Wednesday , June 23 2021
Breaking News
Home / Author Archives: CT Report (page 5)

Author Archives: CT Report

Director Sadiqullah Khan’s Hyderabad I&I foils attempts to smuggle goods during different IBOs

HYDERABAD: Under the supervision of Director Sadiqullah Khan, Directorate of Customs Intelligence and Investigation (I&I) Sukkur seized huge quantity of smuggled goods during Intelligence Based Operations (IBOs). As per details, Director Customs I&I Hyderabad Sadiqullah has directed Additional Director Jamshed Talpur and Superintendent Sukkur and his team to enhance the intelligence and increase vigilance to avoid transportation of smuggled goods. ... Read More »

Customs I&I forwards Incident Report against DHA Lahore for adjudication

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has served an Incident Report for Adjudication against Defence Housing Authority LHR Gujranwala Chapter for claiming inadmissible exemptions. Sources said that an FIR likely to be lodged against DHA Lahore in this regard. Sources further revealed  that pursuant to an information regarding inadmissible claim of exemption by Defence Housing Authority LHR Gujranwala ... Read More »

PFMA hints at increasing flour prices

ISLAMABAD: Pakistan Flour Mills Association (PFMA) on Sunday hinted at increasing the flour prices due to the tax. The price of 20 kg bag of flour is likely to go up by Rs 90. In the federal budget, the government had increased the turnover tax on wheat from 0.25 percent to 1.25 percent while the sales tax on flour bran ... Read More »

Commissioners IR bound to issue amended assessment order in 120 days

ISLAMABAD: Commissioners Inland Revenue have been bound to issue order in amended assessment within 120 days under Section 122 of Income Tax Ordinance, 2001. According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment Section 122 of the Income Tax Ordinance, 2001. The amendment proposed through Finance Bill 2021 in sub-section (9), for the full stop at the end, ... Read More »

FBR, SBP to introduce new procedure for tax payment on export of services

ISLAMABAD: The government has imposed income tax on export of services and in this regard Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) will make procedure for payment of tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed a new section 154A for imposition of income tax on export of services. The proposed new section ... Read More »

Govt proposes sales tax on e-commerce

ISLAMABAD: The federal government has proposed to impose a sales tax on the sale of goods through an online marketplace. According to the Finance Bill 2021-22 (FY22), the Federal Board of Revenue (FBR) has proposed that the person running an online marketplace will be liable to pay sales tax whether or not owned by him. An online marketplace includes an ... Read More »

Govt sets exports target of US $35b for FY 2021-22: Razak Dawood

ISLAMABAD: Advisor to the Prime Minister for Commerce and Investment Abdul Razaq Dawood said the government had set the exports target of US $ 35 billion for upcoming Fiscal Year 2021-22. In current FY 2020-21, “We expect exports of US $ 30 billion, including US $25 billion exports in goods and US $ 5 billion in services sector” the Advisor ... Read More »

Customs Preventive registers FIR against Rana Phool for submitting forge documents

KARACHI: Collectorate of Customs Preventive has registered an FIR against Rana Phool Muhammad for trying to get refund from government exchequer through submitting forged documents. Sources said that bank official called office of Preventive Service for verification of genuineness of the impugned letter bearing the subject of “100% payment refund” on the basis of which Rana Phool Muhammad was demanding ... Read More »

Post-budget: Additional tax of Rs500b to be collected next financial year: Shaukat Tarin

ISLAMABAD: Additional tax of Rs500 billion will be collected in the next financial year, said Finance Minister Shaukat Tarin in a post-budget press conference Saturday afternoon. A day earlier, the government had unveiled the budget for fiscal year 2021-22, with the outlay kept at Rs8,478 billion and the tax target set at an ambitious Rs5,829 billion. Addressing the post-budget press ... Read More »

Salient features of budget 2021-22

ISLAMABAD: Following are the salient features of budget 2021-22 presented by Minister for Finance and Revenue Shaukat Tarin in the Parliament House on Friday. From first of July 2021 all government employees to get 10% adhoc relief allowance From first of July 2021 pension to get 10 percent raise From grade 1 to 5 government allowance to get increase allowance ... Read More »

Govt employees get 10pc raise in pay, pension

ISLAMABAD: The federal government Friday announced 10 percent ad-hoc relief allowance in the salaries and pensions of federal government employees. Delivering the budget speech for the year 2021-22, Minister for Finance Shaukat Tarin announced that the increase in salaries and pensions would be applicable from July 1, 2021. The government also proposed increase in the orderly allowance from current Rs ... Read More »

Budget 2022: Major hike in petrol prices likely

ISLAMABAD: Finance Minister Shaukat Tarin said the prices of petroleum products will be increased in the coming month as talks with the International Monetary Fund (IMF) continue over the stabilisation of revenue collection. Talking on ‘Naya Pakistan’ programme, he said the petroleum levy would be increased up to Rs600 billion in the coming fiscal year so the levy will have ... Read More »

FBR issues draft return forms for Tax Year 2021 to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has issued draft income tax return form for Tax Year 2021 to enable tax payers to file their returns from July 01, 2021. The FBR issued SRO 730(I)/2021 dated June 11, 2021 to issue draft income tax return forms for salaried persons, business individuals, Association of Persons and corporate entities. The FBR invited ... Read More »

Budget 2021/2022: Govt withdraws inquiry powers of Commissioner Inland Revenue

ISLAMABAD: The federal government has withdrawn the discretionary powers of conducing inquiry in certain tax matters by Commissioners Inland Revenue. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced curtailing the discretionary power of the tax authorities. He said that the discretionary powers of the income tax authorities are proposed to be curtailed: (1) Tax authorities can conduct ... Read More »

Budget 2021-22 is balanced, realistic & business-friendly: Khawaja Jalaluddin Roomi

MULTAN: Renowned industrialist, President of Dera Ghazi Khan Chamber of Commerce & Industry, Ex-President of Multan Chamber, Former Punjab caretaker Minister for Industries Khawaja Jalaluddin Roomi said that the National budget for 2021-22 is balanced, realistic, and industry-friendly. Commenting on the budget, Jalaluddin Roomi said that Finance Minister Shaukat Tarin has presented an unprecedented and excellent budget in the shortest ... Read More »

RCCI terms budget 2021-22 as trade and investment friendly

RAWALPINDI: The Rawalpindi Chamber of Commerce has termed the financial budget 2021-22 as balanced and business friendly. Commenting on Finance Minister Shaukat Tareen’s budget speech, Chamber President Mohammad Nasir Mirza said that a detailed position would be given after reading the budget document. However, in general, the budget is balanced. The reduction in withholding tax from 17 percent to 12 ... Read More »

Budget 2021/2022: Govt announces to reduce FED on telecom services

ISLAMABAD: The government has announced reduction in Federal Excise Duty (FED) from 17 percent to 16 percent to facilitate businesses and provide relief to the general masses. Finance Minister Shaukat Tarin while presenting federal budget 2021/2022 on Friday said the government had decided to reduce FED on telecom services. He said that to facilitate businesses and provide relief to the ... Read More »

Budget 2021/2022: Govt to impose sales tax on sugar on actual retail price

ISLAMABAD: The government has announced to bring sugar in the third schedule of Sales Tax Act, 1990 to impose sales tax on actual retail price. Finance Minister Shaukat Tarin while presenting budget 2021/2022 on Friday announced inclusion of sugar in the third schedule. He said that sugar, although not a staple food, is still a source of daily caloric intake ... Read More »

FTO Muhtaq Sukhera assures industrialists of solution of issues on priority basis

MULTAN: Federal Tax Ombudsman (FTO) Mushtaq Ahmad Sukhera has assured the industrial sector that the issues of maladministration, harassment during audit, delayed refunds, and withdrawal of income tax exemption to newly-established industrial undertakings would be taken up with the Federal Board of Revenue (FBR) for policy changes in the budget (2021-22). The issues were discussed threadbare during the meeting of ... Read More »

Govt allocates Rs3,558.200 million for Aviation sector projects

ISLAMABAD: The government on Friday earmarked funds amounting to Rs Rs3,558.200 million for advancement of 17 ongoing Aviation sector schemes in the Public Sector Development Programme (PSDP 2021-22). As per the PSDP document, an amount of Rs11.077 million has been allocated for construction of double story Ladies Hostel/Barrack with provision of third storey along with Mess, Recreation Hall and allied ... Read More »