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The Federal Board of Revenue (FBR) has decreased sales tax from 27 to 18 percent on the import and local supply of motor spirit including High Octane Blending Component (HOBC); Kerosene oil and light diesel and raised sales tax from 27 percent to 37 percent on high speed diesel oil from March 1. The FBR has issued SRO.175 (I)/2015 here on Monday to change sales tax rates to minimise the increase in petroleum prices.

Tariq Bajwa, Chairman, Federal Board of Revenue (FBR), has directed Directorate General of Intelligence & Investigation, Inland Revenue to give top priority to cases of large tax evaders and mega frauds with special focus on big fish/high net worth individuals' cases. Tariq Bajwa while addressing the first-ever annual Officers' Conference of I&I, (IR) termed the directorate as most effective intelligence arm of the FBR.
Tax Reform Commission's (TRC) sub-committee has strongly recommended the Federal Board of Revenue (FBR) to revise Federal Excise Duty (FED) collection mechanism on imported cigarettes and aerated waters. Sources told Business Recorder here on Monday that the TRC's sub-committee on sales tax and federal excise has raised an important issue of determination of value for purposes of duty under section 12 on the import of cigarettes/cigars and different types of aerated waters.
Tax Reform Commission (TRC) sub-committee has recommended deletion of Section 8A of Sales Tax Act (Joint and several liabilities of registered persons in supply chain where tax is unpaid) and allotment of Provisional Certificates to the new sales tax registration applicants to facilitate business community till issuance of permanent Registration Number by Federal Board of Revenue (FBR).
India announced Saturday a cut in corporate taxes and other initiatives for a more stable and predictable tax regime in a bid to woo foreign investors and spur faster growth in Asia''s third biggest economy. Finance Minister Arun Jaitley unveiled his right-wing government''s first full budget after storming to power at last year''s general elections on a pledge to reform and revive the economy.
The Federal Board of Revenue (FBR) is compiling authentic data of pending and issued refunds with regard to income tax and sales tax/federal excise duty (FED) for the period July 1, 2014 to January 31, 2015 for onward transmission to the Federal Tax Ombudsman (FTO), investigating case of alleged figure fudging.
The Chief Executive of TDAP S M Muneer has urged the government to immediately pay sales tax refund to business community which were delayed for last two years. This is a great hurdle in the economic growth of country. "If government pays this refund to all business community, he takes responsibility to take export to $5 billion during this year," he added.


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln