ISLAMABAD – Chaudhary Nisar Ali Khan, Interior Minister of Pakistan, directed the Federal Investigation Agency (FIA) for cutting down the financial supply given by any foreign or local investor to the militant groups. He was presiding a meeting of FIA in Islamabad wherein updating about the recent performance the FIA… – Continue reading
SELF-assessment is a vital element of tax policy and is employed by many countries to collect taxes as it is considered more efficient and cost-effective. Pakistan adopted universal self-assessment for all taxpayers in 2002-03 to ensure voluntary compliance. Using the technique of ordinary least square regression and quarterly data for… – Continue reading
The Maldives’ biggest bank is opening a Shari’ah-compliant unit, a move the government sees aiding its goal of becoming South Asia’s offshore Islamic finance hub. Bank of Maldives Plc began offering retail deposits that comply with the religion’s ban on interest on 22 January to be followed by finance for… – Continue reading
This edition of the Tax-News monthly feature takes in noteworthy events in the international tax arena, including attempts to inject new life into the campaign for comprehensive tax reform in the United States, and developments in the areas of free trade, indirect taxation, BEPS and tax transparency and compliance. US… – Continue reading
Although the Swiss authorities are poised to initiate formal talks for the return of the plundered money, the Pakistani government remains dilatory to sign a formal agreement for the purpose; it was learnt here on Saturday. Sources said that government in order to avoid face-off with Pakistan Peoples’ Party (PPP)… – Continue reading
ISLAMABAD: Despite an acceleration of terrorist activity and attacks in Pakistan, the government appears to have gotten worse at tracking terrorism financing in the last four years, flagging just 34 transactions – out of hundreds of millions in that period – as suspicious. This startling revelation was made by Mansoor Ali,… – Continue reading
The Federal Board of Revenue (FBR) is planning to introduce amendments to the income tax law in next federal budget (2015-16) to effectively deal with the transfer pricing issues of non-resident companies. Sources told Business Recorder on Monday that the first meeting of the FBR’s transfer pricing unit would be… – Continue reading
The Federal Board of Revenue (FBR) is planning to introduce amendments to the income tax law in next federal budget (2015-16) to effectively deal with the transfer pricing issues of non-resident companies. Sources told Business Recorder on Monday that the first meeting of the FBR’s transfer pricing unit would be… – Continue reading
ISLAMABAD: The government has prepared draft bills to introduce amendments to four relevant laws to declare tax evasion as an offence related to money laundering, aimed at curbing misuse of foreign investment and remittance schemes. The step is being taken to meet a condition of the International Monetary Fund (IMF) that… – Continue reading
Japan has remained a cornerstone of Pakistan’s economy for the past many years. Japanese Companies have invested in all sectors across Pakistan. Be it auto, trading, manufacturing, infrastructure development, packaging, steel manufacturing, indenting, etc a large number of Japanese Companies have a strong presence in Pakistan. Pakistan’s Investment and Corporate… – Continue reading
The Federal Board of Revenue (FBR) has constituted a transfer pricing unit to enhance the capacity of the tax officials to effectively deal with the transfer pricing related issues. According to a notification issued by the FBR here on Monday, a transfer pricing unit is set up at the FBR… – Continue reading
The Federal Board of Revenue (FBR) is suffering massive revenue loss of Rs 361 billion per annum on account of estimated tax expenditure in direct taxes, ie, equivalent to 1.6 percent of the Gross Domestic Product (GDP) as a result of exemptions and concessions to various sectors. Former Finance Minister… – Continue reading
The Federal Board of Revenue (FBR) has proposed that no exemption whatsoever from withholding tax under Eighth Schedule (Capital Gains Tax) of the Income Tax Ordinance 2001 is available to foreign institutional investors either on the basis of avoidance of double taxation treaties or for any other reason. Through an… – Continue reading
KARACHI: The administration of M/s Shaheen Air International Limited and other respondents have moved Sindh High Court (SHC) and filed a Constitutional Petition (CP) against Pakistan Customs in order to defend themselves in their alleged involvement in tax evasion of Rs 4145 million. According to details, the Model Customs Collectorate-… – Continue reading
ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. ISLAMABAD: Finance Minister Ishaq Dar on Thursday ruled out possibility of the recovery of billions of dollars stashed in Swiss banks any time soon. The minister… – Continue reading
The Federal Board of Revenue (FBR) has held the first round of negotiations with the Swiss tax authorities to revise the Convention for the Avoidance of Double Taxation vis-a-vis Taxes on Income and clauses pertaining to exchange of information. On the conclusion of the visit of senior tax officials to… – Continue reading
ISLAMABAD: Pakistan has not requested for negotiations on exchange of information for restitution of any ill-gotten money presumably stashed in Swiss banks, said Swiss Ambassador to Pakistan and Afghanistan Marc George on Monday. The statement from the Swiss ambassador follows claims by Finance Minister Ishaq Dar that talks would be held with… – Continue reading
ISLAMABAD: Pakistan and Switzerland will begin technical level negotiations in Bern on Tuesday for revision of ‘Swiss-Pakistan Convention for the Avoidance of Double Taxation’ to enable the treaty to create an environment for better trade and investment between the two countries. The three-day meeting is being held on the request… – Continue reading
THE National Tax Policy (NTP) has identified double taxation as one of the major hindrances to the growth of the Nigerian economy. Double taxation has become an issue paramount to investors and top executives of multinationals as income is generally taxable both in source and residence countries. In order to… – Continue reading
With new laws in place, recovery from Swiss banks can be little easier provided the government shows sincerity in taking action against tax dodgers Finance Minister Senator Ishaq Dar in recent days has expressed the government’s firm conviction to bring back untaxed money of “US$ 200 billion” stashed in… – Continue reading
In a desperate bid to build pressure on firebrand cleric Tahirul Qadri, the government has issued final demand notices of Rs 1.71 billion in outstanding taxes to 16 office-bearers of the Tehreek Minhajul Quran (TMQ), including four persons of the Qadri family and two people who died several years ago,… – Continue reading
The Board of Airline Representatives in Pakistan (BARIP), Karachi has urged the Federal Board of Revenue (FBR) to exempt certain categories of international passengers/travellers from payment of four percent withholding tax that include infants, transit passengers, diplomats, airline staff/supernumerary crew and Hajis from July 1, 2014-15. In a latest communication to… – Continue reading
Pakistan Awami Tehreek Dr Tahirul Qadri and office-bearers of his Tehreek Minhajul Quran are staring at legal trouble as the Federal Board of Revenue (FBR) has finalised all the paperwork to implicate the reformist cleric and his aides in a Rs770 million tax evasion case against them, a local media… – Continue reading
ISLAMABAD: The FBR is seeking extraordinary powers to access private bank accounts of citizens, apparently to catch tax dodgers, locate assets beyond means, sources of funds, detect foreign travels and raise revenue for the government. For the purpose, the FBR has recommended that its intelligence wing be allowed to perform… – Continue reading
ISLAMABAD: The US authorities have made direct contacts with Pakistani commercial banks to seek data of account holders of their nationals in a bid to comply with their law known as the Foreign Account Tax Compliance Act (Fatca), The News has learnt. However, the Nawaz Sharif government has taken a… – Continue reading
KARACHI: The customs authorities have registered a case against the Shaheen Air International (SAI) and seized 12 of its aircraft, directing the airline not to sell or scrap the planes without paying taxes said to be running into hundreds of millions of rupees to the government, it emerged here on… – Continue reading
According to sources privy to the development, the decision to serve these notices was taken in a high-level meeting, in which the Federal Investigation Agency (FIA) had shared the account details of the above institutions and Dr Qadri with the participants. The meeting was chaired by the former Punjab law… – Continue reading
KARACHI: Pakistan’s large banks have completed the registration process with the Internal Revenue Service (IRS) – the US government agency responsible for tax collection and law enforcement – to report the data (dollar-denominated transactions) of US persons to it, banking sources said on Wednesday. They have got the registration as… – Continue reading
ISLAMABAD: The government has geared up efforts to deal with the situation following the enforcement of Foreign Accounts Tax Compliance Act (FACTA) by the United States asking the Pakistanis having US nationality and multinational companies doing business in both the countries to submit taxes on their income to the US… – Continue reading
Pakistan to engage in exchange of confidential information from Switzerland for recovery of $200b illegally deposited by Pakistanis in Swiss banks The Government of Pakistan is looking forward to make use of the new Swiss laws for exchange of confidential information about the ill-gotten funds from Pakistan banked in the… – Continue reading
ISLAMABAD: The government has geared up efforts to deal with the situation following the enforcement of Foreign Accounts Tax Compliance Act (FACTA) by the United States asking the Pakistanis having US nationality and multinational companies doing business in both the countries to submit taxes on their income to the US… – Continue reading
Because of a delay in the negotiation of an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), the State Bank of Pakistan (SBP) advised Pakistani financial institutions, as a precaution, to complete registration with the United States Internal Revenue Service (IRS) by May 5, 2014, at… – Continue reading
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland… – Continue reading
A tax fraudster who hid his true wealth in the UK has been jailed for four years after police discovered he was building a £2.3 million ‘PALACE’ abroad. Mohammed Suleman Khan, 42, lived a luxury life in Birmingham despite no obvious income. But he was handling huge amounts of undeclared… – Continue reading
WASHINGTON (Reuters) – Multinational businesses that often fight with the U.S. Internal Revenue Service over their worldwide taxes may be dropped from an IRS program meant to smooth corporate audits, a senior IRS official said on Tuesday. Speaking at a conference, Michael Danilack, a deputy U.S. IRS commissioner, raised concerns… – Continue reading
Pakistan and Afghanistan would finalise modalities for signing Avoidance of Double Taxation and the Prevention of Fiscal Evasion Convention in the next meeting of the 9th session of the Pak-Afghan Joint Economic Commission (JEC) to be held on February 23-24 in Kabul. A senior FBR official told Business Recorder here on Tuesday… – Continue reading
