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United States Consulate General Karachi has requested the Federal Board of Revenue (FBR) to allow one-time condonation of delay in time period for arrival/clearance of 117 containers/units part of US military reverse cargo in Afghanistan. Sources told Business Recorder here on Saturday that the Director General, Directorate General of Transit Trade, Custom House Karachi, would submit its comments to the FBR for further action.

An Independent Power Producer (IPP) has warned the Federal Board of Revenue (FBR) that it (the IPP) would be forced to raise electricity price in case tax authorities fail to give admissible refund on input tax. Sources told Business Recorder here on Saturday that the IPP has written a letter to the FBR regarding notice pertaining to the input tax.
As many as 6,517 officers (Grade 1-16) of Customs & Excise Department have opted for Pakistan Customs Service (PCS) while only 412 opted for Inland Revenue Service (IRS). Sources told Business Recorder on Friday that the Board has obtained the option of the employees of the Customs and Excise Group for joining PCS or IRS. In this regard, the FBR has issued an order on rationalisation of sanctioned strength of customs and sales tax officers in Grade 1-16.
Federal Tax Ombudsman (FTO) Abdul Rauf Chaudhry has taken serious notice of gross maladministration by tax officials who are blocking refund of a foreign company for more than 13 years. Sources told Business Recorder here on Friday that the FTO has directed the FBR to take action against the concerned officials, who had deliberately blocked refunds of the foreign investor.
The Federal Board of Revenue (FBR) has decided to attach performance evaluation of all taxation employees with Integrity Management taking into account Annual Confidential Reports, complaints if any, disciplinary proceedings and corruption cases against the tax machinery.
The Economic Co-ordination Committee (ECC) of the Cabinet has withdrawn a 5 percent exemption on cotton yarn import and lifted ban on the import of gold. The ECC meeting chaired by Finance Minister Ishaq Dar on Thursday decided to withdraw SRO 15(I)/2010 that exempted cotton yarn import from customs duty of 5 percent to check the increasing cotton import as the cotton yarn industry has begun to suffer from a liberal tariff regime, said a statement issued after the meeting.
The Federal Board of Revenue wants to collect 19.5 percent Federal Excise Duty (FED) on telecom services under the relevant Schedule of Federal Excise Act despite the fact the levy is already being collected by provinces after the 18th Amendment at the rate of 19.5 percent of the gross value of services. The FBR sources told Business Recorder on Wednesday that they are following the FED law in letter and spirit till now under the relevant entry of the Schedule of Federal Excise Act 2005.

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln