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Tariq Bajwa, Secretary Revenue Division/Chairman Federal Board of Revenue has strongly denied having any association with a Facebook account in his name, under the link www.facebook.com/tariq.bajwa.9469. He has vehemently stated that this is a fake account and he is not associated with it in any way and all correspondence made on his behalf is false. The Facebook administration has been contacted to block/remove the said fake account, the FBR press release added.

The Federal Board of Revenue (FBR) has provisionally collected Rs 101 billion during first 21 days of August 2014 against Rs 95 billion in the corresponding period last fiscal, reflecting an increase of Rs 6 billion. Sources told Business Recorder here on Thursday that the FBR's revenue collection on Thursday (August 21) stood at Rs 7.5 billion, reflecting that performance of the tax machinery is satisfactory.
Federal Tax Ombudsman (FTO) Office has categorically conveyed to the Chairman Federal Board of Revenue (FBR) that the Board has failed to implement the FTO recommendations of proceeding against high ranked tax employees involved in tax fraud as well as setting up a task force to investigate all aspects of the fraud. It was learnt on Thursday that the FTO Office had written a letter to the FBR Chairman Tariq Bajwa on non-implementation of its recommendations.
Karachi Tax Bar Association (KTBA) has expressed resentment over the bar imposed on newly-uploaded sales tax returns for claiming input tax on purchases during preceding six months. In a letter sent to the chairman FBR, KTBA cited registered persons, who had not claimed input tax within relevant tax period, had right to claim such input tax in the return for any of the succeeding six tax periods. However, the newly-uploaded sales tax return is not allowing input tax on purchases which are of dated preceding months.
Despite sit-ins on the Constitution Avenue following Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT), the Federal Board of Revenue (FBR) remained open. Chairman FBR Tariq Bajwa and FBR Senior Member Inland Revenue Shahid Hussain Asad performed their routine official duties on Wednesday.
The Federal Board of Revenue (FBR) has decided to take stern action against sales tax defaulters, following serious discrepancies detected in tax returns for the period June 2014; it is learnt here on Wednesday. According to sources, a decision was made after analysing taxpayers' records obtained from the database. During scrutiny of taxpayers' records, serious discrepancies have been pointed out in a number of cases.
Sindh High Court (SHC) has passed an interim order restraining the Sui Southern Gas Company Ltd. Karachi from collecting Gas Infrastructure Development (GID) Cess over and above Rs 13 per MMBTU. It is learnt that in the cases being pleaded by Arshahd Shahzad and Naeem Suleman before the SHC regarding abnormal increase in Gas Infrastructure Development Surcharge @ Rs 150 per mmbtu for industrial consumer and @ Rs 200 to be charged by Independent Power Plants, the Sindh High Court restrained the respondents from collecting GID cess over and above Rs 13 in the SSGC bill from the month of July 2014 onwards till further orders.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln