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Taxation: Pakistan


The Direct-orate General of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) is planning to raid the production premises/offices of ghee and cooking oil industry for getting tax record for recovery of evaded amount of sales tax on edible cooking oil/vegetable ghee. Sources told Business Recorder here on Saturday that it is the first major enforcement action of the newly appointed Director General DG I&I IR Haroon M K Tareen against one of the biggest sector - ghee and cooking oil.

The Lahore High Court (LHC) has dismissed a petition against Federal Tax Ombudsman (FTO) order to the Chairman FBR for holding a thorough investigation to identify the officials responsible for concealment, abetment of forgery and violation of rules.
Customs authorities have agreed to review the customs values of dyes and chemicals to control the fixation of values on higher sides against the prevailing international market price, resulting in higher rates of customs duty on the imported items.
A number of representations have been received from Pakistan Tax Bar Association, Pakistan Tax Advisors Association, FPCCI, various chambers of Commerce & Industry and other various professional/business/trade bodies requesting the extension in the last date of filing of returns for tax year 2014, which was already extended on the demand of the taxpayers more than once, first for salaried persons from 31-8-2014 to 30-09-2014, then for all taxpayers from 30-09-2014 to 31-10-2014 and then to 21-11-2014.
Ten Inland Revenue offices of the Federal Board of Revenue (FBR) have failed to take action against 633 registered persons who either did not pay or paid short amount of sales tax and FED actually payable while filing their sales tax returns.
Karachi Chamber of Commerce and Industry's (KCCI) President Iftikhar Ahmed Vohra has urged the Federal Board of Revenue to extend the date for filing returns up to December 31, 2014. In a letter sent to the FBR Chairman Tariq Bajwa, the KCCI chief while expressing concern over taxpayers' inability to file their tax returns before deadline, hoped that the FBR with a view to enabling taxpayers to fulfil their tax obligations, would take immediate measures to rectify flaws from its IRIS system.
Khyber Pakhtunkhwa Chief Minister Pervez Khattak has directed to regularise the affairs of non-custom paid (NCP) vehicles, smuggling and theft of vehicles, illegal business of spare parts and cut automobiles as well as checking the threats of crimes, law and order and other problems and issues emanated because of it.


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln