17 percent GST on specific sectors likely: social sector concessions to be retained

The government may impose 17 percent sales tax on some specific sectors and 5 percent lower rate of sales tax on a wide range of items/sectors in budget (2015-16) that includes different kinds of machinery/equipment, ginned cotton, poultry feed and lead supplied to manufacturers of lead batteries. Sources said on Tuesday that the Federal Board of Revenue (FBR) has laid down principles for review of sales tax concessions under Statutory Regulatory Orders (SROs) to be phased out in budget (2015...
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Much to do on the tax front

In his budget speech last year, Finance Minister Ishaq Dar had set the GDP growth rate target at 5.1pc, inflation at 8pc and the tax-to-GDP ratio at 11.5pc for this fiscal. As the fiscal year comes to a close, inflation seems to be comfortably ahead of its target, but two other critical milestones remain significantly behind.The State Bank of Pakistan has forecast 4.3pc GDP growth rate, while the IMF has recently scaled down its projection from 4.3pc to 4.1pc on the back of lower inflation an...
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Budget 2015-16: government urged to focus on direct taxes

Speakers at Hamdard Shoora have urged the government to focus on direct taxes instead of indirect ones in the budget 2015-16 to minimise production cost and check inflation. During a sitting on "National Budget 2015-16 and Public Expectations," the speakers also urged the government to give priority to the energy shortages in the budget and set aside funds to construct the Kalabagh Dam and have broader consultation with experts and intellectuals to finalise budget proposals. The speakers then...
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