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Pakistan Budget 2012-2013


 

 

Coming Soon......

 

 

Budget 2012-13

Budget 2012-2013

Source Daily Jang May 17, 2012
 

 

Pakistan Budget Call Circular 2012-2013 (Click here to download)
 


Budget 2012-13: FBR told to remove distortions in customs regime

Published in "BUSINESS RECORDER"
March 30, 2012


Business Recorder Logo Finance Minister Abdul Hafeez Sheikh on Thursday directed the Federal Board of Revenue to review the entire regime of Customs Statutory Regulatory Order (SRO) in the upcoming budget (2012-13) to bring concessionary SROs in line with the standard Pakistan Customs Tariff (PCT) for removing distortions in the customs regime.

While reviewing the budgetary proposals for 2012-13 during the meeting of the Tax Reform Co-ordination Group (TRCG) at the FBR House, the Finance Minister directed the FBR to remove distortions in the customs regime in upcoming budget.

Hafeez further directed the FBR to prepare budget proposals for providing relief to the general public.

The meeting also reviewed in detail the tariff rationalisation exercise of the FBR with input of the Planning Commission and other stakeholders.

In the presence of Pakistan Customs Tariff, some concessionary SROs are creating distortions in the customs regime.

For example if a statutory rate of customs duty is applicable under the Pakistan Customs Tariff, the same item may be subjected to concessionary rate of duty or exemption under the SRO which is creating distortion in the customs regime.

In this connection, FBR will review the complete SRO regime to identify the superfluous and redundant notifications on the customs side.

It would also being examined to check the SRO-based exemptions.

During the budget exercise, the FBR will review that how many SRO-based exemptions need to be retained in the next fiscal.

If necessary, the rates of duty specified in the SROs could be brought in line with the duty structure under the Pakistan Customs Tariff, sources said.

The members of the TRCG also agreed to simplify the SRO-based concessionary regime and exemptions to facilitate the taxpayers particularly importers.

The complete SRO regime would be thoroughly examined in this regard, sources said.

Some of the SROs granting concessionary rate of duty to different sectors included SRO575(I)/2006, SRO565(I)2066, SRO.1296(I)/2006, SRO.659(I)/2007, SRO.567(I)/2006, SRO.678(I)/2004 and other SROs.

According to sources, Abdul Hafeez Sheikh has further directed the FBR to consider tax relief for the taxpayers earning marginal or nominal income by readjusting slabs under the relevant provisions of the Income Tax Ordinance 2001.

The small taxpayers and those earning nominal income needs to be facilitated.

The life of the small taxpayers should be made more simplified by rationalisation of tax rates and slabs applicable on such categories of taxpayers.

There should be simple tax rates for the salaried persons and other taxpayers falling within the category of individuals, sources added.

The meeting also discussed the proposal to revise the income tax slabs for the salaried persons to facilitate this category of taxpayers.

During the meeting, tax officials informed that the Board is likely to propose increase in the withholding tax rates on different sectors operating in Presumptive Tax Regime (PTR) to encourage people to come under normal tax regime and regularly file their income tax returns.

In this connection, the PTR regime would be gradually phased out in a systematic manner.

One of the methods could be increase in the rates of withholding tax on different industries/ sectors operating under the PTR.

In this way, taxpayer will either have to pay higher rate of withholding tax for not maintaining books of accounts or pay lower rate under normal tax regime and file income tax returns.

However, the proposal may be implemented in a phase-wise manner to enhance the rate of withholding tax on different sectors subjected to Presumptive Tax Regime.

Sources said that the proposal is to encourage the people to maintain books of accounts and file their income tax returns.

At present, different sectors are operating under the PTR and finally discharge their tax liabilities.

In case of final discharge of tax liability, they do not have to file their income tax returns or maintain books of accounts.

But they only file the statement relating to withholding tax.

For example, commercial importers are paying five percent withholding tax; exporters one percent; suppliers 3.5 percent, contractors 6 percent; commission agents 10 percent and other sectors.

These sectors are operating under final discharge of tax liability.

Special treatment is being given to these sectors and they give final tax and they do not have to give any further details through income tax returns.

They only file their statements and they do not maintain books of accounts.

Sources added that the budget preparation exercise would identify the sectors to be brought from the Presumptive Tax Regime into the normal tax regime.

 

Hafeez constitutes nine bodies to seek budget suggestions  

Published in "The Nation"

ISLAMABAD - Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh has constituted nine committees comprising business community of Pakistan and government officials to take suggestions for the upcoming budget 2012-13.

Finance Minister constituted these committees while chairing a meeting of Business Persons Council here on Thursday. The committees would work to find ways for broadening of tax base, financial sector reforms, tariff rationalisation, regional trade, incentives for investment, expenditure management, intellectual property rights, refund acceleration of taxes and other FBR related issues, tax relief package for FATA and Balochistan and also for energy crisis.

The meeting aimed to review of current state of economy, the role of the private sector and enhancement of economic reforms in the country.  Prominent businessmen from all over the country including Senator Haji Ghulam Ali, Siraj Qasim Taili, Irfan Qaisar Shaikh, Tariq Saeed participated in the meeting.  They gave multi-dimensional suggestions on national economy and raised specific points for the attention of policy makers.

At the start of meeting, the Federal Minister briefed the council about overall economic performance. He informed that our growth rate is crossing 3.8pc, which is the highest value in last three years despite many challenges like security situation, floods and global recession. We have taken difficult decisions in tax reform and enabled to achieve the 25pc increase in tax revenue. Our export crossed the threshold value of $25 billion. Remittances also showed star performance. Massive funds were distributed among the poor and forgotten people of Pakistan through Benazir Income Support Programme.  We doubled the budget for Balochistan. We promoted the trade and realigned our relations with major powers as well as with regional countries, said Finance Minister. The Minister also talked about the contemporary challenges faced by government like complex energy crisis and reduction in external financing. He informed that we are in transition phase with new public financing arrangements between Center and provinces. We have taken crucial decision by transferring funds from Center to provinces, added minister.

The members of council gave different proposals and highlighted their concerns for the coming budget. The overall discussion circled around reasons for reducing external financing, FBR related issues especially concerns over SRO-191, energy and gas crises impact on industrial sector, import and export related matters, tariff and interest rate and intellectual property rights issues. On a question raised by one member of council regarding increasing debt burden, secretary EAD clarified that debt could never be seen in nominal way. Debt is dealt in the context of GDP. The perception of increasing debt burdon is not true, rather ratio of debt to GDP has been decreased. Chairman FBR, Deputy Chairman Planning Commission, Governor State Bank, Chairman Securities and Exchange Commission of Pakistan also expressed their views in the meeting.

The matter of tax refunding to the business community by FBR was also discussed in the meeting. Finance Minister and Chairman FBR assured business community that their refunds would be given immediately. FBR will energise the process to issue refunding amount back to business persons at the earliest. A ceremony is expected to be held within three weeks to distribute the refunding cheques to people.

The council concluded to form nine committees to give suggestions/ recommendations on their respective areas and to present precise report within two weeks. Committee 1 will be constituted of Secretary Economic Affairs Division from government side and other selected members from business community. This committee will work on “broadening of tax base”.  Committee 2 will be constituted of Governor State Bank of Pakistan and other selected members from business community. This committee will work on “Financial Sector Reforms”. Committee 3 will be constituted of Deputy Chairmen Planning Commission and other selected members from business community. This committee will work on “Tariff Rationalization”.  Committee 4 will be constituted of Secretary Commerce Division and other selected members from business community. This committee will work on “Regional Trade”.  Committee 5 will be constituted of Secretary Industries Division and other selected members from business community. This committee will work on “Incentives for Investment”.  Committee 6 will be constituted of Secretary Finance Division and other selected members from business community. This committee will work on “Expenditure Management”.  Committee 7 will be constituted of Secretary Investment Division and other selected members from business community. This committee will work on “Intellectual Property Rights”.  Committee 8 will be constituted of Chairman FBR and other selected members from business community. This committee will work on “Refund Acceleration of Taxes and other FBR related issues”.  Committee 9 will be constituted of Chairman FBR from government side and other selected members from business community. This committee will work on “Tax Relief Package for FATA and Balochistan”.  Committee 10 will be constituted of Secretary Water and Power, Secretary Petroleum and Deputy Chairmen Planning Commission from government side and other selected members from business community. This committee will work on “Energy Crisis”.

The council also concluded to hold an intensive meeting before the announcement of budget, in which delegates from country’s chambers, Aptma and KSE will participate.


 

Upcoming Pakistan Budget 2012-2013 News:


Special pay incentives for Govt. employees in budget 2012-2013

By: Imran Ali Kundi | February 11, 2012 |  Published in "The Nation"

ISLAMABAD - As the political circles believe 2012 is an election year, the government is seriously contemplating to give special pay incentives to the civil servants of the country in the upcoming budget 2012-2013 to win masses support ahead of elections, it has been learnt on Friday. Background discussions with different sources has revealed that government is likely either to merge 50 per cent ad hoc relief given in 2010 in their basic pay or to grant special allowance which would be different for every scale. The government would announce their fifth and last budget of its tenure, which would be people friendly, as government want to win masses support ahead of new elections, sources added. Some of the PPP leaders have asked the government not to impose any kind of new tax or to increase the taxation rates in the upcoming budget for the financial year 2012-2013. It is too early to say whether government will give any special incentives to the civil servants or not in terms of salary increase, however, every government want to provide economic relief to the masses’, said an official of the Finance Ministry while making his comment on the said issue.  The annual budget for the next financial year 2012-2013 would be announced in May-June, which be the fifth budget of the PPP-led coalition government. While on the other hand it is believed that general elections would be held at the end of ongoing year 2012, therefore, government would try to provide economic relief to the masses. It may be mentioned that that government had also merged the several ad hoc relief in the basic pay in the annual budget for the ongoing fiscal year 2011-2012.

 

 

 

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