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Prime Minister Nawaz Sharif on Saturday announced a further reduction in prices of various petroleum products. Talking to media persons here Saturday, the premier said the government wanted to reduce petrol price by as much as Rs 10 per litre but decided to increase sales tax on petrol due to huge losses the government was incurring under the head of sales tax. The rate of the existing General Sales Tax (GST) (22%) has been increased to 27%.

Exercise of jurisdiction by high courts through suit/petition filed by civil servants with regard to terms of service is violative of the constitutional provisions - a judgement of Supreme Court circulated by Federal Board of Revenue to all its advocates/counsels. The FBR has circulated a judgement of the Supreme Court of Pakistan to all its advocates and counsels for compliance with regard to civil service matters.
The effective rate of sales tax is 4 percent of 60 major sectors/industries during 2014-15 against the existing standard rate of 17 percent sales tax. According to the data compiled by the FBR here on Friday, the FBR has finalised a sector-wise comparative report on the effective rate of sales tax of 60 major sectors during July-December (2014-15) against the corresponding period of 2013-14.
The Federal Board of Revenue (FBR) is examining a proposal to further increase sales tax on the import and local supply of four petroleum products ie motor spirit including High Octane Blending Component (HOBC); kerosene oil; light diesel and high speed diesel oil from February 1, 2014.
Director General Intelligence and Investigation Inland Revenue (IR) Federal Board of Revenue (FBR) Haroon Khan Tareen has assured the documented tobacco sector that the agency is taking appropriate steps through its intelligence network to curb illicit trade of cigarette.
The Federal Board of Revenue (FBR) has directed the Collectors of Customs to continue collecting definitive anti-dumping duty on imports of Secondary Quality Tinplate (SQTP) into Pakistan from Belgium, France, Germany, Netherlands and USA. In this regard, the FBR has issued instructions to all Model Customs Collectorates (MCCs) here on Friday.
Senior Vice-President, Karachi Chamber of Commerce and Industry (KCCI), Muhammad Ibrahim Kasumbi, has asked the Federal Board of Revenue (FBR) to order the concerned quarters to clarify the issue of sales tax audit notices being issued to taxpayers constantly. In a letter to Shahid Hussain Asad, Member IR Policy FBR, Kasumbi advised the FBR to make necessary announcement through media to withdraw the ST audit notices issued to the sales tax payers under Fixed Tax Regime (FTR).

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln