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Taxation: Pakistan


President has signed Finance Act 2015 to implement taxation measures with respect to sales tax, Federal Excise Duty (FED) and income tax from July 1, 2015. Changes in customs duty at the import stage would be effective from June 30, 2015 including raise in customs duty from one to 2 percent on all items subjected to minimum slab of one percent.

The seventh National Finance Commission (NFC) Award expired yesterday (30 June) and is likely to be extended for one year, informed sources revealed to Business Recorder. Sources privy to the first meeting on NFC Award, held on April 28, had told Business Recorder that the nomination of member by Sindh government caused a delay in the constitution of NFC Commission and consequently no work could be done to evolve a consensus on the next award.
Finance Act 2015 has made it mandatory for banks to collect advance adjustable tax from a non-filer at the time of sale of any instrument, including demand draft, pay order, special deposit receipt, cash deposit receipt, short-term deposit receipt, call deposit receipt, rupee travellers cheque or any other instrument. Finance Act 2015 issued here on Tuesday explained advance tax on banking transactions other than cash under new section 236P.
Finance Act 2015 issued on Tuesday specified that the Computerised National Identity Cards (CNICs) of individuals would be treated as National Tax Numbers from tax year 2015 and onwards. According to the Finance Act 2015, from tax year 2015 and onwards, in case of individuals having Computerised National Identity Card (CNIC) issued by the National Database and Registration Authority, CNIC shall be used as National Tax Number. Finance Act has also explained appointment of special audit panels. The Board may prescribe the mode and manner of constitution, procedure and working of the special audit panel.
The Federal Board of Revenue (FBR) here on Tuesday issued 11 customs notifications to change customs duty structure or withdraw exemptions/concessionary duty rates on different items from June 30. In this regard, all 11 SROs dated June 30, 2015 have been issued here on Tuesday.
The Federal Board of Revenue (FBR) has provisionally collected Rs 2,580 billion during July-June 2014-15 against revised target of Rs 2,605 billion, reflecting shortfall of Rs 25 billion. According to the revenue collection figures compiled here late Tuesday night, so far collection stood at Rs 2,580 billion during July-June 2014-15 against Rs 2254 billion in the corresponding period of 2013-14, showing an increase of Rs 326 billion.
Regional Tax Office (RTO-II), Karachi has attached the bank account of Sindh Excise and Taxation (E&T) Department and recovered withholding tax amounting to Rs 861 million on Motor Vehicle Registration (MVR). According to sources, the federal government through Finance Act 2014 introduced the concept of filer and non-filer and fixed separate rates to distinguish them.


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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 $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJune 25, 2015
Reserves $17.457 bln