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On the request of the US Defence Representative Pakistan (ODRP), the Federal Board of Revenue (FBR) has amended customs procedure to differentiate the return of empty US government owned containers from commercially owned containers returning from Afghanistan to Pakistan. In this regard, the FBR has amended Customs General Order No 10 of 2012; dated the July 31, 2012 through a CGO 5 of 2014 issued on Friday.

The exchequer suffered a loss of Rs 32.294 million as the management of Extended Programme on Immunisation (EPI) failed to obtain exact amount of income tax from a vaccines supplier. An audit report reveals that the management of the EPI paid an amount of Rs 7,473 million during 2008-10 for purchase of vaccines. The supplier paid income tax under Section 50(4) of Income Tax Ordinance 1979 for the assessed value of Rs 6.059 million.
The revenue collection data for 2013-14 has revealed that the major share of Federal Board of Revenue (FBR) collection goes to sales tax, ie, 44 percent followed by direct taxes 39 percent, customs 11 percent and federal excise duty (FED) 6 percent in 2013-14.
The Federal Board of Revenue (FBR) has so far received around two lakh income tax returns and statements till October 31, 2014. Sources told Business Recorder here on Friday that the number of return filers would further increase in coming days keeping in view the extended date for returns filing till November 21, 2014 for Tax Year 2014. So far, the FBR has received both the income tax returns filed electronically as well as manually taking the total to nearly two lakh.
The Federal Board of Revenue (FBR) has provisionally collected Rs 724 billion during July-October (2014-15) against Rs 637 billion in corresponding period of 2013-14, reflecting a growth of 14 percent. Sources told Business Recorder here on Friday that the provisional revenue collection stood at Rs 724 billion during first four months of 2014-15.
Japan's plan to raise its sales tax for the second year in a row next year may not be positive for the country's credit rating if it snuffs out any chance of economic recovery, a senior official of Standard & Poor's said. If the government were to delay next year's tax increase, it would still need to cut welfare spending and push through structural reforms to accelerate economic growth, Takahira Ogawa, director of sovereign ratings at the agency, said.
The Customs department has asked exporters to submit scanned documents along with Goods Declarations (GDs) to avoid diversion of consignments to 'Red Channel', instead of pressurising terminal operators to train its staff to fulfil the mandatory requirement of documents collection for customs before proceeding exports consignments.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJuly-June
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln