Tag: Taxes

KARACHI - The cash-strapped government, despite opening additional revenue channels through imposing a special excise duty and flood surcharge on payable taxes, is continuing to draw upon the banking system for meeting its still heavy budgetary expenditures. The embattled coalition government eyes the realisation of an additional collection of at least Rs 51 billion thorough levying the IMF-backed 15 percent flood surcharge and 2.5 percent special excise duty on the import of luxury

LAHORE - Setting aside the recommendations of over 30 chambers of commerce and industry, the government has announced a mini-budget within and has proved that the present regime has little regard for those who at the heart of the economy. "There is no point left that the government is more interested in imposing the dictates of their foreign masters instead of evolving methodologies to cope with the economic challenges being faced by the business community." In a statement issued here

KARACHI - The Karachi Stock Exchange (KSE) has revised upwards its current advance rates of taxes by 15 percent after a recent presidential ordinance levied 15 percent surcharge on the payable taxes. A KSE notice (KSE/N-1544), which was issued by KSE Acting Managing Director Haroon Askari, informed KSE members that it would collect 15 percent more advance taxes on the purchase value, sale value, trade value and in respect of financing the carry over trade of the traded shares from

KARACHI - Preliminary analysis indicates that the new tax imposed by the government will erode profits by an average of two percent in FY11 on individual companies at the Karachi Stock Exchange, while the fiscal deficit is expected to cap in the vicinity of six percent, a figure which is deemed sufficient to mitigate the need of greater deficit financing.
However, the introduction of GST on fertiliser, pesticides, in tandem with the flood tax is likely to have a negative bearing

ISLAMABAD - After failing to achieve political consensus on measures to increase revenue, the government has decided to promulgate ordinances to impose flood surcharge, enhanced special excise duty and to withdraw exemptions on fertilisers, leather, surgical and sports goods, carpets, pesticides and on local sale of textile products.
An official source told Pakistan Today that the alternative plan to the Reformed General Sales Tax (RGST) was finalised in a meeting between the

KARACHI - For the first time Sindh government has imposed tax on the goods to be traded under the recently signed Pak-Afghan Transit Trade Agreement, it has been reliably learnt. The new levy will be collected at the rate of 0.5 percent of the value of the consignment as the Infrastructure Cess, to be charged on the export/imports of PATTA goods from Karachi by air or by sea, well-placed sources told Pakistan Today.
Previously, the consignment of goods traded under the Pak-Afghan

Hollywood couple Jennifer Lopez and Marc Anthony have reportedly been hit with a tax lien of USD 3.4 million. Within a span of three months the "Jenny from the Block" hitmaker's husband was hit with back bills of USD 1.8 and USD 1.6 million for unpaid taxes on their Long Island estate, reports an entertainment website.
Incidentally, this is not the first time that Anthony has courted trouble with tax officials. In 2007, he was hit with USD 2.5 million in back tax bills, a

KARACHI - The federal government's taxes and the commission of the oil-marketing companies cost petrol consumers about Rs 26 per liter.
The total value of the 17 percent GST (about Rs 13 per liter), Rs 10 Petroleum Development Levy (PDL) and about three percent commission of OMC jack up fuel price by Rs 25 per litre, Kalim A Siddiqui, president of the Petroleum Marketing Business of Byco Petroleum pointed out the facts in a meeting with reporters in Karachi on Thursday.
The

ISLAMABAD: As the government blocked a joint resolution by the Pakistan Muslim League-N and the PML-Q in the National Assembly against spiraling prices, Opposition Leader Chaudhry Nisar Ali Khan vowed on Wednesday that the opposition would not let the PPP-led government pass any bill to impose more taxes on the people.
The house was up in arms when the government went out of its way to block the resolution which the opposition parties were pushing through. Realizing that things