04292016Fri
Last update: Fri, 29 Apr 2016 04am

Taxation: Pakistan

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Corporate tax is going to be reduced by one percent in budget 2016-17, a top FBR official said here on Thursday. Speaking at a pre-budget seminar organised by the Karachi Tax Bar Association (KTBA) held at RTO auditorium, Rehmatullah Wazir, Member Inland Revenue (IR) Policy said the government has decided to reduce corporate tax, which is presently roaming around 33 percent, to 30 percent till 2018 and added that the rate of corporate tax would be reduced by one per cent every year till 2018 to fix it at 30 percent.
A successful anti-smuggling operation of Model Customs Collectorate Islamabad Thursday resulted in a major seizure of consignment of smuggled cloth and fabric to the tune of millions. It is learnt that the Anti Smuggling Cell of Islamabad Model Customs Collectorate has intensified efforts against smugglers.
Pakistan Customs Preventive on Thursday claimed to have arrested a passenger and recovered 550 grams amphetamine worth Rs 5.5 million from his possession. According to official details, the Customs staff posted at JIAP international departure while keeping surveillance on outgoing passengers abroad spotted a Pakistani passenger namely Raees Khan who had to depart Saudi Arabia via Dubai airline. During examination of his luggage, the staff has recovered 550 grams amphetamine worth Rs 5.5 million which were cleverly concealed in his suitcase. Consequent upon recovery, the case has been registered. Further investigation is in process.
With an open challenge to Prime Minister Nawaz Sharif to make his tax details public within seven days, Pakistan Tehreek-e-Insaf leader Jehangir Khan Tareen on Thursday rejected off tax fraud allegations, saying all his tax details are available for any counter-check. Speaking at a press conference with all the details of tax details, he took the Prime Minister head on and said: "I want to ask the Prime Minister to apprise us about his assets through which his children made offshore accounts".
The Supreme Court on Thursday issued notices to four officials of State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) for indictment in response to a contempt plea over the violations of the apex court directives in money laundering of US $1, 01100 and 2600 Japanese Yen. A two-member bench of Justice Ejaz Afzal Khan and Justice Sardar Tariq Masood resumed the hearing of a contempt plea of collector of customs Rawalpindi against Khude-e-Noor and others in the matter.
Senate Standing Committee on Finance on Wednesday observed that it would be extremely difficult to prove wrongdoings in the presence of Protection of Economic Reform Act 1992 and the absence of required laws to seek official records from foreign countries known as tax havens. During the committee proceedings, State Bank of Pakistan (SBP) officials assured the committee to assist the proposed Judicial Commission to investigate the Panama Leaks. Senate Standing Committee on Finance held its meeting under the chairmanship of Senator Saleem Mandviwalla here at the Parliament House on Wednesday.
The top court on Wednesday reserved its judgement in response to a Federal Board of Revenue appeal filed against Sindh High Court verdict that had turned down the decision of Customs, Excise and Sales Tax Appellant Tribunal Karachi Branch by allowing D G Khan Cement Company the imports of dump trucks within the purview of plant and machinery as contemplated in the SRO SRO-484(I)92.