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The customs department has authorised importers or clearing agents to examine goods for themselves in the presence of the relevant officers, who are now only responsible for supervising de-sealing of containers; it is learnt here on Friday. Sources said that customs department in order to facilitate the trade and to streamline the procedure with regard to permission to importer or his authorised clearing agent for prior examination in terms of 1st proviso to sub-section (1) of section 79 of the Customs Act, 1969, made amendments to the procedure.

The Federal Board of Revenue (FBR) has further extended the date for payment of sales tax, federal excise duty (FED) and filing of sales tax/federal excise returns up to August 27, for the tax period July 2014, for all registered persons. In this regard, the FBR has issued instructions to all Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) here on Friday.
The Federal Board of Revenue (FBR) has said that sales tax refunds of the dairy sector up to July 1, 2014 would be processed in view of the legal status raw/unprocessed milk enjoys, which is a sales tax zero-rated item under SRO.549(1)/2008 and SRO.570(I)/2013. Official sources told Business Recorder here on Friday that the FBR has issued a sales tax clarification regarding refund of input tax by dairy farmers.
Tariq Bajwa, Secretary Revenue Division/Chairman Federal Board of Revenue has strongly denied having any association with a Facebook account in his name, under the link www.facebook.com/tariq.bajwa.9469. He has vehemently stated that this is a fake account and he is not associated with it in any way and all correspondence made on his behalf is false. The Facebook administration has been contacted to block/remove the said fake account, the FBR press release added.
The Federal Board of Revenue (FBR) has provisionally collected Rs 101 billion during first 21 days of August 2014 against Rs 95 billion in the corresponding period last fiscal, reflecting an increase of Rs 6 billion. Sources told Business Recorder here on Thursday that the FBR's revenue collection on Thursday (August 21) stood at Rs 7.5 billion, reflecting that performance of the tax machinery is satisfactory.
Federal Tax Ombudsman (FTO) Office has categorically conveyed to the Chairman Federal Board of Revenue (FBR) that the Board has failed to implement the FTO recommendations of proceeding against high ranked tax employees involved in tax fraud as well as setting up a task force to investigate all aspects of the fraud. It was learnt on Thursday that the FTO Office had written a letter to the FBR Chairman Tariq Bajwa on non-implementation of its recommendations.
Karachi Tax Bar Association (KTBA) has expressed resentment over the bar imposed on newly-uploaded sales tax returns for claiming input tax on purchases during preceding six months. In a letter sent to the chairman FBR, KTBA cited registered persons, who had not claimed input tax within relevant tax period, had right to claim such input tax in the return for any of the succeeding six tax periods. However, the newly-uploaded sales tax return is not allowing input tax on purchases which are of dated preceding months.

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.311 bln
Exports $2.027 bln
Imports $4.338 bln
WeeklyAugust 15, 2014
Reserves $14.264 bln