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The Federal Board of Revenue (FBR) has recorded a enormous revenue shortfall of Rs 15.672 billion under the head of Sales Tax (ST) and Federal Excise Duty (FED) during first quarter of current fiscal year, it is learnt on Thursday. The FBR officials ruled out the possible decline in revenue collection at the time when the announcement of independence (Azadi) and revolution (Inqilab) marches by Pakistan Tehrik-e-Insaf (PTI) and Pakistan Awami Tehrik (PAT) were made in August. But now, revenue figures of first quarter of current fiscal year have shown the adverse impact, reflecting that ongoing political impasse has seriously hit trade activities across the country.

The government has decided to exempt machinery, equipment and other capital goods worth $50 million from customs duty for new power projects against valid contracts, official sources told Business Recorder. Giving details, sources said that the Finance Bill 2014 has introduced a new Fifth Schedule to the Customs Act, 1969 to replace Customs S.R.O. 575(1)/2006 dated 05-06-2006. This envisages import of plant, machinery and equipment (including energy-related projects) and their local manufacturing status linking with CGO-11/2007, with the objective to encourage the locally manufactured goods and also to save valuable foreign exchange.
Director Excise and Taxation Faisalabad Rana Intikhab Hussain while addressing a meeting held at Faisalabad Chamber of Commerce and Industry (FCCI) here on Wednesday has noted the reservations of business community about 50 percent increase in property tax instead of 20 to 25 percent and said that a meeting is scheduled at Lahore on Thursday (today) and he will try his best to covey the reservations of the business community in this meeting.
Federal Minister for Finance, Senator Mohammad Ishaq Dar, will chair the first meeting of the Tax Reforms Commission on October 18 (Saturday). Finance Minister had approved the constitution of the Commission last month with the resolve to facilitating the general public regarding tax issues and promoting tax culture in the country while also taking into consideration the suggestions of the people to improve the taxation system.
The Association of Chartered Certified Accountants (ACCA) and the Lahore Stock Exchange (LSE) jointly organised a seminar on 'Capital Gains Tax' bringing together the Directors and Board Committee Members of the LSE, investment analysts and senior accounting and finance professionals to explore the topic of 'Capital Gains Tax'.
A Joint FBR-Business Community Committee has been formed for better understanding and better implementation of SRO-608 regarding two tiers of compulsory Sales Tax Registration for Retailers. A delegation of All Pakistan Anjuman-e-Tajran met the Chairman FBR here on Tuesday.
The Karachi Tax Bar Association (KTBA) on Tuesday requested the Federal Board of Revenue (FBR) to extend the date of filing of monthly sales tax return till October 30, 2014. In a letter sent to the FBR headquarters, KTBA said that majority of its members were unable to file sales tax returns for the tax period of September 2014, due to political impasse, which was not only disturbed the Islamabad but also put negative impact on the economy of the country.

 



 
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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 $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln