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Last update: Mon, 02 May 2016 08am

Taxation

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The Federal Board of Revenue (FBR) has reduced sales tax on all petroleum products, including motor spirit on which sales tax has been brought down from Rs 12.89 per litre to Rs 9.89 per litre from May 1, 2016. The FBR has issued SRO.369(I)/2016 here on Friday to be effective from May 1, 2016. Under the SRO, the sales tax on Motor spirit has been fixed at Rs 9.89 per litre as compared to previous rate of Rs 12.89 per litre, reflecting a decrease of Rs 3 per litre.
Only about two percent of Indians filed income tax returns in 2013, long-awaited official data showed Friday, highlighting an exceptionally low tax base that constrains public spending in the world''s second-most populous nation. The government was nudged into releasing the figures after celebrated economist Thomas Piketty in January criticised the difficulty of measuring India''s wealth distribution since New Delhi stopped publishing income tax data in 2000.
Minister for Finance and Revenues Ishaq Dar on Friday called upon the Federal Board of Revenue (FBR) that it should provide maximum facilitation to the tax payers. The Federal Minister for Finance Senator Mohammad Ishaq Dar stated this while chairing a meeting here at the Finance Division which reviewed budget proposals of here at the FBR Wednesday. Special Assistant to Prime Minister, Haroon Akhtar Khan was present on the occasion.
A government proposed sales tax on poultry feed and its ingredients has come under attack by the Pakistan Poultry Association which has said it should never be imposed to save the industry from the same disaster it faced in the late 1990s. Association Chairman Khalid Saleem Malik has already asked for intervention by the chairman of the Federal Board of Revenue to help the common man afford cheaper prices.
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.
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.
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.