P Pakistan making concrete efforts towards achieving higher growth: Dar
Finance Minister Ishaq Dar has urged the US investors to take advantage of the tremendous investment opportunities coming up in Pakistan. Pakistan is improving in ease of doing business and that the country’s stock market has emerged as 5th best performer in the world, which clearly indicates that Pakistan has huge potential for investment.
FBR re-verifying all IT/WHT exemption certificates
FBR is re-verifying all income tax/withholding tax exemption certificates as there is an increase of PKR 9Bn, with PKR 118Bn having been issued in these exemptions at import stage during FY17 as compared to PKR 109Bn in FY16. The increased number of exemption certificates in FY17 has reduced revenue collection at import stage.
AML units to curb tax fraud
Pakistan’s top tax team has decided to establish dedicated AML units to investigate and prosecute growing offences of tax evasion and fraud. The AML units were given a target of recovering around PKR 8-10Bn in May‘17 and Jun‘17. The units will be functional by the end of Apr‘17.
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