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Finance Minister Ishaq Dar Tuesday conveyed to the Federal Board of Revenue in unequivocal terms that if tax collection target for April 2014 is not achieved he would be left with no option but to start sitting at the Revenue Division to ensure achievement of revised tax collection target of Rs 2,345 billion by June 30, 2014.

The Federal Board of Revenue has expressed dissatisfaction over the performance of the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in the collection of estimated revenue through budgetary measures introduced in Finance Act, 2013. Sources told Business Recorder here on Tuesday that the FBR has conveyed its concerns to the Chief Commissioners at the conference held at the FBR House.
The Federal Board of Revenue has outrightly rejected the proposals of the Task Force to bring retail sector into the tax net as no viable proposal was submitted by the team of tax officials. Sources told Business Recorder here on Monday that the FBR's Task Force has submitted proposals to the FBR Chairman Tariq Bajwa for bringing retail sector into the tax net.
Minister for Water and Power Khwaja Asif on Tues-day acknowledged his government's failure in dealing with massive power sector issues including power theft, collections and circular debt. He, however, vowed to deduct outstanding public sector power sector dues (including dues from provincial governments) through Federal Adjuster despite a strong opposition.
Pakistan and China on Tuesday agreed to establish a joint Economic Corridor Energy Information platform, for which China would extend $6 million. After detailed formal deliberations during the first meeting of Energy Planning Working Group of China-Pakistan Economic Corridor (CPEC), Ministry of Water and Power, in an official announcement, stated that both parties discussed the organisational framework, basic concepts, main items, work programme and an enabling mechanism of the energy planning of CPEC.
Prime Minister Muhammad Nawaz Sharif on Tuesday approved the appointment of Pervez Said as Managing Director, House Building Finance Corporation (HBFC). Pervez Said has served as CEO of Burj Bank, worked in Al-Meezan Bank, Johnson & Johnson and also served in Citibank.
The Euro-pean Parliament approved on Tuesday the last elements of a new set of rules to prevent failing banks from ever again driving EU member states into bankruptcy. With 'banking union' passed, "we now have in place a true European system to supervise the eurozone banks and deal with any future failures," EU Financial Markets Commissioner Michel Barnier said.
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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln