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US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual
‘Special 301 Report’ on the perceived adequacy and effectiveness of
US trading partners’ protection and enforcement of intellectual property
rights (IPR).
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ICAP Supports Pakistan Tax Base Broadening 4/11/2012 The Chairman of the Pakistan Federal Bureau of Revenue, Mumtaz Haider Rizvi,
visited the Institute of Chartered Accountants of Pakistan (ICAP) in Karachi
to hear their views on future tax changes prior to construction of the federal
budget for 2012/2013, and no doubt to ignore them.
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WTO Members Approve Pakistan Trade Aid 2/7/2012 World Trade Organization member states have approved trade aid to be granted on an exceptional basis to Pakistan by the European Union to support the country in its recovery following massive floods in 2010.
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Indonesia, Pakistan Sign Expanded Trade Deal 2/6/2012 In an effort to increase economic cooperation between the two countries, and as
a possible forerunner to a full bilateral free trade agreement, Indonesia
and Pakistan signed a preferential trade agreement on February 3 in Jakarta.
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Pakistan Eases CGT On Shares 1/30/2012 Pakistan’s Federal Finance Minister Dr Abdul Hafeez Shaikh has announced that the government is to ease the rules on capital gains tax in the hope of boosting investment and reviving trading volumes in the local stock market.
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Pakistan Considering MFN Status For India 12/1/2011 Pakistan's National Assembly has backed proposals to grant India 'Most Favoured
Nation' status under World Trade Organization rules on the condition that the
two countries' negotiators can establish reciprocal benefits for Pakistani exporters.
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Pakistan-EU Trade Aid Vetoed At Eleventh Hour 11/10/2011 Bangladesh has blocked, at World Trade Organization level, plans by the European Union to apply lower tariffs to certain imports from Pakistan.
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Clinton Urges Broader Pakistan Tax Base 10/24/2011 US Secretary of State Hillary Clinton has once again used a visit to Pakistan to criticise its poor tax collection, pointing out that Pakistanis need to help themselves to ensure future investment in the country.
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FBR Bureaucracy Angers Pakistan's Tax Practitioners 9/27/2011 The Pakistan Federal Board of Revenue has faced the wrath of the Lahore Tax Bar Association which has announced that the filing of sales tax and federal excise returns has now become a 'herculean task' due to the 'whimsical procedures' of the tax office.
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India To Permit EU Trade Aid To Pakistan 9/21/2011 The Indian government is expected to formally notify Pakistan of its decision to withdraw its opposition to a preferential tariff scheme being offered by the European Union to Pakistan following devastating floods in early 2010.
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Pakistan Revenue Agency To Review Tax System 9/13/2011 The Pakistan Federal Board of Revenue is currently conducting a review of the country’s tax system, and as part of this review has constituted five working groups under the umbrella group of the Finance Minister’s Tax Reforms Coordination Group.
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Pakistan Tax Office Mulls Internal Reforms 8/5/2011 At a Pakistani Chief Commissioner’s Conference chaired by the Secretary of the Revenue Division on August 4, it was decided that in the current financial year the Federal Board of Revenue should start focusing on enforcement, audit and bringing new taxpayers into the tax net.
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Asian FDI Reached Records Last Year 8/1/2011 The United Nations Conference on Trade and Development, in its World Investment
Report 2011, points out that, while global foreign direct investment has
not yet bounced back to pre-crisis levels, some regions, and particularly Asia,
show a better recovery than others.
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Pakistan Revenue Overstates Collection Figures 7/26/2011 The Pakistan Federal Board of Revenue has admitted that its claims of exceeding targets for tax collection for the year 2010/11 were incorrect, and that the Board is actually facing a shortfall of PKR38bn (USD440m).
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Pakistan Announces Tax Amnesty 6/29/2011 As an incentive to taxpayers to deposit their due taxes, the Pakistan Federal Board of Revenue has announced an amnesty scheme, waiving penalty charges on all overdue taxes.
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Pakistan Trade Body Fears Overbearing Tax Office 6/16/2011 The Pakistani government has set unrealistic tax collection targets and needs to take a very close look at its tax system, according to the Islamabad Chamber of Commerce and Industry.
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Pakistan, Mexico Initial DTA 5/24/2011 Pakistan and Mexico have initialled a draft Convention for Avoidance of Double Taxation, according to a statement released by the Pakistan Federal Board of Revenue.
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Pakistan Must Broaden Tax Base, Says IMF 5/19/2011 Following a round of discussions on the country's stabilization programme, the IMF has concluded that Pakistan faces important challenges, and stressed that measures to reduce the fiscal deficit will require higher revenue intake, to be effected through further tax reform.
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Support Grows For Pakistan Energy Tax 5/16/2011 The All Pakistan Textile Mills Association has expressed its support to the Pakistan government for an energy tax for large business.
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Pakistan Cabinet Approves Budget Strategy Paper 5/13/2011 The Pakistani Cabinet has approved the Budget Strategy Paper 2011-2013, prior to the Budget being unveiled on May 28.
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Pakistan State Oil In Trouble With The Tax Man 5/6/2011 Pakistan’s Federal Board of Revenue has now unfrozen the bank accounts of Pakistan State Oil after it took the drastic action of freezing them for failure to meet its tax obligations.
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Pakistan Business Proposes Economic Charter 5/4/2011 At a meeting of all the major Pakistani political parties there was an agreement to accept the majority of issues in a proposed charter for the economy prepared by the Pakistan Business Council.
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Pakistan, India Discussing Bilateral Trade Resolutions 4/29/2011 India and Pakistan engaged in talks on April 27-28 to discuss hurdles to bilateral
trade under the South Asian Free Trade Area pact.
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Pakistan Committee Concerned at NATO's Minimal Tax Payments 4/26/2011 The Pakistani Senate Standing Committee on Ports and Shipping has expressed its concern over the fact that NATO trucks heading for Afghanistan are paying next to no tax for entry into Pakistan at the Qasim International Container Terminal.
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US Encourages Pakistan On Economic Reforms 4/26/2011 The Pakistan Minister for Finance, Dr Hafeez Shaikh, has been in Washington this week for discussions with the International Monetary Fund, the World Bank and US Government Officials.
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Pakistan Revenue Agency Spreads Its Net 3/25/2011 The Pakistan Federal Board of Revenue is working hard to increase tax revenue by targeting those who are not currently registered as national taxpayers.
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Corruption Besets Pakistan Revenue Agency 3/22/2011 Pakistan's Federal Board of Revenue has recently uncovered a PKR9.8bn (USD114.8m) tax fraud involving a large number of the FBR’s own officials.
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Pakistan Takes Heed Of IMF Advice 3/21/2011 Following the recent International Monetary Fund mission to Islamabad led by Adnan Mazarei, the Pakistan government has taken heed of its advice and introduced various tax changes to increase revenue in a short period of time.
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Pakistan And Venezuela To Negotiate DTA 3/10/2011 Pakistan and Venezuela have agreed to hold negotiations on a treaty for the avoidance of double taxation applicable to trade, commerce and services between the two countries.
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Pakistan Launches Compliance Drive 2/25/2011 The Pakistan Federal Board of Revenue has announced a programme designed to increase the tax return compliance of the country's businesses.
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Tax On Poultry Production Is Not Chicken Feed 2/18/2011 The Pakistan Poultry Association has urged the government to exempt the poultry industry from the proposed Reformed General Sales Tax.
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Ombudsman's Report Highlights FBR's Failings 2/11/2011 Dr Shoaib Saddal, Pakistan's Federal Tax Ombudsman, has reported a sharp increase in the amount of tax refunded to taxpayers in 2010 as a result of complaints against the federal tax office.
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Pakistan To Tax Afghanistan-Bound Convoys 2/9/2011 The government of Pakistan's southern province of Sindh is levying a new sales tax of 0.8% on the transport of fuel and goods to Afghanistan, officials have said.
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Lamy Urges On Doha Participants 2/7/2011 The World Trade Organization’s Director General, Pascal Lamy, as chairperson
of the Trade Negotiations Committee, urged WTO ambassadors on February 2 to
engage in bilateral and small group discussions on resolving key obstacles to
a near-global multilateral free trade agreement, through the Doha Round.
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Pakistan FBR Denies Computer Glitch 1/26/2011 The Pakistan Federal Board of Revenue has been forced to make a statement denying recent press statements concerning a loss of billions of rupees owing to flaws in the Pakistan Customs Computerized System, saying that 'this is not the complete picture.'
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IMF To Raise Pressure On Pakistan Over GST 1/25/2011 Following the failure of the Pakistan government to gain support for the imposition of Reformed General Sales Tax, an International Monetary Fund team, scheduled to visit the country at the end of January, will be talking to political parties.
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Clinton Criticizes Pakistan Backdown On Fuel Tax 1/10/2011 US Secretary of State Hillary Clinton has criticized the Pakistan Government's decision last week to reverse its controversial fuel price hikes.
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RGST In The Balance Amid Pakistan Crisis 1/5/2011 The implementation of a Reformed Goods and Service Tax in Pakistan was unsurprisingly the main topic under discussion at a recent conference of the Pakistan Institute of Development Economics, but with recent events sending the government into chaos, the chances of the tax being introduced any time soon appear remote.
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IMF Extends Deadline For Pakistan's Reformed GST 12/29/2010 The Executive Board of the International Monetary Fund has permitted –
on a lapse-of-time basis – a nine-month extension of Pakistan's Stand-By
Arrangement, to September 30, 2011, to allow more time for the proposed
introduction of the Reformed Goods and Services Tax.
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Onion Tax In India Has Brought Tears To Householders’ Eyes 12/27/2010 Tax on onion imports into India has been scrapped following anger across the country about the rising cost of this basic vegetable.
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Pakistan's Cabinet Approves Reformed Sales, Flood Taxes 11/12/2010 Pakistan’s Finance Minister, Abdul Hafeez Shaikh, has disclosed that the
government has approved, for placing before parliament, the reformed general
sales tax, together with a flood tax to be imposed on those with higher
incomes.
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Pakistan To Set Up Tax Court 10/22/2010 Pakistan's Chief Justice has been asked to set up a special court to deal with delayed tax-related cases, currently totaling over 6,000 in both the High and Supreme Courts.
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Clinton Repeats Call To Tax Pakistan's Wealthy 10/19/2010 Not for the first time, Hillary Clinton, the United States’ Secretary of
State, has pointed out that Pakistan, in order to pay, at least in part, for reconstruction
after the recent floods, should ensure that the most affluent of its citizens
pay their share of taxes.
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EU Announces Trade Boost For Pakistan 10/14/2010 The European Commission has adopted a proposal for unilateral suspension of import duties on a number of important export items from Pakistan in a bid to provide support for the country's economy following the devastating floods earlier this year.
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Pakistan Misses GST Deadline 10/5/2010 Pakistan’s government has missed the October 1 target for the introduction
of an expanded general sales tax on goods and services, and has had to delay
it for one month.
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Clinton Pushes Pakistan To Tax Its Elite 10/1/2010 Hillary Clinton, the United States’ Secretary of State, has pointed out
that countries, such as Pakistan, could not expect to continue to receive significant
amounts of aid and assistance while the most affluent of their citizens paid little
or no tax.
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Pakistan GST Reforms On Track 9/27/2010 While attending a recent meeting to discuss the need for many areas of
the country to be reconstructed because of the devastating floods, Pakistan’s
Finance Minister, Hafiz Sheikh, has confirmed that the reform of the existing
general sales tax will be implemented on October 1.
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FBR To Investigate Pakistani Cricket 9/9/2010 Pakistan’s Federal Bureau of Revenue has been asked by the government
to launch a wide tax investigation into the game of cricket, and its players,
in the country.
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Pakistan Looks At 'Flood' Taxes 9/6/2010 It has been indicated that Pakistan’s government has made a decision, in
principle, to introduce additional tax measures to generate internal revenues
to provide part of the funds required for the country’s reconstruction after
the devastating recent floods.
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Pakistan's Budget To Be Reviewed By IMF 8/23/2010 As the disastrous economic effects of the floods in Pakistan become apparent,
Masood Ahmed, Director of the Middle East and Central Asia Department of the International
Monetary Fund, has issued a statement confirming he is fully aware of the
budgetary challenges the country will face for some time in the future.
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Pakistan, Nepal To Sign FTA 7/27/2010 It is hoped that a free trade agreement between Pakistan and Nepal will
be signed at the next Joint Economic Commission meeting between the two countries,
which is planned for October this year.
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Pakistan VAT Delay Risk To IMF Cash 6/11/2010 There have been warnings that the delay to the introduction of a value-added tax into Pakistan’s tax system could also delay further drawings against
the country’s stand-by arrangements with the International Monetary Fund.
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Pakistan Budget Includes New Taxes 6/7/2010 Pakistan’s 2010-11 federal budget, presented by the Finance Minister, Abdul
Hafeez Shaikh, introduces tax reforms and new taxation to broaden the country’s
tax base, increase government revenues and reduce the fiscal deficit.
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IMF Reviews Pakistan's Tax Reforms 6/3/2010 In papers issued following the fourth review by the International Monetary Fund under its stand-by arrangement with Pakistan, positive comments were made
on the progress of programmed tax reforms, despite a small slippage in budgetary
deficit reduction caused largely by security spending.
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FBR Calls For Pakistan Tax Reform 4/7/2010 An article within the latest quarterly review published by the Pakistan Federal Bureau
of Revenue looks at how Pakistan’s fiscal system may be reformed
and modernized to introduce more broadly-based, equitable taxes.
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World Bank Urges VAT Adoption In Pakistan 4/6/2010 Following a two-day visit to Pakistan, Isabel Guerrero, the World Bank’s
Vice President for South Asia, pledged continued support for Pakistan’s
efforts to boost tax revenues, particularly by the introduction of a value-added
tax and by reforms to tax administration in the country.
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Pakistan Dismisses VAT Rumours 4/2/2010 Pakistan's Federal Board of Revenue has issued a statement clarifying that internal
differences within the country on the proposed introduction of a value-added tax are not likely to jeopardize the International Monetary Fund’s stand-by
arrangements with Pakistan.
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Delay Sought To Pakistan VAT 3/22/2010 Following the recent statement from Pakistan’s Federal Board of Revenue
that the implementation of the proposed value-added tax would depend on
it being passed by parliament, the Senate’s finance committee has given
its opinion that the new tax should be delayed by a year.
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VAT Introduction To Reduce Pakistan's Future Fiscal Deficits 2/15/2010 After a recent cabinet meeting, it was announced that Pakistan’s government
has agreed a budget strategy to reduce the country’s public sector deficit
over the three-year period from 2010-11 to 2012-13, which will be presented to
parliament in the first half of this year.
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New Income Tax Forms Unveiled In Pakistan 8/29/2008 The Federal Board of Revenue (FBR) in Pakistan on Thursday unveiled a new set of income tax return forms for companies, individuals, and associations of persons (AOPs) for the 2008 tax year.
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