#61
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Pakistan to get $874 million tranche
SOHAIL SARFRAZ ISLAMABAD (October 21 2009): Pakistan will receive the third tranche, of $874 million, from International Monetary Fund (IMF) after review of Pakistan economy in Dubai on November 2-10, sources told Business Recorder. Sources in the Ministry of Finance said on Tuesday that due to spending on military operations in North-West Frontier Province (NWFP) and the cost implicit given the numbers of internally displaced persons (IDPs) first in Swat and now in South Waziristan, Pakistan missed the fiscal deficit target of 1.3 percent of Gross Domestic Product (GDP) during the first quarter of current financial year 2009-10. Pakistan also missed revised revenue collection target of Rs 270 billion set for first quarter of current financial year 2009-10. Against the set target of Rs 270 billion, the FBR collected Rs 262 billion in the first quarter of current fiscal year. Pakistan authorities are expected to get a further reprieve from the IMF by pointing out that security issues and the consequent slowdown in economic activity during the period under review were the main factors for failure to meet structural benchmarks identified in the two Letters of Intent submitted by the government of Pakistan to the IMF. During the first quarter, overall imports, including dutiable imports, declined. The import value of major revenue spinners like vehicles has also shown major decline during this period. The shortfall of Rs 8 billion in the first quarter has been carried forward into the second quarter. And the target for second quarter has been set at Rs 325 billion ie 23.5 percent of total collection. When asked about the structural benchmark criteria set for the Federal Board of Revenue (FBR), sources in FBR said that the draft law on harmonisation of all taxes has been finalised and duly vetted by the Law Ministry. Prime Minister Yousuf Raza Gilani has also accorded approval to the said draft. The draft legislation would be presented before the Parliament and it would be done in due course and IMF staff is well aware of these developments. In case the law on harmonisation of taxes is promulgated through a Presidential Ordinance, it would also achieve the same objective. Sources said that the Sales Tax Act, Income Tax Ordinance and Federal Excise Act would be amended through the harmonisation of laws. At the level of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs), collectors as well as commissioners have been appointed but are not yet able to exercise powers of sales tax, federal excise and income tax. Pakistan had agreed with the IMF to submit to Parliament by end-September 2009 legislative amendments to harmonise the sales tax, income tax, and the federal excise tax laws with a view to facilitate the work of the functionally structured tax administration (structural benchmark). This harmonisation will also include the elimination of the option for retailers with a turnover of over Rs 10 million to choose the presumptive tax regime. These measures will be taken prior to the Fund's Board consideration of the third review. However, reduction in tax exemptions will be achieved only with the introduction of the new broad-based VAT regime, which is scheduled to become effective on July 1, 2010. Sources said that the new occupational group ie Inland Revenue Services (IRS) has been created under the Establishment Division rules of business to integrate domestic taxes. The Inland Revenue Services was created on September 12, 2009 against the agreed deadline of September 15. Under the Office Memorandum of the Establishment Division, the IRS has been created for re-organisation of the FBR. Over 900 officials have opted for IRS. |
#62
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Irs formed through presidential ordinance
ISLAMABAD (October 30 2009): President Asif Ali Zardari has promulgated an Ordinance on the harmonisation of sales tax, income tax and federal excise duty making it a one-window operation for taxpayers. Sources told Business Recorder here on Thursday the President has signed the Ordinance to synchronise all three federal taxes including sales tax, income tax and federal excise duty.
Through the Presidential Ordinance, the government has amended Sales Tax Act, 1990, Income Tax Ordinance 2001 and Federal Excise Act, 2005 to make necessary changes for harmonisation. As the Ordinance has been promulgated, the Federal Board of Revenue is now in a position to subsequently make structural changes in Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) under reforms. Under the new Ordinance, all officers of sales tax, federal excise and income tax would be called, as officers of Inland Revenue Service. The names of the Director General of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) have also been re-named as Chief Commissioners LTUs and Chief Commissioner RTOs. Sources said that the FBR would issue relevant notifications and orders to merge sales tax collectorates, enforcement divisions and other departments of sales tax and federal excise into Inland Revenue. Now, one official would deal with all three taxes including sales tax, federal excise and income tax. For example, the collector of sales tax and federal excise would be called as Commissioner Inland Revenue and Additional Collector of sales tax and federal excise would be renamed as Additional Commissioner Inland Revenue. Similarly, all designations of sales tax and federal excise officials have been changed under the Inland Revenue Service Group. The creation of new occupational group has been strengthened through promulgation of this Ordinance. Under the new arrangement, one official would have access to the tax records of sales tax and income tax. Previously, sales tax and federal excise officials were separately dealing with the sales tax and federal excise and income tax officials were only dealing with the income tax matters of the taxpayers. After promulgation of the Ordinance, only one official of Inland Revenue Group would deal with all taxes except customs duty. Other amendments in the Sales Tax Act, 1990, Income Tax Ordinance 2001 and Federal Excise Act, 2005 are related to the procedural changes for taxpayers registered with the sales tax and income tax department. The legal changes have been made regarding filing of appeal at the level of appellate tribunals. Sources said that the harmonisation of income tax, sales tax, customs duty and federal excise laws has been made through Finance Act, 2009. The remaining necessary amendments have been made through promulgation of the Presidential Ordinance. The Ordinance would ensure organisation of a functionally structured tax administration, which will integrate the responsibilities for domestic taxes, including the sales, income, and excise taxes, in one occupational group within the FBR. This functional organisation is designed both to increase the effectiveness of tax administration and facilitate the introduction of the VAT. The harmonisation of different tax laws namely income tax, sales tax, and federal excise duty is one of the objectives of the ongoing reforms. In this connection, some of the necessary amendments were introduced in the recently approved Finance Bill (2009-10). These amendments mainly related to appellate proceedings, appeal fees, fine, penalties and appointment of special judges. However, following creation of new occupational group, additional procedures have been issued to harmonise taxes by amending corresponding legislation pertaining to domestic taxes through a Presidential Ordinance, sources added. CONGRATES TO ALL MY FRIENDS FROM INCOM TAX GROUP |
The Following User Says Thank You to rmaftab_786 For This Useful Post: | ||
lahoriate1234 (Friday, October 30, 2009) |
#63
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According to my opinion this would make Income tax group more attractive than the existing CEG group. Seniors please comment
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#64
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definately service structure , promotion etc will be better in this group and in preference list it will be lying above customs this year
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#65
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@All beonging to ITG/I.R.S
Hello and AoA, i hope all of you would be in the best of your health and spirits. As far as i know non of the allocated candidates received a surety bond along with the appointment letters, did anyone actuallt receive it? Secondly did anyone submit the bond along with their acceptance to the DG Civil Services Academy? Regards
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M-M-M |
#66
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Quote:
I think it was written that one has to submit it before the training starts and i think when we ll receive intimation from CSA about our training, then we ll be receiving the surety bond along with it
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Dr. Hassan Mabroor |
The Following User Says Thank You to aj khan For This Useful Post: | ||
Mumtaz Hayat Maneka (Thursday, November 05, 2009) |
#67
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About Surety Bond
All probationers would be sent letters from CSA in next couple of weeks or so about the submission of surety bond. In addition to the Sample Surety Bond, a biodata form would be dispatched along with the letter. There would be a deadline mentioned in the letter for the submission of this bond and other required documents.
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The Following User Says Thank You to Urooj5 For This Useful Post: | ||
Mumtaz Hayat Maneka (Thursday, November 05, 2009) |
#68
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@ all IRS Probationers n especially M.M.M.,
Sir as I believe all the qualifiers of CE 2009 (especially me ) find themselves in a state of quandary as far as preferences are concerned.so plz recommend ur own preferences sequence especailly how should be the order of preference of the Customs , IRS, FSP & PAAS .thank u.
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"It was inevitable: the scent of bitter almonds always reminded him of the fate of unrequited love." |
#69
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Dear SDM:
If i put myself in your shoes, i would definitely prioritize: 1. IRS 2. CUSTOMS 3. FSP 4. PAAS Finally the choice is yours.
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I THINK, THEREFORE I AM. |
#70
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@ Adnan Shahid
Brother!sorry for I couldn't visit forum 4 a long time. Can u compare Customs to IRS in current situation? thanks.
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"It was inevitable: the scent of bitter almonds always reminded him of the fate of unrequited love." |
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