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Author Archives: M. Faizan

Govt directs MoC to release entire collection of export development surcharge

ISLAMABAD: Government directed the Ministry of Commerce (MoC) to release the entire collection under the head of export development surcharge for utilization for the specific purpose to boost the export of the country and develop a mechanism for the reconciliation of export development surcharge. Sources told Customs Today it was observed that rules and procedures governing the collection and remittance ... Read More »

AGP expresses displeasure on BTB for not broadening tax base

ISLAMABAD: Auditor General of Pakistan report has expressed dismay on the performance of Directorate General of Broadening Tax Base (BTB) Federal Board of Revenue and recommended for enhancing the tax base as there is need to evolve a mechanism for those persons, industrial and commercial consumers who are liable to compulsory registration under the tax laws. In a special audit ... Read More »

34% of tobacco sector paying just 2 percent tax, Chairman FBR briefs Senate Committee

ISLAMABAD: The Senate Special Committee rejected the tax department briefing on the matter of declining of production of tobacco sector and submitting fewer taxes by them. The special committee meeting was held at Parliament House under the chairmanship of Senator Kalsoom Parveen. Chairman Federal Board of Revenue (FBR) Jahanzaib Khan informed the committee that 66 percent people are doing legitimate ... Read More »

Difference in tax statements filed by Zong, Jazz, Ufone, Telenor pointed out

ISLAMABAD: It has been revealed that six telecom companies including Jazz, Ufone, Telenor, Warid and Zong under the jurisdiction of Large Taxpayer Unit Islamabad had declared the huge amounts of withholding taxes in their annual income tax return which was higher than the figure of income tax withheld as shown by their corresponding withholding agents as per data available on ... Read More »

Auditor General asks FBR to bring NLC & FWO under tax net

ISLAMABAD: Auditor General of Pakistan Javaid Jahangir has recommended to Federal Board of Revenue to bring National Logistic Cell (NLC)  and Frontier Works Organization (FWO) under tax net by invoking Article 165 A of the Constitution of Islamic Republic of Pakistan instead of granting exemption under section 49 (4) of the Income Tax Ordinance, 2001 Sources told Customs Today that ... Read More »

Rawalpindi I&I shows outstanding performance, seizes goods worth Rs7405m

RAWALPINDI: Directorate General of Customs Intelligence and Investigations showed tremendous and historical performance under the guidance of Director General Muhammad Zahid Khokhar during the first six months (July to December) of the Current financial year (2018-19). Sources told Customs Today that Member Customs Dr. Jawwad Awais Agha has lauded the performance of the directorate. The biggest action in the history ... Read More »

Pakistan allows re-export of impounded seized vehicles to Qatar Embassy

ISLAMABAD: Pakistan keeping in view the bilateral relations with the State of Qatar has decided to give permission to the Qatar Embassy to re-export the seized vehicles by the Directorate General Customs intelligence and investigation Rawalpindi. Pakistan Foreign office in reply to a show-cause notice has proposed to the Collector of Customs Adjudication Islamabad that ‘keeping in view our bilateral ... Read More »

FBR field formations adjust wrong adjustment of input tax worth Rs2266m

ISLAMABAD: Federal Board of Revenue field formations Lahore, Multan and Karachi adjusted tax amount of Rs2266 million on wrong claimed adjustment of input tax by four companies, without fulfilling the conditions of law. According to the details, Federal Board of Revenue took the serious notice of this irregularity and directed to the field formations for expeditious recovery through adjudication proceedings ... Read More »

Director I&I Abdul Waheed Marwat to participate in FATF meeting

ISLAMABAD: One of the most competent officers of Pakistan Customs Services (PCS) and Director Customs Intelligence and Investigation Rawalpindi, Abdul Waheed Marwat will represent Federal Board of Revenue in Financial Action Task Force (FATF) Asia Pacific group meeting which will be held from January 8-10, 2019. Prime Minister Imran Khan on the recommendation of Finance Minister Asad Umar and Chairman ... Read More »

Member Customs Jawwad Awais Agha lauds performance of Islamabad Collectorate

ISLAMABAD: Federal Board of Revenue (FBR) lauded the performance of the Customs Collectorate Islamabad to achieve revenue collection target and said it has set an example for other collectorates. The Board also hoped that the Collectorate will show the same spirit and performance in the future. Member Customs Jawad Awais Agha extended congratulations on this success and appreciated the performance ... Read More »

Ali Zaidi resolves to make Ministry of Maritime Affairs, KPT corruption-free

ISLAMABAD: Minister for Maritime Affairs Syed Ali Zaidi has decided to take measures to make his ministry and the department including Karachi Port Trust totally corruption-free. Talking with Customs Today he said that no corruption will be tolerated in the ministry and its departments and warned that stern action will be taken against the corrupt elements. He said ‘if any person ... Read More »

Senate body takes serious notice of mobile phones theft at Faisalabad Dry Port

ISLAMABAD: Chairman Senate Standing Committee on Interior Senator Rehman Malik has ordered to conduct an inquiry of theft of seized mobile phones at Faisalabad Dry Port. Senate Standing Committee meeting was held under the chairmanship of Senator Rehman Malik. During the meeting, Senator Ateeq Sheikh briefed the committee that how mobiles phones were being stolen from dry port Faisalabad and replaced ... Read More »

Timesaco to launch operation in Pakistan soon

ISLAMABAD: Chinese company Timesaco is going to launch its operations in Pakistan, huge number of young graduates, jobless experienced persons and youth will get the job and businesses opportunities. The company has invested $10 million initially to start its operations which is equal into Rs1.35 billion. Timesaco is an open and creative ecosystem platform to provide instant services for goods, passengers, ... Read More »

Ministry of Maritime Affairs directs KPT to vigorously pursue case against M.T. ‘Tasman Spirit’

ISLAMABAD: Ministry of Maritime Affairs has directed the Karachi Port Trust (KPT) management to pursue the court case against the Vessel Company M.T “Tasman Spirit” vigorously and the update position regarding the losses should be reported. It is important to mention here that the vessel M.T. Tasman Spirit, while entering Karachi Port laden with fuel oil, grounded near the entrance ... Read More »

FBR field formations’ under assessment of taxable income causes loss of Rs4569.42m

ISLAMABAD: Federal Board of Revenue four field formations in 70 cases under assessed the taxable income due to calculation errors and omissions which caused loss of Rs 4,569.42 million to national exchequer. According to details available with Customs Today. FBR held four field formations including Regional Tax Office (RTO), Large Taxpayer Unit II Karachi (LTU), Corporate Regional Tax Office Karachi and ... Read More »

FBR collects Rs9,925m tax from three auto companies during two years

ISLAMABAD: Federal Board of Revenue collected Rs9,925 million taxes from three Pakistani auto companies, including Honda Atlas Limited, Pak Suzuki Company Ltd and Indus Motor Company (Toyota). The FBR figures show the demand of different types of cars and motorcycles in the country has increased in 2018 as compared to year 2017. Honda Atlas sold 39,163 cars and 9,60,105 motorcycles ... Read More »

Member Customs Jawwad Awais Agha to participate in FATF meeting in Jan

ISLAMABAD: Financial Action Task Force (FATF), during its meeting which will be held in the second week of January 2019 with Pakistani authorities, will review the implementation on Pakistan’s 27 points action plan to strengthen the anti-money laundering and counter-finance terrorism regime. Sources told Customs Today that Financial Action Task Force Asia – Pacific Joint Group’s meeting is scheduled on 8 ... Read More »

FBR directs LTU to recover Rs24.626m from tax defaulters

ISLAMABAD: The FBR has ordered the Large Taxpayer Unit,t Karachi to recover the total amount Rs24.626 million including default surcharge and penalty. According to a report, a comparison of monthly sales tax returns with the annual audited accounts and income tax returns and inventory record revealed that nine registered persons of the Collectorate of Sales Tax (Audit) and LTU Karachi, ... Read More »

FBR to adopt innovative strategy to expand tax net

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to develop innovative strategy to increase the tax base. Sources told Customs Today that FBR would focus on big & flourishing businesses to bring into the tax net, including private hospitals, diagnostics, labs, pharmacies, eateries & food outlets, bakers, wedding halls, entertainment sector, event management concerns, professionals linked with showbiz, sports, drama, film, ... Read More »

Govt to establish ‘Sarmaya-e-Pakistan Limited’ to control state enterprises: Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar has said that government will control Pakistan state enterprises through establishing a new holding company “Sarmaya-e-Pakistan Limited (SPL)”. In reply to the question of PPP Member National Assembly Nafisa Shah, Asad Umar stated that government is working on a strategy to revive Public Sector Enterprises (PSEs) through prudent policy measures. In order to revive ... Read More »