Just in:  

You are here: Home»Taxation»Pakistan

Taxation: Pakistan


The Tax Reforms Commission (TRC) constituted by Finance Minister Ishaq Dar has recommended a flat rate of sales tax on petroleum products, a fixed rate of turnover tax on small retailers, rationalisation of extra tax regime, withdrawal of all tax amnesties/fixed tax and value-addition schemes and new incentives for registered persons. Sources told Business Recorder here on Wednesday that TRC has submitted its interim report containing proposals on sales tax and federal excise duty to the Federal Board of Revenue (FBR).

Pakistan Bedwear Export Association's (PBEA) chairman Shabir Ahmed has urged Federal Board of Revenue (FBR) to direct Inland Revenue (RTO), Karachi, to clear Sales Tax refund claims expeditiously. In a letter written to FBR chief, Tariq Bajwa, he said that the PBEA's members have informed him that Karachi's Inland Revenue (RTO) was issuing them show-cause notices, instead of expediting the cases pertaining to their Sales Tax refund claims.
The Federal Board of Revenue (FBR) has suspended a Deputy Commissioner, Regional Tax Office-II, Lahore and an Inspector Inland Revenue, Regional Tax Office-II, Lahore with immediate effect. According to two notifications issued by the FBR here on Wednesday, in exercise of powers conferred under Rule 5(1)(i) of the Government Servants (Efficiency & Discipline) Rules 1973, the FBR has placed the services of Sehgal Hussain, Inspector Inland Revenue, Regional Tax Office-II, Lahore under suspension with immediate effect for a period of three months.
A leading multinational cigarette manufacturing company has conveyed to the Federal Board of Revenue (FBR) that projected revenue collection from legitimate tobacco industry will witness major shortfall in 2014-15 following increase in the size of Graphical Health Warning (GHW) on cigarette packs front/back to 85 percent (currently 40 percent) by March 30, 2015.
The Federal Board of Revenue (FBR) is planning to publish Annual Tax Directory of taxpayers next month (March 2015) to disclose titles and tax payments of the income tax return filers, corporations, Association of Persons (AoPs) and individuals. Official sources told Business Recorder here on Tuesday that the Tax Directory for year 2014 will comprise all active taxpayers after February 28, 2015 which will be published by mid of next month.
Total collectable current/arrear demand of withholding tax and sales tax amounted to Rs 32.157 billion up to December 2014, showing sluggish performance of the Withholding Tax Zones (WHTZ) of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs).
Federal Board of Revenue (FBR) dismissed its registered workers' union central president Mian Abdul Qayyum from service mainly, what Qayyum said, for raising voice against corruption of high officials. The notification in that regard had been issued on Monday by FBR Chairman Tariq Bajwa, confirmed Mian Abdul Qayyum while talking to Business Recorder on Monday.


Index Closing Chg%
Arrow DJIA 18,224.57 0.08
Arrow Nasdaq 4,967.14 0.02
Arrow S&P 2,113.86 0.08
Arrow FTSE 6,935.38 0.21
Arrow DAX 11,210.27 0.04
Arrow CAC-40 4,882.22 0.09
Arrow Nikkei 18,585.20 0.10
Arrow H.Seng 24,778.28 0.11
Arrow Sensex 29,007.99 0.01

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 23, 2015
Reserves $16.036 bln