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The Federal Tax Ombudsman (FTO) office has provided a major relief to a taxpayer in a unique case where the Federal Board of Revenue (FBR) was reluctant to issue sales tax refund of Rs 539,083,271 despite relief allowed in an appeal by the Appellate Tribunal Inland Revenue (ATIR). Sources told Business Recorder here on Saturday that the FTO annual report of 2013 has highlighted the case in the performance review of the said office.

A total of 361 development projects valued at Rs 249.6 billion of various ministries have been completed and their PC-IV has been received by the Ministry of Planning, Development and Reforms, it is learnt. A total of 1,232 development projects were financed during 2013-14 while Rs 543 billion were allocated to these projects, including power sector's self-financed amount of Rs 118 billion.
HSBC, Deutsche Bank and Canada's Bank of Nova Scotia have been accused of conspiring to fix the price of silver in a US lawsuit filed in federal court in New York. Plaintiff Scott Nicholson, an investor from the north-western US state of Washington, said the three banks had "abused" their position to rig silver prices to the detriment of investors, according to the suit.
Finance Minister Ishaq Dar has reportedly conveyed to relevant Ministry that power sector can no longer be run by providing subsidies due to commitments with the International Monetary Fund (IMF) under an Extended Fund Facility. Sources said the Finance Minister, who recently chaired the first meeting of the Committee formed by the Prime Minister on energy resource rationalisation, stated that Water and Power Ministry needs to improve recoveries as power sector can not be the recipient of an unlimited subsidy.
Ministry of Water and Power has failed to improve recovery from power sector consumers with its receivables soaring to Rs 512.909 billion ($5.18 billion) during fiscal year 2013-14 as compared to Rs 411.014 billion ($4.15 billion) in the corresponding period of 2012-13, showing a massive increase of 24.75 per cent.
The PIA is in the process of adding latest aircraft in its fleet and has received delivery of the second A320 aircraft on dry lease which arrived on Saturday at Islamabad Airport increasing the operational fleet to 26 aircraft. This was stated by Secretary Aviation and Chairman PIA, Muhammad Ali Gardezi at a simple ceremony held at Islamabad Airport.
To facilitate and attract foreign investors, field formations have approached the Federal Board of Revenue (FBR), seeking clarification to provide a mechanism for proceeding in cases of Permanent Establishments (PEs) of Non-Resident Companies, claiming income tax exemption certificates.

 



 
Index Closing Chg%
Arrow DJIA 16,960.57 0.72
Arrow Nasdaq 4,449.56 0.50
Arrow S&P 1,978.34 0.48
Arrow FTSE 6,791.55 0.44
Arrow DAX 9,644.01 1.53
Arrow CAC-40 4,330.55 1.82
Arrow Nikkei 15,457.87 1.13
Arrow H.Seng 24,216.01 0.31
Arrow Sensex 26,126.75 0.55





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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln