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Finance Minister Ishaq Dar''s claim of around 17 per cent growth in revenue collections was challenged by Senators who maintained that it was achieved by blocking sales tax refunds of Rs 415 billion. The Senate Standing Committee on Finance chaired by Chairman Nasreen Jalil requested tax authorities to appear before the committee today (Wednesday) to explain why sales tax refunds have not been paid.

The Federal Board of Revenue is required to collect Rs 674.11 billion during the last quarter (April-June) of 2013-14 to reach the downward revised tax collection target of Rs 2,345 billion. Sources told Business Recorder on Tuesday that the FBR has provisionally collected Rs 1,670.89 billion during July-April 22 against Rs 1,449.79 billion in the same period last fiscal year, reflecting an increase of 15.3 percent.
The Customs Department has initiated an inquiry into the clearance of 1,900 vehicles on short payment of surcharge estimated at Rs 450 million under Vehicle Amnesty Scheme; it is learnt here on Tuesday. According to sources, a fact-finding committee has been constituted to ascertain the facts and implement the directives of the Federal Tax Ombudsman (FTO).
During the first nine months of the current fiscal year, the government has procured $6.2 billion loans which is comparable to the loans procured during the PPP-led coalition government of $5.9 billion dollars in 2008, $6.2 billion dollars in 2009, and $7.9 billion dollars in 2010.
A Swiss delegation is likely to visit Pakistan by August-end to discuss the possibility of re-negotiating and upgrading treaty on Avoidance of Double Taxation between Pakistan and Switzerland. It is reliably learnt on Tuesday that Pakistan is set to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland to tax undeclared money held in the Swiss bank accounts by the Pakistani nationals.
A group of 53 senior civil servants undergoing the 100th National Management Course (NMC), along with the Rector, Dean and the faculty of the National School of Public Policy (NSPP) visited FBR House, here on Tuesday. The group was welcomed by Member Facilitation & Taxpayers' Education (FATE) Mrs Riffat Shaheen Qazi. She briefed the visiting officers and faculty of NMC about the organisational structure, working and revenue collection performance of FBR.
The Ministry of Commerce, Ministry of Textile and Board of Investment (BOI) on Tuesday gave their respective input to the Ministry of Finance on concessionary regime related to sales tax, income tax and customs duty under statutory regulatory orders (SROs) issued by the Federal Board of Revenue (FBR).

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln