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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.
The Board of Airline Representatives in Pakistan (BARIP), Karachi has urged the Federal Board of Revenue (FBR) to exempt certain categories of international passengers/travellers from payment of four percent withholding tax that include infants, transit passengers, diplomats, airline staff/supernumerary crew and Hajjis from July 1, 2014-15.
The Economic Affairs Division and the Federal Board of Revenue (FBR) will discuss the issue of streamlining sales tax and customs duty exemption on imports and purchases made for USAID projects. Sources told Business Recorder here on Monday that the Economic Affairs Division has asked the FBR to convene a meeting on July 23 (Wednesday) to discuss the tax exemptions and reimbursement process with the USAID. The meeting is expected to be held at the Economic Affairs Division and attended by senior FBR officials and representatives of the USAID in Pakistan.
Transparency International Pakistan conveys its concern on "illegal" nomination of government directors on PSE boards to Minister of Finance on July 14, 2014. In a letter sent to Finance Minister, Ishaq Dar Chairman, TI-Pakistan, Sohail Muzaffar has taken serious exception to the illegal act of nomination from private sector of same persons on more than one board by the Federal Government, to represent the government in PSEs, regulatory, autonomous/semi-autonomous, corporations, trusts and authorities.
The Federal Board of Revenue (FBR) has yet to implement a key recommendation of the Federal Tax Ombudsman (FTO) to devise an effective automated online system for registered sales tax persons to proceed against tax employees involved in perpetration of fraud.

 



 
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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
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Imports $3.675 bln
WeeklyJuly 10, 2014
Reserves $14.638 bln