KARACHI: Petroleum import bill fell to $11.88 billion in first eight months (July – February) of fiscal year 2022/2023, according to data released by Pakistan Bureau of Statistics (PBS).
(more…)Tag: imports
-
Pakistan’s gold import bill soars by 107 pc in 7MFY23
ISLAMABAD: Pakistan’s gold import bill soared by 107 per cent during first seven months (July – January) 2022-2023, according to data released by Pakistan Bureau of Statistics (PBS).
(more…) -
Pakistan imports mobile phones worth Rs93 billion during seven months
Pakistan imports mobile phones worth Rs93 billion during first seven months (July – January) 2022-2023 amid challenging economic conditions.
(more…) -
Pakistan restores final tax regime for importers
ISLAMABAD: The present coalition government has accepted demand of business community and in the budget 2022/2023 brought importers back into final tax regime.
Through Finance Bill, 2022 important amendment has been suggested to Section 148 of the Income Tax Ordinance, 2001.
READ MORE: New ADR mechanism introduced to facilitate taxpayers
Previously, PTI government after consultation with manufacturers and other stakeholders brought the importers into minimum tax regime through Finance Act, 2019.
The importers were brought into the minimum tax regime after arguments that the importers were misusing the tax incentives as the final tax regime was not subject to audit and returns. The importers are required to file a statement only under the FTR.
READ MORE: FBR to disable mobile SIMs on non-filing of tax returns
The Finance Bill, 2022 proposed to make amendment in sub-section 7 of Section 148 of the Income Tax Ordinance, 2001 to substitute the word ‘minimum’ with the word ‘final’.
A new section 7A to Income Tax Ordinance has also been proposed, which is:
“(7A) Notwithstanding anything contained in sub-section (7), the tax required to be collected under this section shall be minimum tax on the income every person arising from imports of following goods –
READ MORE: Pakistan amends tax laws to legalize money transfers
(i) edible oil;
(ii) packaging material;
(iii) paper and paper board; or
(iv) plastics:
Provided that the Board with the approval of Minister in-charge may, by a notification in the official Gazette, add any entry thereto or omit any entry therefrom or amend any entry therein this sub-section.”
READ MORE: Fixed tax rates for retailers, payable through electricity bills
-
Imposition of 100% cash margin on imports likely
KARACHI: A 100 per cent cash margin requirement on imports to be imposed in order to discourage rising foreign purchases, market sources said on Wednesday.
The sources said that restriction on cash margin has been imposed to discourage import and support balance of payment.
The rupee is continuously falling and making lows for the past several days. The rupee fell to a new record low of Rs170.48 to the dollar in the interbank foreign exchange market on September 29, 2021.
The sources said that the condition of 100 per cent cash margin requirement on import of some medical items may not apply.
-
Pakistan’s trade deficit narrows by 34.42pc in July – November
ISLAMABAD: Pakistan’s trade deficit has narrowed by 34.42 percent during first five months (July – November) of current fiscal year owing to improvement in exports, said Abdul Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce, Textile, Industry & Production and Investment, on Sunday.
In a tweet message, he said that as a result of the same policies of the government, the increasing EXPORTS are contributing to improvement in our Balance of Payments position and stabilization of the economy.
The trade deficit reduced to $9.496 billion during July – November of current fiscal year as compared with the deficit of $14.479 billion in the corresponding period of the last fiscal year.
The country’s exports registered five percent growth during the period under review. The exports grew to $9.55 billion during first five months of the current fiscal year as compared with $9.11 billion in the same period of the last fiscal year.
However, the import bill of the country sharply fell by 19.27 percent during the period. The import bill declined to $19.04 billion during July – November of the current fiscal year as compared with $23.59 billion in the corresponding period of the last fiscal year.
-
Minimum tax regime withdrawn on commercial imports
Minimum tax regime has been withdrawn on commercial imports by the government of Pakistan. The importers of finished goods were subject to pay 5 percent minimum tax.
(more…)