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The Federal Board of Revenue (FBR) has directed the airlines issuing tickets directly to passengers to charge and collect advance tax at the applicable rates from them. In this regard, the FBR has issued SRO 817(I)/2014 to amend the Income Tax Rules, 2002.

The FBR has uploaded income tax returns for companies and Association of Persons (AOPs) for timely sub-mission of the same electronically through E-FBR Web Portal. An FBR official told Business Recorder here on Monday that the Return of Total Income/Statement of Final Taxation for Companies for Tax Year 2014 and Income Tax Return Form for AOPs for Tax Year 2014 have been uploaded on the web portal.
Pakistan Tax Bar Association (PTBA) has expressed concern over the FBR system of granting sales tax registration. In a letter sent to FBR Chairman Tariq Bajwa, PTBA said the present system was cumbersome, difficult and time-consuming. It takes at an average 2-3 months to get sales tax registration for a manufacturing concern. Change in profile of taxpayers who are sales tax registered takes months, it added.
The Federal Board of Revenue (FBR) and the Engineering Development Board (EDB) are working in tandem to facilitate both importers and local manufacturers in energy sector to finalise guiding principles for the EDB to determine 'local manufacturing' status of energy-related equipment.
The Federal Board of Revenue (FBR) has transferred and posted 26 officials (Grade 19 to 21) of Inland Revenue Service with immediate effect. According to a notification issued here on Monday, Khawaja Tanveer Ahmad (Inland Revenue Service/BS-21) Member, (Accounting) Federal Board of Revenue (Hq), Islamabad has been given new assignment as Member, (HRM) Federal Board of Revenue (Hq), Islamabad.
The Federal Board of Revenue (FBR) has taken a serious notice of irregularities in collection of sales tax, Federal Excise Duty (FED) and income tax from sugar sector, directing Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to take a stern action on the report of Directorate General Audit, Inland Revenue (South), Karachi.
The Federal Board of Revenue (FBR) has ordered recovery of 20 percent withholding tax on sales promotion expenses made by companies in the shape of prizes offered to its distributors on achieving sales targets, under section 156 of the Income Tax Ordinance, 2001. The FBR has issued instructions to all Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in this regard here on Saturday.

 



 
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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 15, 2014
Reserves $13.414 bln