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Taxation: Pakistan


In view of the grave political crisis, taxpayers, especially salaried class may not be able to meet the deadline for filing of statements required under section 165 of Income Tax Ordinance, 2001.

Commissioner Inland (Revenue Zone), Ghulam Mustafa Rahu, has extended the date for submitting replies of the inquiry notices relating to commercial imports by availing facility under SRO 1125 up to September 5, 2014. Speaking at a meeting of Pakistan Chemicals and Dyes Merchant Association (PCDMA), he advised that commercial importers should file their replies of the enquiry notices as soon as possible to save themselves from unnecessary hassle.
The Federal Board of Revenue (FBR) has exceeded the assigned monthly revenue collection target of Rs 180 billion for August 2014 by provisionally collecting over Rs 181 billion during current month. Sources told Business Recorder here on Friday that the FBR has provisionally collected over Rs 181 billion during first 29 days of August 2014 against assigned monthly revenue collection target of Rs 180 billion, reflecting an increase of over and above Rs 1 billion.
The Federal Board of Revenue (FBR) Headquarters situated at Constitution Avenue is not in a position to have any meeting with the stakeholders like business community, tax practitioners and other government departments for the last over two weeks as protesters of the sit-ins of Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) are occupying the Avenue.
Adjudication department of the customs department is reportedly dillydallying to issue show cause notices to importers, who are allegedly involved in multi-million tax evasion in fabric imports through misdeclaration. According to sources, Appraisement Collectorate West had made over 40 contravention reports against 13 fabric importers for their involvement in fabric consignments misdeclaration.
To facilitate taxpayers, the Federal Board of Revenue (FBR) has extended the date for filing of returns of total income/statement of final taxation, which is due from August 31, 2014, to September 30, 2014. In this regard, the FBR has issued circular number 4 of 2014 here on Thursday. As a measure of taxpayers'' convenience it has been decided by the FBR to extend the date of filing of tax returns for 30 days as August 31, 2014 last date of filing returns has been extended up to September 30, 2014.
Fifty four Excise and Taxation Inspectors (BS-14) have been promoted to the post of Assistant Excise and Taxation (AE&T) Officers (BS-16) on Regular/Acting charge basis as per recommendation of the Departmental Promotion Committee (DPC) and with the approval of competent authority.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 28, 2014
Reserves $13.582 bln