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Taxation: Pakistan


Finance Minister, Senator Mohammad Ishaq Dar here reviewed progress of revenue generation by FBR during the 2014-15 fiscal year. In this regard, the Minister was briefed by the Chairman FBR at a meeting which was also attended by senior officials of the FBR and Finance Ministry.

Following the conservative approach adopted by Commissioners Inland Revenue-Appeals for granting stay and relief to the taxpayers reportedly on the directives of Chairman Federal Board of Revenue, the Karachi Tax Bar Association (KTBA) has asked the chairman FBR to elucidate legal status of the said instruction.
The budget preparation exercise (2015-16) kicked off here at the Federal Board of Revenue (FBR) with specific focus on measures meant for providing major relief to the general public during the next fiscal year. Sources told Business Recorder here on Saturday that the FBR House remained open on April 25 for initiating budget preparation exercise.
The Appellate Tribunal Inland Revenue (ATIR) Lahore, while directing the Federal Board of Revenue (FBR) to detach the bank accounts of a registered company, declared that the tax recovery in any form should not be made till disposal of appeal by an independent forum. According to a judgment of ATIR Lahore in favour of a registered company here on Saturday, ATIR Lahore said that the tax department is advised not to pursue the recovery, in any manner, in this case till decision of the main appeal by the Commissioner Appeals.
Federal Board of Revenue (FBR) has reportedly opposed registration of automotive vendors with Engineering Development Board (AEDB), saying the organisation does not have the requisite manpower to regulate the entire vendor industry, sources close to CEO EDB told Business Recorder.
President of the Karachi Chamber of Commerce and Industry (KCCI), Iftikhar Ahmed Vohra, has said that the Federal Board of Revenue (FBR) must designate a focal person within the FBR who should be given the task to promptly respond to queries of various chambers of commerce and Industry across the country.
Collectors of Customs at Karachi have agreed to the proposals of customs agents to take immediate steps for reducing dwell time on clearance of imported consignments keeping in view heavy losses faced by importers in shape of demurrages and detentions.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln