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Pakistan and China are re-negotiating agreement for the avoidance of double taxation convention and the prevention of fiscal evasion with respect to taxes on income. Sources told Business Recorder Saturday that the revised convention may not be inked during the upcoming visit of Chinese President as the re-renegotiations have yet to be started between the tax authorities of both the countries.

Customs Intelligence Karachi Saturday claimed to have seized huge quantity of smuggled goods worth more than Rs1.4 billion and arrested more than 50 persons involved in tax evasion during last nine months. According to official statistics, made available to Business Recorder, the department during its ongoing campaign against smugglers and tax evaders had seized huge quantity of smuggled goods worth more than Rs1.4 billion and arrested more than 50 persons involved in the offence during last nine months of current financial year.
Philip Morris (Pakistan Limited) has approached the Federal Board of Revenue (FBR) and the Ministry of National Health Services, Regulations and Coordination for submitting their legal viewpoint to the committee on legal, commercial and operational implications of the proposed increase in the size of the graphical health warnings (GHW).
Israel has agreed to transfer in full hundreds of millions of dollars in taxes collected for the Palestinian Authority but frozen in a row over the International Criminal Court, the Palestinian premier said. Rami Hamdallah, in a statement from his office late Friday, said Israel pledged at a meeting with Palestinian officials to hand over the taxes collected between December and March, amounting to almost half a billion dollars.
Russia's Agriculture Ministry has proposed to the government to cancel a tax on wheat exports from July 1 when the 2015/16 marketing year starts, a source at the ministry told Reuters.
Finance Minister Ishaq Dar has said the government was keen to resolve all issues of investors so that they could support government''s efforts to achieve higher growth and generate employment opportunities in the country. He said the government was determined to expanding the tax base and will ban grant of tax exemptions so as to provide a level playing field.
The Customs department has principally agreed to provide a hearing opportunity to the clearing agents before blocking their licenses. The decision was taken during a meeting at Model Customs Collectorate Appraisement, West, with the representatives of Karachi Customs Agents Association (KCAA).

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln