Management Accountants, Advocates & Tax Consultants

Management Accountants, Advocates & Tax Consultants Faxton Consulting International. is a firm of professional accountants, advocates and tax consultant

This should allow the authorities to figure out how much money has been stashed away by Pakistanis and more importantly ...
19/12/2019

This should allow the authorities to figure out how much money has been stashed away by Pakistanis and more importantly what kind of Pakistanis i.e. either businessmen, corrupt bureaucrats, judges or generals. Data sharing will begin in 2021.

The Swiss parliament approved a new batch of countries for automatic exchange of financial information. This will allow Pakistan authorities to learn how much money Pakistanis have in Switzerla

The WHT collection during FY 2018-19 has been Rs 960.7 billion against Rs 1,047 billion indicating a negative growth of ...
07/12/2019

The WHT collection during FY 2018-19 has been Rs 960.7 billion against Rs 1,047 billion indicating a negative growth of 8.2%. The nine major components of withholding taxes that contributed around 80% to the total WHT collection are: contracts (Rs 235.4 billion), imports (Rs 221.8 billion), salary (Rs 76.4 billion), telephone (Rs 17.1 billion), dividends (Rs 57.0 billion), bank interest (Rs 58.1 billion), cash withdrawal (Rs 32.0 billion), electricity (Rs 35.5 billion) and exports (Rs 34.4 billion). As far as growth is concerned, collection from bank interest grew by around 27%, exports (22%), electricity bills (5%), imports (1%) while rest of the items recorded a negative growth in collection. The highest contributor in withholding taxes is contracts with 24.5% share, followed by imports (23.1%) and salary (8%). Further break-up reveals that the share of only two heads of WHT – contract and imports – is around 48% and further addition of withholding tax on salary raises the share of these three items to more than 55% of the total withholding taxes, showing high reliance on fewer heads.

An unusual decline in revenue collection and a steep rise in current expenditures caused a deterioration in all major fiscal indicators during FY19. The overall budget deficit during the year stood at

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Office No. 11, 1st Floor, Mohammadi Plaza, Nazim-udin Road, Near D-Chowk, Blue Area
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