Income Tax Consultant (Pakistan)

ISLAMABAD: Pakistan’s car market has been dominated by Japanese automakers for decades, but a mini-economic revival looks set to attract new players from Europe and Korea into the mix. Despite heavy taxation on imported vehicles, enthusiasm for owning a car in Pakistan has remained undented — thanks in part to underdeveloped public transport in the country’s sprawling cities, but also the social status it brings. Toyota, Suzuki and Honda car assembly plants already work around the clock in the southern port city of Karachi and eastern Lahore — yet customers can still wait for up to four months for new vehicles to be delivered. Now demand for cars in the South Asian giant of 200 million people is accelerating even more quickly, as economic growth has reached its fastest pace since 2008 while renewed investor confidence and easing inflation have spurred consumer spending. Keen to cash in, a delegation from German auto giant Volkswagen visited the countr...

ISLAMABAD: The sale of spurious and unregistered drugs is on rise in Federal Capital owing to the shortage of drug inspectors.  According to the sources, there is only one drug inspector in the federal capital to keep an eye on over 700 medical stores located in both urban and rural areas of the city and check the sale of spurious and unregistered drugs. Along with the seven hundred medical stores, the drug inspector is also duty bound to monitor the city nine big government and private hospitals and check the sale and spurious and unregistered drugs. The sources have been revealed that the finance division had turndown the request of health ministry of appointment of five more drug inspectors. It stated that presently only one drug inspector is active in Federal Capital to keep eye more than 700 medial stores and 9 hospitals. For this he has to travel 1165.5km distance for checking the sale and spurious and unregistered drugs of different medical stores...

ISLAMABAD: Haroon Akhtar Khan, Special Assistant to the Prime Minister on Revenue has asked the non-filers to file their tax returns of 2014 by 28th February 2016 and get exemption from withholding tax deduction on their banking transactions, says a press release. Addressing business community at Islamabad Chamber of Commerce and Industry, he said that government has adopted a soft approach on withholding tax and it was a good opportunity for non-filers to declare their hidden assets, sales and turnovers honestly and file their tax returns that would be accepted without questioning them. Mr. Shahid Hussain Asad Member IR Policy and Mr. Nadeem Dar Member Facilitation FBR were also present at the occasion. Haroon Akhtar Khan said traders are doing legitimate business and they should come into the formal sector. He said that government is facing huge difference of Rs.1700 billion between revenue and expenditure and it is ready to give more incentives in consultatio...

Federal Board of Revenue (FBR) Chairman Tariq Bajwa Monday said 0.6 percent withholding tax on banking transactions of non-filers would be restored from October 1, 2015 under Income Tax Laws (Amendment) Ordinance, 2015 and an incentive package is being finalised for traders to encourage documentation and voluntary tax compliance. On the conclusion of the Public Accounts Committee meeting at the Parliament House here on Monday, Tariq Bajwa told Business Recorder that Income Tax Laws (Amendment) Ordinance, 2015 is very clear on the withholding tax rate on banking transactions of non-filers. Under the Ordinance, the rate was reduced from 0.6 percent to 0.3 percent w.e.f. July 11, 2015. This reduced rate will remain effective till September 30, 2015. The FBR will start collecting 0.6 percent on banking instruments of non-filers from October 1, 2015. Responding to a query, FBR Chairman said that the government is finalising an incentive package for the traders'' co...

KARACHI: Overseas Pakistani workers remitted $1663.61 million in the month of July FY16, showing a growth of 0.86% compared with $1649.39 million received during the same period in the preceding year. According to statement issued here by State Bank of Pakistan (SBP) on Monday, the country wise details for the month of July 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to $474.42 million, $367.51 million, $255.32 million, $232.33 million, $197.86 million and $32.5 million respectively compared with the inflow of US $454.47 million, $352.89 million, $257.08 million, $247.96 million, $179.76 million and $44.32 million respectively in July 2014. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during July 2015 amounted to US $103.67 million together as against $112.91 million received in July 2014.- APP

ISLAMABAD: Directorate of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) has decided to start campaign against non-taxpayers of electronics dealers . According to sources, Directorate of Intelligence and Investigation Inland Revenue has received information that most of the electronic dealers are involved in tax evasion, these dealers has large scales of electronic businesses but they submit their tax returns with wrong information of their income and sales. Sources further added that Directorate of Intelligence and Investigation Inland Revenue these dealers used several methods to save them from submitting sales tax returns as most of electronic dealers are out of tax net.  Now FBR are sending them notices to clear their outstanding dues at the earliest to avoid any strict action in future. Source:customstoday.com.pk

Pakistani cricket superstar Shahid Afridi has made it to the list of top 20 most charitable athletes of the year, according to an international survey conducted by DoSomething.org The captain of Pakistan’s Twenty20 team had established the Shahid Afridi Foundation (SAF) last year to improve lives of underprivileged in the country. Afridi was placed at number 20 in the list of world’s top philanthropist athletes including footballer Cristiano Ronaldo, wrestler John Cena, tennis star Serena Williams, footballer Neymar Jr and tennis player Maria Sharapova. At the launch of his charity foundation in March 2014, Afridi said it will focus on mothers and internal refugees. The foundation has also set up a 16-bed maternity hospital in remote Tangi Banda village in Khyber Pakhtunkhwa. The $160,000 hospital named after Afridi's father Fazlur Rehman was paid for by the star, who said he had been inspired by former captain Imran Khan, who runs a cancer hospital in Lah...