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Taxation: Pakistan


Following an attack on Pakistan Television Corporation (PTV) Headquarters, the Federal Board of Revenue (FBR) management decided to close the FBR House as a precautionary measure here on Monday. The main gates of the FBR headquarters remained shut and there was no presence of army or rangers inside or outside of the FBR.

The Lahore High Court (LHC) declared that self-assessed amount of tax due by a taxpayer in his or her sales tax return can only be altered through a fresh assessment of tax under section 11 of Sales Tax Act, 1990 subject to selection of a taxpayer though audit.
The Federal Board of Revenue (FBR) has decided to declare income tax returns for Tax Year 2014 as 'invalid' on which National Tax Number (NTN) or computerised national identity card numbers (CNICs) are missing or incorrect and penalty would also be imposed in case of 'invalid' returns.
Tax experts have detected a damaging loophole in the taxation system where there is a possibility of manipulation of the Computerised National Identity Card (CNIC) of Pakistani citizen for issuance of National Tax Numbers (NTNs), which could be later used for filing tax returns and claiming refund without the consent of actual citizen.
In view of the grave political crisis, taxpayers, especially salaried class may not be able to meet the deadline for filing of statements required under section 165 of Income Tax Ordinance, 2001.
Commissioner Inland (Revenue Zone), Ghulam Mustafa Rahu, has extended the date for submitting replies of the inquiry notices relating to commercial imports by availing facility under SRO 1125 up to September 5, 2014. Speaking at a meeting of Pakistan Chemicals and Dyes Merchant Association (PCDMA), he advised that commercial importers should file their replies of the enquiry notices as soon as possible to save themselves from unnecessary hassle.
The Federal Board of Revenue (FBR) has exceeded the assigned monthly revenue collection target of Rs 180 billion for August 2014 by provisionally collecting over Rs 181 billion during current month. Sources told Business Recorder here on Friday that the FBR has provisionally collected over Rs 181 billion during first 29 days of August 2014 against assigned monthly revenue collection target of Rs 180 billion, reflecting an increase of over and above Rs 1 billion.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln