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ST (Amend) Ord: FBR spurns CNG price hike concerns

ISLAMABAD: The Federal Board of Revenue (FBR) clarified that recently issued Presidential Sales Tax (Amendment) Ordinance 2014 will not result in an increase in the prices of CNG as standard rate of 17 percent General Sales Tax (GST) is applicable on CNG stations. It is to be noted that on March 23, the government promulgated Sales Tax Amendment Ordinance, 2014 ... Read More »

PRAL decision affects PRA operations: Qutab approaches Bajwa for probe into officer’s termination

LAHORE: The Punjab Revenue Authority (PRA) has formally approached FBR Chairman Tariq Bajwa, requesting inquiry into the termination of senior officers of Pakistan Revenue Automation Limited (PRAL) which have been affecting the operations of the PRA and Punjab Excise & Taxation adversely. In a letter to FBR Chairman Tariq Bajwa, PRA Chairperson Iftikhar Qutab regretted that the services of PRAL ... Read More »

Imtiaz Ahmad relinquishes charge as Collector, MCC Islamabad

ISLAMABAD: Imtiaz Ahmad Khan of Pakistan Customs Service (BS-20) has relinquished the charge of the post of Collector, Model Customs Collectorate, Islamabad with effect from March 28, 2014. FBR has issued notification in this regard. Meanwhile, FBR has also announced charge relinquishment and charge assumption of two other senior PCS officers through notifications. Mumtaz Ali Khoso of Pakistan Customs Service ... Read More »

OICCI presents tax proposals: FBR chief eyes 100,000 new taxpayers

ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI) assured the Federal Board Revenue of all-out support for its efforts to increase revenue collection and streamline taxation structure at a meeting wherein the OICCI presented tax proposals to FBR Chairman Tariq Bajwa and Member Inland Revenue (IR) Shahid Hussain Asad. The meeting was followed by an interactive session between ... Read More »

FBR announces transfers of Grade 17-19 PCS officers

ISLAMABAD: Federal Board of Revenue has announced the transfers of 25 officers of Pakistan Customs Service including eight Grade-19 officers, seventeen Grade-18 officers and four Grade-17 officers. FBR has issued a notification in this regard announcing the transfers of the following officers: Wajid Ali of Pakistan Customs Service (BS-19) has been transferred from the post of Additional Director, Directorate General ... Read More »

FBR collected Rs209b against Rs215b in March

ISLAMABAD: The Federal Board of Revenue has provisionally collected over Rs209 billion during March 2014 against the target of Rs215 billion, recording a shortfall of Rs6 billion. However, the tax bosses are confident that the monthly revenue collection will stand in the range of Rs215 to 220 billion on compilation of final figures. The provisional revenue collection during March 2014 ... Read More »

MCC to function round the clock in Sialkot

SIALKOT: Model Customs Collectorate Sialkot will function round the clock to facilitate the exporters. According to Model Customs Collectorate sources, the step has been taken for expeditious clearance of export consignments from Dry Port, Sambrial.   Read More »

No new route inducted in SRO 121: Director Transit Trade

KARACHI: Director Transit Trade Muhammad Javed Ghani has said that the grievances of All Pakistan Customs Bonded Carriers Association would be addressed soon. Denying the induction of any new route in the Statutory Regulatory Order (SRO) 121/2014 of Transit Trade, Javed Ghani made it clear that the Federal Board of Revenue has not yet introduced any new route in the ... Read More »

E&T cites litigation: Vehicles cleared under amnesty scheme yet to get registration books

LAHORE: The Excise and Taxation authorities have failed to issue original registration books to owners of more than 30,000 non-custom paid (NCP) vehicles, cleared under amnesty scheme announced by the previous government. The owners of these vehicles have expressed concern over the inordinate delay in the issuance of original registration books for their respective vehicles despite clearance. However, the Excise ... Read More »

Railways revenue reaches Rs15.968b in 9 months

LAHORE: Pakistan Railways has started bearing fruits as its revenue streams have registered a significant increase from June 10, 2013 to February 28, 2014 and department managed to earn Rs 15.968 billion. The revenue streams of the department were Rs 11.497 billion as compared to preceding corresponding period, thus registering an increase of 39 per cent which is Rs. 4.470 ... Read More »

Defiance of binding directives: FTO awakens FBR chief to negative tendency

ISLAMABAD: The Federal Tax Ombudsman (FTO) has written in to the FBR chairman, reminding him of the blatant violation of FBR’s letter No-1 (337) S(TO-II)/2013 by the field formations. Through the letter, the FTO Registrar urged the FBR chairman to look into the matter personally and redress the grievances of taxpayers against maladministration and curb the tendency of inaction and ... Read More »

Show cause notice sent for seized aircraft spare parts

KARACHI: Pakistan Customs has seized spare parts of aircraft and computer servers brought into the country without paying due customs duties. The private airline responsible for bringing the consignment from Dubai has been issued notice by the authorities concerned. Sources said that customs seized the goods at Karachi airport. The consignment was brought from Dubai aboard a flight of the ... Read More »

Import of unfit used cooking oil: FBR up to curb menace

ISLAMABAD: The Federal Board of Revenue is likely to approach the Commerce Ministry to impose restrictions on the import of banned and used cooking oil unfit for human consumption under the guise of residue of fatty acids or acid oils and is subsequently marketed and available in the market. The FBR also weigh up different options to implement the proposals ... Read More »

Tax exemptions no more: WB to provide $10.2b under CPS 2015-19: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that the World Bank (WB) will give Pakistan $10.2 billion during the next five years under Country Partnership Strategy (CPS) 2015-19. He also reiterated the government’s commitment to do away with tax exemptions in the next budget. Dar made the assurance during a meeting with World Bank Group Managing Director (MD) Sri Mulyani ... Read More »

Kamran Michael to visit Belgium in April

KARACHI: Federal Minister for Ports and Shipping Kamran Michael will visit Belgium in April. He is scheduled to meet Belgian officials and business leaders to discuss a number of opportunities and options of bilateral trade and co-operation in different fields. Pakistan plans to sign development projects worth billions of dollars with Belgium in the fields of marine education, sea bourn ... Read More »

Gwadar way to future prosperity: Sardar Yaqoob

ISLAMABAD: Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir has said the government was actively pursuing a comprehensive strategy for the development of ports and coasts of the country but unfortunately lack of financial resources was hurdling progress in this regard. Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir made the observations during an ... Read More »

Proposal to impose agriculture tax being considered: Mujtaba

LAHORE: Punjab Minister for Finance, Excise & Taxation Mujtaba Shuja ur Rehman has said that proposal to impose tax on agriculture is being considered. He said this while talking to delegations of political workers. The minister said that property tax, motor vehicle tax and tax on services were major sources of provincial income and the government was taking solid steps to simplify ... Read More »

WHT computerisation to plug tax loopholes: Seema Majid

ISLAMABAD: Federal Board of Revenue (FBR) Member and Director General Withholding Tax Seema Majid has said that it is very heartening to see the public, in general, is getting aware and being sensitized to the significance of paying taxes. It is still not enough to manage issues as only one third of the total potential taxpayers are paying taxes, which ... Read More »

Collectorate of Adjudication-I issues 5 ONOs

KARACHI: Collectorate of Adjudication-I under the leadership of Collector Syed Shahanshah Hasnain has issued five Orders-in-Original (ONOs) during the last week of March against the individuals who were involved in the smuggling/non-payment of customs duty on tampered vehicles and a boat. Earlier, Collectorate of Adjudication-I had issued 12 ONOs. Through the 17 ONOs, the collectorate has given proper assistance to ... Read More »

Extra-taxation steps: IMF stresses decrease in fiscal deficit

ISLAMABAD: The International Monetary Fund (IMF) wants the government to take additional taxation measures of Rs195 billion in the next budget to bring fiscal deficit down to 4.2 percent. The second IMF staff review report on the $6.64 billion Extended Fund Facility (EFF) released here, stresses that an additional revenue from tax base broadening including withdrawal of SROs would need ... Read More »