Last update: Wed, 28 Sep 2016 11pm

Taxation: Pakistan


Around 58 owners of offshore companies, whose names appeared in the Panama Papers, have submitted their responses to the notices of the Federal Board of Revenue (FBR). Sources told Business Recorder here on Tuesday that the FBR had issued notices to 233 owners of offshore companies whose names appeared in the Panama Papers. So far, the Board has received responses from 58 persons. Responses to the remaining 175 cases are still awaited. In certain cases, owners of offshore companies time. Some have admitted while others have denied that they own offshore companies.
Asian Development Bank (ADB) has revised GDP growth forecast for Pakistan upward to 5.2 percent against the initial forecast of 4.8 percent for fiscal year 2017 while GDP growth for India is forecast at 7.8 percent. The upgrade in Pakistan''s growth is based on the assumption that there would be further improvements in energy supply and security, and likely recovery in cotton and other agriculture crops.
Turning down the Registrar office's objections over the pleas filed in the wake of Panama Leaks, the Supreme Court Tuesday decided to take up four pleas including that of Pakistan Tehreek-e-Insaf (PTI) seeking disqualification of sitting Prime Minister Nawaz Sharif, his son-in-law retired Captain Mohammad Safdar and Finance Minister Ishaq Dar.
Special Assistant to the Prime Minister on Revenue, Haroon Akhtar Khan has assured the business community that there will be no raids by Pakistan Revenue Authority (PRA) or the Federal Board of Revenue (FBR) on business centers. A trade delegation comprising President Rawalpindi Chamber Mian Humayun Parvez, Group leaders Sheikh Shabbir, Sohail Altaf, S.M. Naseem and former president Asad Mashhadi held a meeting with Haroon Akhtar Khan on the sidelines of RCCI Achievement ceremony.
An FIR has been lodged by the Directorate of Intelligence & Investigation, Inland Revenue Faisalabad against M/s Sheikh Brothers Chemicals & M/s S. B. Chemicals over allegedly committing a tax fraud to the tune of millions, causing huge revenue loss to the national exchequer.
Prime Minister Nawaz Sharif is likely to announce a package for exporters envisaging up to 6 percent rebate of Drawback of Local Taxes and Levy (DLTL), Long-Term Financing (LTF) facility on the import of machinery for five export-oriented sectors and sales tax refund of packing material for zero-rated sectors. Sources told Business Recorder that the government and exporters have reached an understanding on an incentive package for exporters designed to reduce their cost of doing business and make them competitive in the international market.
The National Assembly Monday unanimously passed five bills including "Benami Transaction (Prohibition) Bill, 2016, Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 and Hindu Marriage Bill, 2016." Parliamentary Secretary for Finance Rana Muhammad Afzal Khan tabled "Benami Transaction (Prohibition) Bill, 2016 and Companies (Appointment of Legal Advisers) (Amendment) Bill, 2016 while Federal Minister for Human Rights Kamran Michael moved the Hindu Marriage Bill, 2016 in the Lower House of the Parliament for passage. The House unanimously passed the bills.