Pakistan Warns Banks to Register For FATCA
The State Bank of Pakistan has issued advice to financial institutions to ensure that they register with the US IRS in respect of the Foreign Account Tax Compliance Act (FATCA). They have given this advice because the intergovernmental agreement
See MorePakistan Needs to Chase Non-Taxpayers
Currently Pakistan has one of the world’s lowest ratios of tax to gross domestic product (GDP). The ratio in Pakistan is 9 percent compared to India’s tax to GDP ratio of 16 percent, Indonesia’s ratio of 14 percent, and Malaysia’s 15 percent
See MoreSwitzerland – Pakistan DTA Negotiation
According to some media reports, Pakistan is looking to revise the double taxation agreement (DTA) with Switzerland. The current double tax agreement between the two countries was signed on 19 July 2005 and entered into force in 2008. No further
See MorePakistan: Cabinet approves the DTA Protocol with Austria
Pakistan’s Cabinet approved, on 20 January 2014, the Protocol to the DTA signed between Pakistan and Austria. This effectively completes the ratification on the Pakistan
See MoreDTA between Pakistan – Czech Republic
Pakistan’s Cabinet on August 29, 2013, approved the signing of a draft double tax agreement (DTA) with the Czech Republic. A draft agreement was originally initialled on 19 October 2012. No further details of the treaty are currently
See MoreFTA Between Indonesia-Pakistan Enters Into Effect
Indonesia and Pakistan signed a Preferential Trade Agreement (PTA) in February 2012. This agreement came into effect from September 1 following the signing of an additional Mutual Recognition Agreement (MRA). The agreement had previously been held
See MoreAfghanistan – Pakistan DTA
Afghanistan and Pakistan agreed to launch negotiations towards a double taxation agreement (DTA) at meetings on August 25, 2013. No further details of the negotiations or likely provisions of any future agreement are currently
See MorePakistan: Tax law changes enacted in Finance Act 2013
Pakistan’s Finance Act 2013 implements the tax changes proposed in the budget for 2013. The changes came into force from 1 July 2013. The Finance Act 2013 includes following tax provisions: Change the rules on the taxation of property income,
See MorePakistan: Supreme Court rules against increase in sales tax
The Supreme Court (SC) ruled on 21 June 2013, that the government was not ratified to impose or increase sales tax from 16% to 17% on the value of taxable supplies by way of declaration under section 3 of the Provisional Collection of Taxes Act 1931
See MorePakistan: the FBR issues a Circular clarifying withholding tax provisions
The Pakistan Income Tax Ordinance 2001 (ITO) was amended by Finance Act 2012 to consolidate all withholding tax provisions regarding non-residents. The Pakistan Federal Board of Revenue (FBR) issued Circular No. 1(31)/WHT/2012 dated 16 November 2012
See MoreCzech Republic and Pakistan initial a DTA
On October 19, 2012, according to media reports, the Czech Republic and Pakistan initialled a double taxation agreement
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