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Delay in issuance of refund tantamount to maladministration: FTO ISLAMABAD: The Federal Tax Ombudsman (FTO) has ruled that the delay in issuance of refund was tantamount to maladministration under Section 2(3)(ii) of the FTO Ordinance.On his findings FTO in a refund claim case recommended the Federal Board of Revenue (FBR) to direct the Chief Commissioner to issue refund due, in accordance with law; and report compliance within 30 days.According to the findings and recommendations of the FTO a complainant M/s Radian Glass (Pvt) Ltd Lahore versus the Secretary Revenue Division, Dealing Officer, Authorized representative and department representative.The complainant claimed refund of Rs 2,146,222 for Tax Year 2012 as per application e-filed on 07.09.2013.The refund arises, as a result of excess deduction of tax at source under sections 148, 153, 231A, 231B, 234, 235 and 236 on imports; supplies, cash withdrawals from Banks, registration of motor vehicle, payment of motor vehicle token tax, and in electricity and telephone / mobile ...

3rd Pak China Business Forum 2014 commences on Friday ISLAMABAD: COMSATS Institute of Information Technology (CIIT) is organizing 3rd Pak China Business Forum-2014 from March 21-24 to promote University - Industry collaborations in business and economic sectors for mutual benefit of both the countries.More than 20 Chinese companies will arrange stalls on the occasion and MoUs will also be signed between various organizations.Research and Development organizations and universities, public sector, private sector, local and international visitors will also participate in Business forum.CIIT also organized ...
FPCCI proposes FTA with Bahrain ISLAMABAD: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Wednesday said Pakistan has been experiencing a new dawn of economic revival and Bahrain should be a partner with Pakistan for mutual benefit.Bahrain should look into unmatched business opportunities in Pakistan with a special focus on project-based financing and Islamic banking, said President FPCCI Zakaria Usman while speaking at a meeting of Bahrain-Pakistan Business Council here.Bahrain's Minister of Industries and Commerce Dr Hassan ...
Delay in issuance of refund tantamount to maladministration: FTO ISLAMABAD: The Federal Tax Ombudsman (FTO) has ruled that the delay in issuance of refund was tantamount to maladministration under Section 2(3) (ii) of the FTO Ordinance.On his findings FTO in a refund claim case recommended the Federal Board of Revenue (FBR) to direct the Chief Commissioner to issue refund due, in accordance with law; and report compliance within 30 days.According to the findings and recommendations of the FTO a complainant M/s Radian Glass (Pvt) ...
All set for 8th WEXNET fair: TDAP; Sialkot women to join in SIALKOT: All the arrangements have been made for holding 8th WEXNET 2014 from March 21 at Expo Centre Lahore, said Trade Development Authority of Pakistan (TDAP) sources here.Several active business women from Sialkot are also participating WEXNET fair to display different products including sports goods, bags, kids' wear, apparel, bed spreads, towels, fabrics, surgical instruments, shoes, handicrafts, kitchen ware etc in the exhibition.Talking to APP on Wednesday TDAP sources said a number of female entrepreneurs ...
KCCI delegation leaves for India KARACHI: Five-member delegation of Karachi Chamber of Commerce and Industry (KCCI) has left for India to attend seminars and meetings in various cities. These programs are being organised by Federation of Indian Micro, Small and Medium Enterprises (FISME), said a KCCI release here on Tuesday. Led by Vice President KCCI, Muhammad Idrees, the KCCI delegation comprises Chairman, KCCI's international affairs sub-committee Junaid Esmail Makda, Chairman, KCCI fairs, exhibitions and trade delegations sub-committee, Naveed Farooki, customs ...
CCP committed to restore investor confidence in Pakistani market ISLAMABAD: Dr Joseph Wilson, Chairman, Competition Commission of Pakistan (CCP), has said that CCP is committed to restore investor confidence in the Pakistani markets by removing entry barriers, preventing anti competitive business practices and creating a level playing field for local and foreign investors.He said this while addressing a seminar, "the Competitive Effects of Vertical Agreements", organized by the American Business Council of Pakistan (ABC) in Karachi on Tuesday.The seminar was also attended by Saad ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln