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Terming under invoicing `a major issue', Chief Collector Customs (Appraisement), South, Nasir Masroor Ahmed, claimed that there is hardly any genuine invoice. He was speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) here on Wednesday. It was addressed, among others, by Collectors of Model Customs Collectorate, Muhammad Saleem, Najeeb-ur-Rehman Abbasi, Surriya Ahmed Butt, Additional Collector Irfan Javed, KCCI President Abdullah Zaki, Vice President Muhammad Idrees, Mohammad Saquir, Maqsood Ismail, A.Q. Khalil and Anjum Nisar.

There is no proposal under consideration of the Federal Board of Revenue (FBR) to impose any kind of flood tax or flood surcharge like the one imposed in the past for generating revenue for flood-affected people. Sources told Business Recorder here on Wednesday that the imposition of flood tax is not possible without a Presidential Ordinance. At this stage there is no proposal to impose such tax through an Ordinance.
Federal Board of Revenue (FBR) even after a lapse of several years has not been able to evolve a mechanism for bringing merchants of sacrificial animals into the tax net who have been minting billions of rupees, each year, during Eid-ul-Azha. According to tax experts, although several initiatives are being taken to broaden the tax base, no heed has, so far, been paid to bring multi-billion cattle markets into the tax ambit.
The Federal Board of Revenue (FBR) has directed all BS-18 officers to file performance evaluation reports for financial year 2013-14. According to the FBR's instructions issued to the field formations here on Wednesday, the Performance Evaluation Reports (PERs) for the financial year 2013-14 become due after July 31, 2014. All the officers are required to submit their PERs to their reporting officers without further delay.
Taxpayers would be bound to declare agriculture income tax paid to the provinces in the new income tax return form issued by Federal Board of Revenue (FBR) for individuals and Association of Persons (AoPs) for Tax Year 2014. In this regard, the Federal Board of Revenue (FBR) has issued SRO.819(I)/2014 here on Tuesday to issue the new income tax return form.
Before filing any review or representation before President against the Federal Tax Ombudsman (FTO) order, Federal Board of Revenue (FBR) has instructed its field formations that FTO's findings may be examined in the light of Federal Ombudsman Institutional Reform Act, 2013 and earlier orders passed by the President.
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.

 



 
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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