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The President has endorsed the verdict of Federal Tax Ombudsman (FTO) that the orders of the Alternative Dispute Resolution Committees (ADRCs) commonly known as ''out-of-court settlement'' on disputed tax related matters are not confidential under Freedom of Information Ordinance, 2002.

The Finance Ministry has reportedly asked the Tax Reforms Commission (TRC) to suggest proposals to reform tax system for improving dismally low tax-to-GDP ratio before March 2015 for inclusion in budget for the next fiscal year, according to an official. Chairman TRC Syed Masood Ali Naqvi told Business Recorder that this was an inaugural meeting and parameters of the working were decided.
Despite tall claims from Sindh Excise and Taxation (E&T) Ministry to have zero-tolerance against corrupt practices, E&T officials are reportedly involved in pressurising new car owners to grease their palms for license, number plates; it was learnt here on Saturday.
Punjab Revenue Authority (PRA) has exempted the services being offered by travel operators in connection with 'Ziyarat' after Haj and Umra to facilitate the pilgrims. Sources said here on Saturday that the PRA recently issued a notification No SO (TAX)1-9-2014 (Exemption Ziyarat) amending the second schedule of the Punjab Sales Tax on Services Act, 2012 adding that services for Ziyarat will also be exempted from the provincial sales tax as Umrah and Haj services are exempted.
Taxpayers will be unable to meet the deadline for e-filing of income tax returns for Tax Year 2014-15, due to several technical flaws in the FBR's newly launched IRIS software, tax experts said on Friday. According to experts, although efforts made by the FBR to develop IRIS software using in-house resources are laudable indeed, no consultations were held with the stakeholders which caused problems in e-filing of income tax returns.
The government has lost over Rs 100 million in three months in the wake of Federal Board of Revenue's (FBR) sluggishness in collecting withholding tax from imported used cars since July, according to Pakistan Automobile Assemblers & Dealers Association (PAMADA).
The Federal Board of Revenue (FBR) has recorded a enormous revenue shortfall of Rs 15.672 billion under the head of Sales Tax (ST) and Federal Excise Duty (FED) during first quarter of current fiscal year, it is learnt on Thursday. The FBR officials ruled out the possible decline in revenue collection at the time when the announcement of independence (Azadi) and revolution (Inqilab) marches by Pakistan Tehrik-e-Insaf (PTI) and Pakistan Awami Tehrik (PAT) were made in August. But now, revenue figures of first quarter of current fiscal year have shown the adverse impact, reflecting that ongoing political impasse has seriously hit trade activities across the country.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln