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The Federal Board of Revenue (FBR) has launched recovered proceedings against units which failed to deduct and deposit 1/5th sales tax in the exchequer. The FBR has recently issued instructions to the Chief Commissioners of the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) on Thursday on the monitoring of sales tax withholding tax for the tax period from April 2015 to June 2015 under SRO 660(1)/2007 dated 30-06-2007 and SRO 98(1)/2013 dated 14-02-2013, read with Sales Tax Special Procedure (Withholding) Rules, 2007, to recover any short deduction from sales tax withholding agent.

Lahore Tax Bar Association has arranged a seminar on income tax returns at the Tax House Lahore. Former president Munir Hussain delivered his lecture explaining the solutions of issues in the filing of tax returns while Farhan Shahzad, former general secretary distributed CDs highlighting problems of Income Tax Return filing and their solutions.
Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to extend the date of filing of income tax returns of final taxation till September 30, 2015. In a letter sent to the chairman FBR, KTBA said that return forms had been uploaded on "IRIS" and members were facing difficulty in filing the returns/ statements of final taxation for the tax year 2015, which were due to be filed on August 31, 2015.
Pakistan Tax Advisors Association (PTAA) has requested the Chairman, Federal Board of Revenue (FBR) to issue instructions to all the Chief Commissioners for immediate payment of refunds without any delay in line with the orders of the Federal Tax Ombudsman (FTO).
Directorate of Intelligence and Investigation (DI&I)-FBR, Karachi on Wednesday claimed to have seized nine non-duty paid vehicles and smuggled goods worth Rs 16 million approximately during its anti smuggling drive. According to official sources, staff of Anti Smuggling Organization (ASO) of DI&I-FBR Karachi has confiscated 111 LCDs and 3000 kilograms of ladies fabric, which were coming from Lahore, at bus stand located at West Wharf area.
Finance Minister Senator Mohammad Ishaq Dar here on Wednesday approved three- month extension (up to 15th November 2015) to the Tax Reforms Commission (TRC) to complete its task. Special Assistant to Prime Minister on Revenue Haroon Akhtar was also present. Chairman TRC Masood Naqvi briefed the minister about the working of the Commission and informed that most of the areas had been covered barring a few sales tax and customs related issues. He emphasised the need for developing a foolproof mechanism to check cross border smuggling with inputs from all stakeholders.
Despite recent optimism surrounding Pakistan''s economy, the country is facing an "existential crisis" stemming from its woeful tax collection rates and inability to finance itself, a report said Wednesday. Pakistan''s economy grew at 4.24 percent during the 2014-2015 fiscal year with per capita income rising a significant 9.25 percent, markers that come as investor confidence in the long-underperfoming South Asian giant have also increased.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln