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Unlike many other countries of the world, Pakistan's apex revenue authority, Federal Board of Revenue (FBR), has never bothered to launch well-designed Voluntary Tax Compliance Programmes backed by strict enforcement actions against defiant citizens. Resultantly, the number of persons filing income tax returns in Pakistan is pathetically low (below one million), though the number of persons subjected to withholding taxes is over 50 million. Since 2002, when the new Income Tax Ordinance 2001 was made effective, FBR has miserably failed to implement 'universal self-assessment scheme' by employing modern audit techniques backed by a deterrent in the form of effective Tax Intelligence Systems (TIS). Exploiting the self-assessment scheme, the non-reporting and under-reporting of incomes, evasion of sales tax and federal excise duty is rampant in Pakistan. The government, instead of launching a crack down on untaxed money, has always adopted the policy of appeasing tax cheats extending generous whitening schemes.

Having struck a historic nuclear deal to end decades of enmity between Iran and the West, President Hassan Rouhani faces a fresh challenge at home, to win the release of leading political prisoners whose case has polarised the Islamic Republic. Former presidential candidates Mir Hussein Moussavi and Mehdi Karroubi, along with Moussavi's wife Zahra Rahnavard, have been under house arrest since 2011.
When Hurricane Katrina hit New Orleans, around 1,300 died and 80 percent of the city was flooded. The scars are still visible, but a decade on the city is doing better than many expected. New Orleans (dpa) - The signs of the storm are still visible high up on the sides of houses in New Orleans. A spray-painted X in circle accompanied by odd numbers and letters is the symbol of a catastrophe that cost an estimated 1,300 people their lives and that still affects the city and region a decade later.
"Nawaz Sharif is by far the most understanding of all our party leaders."
That army chief General Raheel Sharif would give no quarter to terrorists was an impression that he created, albeit unintentionally, through his recent meeting at Corps Headquarters in Karachi where he strongly indicated that he, like a victor of medieval times, would not spare life even in return for the surrender at discretion for the days of concession of clemency or mercy for the vanquished opponent are long gone. General Raheel has given his approval to an increase in the number of military courts whose establishment has recently found favour with the apex court of the country following the passage of the 21st Amendment. This step, however, appears to be an act that demonstrates his grudging admiration for an international law that the nation states framed in the beginning of the 20th century. According to this law, no victor can be allowed to declare that no quarter will be given to a vanquished enemy. Moreover, the army chief appears to be fully mindful of the fact that history is not necessarily written by the victors.
Losing its second most important wicket - that of National Assembly Speaker Ayaz Sadiq - to PTI's Kaptaan himself, the Nawaz League does not seem to know how to handle the NA-122 election tribunal verdict. At first, the party said despite some reservations it respects the result. Then the Leaguers came out to launch an assault on both the judge and his judgement. The Punjab law Minister Rana Sanaullah went so far as to attack the integrity of former Justice Kazim Ali Malik, accusing him of acting out of a revenge motive after having failed to secure a provincial assembly election ticket for his son. Justice Malik, of course, rebutted the charge pointing out that his decisions in 30 constituencies had favoured the ruling party candidates.
Enforcement of economic and trade sanctions is usually based on a country's foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, including the foreign policy and the economy.1


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln