, commission agents, arahitis, etc under section 236J of the Income Tax Ordinance, 2001.
Regional Tax Office (RTO) Karachi is facing a revenue shortfall of Rs 6 billion during July-March (2014-15) against the assigned target, prompting the authorities to issue warnings to five Commissioners of Karachi.
In order to avoid tax concessions on fake certificates, the Customs department has decided to establish a cell for verification of all concessionary certificates.
Sindh and Khyber Pakhtunkhwa will move a summary to the Council of Common Interests (CCI) for possible imposition of Federal Excise Duty (FED) on oil, which would be payable to provinces. Sources told Business Recorder here on Thursday that the issue was discussed in a meeting among Ministry of Finance, Federal Board of Revenue (FBR) and Chief Secretary Khyber Pakhtunkhwa on imposition, collection and payment of Federal duty on Excise on Oil as per Article 161(1)(b) of Constitution.
Regional Tax Offices (RTOs) are seeking guidance of the Federal Board of Revenue (FBR) for providing tax records to the National Accountability Bureau (NAB) for inquiries against corrupt persons. Sources told Business Recorder here on Thursday that some RTOs are reluctant to provide taxpayer's data like income tax returns to the bureau under the provisions of section 216 of the Income Tax Ordinance 2001. One of the RTOs has informed the NAB authorities that the name of NAB has not been included among agencies to whom tax documents can be furnished under the law.


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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 $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln