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Tax return forms: Experts urge FBR to remove ambiguities  RECORDER REPORT ISLAMABAD: Tax experts have asked the Federal Board of Revenue (FBR) to remove ambiguities in the proposed income tax return forms for companies (IT-1) and individual/AOP (IT-2) for Tax Year 2012 in which certain points need clarification. In a communication to the FBR here on Wednesday, Waheed Shahzad Butt, a leading Lahore based tax lawyer informed the FBR that certain amendments in the Income Tax Rules, 2002 have been announced under Notifications SRO 727(I)/2012 and SRO 752(I)/2012 wherein proposed income tax return forms for Companies (IT-1) and for Individual/AOP (IT-2) for Tax Year 2012 have been published for the information of all persons likely to be affected. There are certain issues in proposed tax returns which needs clarification/modification.  According to the tax expert, the levy of surcharge has been omitted from the proposed tax returns, which is contrary to the clear wording of the law and verdicts of the High ...

GCCI demands urgent steps to control power shortage  LAHORE: Energy crisis has badly effected the industries and businesses in Gujranwala and urgent steps are needed to overcome the situation to protect interests of the national economy. Muhammad Burhan, Secretary General Gujranwala Chamber of Commerce and Industry (GCCI), in a statement here on Wednesday said. "It is perhaps our city that was hit the hardest", he said. The city's ceramic industry had come to a complete halt. Gujranwala's international exports total is about 800 million dollars ...
Soyabean oil imports decrease 36.32pc  ISLAMABAD: The Imports of Soyabean oil decreased by 36.32 percent during the first eleven months of fiscal year 2011-12 against the imports of the same period of last year. The soyabean imports into the country during July-May (2011-12) were recorded at US$42,206 million against the imports of 66.277 billion during July-May (2010-11), according to the figures of Pakistan Bureau of Statistics (PBS). In terms of quantity, the imports of the soyabean oil decreased by 50.69 percent by ...
Punjab govt to spend Rs92bn on agri sector  KHANEWAL: The Punjab government will spend Rs 92 billion on agriculture sector. This was expressed by Provincial Minister for Agriculture Malik Ahmed Ali Aulak while holding an open court at Jinnah library hall on Wednesday. He said the government would introduce 9,000 water-tributaries to irrigate farms. To counter dearth of water, the Punjab government was spending Rs 35 billion on introducing land-laser levels, sprinkle system and launching different research projects to improve yield of rice, wheat, cotton and ...
Property tax record to be computerized  RAWALPINDI: Excise and Taxation Department has decided to computerize its property tax record aimed at facilitating the tax-payers and streamlining the entire tax collection process. Computerized forms are being brought from Lahore, which will be handed over to the staff concerned for data collection for onward feeding in computers, Senior Excise and Taxation Officer Shahzad Malik said. He said there are 170,000 commercial and domestic units in the city, which are under the tax net and paying ...
Poultry sector generates employment for 1.5mn  ISLAMABAD: The poultry sector is generating direct and indirect employment and income for about 1.5 million people in the country. Talking to APP on Tuesday, an official of Statistic Division said the poultry sector was one of the most organized and vibrant segments of the agriculture industry of the country. To a question, he said its contribution in agriculture and livestock was 6.4 percent and 11.5 percent respectively, adding that poultry meat contributes 25.8 percent of the ...
Mango Exposition cancelled ISLAMABAD: The Horticulture Foundation of Pakistan (HFP) has cancelled the 17th National Mango and Summer Fruits Exposition that was scheduled to be held on July 7 and 8. The purpose of the show was to highlight country's superior quality mangoes and help enhance their exports besides underlining the importance of utilizing modern technologies in packing to compete in the world markets. "The exposition has been canceled due to some unavoidable reasons," an official of the HFP told ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 15, 2014
Reserves $13.922 bln