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The Federal Board of Revenue (FBR) has provisionally collected Rs 549 billion during first quarter (July-September) 2014-15 against Rs 481 billion in the corresponding period of 2013-14, reflecting an increase of 14 percent. According to the provisional figures compiled here on Tuesday, the FBR has collected Rs 230 billion in September 2014 against Rs 202 billion in September 2013, showing an increase of 14 percent.

The selection of commercial importers for audit through random computer ballot by the Federal Board of Revenue (FBR) for Tax Year 2013 has raised a legal question whether cases of full and final discharge of tax liability could be subjected to audit.
An enforcement plan (2014-15) of the Federal Board of Revenue (FBR) has given top priority to corporate sector, professionals (doctors, lawyers, tax practitioners), rental income earners, contractors/builders, housing societies and private education sector for registration and enforcement of return filing by seeking third party data from external sources.
The Federal Board of Revenue (FBR) has set new benchmarks for the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to reduce the number of non-filers/short-filers of returns below one percent in LTUs, less than 10 percent medium size non-filers and below 25 percent small size non-filers in RTOs. Sources told Business Recorder here on Monday that the Annual Integrated Enforcement Action Plan-2014 prepared by the FBR for the LTUs and RTOs revealed a new enforcement strategy for 2014-15 to broaden the tax base.
The Lahore Division Sarafa and Jewellers Association (LDSJA) and its more than 50 allied associations during a meeting held here on Monday with President LDSJA Haji Muhammad Afzal in the chair have expressed concern over the imposition of general sales tax on jewellers and urged the government to withdraw this GST immediately.
Her Majesty's Revenue and Customs (HMRC) UK will assist Federal Board of Revenue (FBR) on tax and customs reform initiatives encompassing development of special skills to identify cases of transfer pricing, techniques to catch tax evaders and use of IT to control tax avoidance.
The President has endorsed the ruling of the Federal Tax Ombudsman (FTO) to probe why the officials of the Directorate of Investigation and Intelligence did not file an appeal against the light sentences awarded to those who seemingly masterminded the scam, causing the loss of millions to exchequer.

 



 
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln