06272016Mon
Last update: Mon, 27 Jun 2016 07am

Taxation: Pakistan

Archive: 

The Sindh Assembly on Sunday approved Rs 869 billion fiscal budget 2016-17 with adopting ''the Sindh Finance Bill 2016'' despite the opposition''s noisy protest. The majority vote by the treasury helped the budget sail through the assembly but opposition called it ''unjust'' to ignore its cut-motions on the next fiscal plan. The opposition members rejected the budget passage and tore up copies of the bill and tossed them in protest.
The senior tax officials of the Federal Board of Revenue (FBR) have reached Switzerland to re-negotiate the convention on avoidance of double taxation between Pakistan and Switzerland with particular focus on exchange of information related to clauses of the existing convention. Sources told Business Recorder here on Saturday that FBR Chief Income Tax officers Malik Amjad Zubair Tiwana and Muhammad Iqbal Chief (International Taxes) FBR are representing the Pakistani side.
The sale of Local Tax Evaded (LTE) cigarettes continues to be on the rise with statistics pointing at the prevalence of locally manufactured cigarettes in the market, priced at an average of Rs 27 per packet - an amount that is below the minimum tax per packet amount set by the government at Rs 39.69. Latest data submitted by the industry to the Federal Board of Revenue (FBR) revealed that low segment tax-paid brands are priced at an average of Rs 57 per pack, whereas high segment tax-paid segments are priced at around Rs 110 per pack.
Chartered Accountants a member firm of the PwC network:
The Federal Board of Revenue (FBR) has directed all field formations that all Inland Revenue Offices will observe extended working hours on June 29-30, 2016 ie until 10:00 pm on June 29 (Wednesday) and until 12:00 midnight on June 30 (Thursday). In this regard, the FBR has issued instructions to all Chief Commissioners and Collectors of Customs here on Friday. According to the FBR, the FBR has made arrangements for collection of duties /taxes on 29th and 30th June, 2016 by authorised branches of State Bank of Pakistan, National Bank of Pakistan, scheduled commercial banks and National Institute of facilitation technologies (NIFT).
The Federal Board of Revenue (FBR) has finally allowed deregistration to customs clearing agents from its tax system. According to a notice issued by the board, the clearing agents, who are not doing business in the territory of federal capital, are not required to continue their registration with the FBR. And if they do not discontinue their registration the tax returns have to be submitted on regular basis else legal action will be taken as per the law.
The acting president, Raza Rabbani, on Friday signed Finance Act, 2016, implementing sales tax/Federal Excise Duty (FED) relief measures from June 25, 2016 and regulatory duty (RD) on imported goods, a reduction in customs duties, concessionary/reduced rates of import duties, special concessions at imports and all customs tariff changes of First Schedule and Fifth Schedule of Customs Act, 1969.