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The Federal Board of Revenue (FBR) provisionally collected Rs 1,519 billion during July-February 27, 2014-15 against Rs 1,341 billion in the corresponding period last fiscal year, reflecting a growth of 13 percent. According to the provisional data compiled here on Friday, the monthly collection in February 2015 amounted to Rs 181.906 billion against Rs 143.224 billion in February 2014, reflecting an increase of 27 percent.

Lutfullah Virk, Director General Customs Intelligence has assured the customs agents to implement foolproof checks for effectively tackling illegal return of Afghan Transit cargo through Torkham/Chaman; unsatisfactory performance of trackers installed on vehicles and discrimination in ascertained value of textile fabric and other consignments.
Tax Reform Commission''s (TRC) sub-committee has recommended removal of double taxation by federal/provincial authorities, as Federal Board of Revenue (FBR) is taxing banking, insurance, franchise services, etc, at federal level despite payment of sales tax at provincial level. Sources told Business Recorder here on Friday that the TRC''s sub-committee on sales tax and federal excise duty (FED) has recommended removal of double taxation on certain services by both federal and provincial governments.
The Federal Board of Revenue (FBR) has proposed that Active Taxpayers List for financial year 2014-15 shall be published and made available at Board's web portal by March 21, 2015. The FBR has proposed amendment in Income Tax Rules 2002 through an SRO.176(I)/2015 issued here on Friday. The FBR has also proposed that the Active Taxpayers List published during financial year 2013-14, shall be valid up to March 20, 2015.
Small traders on Friday urged the government to reform taxation system to help the businesses and national revenue grow, calling for an end to harassment of businessmen by taxmen. Talking to Business Recorder, Chairman All Karachi Tajir Ittehad, Atiq Mir said that the country needed basic reforms in its taxation system and an end to 'coercive' tactics by tax collectors which hinder businesses' growth.
The government is likely to impose Regulatory Duty (RD) on the import of some more items including one or two petroleum products. Sources told Business Recorder here on Thursday that different proposals are under consideration to impose RD on additional items. At present 5 percent regulatory duty is applicable on the import of furnace oil from February 12.
Tax Reform Commission''s (TRC) sub-committee on sales tax and federal excise duty recommended abolition of Commissioner Appeal forum with the facility to directly file appeals to the Appellate Tribunal, restoration of Alternative Dispute Resolution Committee (ADRC), allowing revision of sales tax returns without Commissioner''s approval and rationalising discretionary powers of Commissioners Inland Revenue.

 



 
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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%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln