Tag: Taxation

ICCI demands fair taxation system to achieve revenue targets

Islamabad Chamber of Commerce & Industry (ICCI) President Mahfooz Elahi has said that unprecedented tax targets set by the government in the federal budget...

PBC demands taxation overhaul

Pakistan Business Council (PBC) has said that government could generate an additional Rs300-400 billion in revenues within the present tax regime through better coverage...

KP to exempt home-based businesses from taxation

The Khyber Pakhtunkhwa government has decided to move a bill in the provincial assembly to exempt widows, divorced women, special people and home-based businesses...

Taxation through ordinance unjust, says FPCCI

KARACHI - Taxation through ordinances is an unjust practice of the government which badly affects economic activities. Keeping in view, the current economic situation of the country which suffers from load shedding and load management of gas and electricity, the government must consult the business community.
This was stated by Federation of Pakistan Chambers of Commerce and Industry President Senator Haji Ghulam Ali in a meeting with FPCCI office bearers. The meeting was

Faisalabad traders up in arms against taxation

FAISALABAD - As the textile industry of Faisalabad has given an ultimatum to a shutter-down strike to protest the imposition of 17 percent sales tax and flood surcharge, Finance Minister Abdul Hafeez Sheikh has called a meeting of traders in Islamabad on March 26 (Saturday). "The textile industry of Faisalabad which is already dying a slow death has rejected the flood surcharge and implementation of 17 percent sales tax announced by the government," said former Faisalabad Chambers of

Fertiliser industry hit hard by new taxation

KARACHI - The government's decision to levy GST on key agricultural inputs is believed to push up FY12E farm costs by five to six percent. This should be partly covered by higher farm revenue, as output prices have risen substantially during FY11. It is also likely farmer liquidity will be squeezed in the interim, which poses risk to near-term demand, in particular for DAP. In the case of urea, note the price differential will remain in favor of domestic producers, with domestic urea

Divergent positions on new taxation measures

LAHORE - Agriculturists and businessmen have taken strong exception to the imposition of fresh taxes and termed it a drone attack on the Pakistani people, while economists believe that the government is trying hard to convince International Monetary Fund (IMF) and other donor agencies for receipt of a clean bill of health.
Business community underlined that the price of every product, including sugar, wheat, rice, vehicles and household commodities will surge after imposition of

FBR proposes new taxation measures

ISLAMABAD - Federal Board of Revenue (FBR) Inland Revenue Member Khawar Khurshid Butt, on Friday, said that FBR has proposed new taxation measures to meet the revised revenue collection target of Rs 1630 billion for 2010-2011. Addressing a media briefing at the Large Taxpayer Unit (LTU), FBR IR member expressed dissatisfaction over the existing automation processes, saying that matching of data was not being carried out effectively.
Responding to various queries on revenue

State Bank backs concerted taxation drive

KARACHI - The State Bank of Pakistan (SBP) views that the government should implement all the proposed levies including reformed GST, wealth tax, agriculture tax, capital gains tax and windfall tax to broaden present narrow tax base of the cash-strapped country.
"Arguably all of these proposals should be implemented to ensure widening of the tax base," the State Bank said in its First Quarterly Report for 2010-11 issued on Wednesday. The central bank, expressing concern over the

Dual taxation hits mutual funds growth

JAVED MAHMOOD: The dual collection of the Capital Gains Tax from the investors of the mutual funds was not only discouraging the growth of this sector, but also keeping investors away.
The government is collecting CGT at the time of the sale/purchase of the units of the mutual funds and this tax is deducted again from the profit of the investors. This was an injustice to investors and whole the sector, CEO/Managing Director Pak-Oman Asset Management Company Hina Ghazanfar told

Taxation issue hurts Pakistan-Greece trade

KARACHI: Pakistan's exports to Greece have fallen by 10 percent during the last eight months, while a further decline is expected due to, what the sources call, the unresolved issue of 'double taxation' in shipping and air transport links with Athens.
Beside the taxation issue, the decrease in Greek demand for consumer goods is another reason for the decline in import from Pakistan, sources told Pakistan Today.
According to sources, Pakistan has serious reservations of

Indian budget might reduce taxation on oil sector

NEW DELHI: India may cut taxes on crude oil and refined products in next year's budget, the finance secretary said on Wednesday, to cushion the impact of rising global oil prices on inflation and state oil firms' profits.
"All these issues on the duty structure will be considered in the run up to the budget," Finance Secretary Ashok Chawla told reporters, adding if required, duties will be revised in the budget.
The government, already under attack from the opposition over a

New taxation to fuel corruption, hurt exports

KARACHI: The business and industrialist community of Karachi have condemned the implementation of reformed GST as they believe that it would cause corruption, hamper exports and would lead to massive price hikes.
They viewed that all sectors including manufacturing, distributing and retailers would be affected and demanded solid guarantees from the government. In addition, they blamed the government of excessive spending and advised government to cut down its expenses.
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