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Despite sit-ins on the Constitution Avenue following Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT), the Federal Board of Revenue (FBR) remained open. Chairman FBR Tariq Bajwa and FBR Senior Member Inland Revenue Shahid Hussain Asad performed their routine official duties on Wednesday.

The Federal Board of Revenue (FBR) has decided to take stern action against sales tax defaulters, following serious discrepancies detected in tax returns for the period June 2014; it is learnt here on Wednesday. According to sources, a decision was made after analysing taxpayers' records obtained from the database. During scrutiny of taxpayers' records, serious discrepancies have been pointed out in a number of cases.
Sindh High Court (SHC) has passed an interim order restraining the Sui Southern Gas Company Ltd. Karachi from collecting Gas Infrastructure Development (GID) Cess over and above Rs 13 per MMBTU. It is learnt that in the cases being pleaded by Arshahd Shahzad and Naeem Suleman before the SHC regarding abnormal increase in Gas Infrastructure Development Surcharge @ Rs 150 per mmbtu for industrial consumer and @ Rs 200 to be charged by Independent Power Plants, the Sindh High Court restrained the respondents from collecting GID cess over and above Rs 13 in the SSGC bill from the month of July 2014 onwards till further orders.
The Federal Board of Revenue (FBR) has given cold shoulder to Pakistan Steel Mills (PSM) on a proposal regarding exemption of General Sales Tax (GST) for six months, ie, from July 1 to December 31, 2014. Well-informed sources in the FBR told Business Recorder that the proposal sent by the Chief Executive Officer (CEO) PSM, Major General Zaheer Ahmad (retired) in June 2014, has not been given due consideration.
One of the leading cigarette manufacturing companies has contributed over Rs 41 billion in the form of duties and taxes to the Federal Board of Revenue (FBR) during January-June (2013-14), which is 31 percent higher than the same period last fiscal year.
Punjab Finance Minister Mujtaba Shuja-ur-Rehman has said that the Punjab government has adopted the policy of computerisation and e-technology in government affairs and encouraging results are being witnessed, especially in the recovery of taxes. He was addressing the party workers here on Tuesday. He said the system of online payment of taxes is also being introduced.
Despite launching massive recovery exercise against 127 multinational companies, Federal Board of Revenue (FBR) is still unable to recover Federal Excise Duty (FED) amounting to Rs 29.588 billion; it is learnt here on Tuesday. According to sources, the board after scrutinising taxpayers' records for the period from July 2008 to June 2014 had established a list of non-FED payers and declared 127 multinational businesses as defaulters of Rs 29.588 billion FED.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln