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Over 100-150 retailers gathered at the Federal Board of Revenue (FBR) here on Thursday and made hue and cry on budgetary measures to bring retailers into documented regime, seeking introduction of voluntary tax payment scheme and amendments in the retailer registration procedure announced in budget (2014-15). Sources told Business Recorder here on Thursday that a meeting was scheduled with the retailers at 2 pm at the FBR House.

The sugar and cement sectors have been involved in massive evasion of sales tax, income tax and federal excise duty, invoking immediate enforcement action by the Federal Board of Revenue (FBR) to plug revenue leakages from these two leading sector.
After detecting financial irregularities involving billions of rupees in purchase records of different Sindh government departments, the Federal Board of Revenue (FBR) is going to initiate an audit exercise of the office of Accountant General (AG), Sindh; it was learnt on Thursday.
Chairperson Punjab Revenue Authority (PRA) Iftikhar Qutab has said that judicious tax management is must for sustainable development. He was talking to LCCI President Ijaz A Mumtaz at the Lahore Chamber of Commerce and Industry. Former LCCI President Mian Muzzafar Ali and executive committee members, Representatives of IFC Saima Zubairi, Maha Hussein and Mohammad Baider were also present on the occasion.
Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhary on Thursday said the office has been confronted with frequent complaints of arbitrary and unlawful conduct of the field formations of the Federal Board of Revenue (FBR) regarding non-issuance of refund, which needs immediate attention of the Chairman FBR.
Sindh government is going to demand the federal government to transfer the authority to collect sales tax on goods too to the provinces; said Syed Murad Ali Shah, advisor to Chief Minister Sindh on Finance, here on Thursday. He was speaking at the launching ceremony of the third issue of United Nations Development Programme's (UNDP) quarterly publication, 'Development Advocate Pakistan: The Political Economy of the Budget' held here at a local hotel.
The Federal Investigation Agency (FIA) has unearthed a major gold smuggling scam in Karachi involving Rs 35 billion and started investigation. Sources said that the gold was smuggled on fake Customs clearance documents to evade the Custom authorities. The FIA has intercepted and checked the Customs documents along with foreign remittances data. The FIA took up the case and started investigation, they said.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 23, 2014
Reserves $13.465 bln