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The Federal Board of Revenue (FBR) has so far appeared feeble to bring retail sector into tax net, despite issuing over 5500 notices; it was learnt here on Monday. According to sources, although the FBR is keen to go all out to bring retail sector into tax net, the tax authority has so far not received a stirring response against its efforts.

The Federal Board of Revenue (FBR) has announced that the audit cases would be selected through random computer balloting to the extent of 12 percent of total returns of taxpayers filed for the Tax Year 2013 (Income Tax)/Tax Period July 1, 2012 to June 30, 2013 (Sales Tax/FED).
Board-in-Council of the Federal Board of Revenue (FBR) has approved certain categories of cases to be excluded from random computer ballot for selection of audit cases for tax year 2013 (income tax) and tax period July 1, 2012 to June 30, 2013 (sales tax/FED) for audit.
The Federal Board of Revenue (FBR) will ensure that the selection of cases for audit through random computer balloting not to cause any discrimination among taxpayer/registered person in any manner. The FBR on Monday issued the Audit Policy-2014 with the commitment to the taxpayers that if after audit the declaration of a taxpayer/registered person is found in order, the audit shall be closed. This will allay the fear of the taxpayer/ registered person whose case is being audited.
A controversy stirred up at Lahore''s Allama Iqbal International Airport on Sunday when the Customs officials recovered some smuggled items from PIA staff of the flight PK-758 that had arrived at the airport from London. Some staff members refused to fly the plane from Lahore to Manchester as a protest, but when some senior officials of the national airline intervened into the matter, they agreed to fly the aircraft.
Customs officers, who are supposed to be trained to deal with radioactive material for ground handling and examination purposes, are reportedly unaware about international protocols and its indication signs; it is learnt here on Saturday.
Appellate Tribunal Inland Revenue (ATIR) has ruled that the compensation on delayed issuance of income tax refunds will be computed from the date of deemed assessment order after expiry of 90 days.

 



 
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Banking Review 2013


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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