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The World Trade Organisation (WTO) has said the prevalence of Statutory Regulatory Orders (SROs) - a discretionary measure for providing tax and tariff exemption to vested interests - significantly drains out fiscal revenue collection of the Federal Board of Revenue (FBR). This has been mentioned in the latest report, prepared for the fourth Trade Policy Review of Pakistan-2015 by the WTO Secretariat.

The Federal Board of Revenue (FBR) has clarified that income tax at the rate of 1 percent under sub-section (1) of section 154 of the Income Tax Ordinance 2001 will be deducted on the foreign exchange proceeds realised in Pakistan.
Britain's government has told two of its offshore financial tax havens to set out timetables for implementing a central register of companies revealing corporate ownership, in a bid to help combat tax evasion. Prime Minister David Cameron proposed plans for a public register of company ownership in 2013, during a G8 summit in Northern Ireland, which was met with opposition by the overseas territories who said it would damage the UK's interests.
The Federal Board of Revenue (FBR) has imposed 12.5 percent regulatory duty on the import of tubes, pipes and hollow profiles, of cast iron, tubes, pipes and hollow profiles, seamless, of iron (other than cast iron) or steel and flat-rolled products of iron or non- alloy steel with (width of 600 mm or more). In this regard, the FBR has amended S.R.O.568(I)/2014 dated 26th June, 2014 through an S.R.O. 246 (I)/2015 here on Friday.
The Federal Board of Revenue (FBR) has started drafting parameters to select income tax/sales tax returns for audit with regard to Tax Year 2014. The FBR has issued instructions to the field formations here on Friday, seeking proposals of Large Taxpayer Units and Regional Tax Offices on the audit parameters.
Finance Minister Ishaq Dar on Friday said that Federal Board of Revenue (FBR) would publish a directory of taxpayers, including members of Parliament, by April 10 this year. The Minister made these remarks while speaking on the floor of National Assembly. He said international financial agencies have declared that Pakistan's economy is back on track and it has made significant progress during the last few months.
The Federal Board of Revenue (FBR) has taken measures to expedite the process of formal inquiries/disciplinary proceedings being conducted under E&D Rules, 1973 against tax officials. In this regard, the FBR has issued guidelines for FBR officers on the common pitfalls in formal inquiries/disciplinary proceedings conducted under E&D Rules, 1973.

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyMarch 13, 2015
Reserves $16.273 bln