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Taxation: Pakistan


The Federal Investigation Agency (FIA) has unearthed a major gold smuggling scam in Karachi involving Rs 35 billion and started investigation. Sources said that the gold was smuggled on fake Customs clearance documents to evade the Custom authorities. The FIA has intercepted and checked the Customs documents along with foreign remittances data. The FIA took up the case and started investigation, they said.

The Federal Board of Revenue (FBR) has assured Overseas Investors Chamber of Commerce and Industry (OICCI) to take up the issue of bilateral sales tax refund/adjustment between federation and provinces at forums like Council of Common Interest (CCI) or Finance Ministry''s level in broader consultation with provinces.
The Federal Board of Revenue (FBR) has transferred and posted two officers of Pakistan Customs Service (BS 19-20) with immediate effect.
The Federal Board of Revenue''s (FBR) intelligence agency has sought details of 37 major cases of electricity theft from the Federal Investigation Agency (FIA) to ascertain the amount of duties and taxes evaded by units through suppression of actual production and sales during production process.
Regional Tax Office (RTO), Lahore has established 14 Tax Facilitation Kiosks (TFKs) to guide and facilitate the taxpayers for filing income tax returns and statements for the Tax Year 2014. The Managers of TFKs have been directed to ensure extension of full co-operation and courtesy to the taxpayers and extend guidance and education in filing of Returns.
As the deadline for e-filing of Income Tax Returns for Tax Year 2014-15 approaches, taxpayers are still experiencing programming errors while dealing with newly launched IRIS software; tax experts said here on Tuesday. According to tax experts, IRIS software is still not properly operative.
The Federal Board of Revenue (FBR) has directed the soap manufacturers to provide a mechanism for differentiating between the use of imported edible oil for manufacturing of products such as soap, etc, and vegetable ghee/cooking oil for claiming input tax credit paid on import of RBD palm oil.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln