12032016Sat
Last update: Sat, 03 Dec 2016 05am

Taxation: Pakistan

Archive: 

The Directorate of Intelligence & Investigation Inland Revenue Islamabad of the Federal Board of Revenue (FBR) has started investigations into the suspicious purchases of dollars from the market by undeclared sources of income. Sources said that the investigation targets those individuals who are buying dollars in bulk from market and taking them abroad. This is the first of its kind of major enforcement action against the buyers of dollars purchased form undeclared sources of income. The action also reflects the major enforcement measures against those where declared income is not matching with hefty purchases of foreign currencies.
The Securities and Exchange Commission of Pakistan (SECP) has decided to grant a general relaxation to all listed companies from the requirement of payment of cash dividend through electronic mode directly into the bank accounts of the shareholders up to March 31, 2017.
The federal government has reportedly deprived the provinces of billions of rupee revenue by increasing General Sales Tax (GST) on industrial sector gas by 96 per cent, instead of increasing Excise Duty which is exclusively the right of the provinces. The Economic Co-ordination Committee (ECC) of the Cabinet in its meeting held on November 25, 2016 approved a reduction in gas sale prices for the industry by Rs 200 per MMTBU to Rs 400 per MMBTU from Rs 600 per MMTBU.
Federal Board of Revenue (FBR) has attached bank accounts of District Municipal Corporation (DMC) to recover tax dues amounting to over Rs 100 million. According to FBR sources, the Regional Tax Office (RTO)-III has raised a tax demand of over Rs 100 million against DMCs and issued an order under section 161 of Income Tax Ordinance 2001. Later, the tax department against the non-compliance has frozen the bank accounts of DMCs under section 140 of Income Tax Ordinance, 2001 for tax recovery.
Federal Board of Revenue said on Thursday that it is ready to consider and grant tax exemptions in the larger interest of the country after the Senate Standing Committee on Finance sought its opinion on issuance of tax-free bonds to arrange financing for House Building Finance Corporation (HBFC).
Federal Tax Ombudsman (FTO) has organised an awareness workshop regarding its project titled "Public Awareness and Advocacy About Dispute Resolution Mechanism of Federal Tax Ombudsman" for medium and small scale enterprises on Wednesday at a local hotel of Peshawar.
The National Assembly passed "The Income Tax (Amendment) Bill, 2016" on Wednesday requiring advance tax to be payable at the rate of 3 percent on registering or attesting to the transfer of real estate to be collected from the purchaser. The Lower House of the Parliament also passed "The Public Private Partnership Authority Bill, 2016" to promote domestic and foreign private investment in infrastructure and "The Pakistan Commissions of Inquiry Bill, 2016" to enhance scope of inquiry commission.