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Collectors of Customs at Karachi have agreed to the proposals of customs agents to take immediate steps for reducing dwell time on clearance of imported consignments keeping in view heavy losses faced by importers in shape of demurrages and detentions.

Low tax revenues, inefficient public sector enterprises, and large subsidies, have contributed to fiscal imbalances in Pakistan, said Asian Development Bank (ADB). The "ADB and Pakistan: Fact Sheet" updated on its website stated that to achieve sustained higher growth, Pakistan will need to prioritise the implementation of structural economic reforms-including taxation and other fiscal policies-and take action to alleviate power shortages.
A market survey has revealed that the local cigarette manufacturing companies in Khyber Pakhtunkhwa province and AJK are openly violating the tax laws of Government of Pakistan. Several local brands are growing at a fast pace in different parts of Pakistan. These brands are sold at a retail price lower than the legal minimum price of Rs 42 per pack fixed by the government for a pack of 20 cigarettes.
The Federal Board of Revenue (FBR) can effectively collect tax-related information from a door-to-door survey under sixth population census scheduled for March 2016 instead of launching a separate tax survey. According to former tax officials with experience of the FBR survey in 2000, there is no need to launch a new survey for documentation of the economy keeping in view the failed results in the past.
Federal Revenue Alliance (employees union in the Federal Board of Revenue) has decided not to observe strike or create any hindrance in the efforts being made by the Board to collect revenue especially when the financial year is going to be closed. This was decided through a unanimous resolution by the executive body of the Federal Board of Alliance (FRA) which met to review the prevailing situation, efforts to collect maximum revenue, role of FBR establishment against workers rights etc.
The Federal Board of Revenue (FBR) Thursday sought Parliament''s support for launching the national survey for documentation of the economy. This has been stated by Director General Directorate General Broadening the Tax-Base (BTB) Rehmatullah Wazir before the sub-committee of National Assembly Standing Committee on Finance. Rehmatullah Wazir presented a plan with special focus on tax survey for broadening the tax-base on national level.
The Federal Board of Revenue (FBR) wanted to propose a new law that every banking transaction (business and non-business) beyond a certain limit should only be allowed through cross cheque or debit/credit entry. During the meeting of sub-committee of National Assembly Standing Committee on Finance here on Thursday, Senior Member Policy Inland Revenue Shahid Hussain Asad has requested the Parliament to approve a new law for documentation of economy in budget (2015-16).

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln