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Sindh Revenue Board (SRB) once again achieved another highest-ever collection of Rs49.37 billion up to June-2015 (Financial Year 2014-15), by exceeding its annual target of Rs49 billion. This represents an increase of Rs7.37 billion as compared to Rs42 billion target for the year 2013-14.

The federal government has asked the Sindh, Punjab and Khyber Pakhtunkhwa governments to defer taxing transportation services during this fiscal year. The move came after All Pakistan Oil Tankers Association (APOTA) went on strike on Tuesday, initially on provincial level, to protest what the haulers claimed unjustified taxation by the federal and provincial governments.
The Federal Board of Revenue (FBR) has provisionally collected Rs 2588.176 billion in July-June 2014-15 against Rs 2254.531 billion in the corresponding period of 2013-14, showing an increase of 14.8 percent.
Manufacturers of 52 major commodities/items including sugar, tea, cigarettes, beverages, chemicals, cement, paints/varnishes, all kinds of motor vehicles, juices, yarn, petroleum products, iron & steel products, pesticides, fertilisers and power transformers would declare production data to the Federal Board of Revenue (FBR) for determining their sales tax on basis of actual production/sales.
The companies, recipients of advertisement services and registered exporters are now required to deposit the amount of sales tax withheld/to be withheld by 15th of each month following the month in which purchases were made (accrual basis).
The Federal Board of Revenue (FBR) will only grant sales tax exemption to entitled organisation or agency under grants-in-aid, which would bring original exemption orders from the Economic Affairs Division (EAD).
The Federal Board of Revenue (FBR) has decided to charge sales tax on supply of electricity to two textile units by withdrawing sales tax zero-rating facility. In this regard, the FBR has issued two sales tax general orders here on Thursday.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.894 bln
Exports $1.953 bln
Imports $3.847 bln
WeeklyJuly 01, 2015
Reserves $18.5 bln