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The Federal Board of Revenue (FBR) in order to meet its budgetary targets and recovery of taxes has directed its field formations to apply for vacation of stay orders before the High Courts, whereby the chargeability and collection of sales tax on supply of CNG have been stayed in different petitions.

The Lahore High Court (LHC) has granted stay against withholding tax recovery proceedings, initiated by field formations of Federal Board of Revenue (FBR) directly under section 161 of the Income Tax Ordinance- 2001 and Rule 44(4) of the Income Tax Rules-2002, without prior selection of case for audit.
The Direct-orate General of Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) is planning to raid the production premises/offices of ghee and cooking oil industry for getting tax record for recovery of evaded amount of sales tax on edible cooking oil/vegetable ghee. Sources told Business Recorder here on Saturday that it is the first major enforcement action of the newly appointed Director General DG I&I IR Haroon M K Tareen against one of the biggest sector - ghee and cooking oil.
The Lahore High Court (LHC) has dismissed a petition against Federal Tax Ombudsman (FTO) order to the Chairman FBR for holding a thorough investigation to identify the officials responsible for concealment, abetment of forgery and violation of rules.
Customs authorities have agreed to review the customs values of dyes and chemicals to control the fixation of values on higher sides against the prevailing international market price, resulting in higher rates of customs duty on the imported items.
German Finance Minister Wolfgang Schaeuble sharply criticised leading German companies for reducing taxes by creating subsidiaries in Luxembourg, where tax rates are lower, according to Focus news magazine. "The list of those that have institutions in Luxembourg with the aim of saving taxes is a Who's Who of the German economy," Schaeuble was quoted as saying in an interview published on Saturday.
A number of representations have been received from Pakistan Tax Bar Association, Pakistan Tax Advisors Association, FPCCI, various chambers of Commerce & Industry and other various professional/business/trade bodies requesting the extension in the last date of filing of returns for tax year 2014, which was already extended on the demand of the taxpayers more than once, first for salaried persons from 31-8-2014 to 30-09-2014, then for all taxpayers from 30-09-2014 to 31-10-2014 and then to 21-11-2014.

 



 
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Banking Review 2013


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlySeptember
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln