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The Federal Board of Revenue (FBR) has imposed a 20 percent regulatory duty on the import of sugar, says a notification issued on Wednesday. According to the SRO 143(I)/2014, in exercise of powers conferred by sub-section (3) of Section 18 of the Customs Act, 1969 (IV of 1969), the federal government has levied regulatory duty @ 20 percent ad valorem on the import of sugar falling under the Pakistan Customs Tariff headings 1701.1310, 1701.1390 and 1701.9910 of the First Schedule to the Customs Act, 1969 (IV of 1969).

Federal Board of Revenue has transferred and posted 08 officers of Inland Revenue Service (BS-17-20) with immediate effect.
Punjab Excise and Taxation, Finance and Law Minister Mujtaba Shujaur Rehman while talking to a delegation of students and teachers of a private institute of fashion and design here on Wednesday has said that in order to achieve the Millennium Development Goals (MDGs) target, Punjab government has reserved two billion rupees for current fiscal year.
The Islamabad High Court (IHC) on Tuesday disposed of identical applications filed by some private telecom companies against 10 percent Federal Excise Duty (FED) with directives to deposit Rs 1.97 billion in the national kitty. A single-member bench headed by Justice Noor-ul-Haq N. Qureshi heard a petition filed by as many as six telecom companies, challenging a 10 percent federal excise tax duty.
Directorate General of Intelligence and Investigation Inland Revenue has identified 13 fraudulent units of Karachi, who cleared imports by declaring their status incorrectly as 'manufacturers' to avoid value addition tax at import stage.
Pakistan is losing almost $6 trillion a year in terms of losses and subsidies to public sector organisations due to poor governance and corruption. Former chairman of Federal Board of Revenue Abdullah Yousuf said this while addressing a two-day conference on public financial management organised by the Institute of Chartered Accountants of Pakistan in collaboration with World Bank and USAID.
Experts have challenged the legal interpretation of Sales Tax Act, 1990 and Federal Excise Act 2005 by Directorate General of Intelligence and Investigation Inland Revenue, which formed the basis of raids on the offices of ghee and cooking oil producers.


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Banking Review 2013

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