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Japan's plan to raise its sales tax for the second year in a row next year may not be positive for the country's credit rating if it snuffs out any chance of economic recovery, a senior official of Standard & Poor's said. If the government were to delay next year's tax increase, it would still need to cut welfare spending and push through structural reforms to accelerate economic growth, Takahira Ogawa, director of sovereign ratings at the agency, said.

The Customs department has asked exporters to submit scanned documents along with Goods Declarations (GDs) to avoid diversion of consignments to 'Red Channel', instead of pressurising terminal operators to train its staff to fulfil the mandatory requirement of documents collection for customs before proceeding exports consignments.
The Federal Board of Revenue (FBR) is likely to grant 15 days extension in filing of income tax returns for Tax Year 2014. It is learnt on Wednesday that FBR is considering the proposal to extend date for filing of return in view of problems in E-FBR Portal and upcoming holidays on account of Muharram-ul-Haram. The FBR has received a number of requests for extension in filing of tax returns for tax year 2014.
Dr Kaiser Bengali, consultant to Chief Minister Balochistan said on Thursday that Pakistan's tax structure needs to be overhauled and government should immediately undertake land reforms but moved ahead according to land structure in all four provinces of the country.
Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry has expressed serious concern over reports that some of tax functionaries of the Federal Board of Revenue (FBR) resorted to issuance of show cause notices to taxpayers after the FTO Office registered complaints against them and process of investigation is initiated against customs officials.
The Federal Board of Revenue (FBR) has received 136,000 income tax returns and statements for Tax Year 2014 till October 30, 2014. Sources told Business Recorder here on Thursday that the Board has received over 83,000 returns through electronic system of the FBR. The manually filed returns and electronic returns totalled 136,000.
Auditor General of Pakistan (AGP) has declared Integrated Tax Management System (ITMS) of the Federal Board of Revenue (FBR) as an ineffective system, which failed to control revenue leakage and unable to perform other electronic functions. The AGP has conducted a special study on the ITMS highlighting key issues in the implementation of the ITMS.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln