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The Federal Board of Revenue (FBR) is planning to direct field formations for conducting audit of the bank challans submitted for release of confiscated goods against payment of duties/taxes and redemption fine to check fraudulent clearance of confiscated smuggled goods against fake bank challans.

Pakistan Railways has questioned 32 percent sales tax/excise duty on services including 16 percent Federal Excise Duty (FED) and 16 percent provincial sales tax ie double taxation under Federal Excise Act 2005 and Punjab Sales Tax on Services Act 2012.
The Federal Board of Revenue (FBR) has announced that all field offices will remain opened on Saturday (December 27) from 09:00am to 5:00pm and till 8:00pm on Wednesday (December 31) for collection of duties/taxes from corporate taxpayers. In this regard, the FBR has issued instructions to all Chief Commissioners Inland Revenue, Large Tax Payers Units, Regional Tax Offices and all Chief Collectors of Model Customs collectorates here on Friday on the collection of duties / taxes and receipt of corporate income tax returns on December 31, 2014.
The Economic Co-ordination Committee (ECC) of the Cabinet, which is scheduled to be held today (Friday), is likely to lift a Regulatory Duty (RD) on export of potato, it was leant. Sources told Business Recorder that a proposal to this effect has been on agenda of the ECC meeting to be chaired by Finance Minister Ishaq Dar.
The Federal Tax Ombudsman (FTO) has ruled that all appellate tribunals or authorities are effectively estopped from rendering judgment on any similar issue decided or investigated by the FTO as per provisions of Federal Ombudsmen Institutional Reforms Act, 2013 (FOIRA).
The melting industry has sought immediate release of advance sales tax's pending refund amount to manage its working capital. Pakistan Steel Melters Association (PSMA), in a letter to the Federal Board of Revenue (FBR) Chairman on Thursday, requested the authority to immediately release the pending refund claims of advance sales tax, which was being collected on import of scrap at port stage and supposed to be adjusted in electricity bills of the steel plants.
On the directions of the Supreme Court of Pakistan, the Federal Board of Revenue (FBR) has constituted a high-level committee to probe the matter and fix responsibility on the officers/officials for their negligence in pursuance of the case relating to an investment bank before High Court and the Supreme Court. In this regard, the FBR has issued an office order here on Wednesday.

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyOctober
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln