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The Federal Board of Revenue (FBR) has held the first round of negotiations with the Swiss tax authorities to revise the Convention for the Avoidance of Double Taxation vis-a-vis Taxes on Income and clauses pertaining to exchange of information. On the conclusion of the visit of senior tax officials to Switzerland, sources told Business Recorder here on Tuesday that Pakistan has taken the first step in the right direction to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland to tax undeclared money deposited in Swiss banks by Pakistani nationals.

The Federal Board of Revenue (FBR) has decided to exclude certain categories of taxpayers from computerised random balloting for audit (Tax Year/Tax Period 2013) including non-corporate returns of salary income, fixed income, final tax regime, cases selected by Commissioner Inland Revenue, utility companies and government service providers for sales tax and Federal Excise Duty.
The Federal Board of Revenue (FBR) has issued charge sheets to around two dozens customs officers for their alleged involvement in the wrong clearance of over 50,000 vehicles under Amnesty Scheme, 2013; it is learnt here on Tuesday. According to sources, the Directorate General of Post Clearance Audit (DGPCA), which had initiated the inquiry against these customs officers, expressed suspicion over their role in the clearance of over 50, 000 vehicles under the scheme.
Punjab Minister for Excise and Taxation and Finance Mujtaba Shujaur Rehman has said that the department is considering issuance of non-changeable motor vehicles number plates. These numbers plates will be issued by Excise and Taxation department and will have the qualities of checking theft of vehicles, he added.
The Federal Board of Revenue (FBR) is planning to select around 15 percent of the total tax returns for audit out of total returns filed by taxpayers for the Tax Year/Tax Period 2013. Sources told Business Recorder here on Tuesday that the FBR has finalised the "Audit Policy 2014 for Tax Year 2013/Tax Period 2013".
Federal Board of Revenue (FBR) has made transfers/postings of seven officers of Inland Revenue Service (BS-20) with immediate effect.
The Federal Board of Revenue (FBR) has issued three income tax return forms (Tax Year 2014) for different categories of taxpayers including individuals, deriving income only under the head salary. In this regard, the FBR here on Tuesday issued Return Form IT-1A for Tax Year 2014 for individuals deriving income only under the 'Head Salary'; return Form IT-1B for Tax Year 2014 for individuals deriving Income under the heads other than business and return form IT-1C for Tax Year 2014 for AoPs deriving income under the heads other than business.

 



 
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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 $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 02, 2014
Reserves $13.581 bln