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Author Archives: M Hayat

Restoration of self-assessment, to bring 15 million tax evaders to tax net hailed

LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik hailed the restoration of self-assessment scheme and demanded the government to bring 15 million identified tax evaders into tax net to lessen burden on existing tax payers. Talking to a 20 member traders delegation from South Punjab led by Ch Zahid Iqbal Arain, former VP FPCCI he said that ... Read More »

Govt asked to improve FBR credibility

LAHORE:  Carpet Training Institute (CTI) chairperson and former president of the Lahore Chamber of Commerce and Industry Pervez Hanif has said that the federal government should improve the credibility of the Federal Board of Revenue before giving it the power to make arrests. He expressed these views while talking to a visiting delegation at his office. He said the federal ... Read More »

DC Kasur efforts for collecting record FBR taxes from 21pc to 72pc lauded

LAHORE: Commissioner Lahore Division, Captain (r) Muhammad Usman has appreciated Aasia Gul, DC Kasur, efforts to achieve the revenue recovery targets for the year 2020.2021. He said progress of recovery of FBR taxes from 21 percent last year to 72 percent current year, was the result of her and her team efforts. Commissioner Lahore Division, today paid a surprise visit ... Read More »

PTBA, LTBA officials, members meet LHC Chief Justice Qasim Khan

LAHORE: Officials and members of Pakistan Tax Bar Association (PTBA) and Lahore Tax Bar Association (LTBA) Friday called on Chief Justice of Lahore Qasim Khan. The Chief Justice was presented a shield on the services and morale of the Lahore High Court and congratulated on the inauguration of Commercial Courts and Appellate Tribunal in Multan. Senior Vice President of Pakistan ... Read More »

Flour millers link calling off strike with written clarification from FBR

LAHORE: Flour millers o linked calling off strike with a written clarification from the Federal Board of Revenue (FBR) that no change is made in the existing tax regime. Pakistan Flour Mills Association (PFMA) has already announced plans to go on a two-day strike from June 24 as a protest against budget measures proposing a hike in income tax on ... Read More »

LCCI for immediate withdrawal of fee on interbank e-transactions

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has termed the fee on interbank funds transfer as an impediment for the business activities and called for its immediate withdrawal. “It is nothing else but to discourage the business community and they will conduct cash transaction instead of e-banking.” LCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed ... Read More »

LHC bars FBR from taking action against JDW Sugar Mills

LAHORE: The Lahore High Court (LHC) refrained the Federal Board of Revenue (FBR) from taking any disciplinary action against estranged Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Tareen’s JDW Sugar Mills until a decision was reached. On 23 June 2021, the high court heard a petition filed by JDW against FBR’s notices wherein the counsel representing the sugar mills prayed that the ... Read More »

FBR denounced for issue tax notices

LAHORE: The Senate Standing Committee on Finance denounced the Federal Board of Revenue’s (FBR) highhandedness against taxpayers, who have been served with notices having value that is many times more than their annual sales amid a sharp surge in tax demand to Rs2.4 trillion. “I was shocked to see that the FBR issued a tax recovery notice of Rs65 million ... Read More »

7pc tax will curb growth of nascent e-commerce platforms

LAHORE: Experts have urged the government to withdraw the proposed general sales tax (GST) on e-commerce marketplaces, saying it would dwarf the growth of the nascent market. Speaking to media persons, Daraz Group Global CFO Kiran Faruqi said, “In the federal finance bill 2021, we as an online marketplace have seen several constructive developments, however, there have been certain changes ... Read More »

Carpet exporters demand restoration of Zero Rated Regime

LAHORE: Carpet Training Institute (CTI) Chairperson and former president Lahore Chamber of Commerce and Industry Pervez Hanif while expressing deep concern over the decision not to restore the zero rated regime for five export sectors, said that countries of the world are proving facilitating to their exporters while we are facing obstacles in Pakistan. In a statement, he said the ... Read More »

Flat tariff extension for Industry to accelerate economic activities: Iftikhar Malik

LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik has said that Prime Minister Imran Khan’s prudent decision of flat tariff extension package for Industry till June next will accelerate economic activities and boost industrial production besides bolstering export. Talking to a delegation of industrialists led by Mian Aftab Zia Arain he said that Industry under this package ... Read More »

Fertiliser industry will be forced to increase prices if budget 2021-22 failed to address sales tax & other issues

LAHORE: Stakeholders of the fertiliser industry have said that they will be forced to increase prices if the budget for 2021-22 failed to address the longstanding issues pertaining to the sales tax regime, non-payment of subsidy and delay in release of sales tax refund. In a letter sent to Finance Minister Shaukat Tarin, Fertiliser Manufacturers of Pakistan Advisory Council (FMPAC) ... Read More »

Punjab realtors association calls on govt to withdraw capital gains amendment

LAHORE: The Punjab Federation of Realtors (FOR) has demanded the government withdraw an amendment in the budget relating to taxable gain on disposal of immovable property Thursday. As per the amendment in Section 37 of the Finance Bill 2021, if taxable gain on disposal of immovable property exceeds five million rupees, it shall be chargeable to tax under the normal ... Read More »

LCCI demands withdrawal of Section 203 (A)

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has urged the government to withdraw recently added Section 203 (A) of the Income Tax Ordinance. “The Section 203 (A) will grant power to an officer of Inland Revenue, not below the rank of an Assistant Commissioner of Inland Revenue or any other officer of equal rank authorized by the Board, ... Read More »

Govt slashing 75pc tax on electric vehicles to promote cleaner environment

LAHORE: Punjab moved to check vehicular pollution, withdrawing proposed tax relief on old vehicles (major polluters) and slashing 75pc tax on electric vehicles to promote cleaner environment. However, it brought tractors’ trade under the tax net by replacing the word ‘motor car’ with ‘motor vehicle’ in its finance bill and triggered fears that this essential machine for agriculture will become ... Read More »

Punjab to spend Rs560b on development in FY2021-22

LAHORE: Provincial Finance Minister Makhdoom Hashim Jawan Bakhat said that a total of Rs 560 billion would be spent on developmental schemes/projects of various sectors during the next financial year (2021-2022). During his budget speech in the assembly session here, he said that despite huge economic challenges and repercussions of corona pandemic, the government managed to increase its ADP by ... Read More »

FBR will be able to penalise those retailers who will sell smuggled goods

LAHORE The Federal Board of Revenue (FBR) will be able to penalise those retailers who will sell smuggled goods in the markets of the country. According to the details, now the retailers are required to show receipts to taxmen that they bought goods from the formal sector. It is a major step towards effective enforcement as the FBR is eyeing ... Read More »

Budget 2021-22 termed as tax free

LAHORE: South Asian Association for Regional Cooperation- Chamber of Commerce and Industry  (SAARC-CCI) and United Business Group (UBG) in the federation of Pakistan Chamber of Commerce and Industry (FPCCI) termed the federal budget 2021-22  as tax free, balanced, growth and export oriented with a basket of excellent package of incentives to accelerate the economic activities across the country  in prevailing ... Read More »

Dry Ports will be activated while cargo center will be established at Kot Lakhpat Industrial Area: Azam Swati

LAHORE: Federal Minister Azam Khan Swati has said that Dry Ports will be activated while a cargo center will be established at Kot Lakhpat Industrial area . He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry also spoke on the occasion. ... Read More »

Reduction in custom duty on raw materials bring down prices of medicines

LAHORE: The Lahore Chamber of Commerce & Industry termed the Federal Budget 2021-22 as balanced saying that most of the LCCI proposals have been accepted. While addressing a Press Conference after Federal Budget Speech 2021-22, the LCCI President Mian Tariq Misbah, flanked by the Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry, said that reduction in ... Read More »