All
 

 

Just in:  

You are here: Home»Taxation»Pakistan

Taxation: Pakistan

Archive: 

The Federal Board of Revenue has provisionally collected over Rs 83.081 billion during first 22 days of July 2014 against Rs 43.788 billion in same period of 2013-14, reflecting an increase of 89.7 percent. According to the revenue collection data compiled by the FBR here on Tuesday, the collection of domestic taxes (direct taxes, sales tax and Federal Excise Duty) amounted to Rs 71.804 billion during first 22 days of July 2014 against Rs 36.179 billion in the corresponding period of 2013-14, showing a growth of 98.5 percent.

Customs department has failed to evolve separate Pakistan Customs Tariff (PCT) code for importing coining oil, which is being cleared under the head of mineral oil during last four months; it is learnt here on Tuesday. According to sources, the imports of coining oil have been increased manifold soon after revision in base oil valuation in April, 2014.
A representative delegation of Mckinsey called on the Punjab Chief Minister Shahbaz Sharif here on Tuesday. Matters regarding reformation of tax system and controlling of line losses were discussed in the meeting. Member Provincial Assembly, Allauddin, Chief Secretary, Chairman Planning and Development, Senior Member Board of Revenue, Secretary Finance, Secretary Excise and Taxation and concerned officials were also present on the occasion.
Transparency International-Pakistan has asked the Federal Board of Revenue (FBR) to explain its position for not pursuing 'cigarettes tax stamping project', which was initiated by the FBR, but later dropped. In a communication to the FBR and Federal Tax Ombudsman (FTO) here on Tuesday, TI-Pakistan has received complaints on the FBR tender's expression of interest (EOI) for setting up a system to monitor manufacturing industries' production for eliminating tax theft from the economy.
Shahid Hussain Asad (IRS/BS-22), Senior Member Inland Revenue Policy Federal Board of Revenue (HQ), Islamabad has been assigned the look-after charge of the post of Chairman, FBR during the leave period of Tariq Bajwa, Secretary, Revenue Division/Chairman, FBR from July 18, 2014 to August 14, 2014. According to an office order issued by the FBR here on Monday, Minister for Finance Ishaq Dar has given approval to the decision to allow Shahid Hussain Asad to look-after charge of the post of Chairman FBR.
Directorate of Customs Intelligence and Investigation on Monday claimed to have foiled an attempt to smuggle 60,000 litres of oil near Toll Plaza Hyderabad. According to official sources, the smuggled oil was on its way to Interior Sindh via Hyderabad and was intercepted at Toll Plaza. The market value of smuggled oil and tanker used for transportation of oil is estimated to over Rs 10 million. Sources said that department had taken two persons into custody during said operation and added that legal proceeding under the Custom Act, 1969 were underway.
The Federal Board of Revenue (FBR) is reportedly unable to collect proper Federal Excise Duty (FED) on chartered flights, due to ambiguity in prescribed rules; it is learnt here on Monday. According to sources, field formation despite having directives to collect FED on chartered flights by the FBR remained unable to make it possible, due to ambiguity in Table-II of the First Schedule to the Federal Excise Act, 2005.

 



 
Index Closing Chg%
Arrow DJIA 17,113.54 0.36
Arrow Nasdaq 4,456.02 0.71
Arrow S&P 1,983.53 0.50
Arrow FTSE 6,795.34 0.99
Arrow DAX 9,734.33 1.27
Arrow CAC-40 4,369.52 1.50
Arrow Nikkei 15,343.28 0.84
Arrow H.Seng 23,782.11 1.69
Arrow Sensex 26,025.80 1.21





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy direct from

China free shipping trade platform

Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyMay
Trade Balance $-1.558 bln
Exports $2.117 bln
Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln