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Taxation: Pakistan


Finance Minister Ishaq Dar has said that another round of dialogue between government and traders would be held today (Tuesday) on the issue of withholding tax on banking transactions. Finance Minister said he himself would chair the meeting between the FBR and the business community representatives with a view to resolving their genuine reservations. On the conclusion of meeting between FBR and traders, Finance Minister Ishaq Dar reached FBR House and got input on a day-long meeting between the FBR and business and trade community.

Federal Board of Revenue (FBR) and Oil and Gas Regulatory Authority (Ogra) to jointly formulate a mechanism for recovery of Regulatory Duty on crude oil and petroleum products from consumers, well-informed sources told Business Recorder. Details reveal Economic Co-ordination Committee (ECC) of the Cabinet had approved petroleum product pricing formula under which the prices of petroleum products of the local refineries are linked with the corresponding actual import price of petroleum products imported by the PSO.
Abdur Rauf Chaudhry, Federal Tax Ombudsman (FTO) Monday directed the FBR, during the hearing of own motion case to extend the date of collection of withholding tax up to August 31, 2015 in the cases where withholding tax is payable with token tax on renewal of registration of vehicles by the post offices.
The National Highway Authority (NHA) Monday failed to satisfy a parliamentary panel over exorbitant increase in toll tax on motorways, observing that increase was not part of the Finance Bill (2015-16), hence unconstitutional. "Toll tax is a taxation measure and cannot be imposed without the nod of the Parliament", the Senate Standing Committee on Communication observed in a meeting with Mohammad Daud Khan Achakzai in the chair. On some routes like Lahore-Islamabad and Peshawar-Islamabad-increase in toll tax was more than 100 percent, the committee observed.
The government has withdrawn tax exemption powers of Economic Co-ordination Committee (ECC) of the Cabinet as per agreement with the lenders including the International Monetary Fund (IMF). Finance Minister Senator Ishaq Dar, who is also the chairman of the ECC rejected two tax exemption related summaries submitted by the Ministry of Petroleum and Ministry of Ports and Shipping in July 8, 2015 meeting of the committee.
The tax holiday to new manufacturing units in Khyber Pakhtunkhwa and Balochistan is strictly allowed to those units which are set up between July 1, 2015 to June 30, 2018 and which are not established by splitting up or reconstruction or reconstitution of existing undertakings or by transfer of machinery or plant from an undertaking established before July 1, 2015.
The Federal Board of Revenue (FBR) has given an option to the exporters from tax year 2015 and onwards to opt out of the final tax regime and file their returns of income under normal tax regime under Finance Act 2015.


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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln