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Taxation: Pakistan


The Federal Board of Revenue (FBR) is ready to pay Rs 2 billion to the Sindh Revenue Board (SRB) on account of sales tax on services which was part of the SRB collection, but deposited in the FBR account. Official sources told Business Recorder here on Thursday that the issue came to the light during an advisory meeting of the provincial revenue authorities/ board held at the FBR House to discuss the issues of revenue reconciliation; joint forensic audit of telecommunication companies; sales tax on toll manufacturing; Pakistan Revenue Automation Limited (PRAL)/IT related issues and deputation of FBR''s officers/officials to the provincial revenue authorities.

The Federal Board of Revenue (FBR) for the first time introduced the concept of computerised record based evaluation of tax officials in public sector organisation having key performance indicators for writing Annual Confidential Reports (ACRs). Sources told Business Recorder here on Thursday that the promotions of the tax officials are primarily made on the basis of ACRs. There are instances where officers with pathetic performance have been promoted on the basis of their excellent ACRs.
The Federal Board of Revenue (FBR) has imposed a 20 percent regulatory duty on the import of sugar, says a notification issued on Wednesday. According to the SRO 143(I)/2014, in exercise of powers conferred by sub-section (3) of Section 18 of the Customs Act, 1969 (IV of 1969), the federal government has levied regulatory duty @ 20 percent ad valorem on the import of sugar falling under the Pakistan Customs Tariff headings 1701.1310, 1701.1390 and 1701.9910 of the First Schedule to the Customs Act, 1969 (IV of 1969).
Federal Board of Revenue has transferred and posted 08 officers of Inland Revenue Service (BS-17-20) with immediate effect.
Punjab Excise and Taxation, Finance and Law Minister Mujtaba Shujaur Rehman while talking to a delegation of students and teachers of a private institute of fashion and design here on Wednesday has said that in order to achieve the Millennium Development Goals (MDGs) target, Punjab government has reserved two billion rupees for current fiscal year.
The Islamabad High Court (IHC) on Tuesday disposed of identical applications filed by some private telecom companies against 10 percent Federal Excise Duty (FED) with directives to deposit Rs 1.97 billion in the national kitty. A single-member bench headed by Justice Noor-ul-Haq N. Qureshi heard a petition filed by as many as six telecom companies, challenging a 10 percent federal excise tax duty.
Directorate General of Intelligence and Investigation Inland Revenue has identified 13 fraudulent units of Karachi, who cleared imports by declaring their status incorrectly as 'manufacturers' to avoid value addition tax at import stage.


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln