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Pakistan has offered tariff concessions on the import of certain types of material and articles used in the production of vehicles under Free Trade Agreement (FTA) signed between Pakistan and Sri Lanka. In this regard, the FBR has amended SRO.280(I)/2014 through an S RO 280 (1)/2014 issued here on Wednesday.

A tug of war between customs department and Large Taxpayers Unit (LTU), Karachi, over revenue adjustment is going to be intensified, as the latter remains feckless to achieve September's revenue target, it was learnt on Wednesday. According to sources, the Federal Board of Revenue (FBR) has set a revenue target of Rs 93 billion for LTU Karachi; however, the largest revenue collection arm of the FBR is limping to collect not more than Rs 78 billion in September.
Auditor General of Pakistan (AGP) has unearthed misuse of vehicles in the Federal Board of Revenue (FBR) and its field offices and termed the act of corruption in violation of staff car rules and monetisation policy. Sources told Business Recorder here on Wednesday that the FBR has taken serious notice of the report of the Director General Audit, Inland Revenue (North) Lahore titled, 'Corruption and blatant misuse of govt. vehicles and funds allocated for POL and repair in FBR (Hqs) and its field formations'.
The Federal Board of Revenue (FBR) has provisionally collected Rs 549 billion during first quarter (July-September) 2014-15 against Rs 481 billion in the corresponding period of 2013-14, reflecting an increase of 14 percent. According to the provisional figures compiled here on Tuesday, the FBR has collected Rs 230 billion in September 2014 against Rs 202 billion in September 2013, showing an increase of 14 percent.
The selection of commercial importers for audit through random computer ballot by the Federal Board of Revenue (FBR) for Tax Year 2013 has raised a legal question whether cases of full and final discharge of tax liability could be subjected to audit.
An enforcement plan (2014-15) of the Federal Board of Revenue (FBR) has given top priority to corporate sector, professionals (doctors, lawyers, tax practitioners), rental income earners, contractors/builders, housing societies and private education sector for registration and enforcement of return filing by seeking third party data from external sources.
The Federal Board of Revenue (FBR) has set new benchmarks for the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to reduce the number of non-filers/short-filers of returns below one percent in LTUs, less than 10 percent medium size non-filers and below 25 percent small size non-filers in RTOs. Sources told Business Recorder here on Monday that the Annual Integrated Enforcement Action Plan-2014 prepared by the FBR for the LTUs and RTOs revealed a new enforcement strategy for 2014-15 to broaden the tax base.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln