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The Federal Tax Ombudsman (FTO) in a decision ruled senior Federal Board of Revenue (FBR) functionaries have resorted to misuse their power by issuing unlawful circular/SROs even contradicting their own clarifications/explanations for malafide and improper motives.

Growing conflicts among customs intelligence officers to show dominance is creating an unfriendly environment for genuine businessmen; it is learnt here on Saturday. According to sources, Field Intelligence Unit (FIU), Hyderabad on the information of Director General, DGI&I, Islamabad had seized oil tanker - TLW-698, carrying 60, 000 liters diesel on July 20.
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.
The Federal Board of Revenue (FBR) on Saturday strongly dispelled the impression that the new duties/taxes have been imposed on the import of solar panels in budget (2014-15). According to the FBR statement issued here, the FBR has clarified that the customs duty and sales tax would be charged at statutory rate on the import of some specific parts of solar panel which are identifiable as being manufactured locally in view of the request of the indigenous engineering industry.
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.
Exporters are disenchanted over the withholding of huge ST (sales tax) and DD (duty drawback) refunds by the Federal Board of Revenue. The liquidity crunch may result in exports slowdown. This was stated by Patron-in-Chief, Pakistan Bedwear Exporters Association, Shabbir Ahmed in a statement issued here on Saturday.
The Punjab government has completed land record computerisation in eight districts of the province. These eight districts are: Kasur, Sheikhupura, Hafizabad, Mandi Bahauddin, Nankana Sahib, Jhang, Jhelum and Lodhran. In these districts, any citizen can get the record of his piece of land in just 30 minutes while transfer record can be made in 50 minutes only.

 



 
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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