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Taxation: Pakistan


The Federal Board of Revenue (FBR) is likely to announce new tax incentives for construction and manufacturing sector with possible abolition of customs duty slab of 25 percent in budget (2015-16). Sources told Business Recorder here on Sunday that the concessions to the construction and manufacturing sector are the priority of the upcoming budget. Duty concessions at the import stage are expected for the said sectors.

Opposing the proposals regarding enhancing the general sales tax on different sectors, the Multan Chamber of Commerce and Industry (MCCI) has called upon the government to bring down high general sales tax rate to single digit level in the upcoming federal budget 2015-16 that will help in reducing inflation, boosting business activities and attracting more investment.
Finance Minister Senator Ishaq Dar has reportedly supported the withdrawal of a Regulatory Duty (RD) on import of raw materials of auto parts, well informed sources told Business Recorder. This was the crux of a meeting between the Finance Minister and representatives of Pakistan Association of Automobile Parts & Accessories Manufacturers (PAAPAM) , held at the FBR headquarters on May 21,2015.
State Bank of Pakistan (SBP) has proposed Ministry of Finance to insert a new clause in the Seventh Schedule of the Income Tax Ordinance to treat Islamic modes of financing (approved by regulators ie SBP and SECP) as financing transactions and not trading activity ie sale/ purchase transactions.
The Federal Board of Revenue (FBR) in the light of an international report on illicit tobacco trade has decided to introduce new enforcement measures in the upcoming budget (2015-16) to check illegal trade and consumption of cigarettes in the country, sources told Business Recorder. The country in the wake of illicit trade and consumption of cigarettes has suffered revenue losses to the tune of Rs 26.2 billion (US $253 million) in 2013-14, they added.
State Bank of Pakistan (SBP) has proposed Ministry of Finance/Federal Board of Revenue (FBR) to form an effective formal mechanism for consultation among provinces to bring harmony in sales tax applicable to banking services. It is learnt that the SBP has submitted budget proposals for 2015-16 to the Finance Ministry.
Finance Minister Ishaq Dar has categorically stated that there is not going to be any tax on foreign remittances. His statement or clarification came a day after chairman Federal Board of Revenue (FBR) Tariq Bajwa reportedly told the Senate Standing Committee on Finance that the government is considering to imposing some restrictions on foreign remittance and it would be submitted to the federal cabinet for approval.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln