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Author Archives: M. Faizan

Customs AFU posts 47pc growth in revenue collection during Dec

ISLAMABAD: Customs Air Freight Unit (AFU) has showed tremendous performance in the head of revenue collection and exceeded the target during first two quarters of the current financial year. According to sources Islamabad Airport Customs has collected record revenue of Rs3058 million against the target of Rs2940 million assigned by the Federal Board of Revenue for the first two quarters ... Read More »

Transfers and postings of customs officials expected at large scale

ISLAMABAD: A large scale of transfers and postings of Grade 9-16 officials including appraisers, examiners, superintends, inspectors are expected in all customs collectorates, Directorate General of Post Clearance Audit, Customs Adjudication and Directorate General Customs Intelligence of Federal Board of Revenue in coming two or three days for increasing revenue collection and sidelining the corrupt officers. Chairman Federal Board of ... Read More »

NA Finance Committee directs FBR to issue clarification about property rates

ISLAMABAD: The Standing Committee on Finance, Revenue presided over by Asad Umar noted the problems being faced by the real estate sector due to uncertainty about the implementation of property value with regard to DC rates, increase in FBR value and recommended the Advisor on Finance & Revenue to coordinate with provincial governments in order to address the anomalies in ... Read More »

FBR to take stern action against under-invoicing & mis-declaration

ISLAMABAD: Federal Board of Revenue (FBR) has decided  to take punitive action against under-invoicing or mis-declaration of imported goods. Chairman FBR Syed ShabbarZaidi has conveyed a message to the business community that besides refraining from business in smuggled goods, they should not indulge in under-invoicing or other mis-declarations when getting their imported goods cleared at the ports. Any importers, their ... Read More »

FBR chairman directs Member IR Policy Hamid Ateeq Sarwar to revise valuation of properties

ISLAMABAD: Chairman Federal Board of Revenue Shabbar Zaidi has directed Member Policy Inland Revenue Hamid Ateeq Sarwar to finalize the revised valuation rates of properties before first of July 2019. He has also indicated that Federal Board of Revenue will not put the burden on the shoulders of people and revised valuation rates of immoveable property may be less than ... Read More »

Senate approves recommendation to give tax exemption to salaried people

ISLAMABAD: The Senate has approved the recommendation to grant tax exemption for all salaried people, earning up to Rs 90,000 per month. It is recommended to allow storage battery manufacturers to sell products for solar solutions at zero rate of sales tax to remain at par with commercial importers of solar solutions. The Senate unanimously approved 65 recommendations on Finance ... Read More »

Senate Committee reviews FBR suggestions for changes in Customs Act 1969

ISLAMABAD: Senate Standing Committee on Finance, Revenue and Economic Affairs reviewed the Finance Bill 2019 and clauses proposed by Federal Board of Revenue (FBR) for changes in Customs Act 1969 and Sales Tax Act 1990. The senate committee meeting was chaired by Chairman Senate Standing Committee on Finance, Revenue and Economic Affairs Senator Farooq H Naek. The committee expressed reservations ... Read More »

Asad Qaiser asks FBR not to pass on burden of FED to tobacco growers

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbir Zaidi has informed the speaker national assembly that the finance bill clearly states that the effect of Federal Excise Duty (FED) should not be passed on to growers and the burden should be entirely borne by the cigarette manufacturers. It was also highlighted that the FED was intended for tracking and tracing ... Read More »

Current tax system highly dangerous for economy: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has termed the country’s current tax system highly dangerous for the economy. He wrote a letter to Prime Minister Imran Khan drawing his attention to the faltering system of taxation. Painting a grim picture of the current tax collection system, Zaidi said it is not sustainable for the coming generations ... Read More »

Govt aims to revise Pakistan Steel Mills on fast track basis: Razak Dawood

ISLAMABAD: The Adviser to the Prime Minister on Commerce, Textile, Industry & Production and Investment Abdul Razak Dawood chaired a meeting on the revival of Pakistan Steel Mills (PSM). Representatives of  Mercury Group (Tyazhpromexport), REP Holding Russia, TMK Russia(Core Corporation Pvt. Ltd), Sinosteel Equipment & Engineering Co. Ltd, Essa Corporation (Engineers, Consultants & Suppliers), Karachi and MCC-Donghua Consortium participated in ... Read More »

FBR internal audit wing unearths scam of illegal allocation, utilization of property

ISLAMABAD: Internal audit wing of Federal Board of Revenue has unearthed a scam of illegal allocation and utilization of property of the federal government for personal and operational purposes by the Customs collectorates and directorate of Intelligence and Investigation. Federal Board of Revenue has recommended strict action against the responsible staff. According to report Customs Collectorates of Preventive Lahore, Islamabad, ... Read More »

FBR issues notices to three builders on non-payment of minimum tax

ISLAMABAD: Federal Board of Revenue (FBR) has issued a notice to three builders and developers on non-payment of minimum tax which resulted in loss to the government revenue amounting Rs 38.14 million. According to Section 113 of Income Tax Ordinance, 2001; minimum tax @ 0.5 or 1 percent is payable by a resident company which declares loss for the year. ... Read More »

Govt approves health tax on cigarettes and beverages

ISLAMABAD: The federal government has approved imposition of health tax on cigarettes and beverages in the budget to collect additional tax revenue of Rs 35 billion for fiscal year 2019-20. The federal cabinet has approved a tax of Rs10 on a pack of 20 cigarettes, while Rs1 tax will be received on a 250 ml bottle of beverages. Moreover the ... Read More »

FBR detects tax evasion by M/s Quetta Electric Supply Co, M/s Rubay Foam Industires, M/s Omar Jibran Engineering

ISLAMABAD: Federal Board of Revenue has detected three cases of non-payment of further tax and extra tax amount of Rs 565 million by three companies registered with Regional Tax Office Sialkot, Regional Tax Office Quetta and Large Taxpayer Unit Karachi including M/s Quetta Electric Supply Company, Ruby Foam Industries (Private) Limited and M/s Omar Jibran Engineering Industries Limited. Federal Board ... Read More »

FBR & traders hold meeting for broadening of tax base

ISLAMABAD: A consultative meeting between the traders associations and FBR representatives was held in the Broadening Tax Base Zone (BTB) to find ways of broadening the tax base. The consultative meeting was chaired by Director General BTB Mir Badshah Khan Wazir and was attended by Commissioner BTB (HQ) and Commissioner BTB Zone Islamabad. The BTB Zone had invited Traders Association ... Read More »

Asad Umar to raise issue of sudden devaluation in NA Finance Committee

ISLAMABAD: Former Finance Minister Asad Umar, while responding to the matter of sudden devaluation of rupee against the US dollar, said on Thursday that the issue would be raised in the meeting of the National Assembly’s Standing Committee on Finance and Economic Affairs. He disclosed that until he was the finance minister, no such condition was placed forward by the ... Read More »

Govt considering to re-impose income tax slabs of 2017-18 to collect additional revenue

ISLAMABAD: Ministry of Finance is considering to re-impose income tax slabs of 2017-18 to collect the additional revenue of Rs100 billion. Pakistan Tehreek-e-Insaf government is set to give blow to salaried class in upcoming budget. Government apart from introducing new taxes, is likely to end tax exemptions to salaried individuals earning Rs400,001 to Rs1.2 million per annum. According to sources, ... Read More »

Inaugural ceremony of 26th Specialized Training Programme held

ISLAMABAD: The inaugural ceremony of 26th Specialized Training Programme of the Commerce & Trade Group, Civil Services was held on 15th May 2019 in Pakistan Institute of Trade & Development (PITAD), Ministry of Commerce. The event was presided over by Secretary Commerce, Sardar Ahmad Nawaz Sukhera. Present on the occasion were senior officers from Ministry of Commerce, probationary officers and ... Read More »

FBR directs LTU to hold inquiry against PTA for not paying FED worth Rs7806.896m

ISLAMABAD: Federal Board of Revenue (FBR) has directed to Large Taxpayer Unit to hold inquiry against Pakistan Telecommunication Authority due to their failure to clear outstanding amount of federal excise duty amounting to Rs7806.896 million. FBR also directed to LTU to expedite the legal proceedings and submit progress. According to details, Pakistan Telecommunication Authority (PTA) NTN 2634922, under the jurisdiction ... Read More »

NA Standing Committee directs FBR to review RD on import of tyres

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue once again directed FBR that the recommendations of the committee regarding regulatory duty on import of tyres should be reviewed and regulatory duty on import should be abolished. The meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held in Committee Room of ... Read More »