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Despite Finance Minister Ishaq Dar announcement four months back to form a committee to review suspended SRO.351(I)/2014, the Federal Board of Revenue (FBR) is clueless of any notification on the constitution of the committee and stopped tax evasion proceedings against evaders under the said SRO. Sources told Business Recorder on Thursday that suspended SRO had granted assessment and recovery powers to the intelligence officials to recover evaded tax from the fraudsters.

Qamar Alam was elected as president of the Karachi Customs Agents Association (KCAA) unopposed for 2014-15. According to a press release issued here on Thursday, Nasim Askar was elected as Senior Vice President and Mirza Ather Baig Vice President, Kaisaf Khan Marwat as Assistant Vice President, Khurram Ijaz, General Secretary, Muhamamd Aamir, as Joint Secretary, Gohar Mehboob Information Secretary and Tariq Jawad Finance Secretary. All office bearers were elected unopposed.
The Federal Board of Revenue (FBR) has ordered recovery of sales tax, income tax and federal excise duty (FED) from sugar mills of Sindh where audit objections of Auditor General of Pakistan (AGP) have been duly verified. Sources told Business Recorder here on Thursday that the FBR has directed Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to initiate recovery proceedings against the sugar mills where the AGP's Directorate General Audit, Inland Revenue (South), Karachi objections have been verified with the regional record of field formations.
The Federal Board of Revenue (FBR) has imposed sales tax on supply of natural gas and electricity to nine textile and dying units falling within the jurisdiction of Lahore, and started charging sales tax on such supplies. The FBR has issued three sales tax general orders (STGOs), in this regard here on Thursday.
Her Majesty's Revenue and Customs (HMRC) UK will provide technical assistance to the Federal Board of Revenue (FBR) over the next three years to help build its capacity and improve tax collection to support economic integration, stability and growth.
The Sindh High Court (SHC) on Thursday summoned reports from the Board of Revenue (BoR) and Sindh Disaster Management Authority on their efforts for rehabilitation of families that were displaced by floods in 2010. The two-member bench led by Chief Justice Maqbool Baqar imposed a fine of Rs 25,000 on head of SDMA over his failure to appear in court and file a report on rehabilitation of people displaced by 2010 floods despite court directives.
Terming under invoicing `a major issue', Chief Collector Customs (Appraisement), South, Nasir Masroor Ahmed, claimed that there is hardly any genuine invoice. He was speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) here on Wednesday. It was addressed, among others, by Collectors of Model Customs Collectorate, Muhammad Saleem, Najeeb-ur-Rehman Abbasi, Surriya Ahmed Butt, Additional Collector Irfan Javed, KCCI President Abdullah Zaki, Vice President Muhammad Idrees, Mohammad Saquir, Maqsood Ismail, A.Q. Khalil and Anjum Nisar.

 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln