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Taxation: Pakistan


The Economic Co-ordination Committee (ECC) of the Cabinet, which is scheduled to be held today (Friday), is likely to lift a Regulatory Duty (RD) on export of potato, it was leant. Sources told Business Recorder that a proposal to this effect has been on agenda of the ECC meeting to be chaired by Finance Minister Ishaq Dar.

The Federal Tax Ombudsman (FTO) has ruled that all appellate tribunals or authorities are effectively estopped from rendering judgment on any similar issue decided or investigated by the FTO as per provisions of Federal Ombudsmen Institutional Reforms Act, 2013 (FOIRA).
The melting industry has sought immediate release of advance sales tax's pending refund amount to manage its working capital. Pakistan Steel Melters Association (PSMA), in a letter to the Federal Board of Revenue (FBR) Chairman on Thursday, requested the authority to immediately release the pending refund claims of advance sales tax, which was being collected on import of scrap at port stage and supposed to be adjusted in electricity bills of the steel plants.
On the directions of the Supreme Court of Pakistan, the Federal Board of Revenue (FBR) has constituted a high-level committee to probe the matter and fix responsibility on the officers/officials for their negligence in pursuance of the case relating to an investment bank before High Court and the Supreme Court. In this regard, the FBR has issued an office order here on Wednesday.
The National Tax Reforms Commission would chalk out a draft of practical recommendations for the government to gradual withdraw the presumptive tax regime, improve enforcement of the existing tax system, remove flaws in the Universal self Assessment Scheme (USAS) and exploit full potential of value added tax (VAT) regime.
The customs officials in Karachi have adopted an illegal practice to increase revenue collection on imports by issuing 'guideline customs value' meant for the assessment of imported consignment to charge higher rates of duties/taxes as compared to actual lower duties/taxes under applicable valuation rulings.
Finance Minister Ishaq Dar has asked the Tax Reforms Commission (TRC) to finalise an interim report on its deliberations and outline important proposals for consideration of the government. Speaking at the concluding session of the two-day TRC meeting here Tuesday, Dar said he wanted the commission to bring forth an interim report on its deliberations and outline important proposals for consideration of the government.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln