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Tag Archives: FTO

UK funds FBR for tax awareness campaigns

ISLAMABAD: British Department for International Development will donate Rs 5 million to Federal Board of Revenue (FBR) which will be spent on awareness campaigns urging people to pay tax. As per details, a delegation of DFID has met with FBR Chairman Tariq Bajwa and offered him Rs 5 million funds for the campaigns to educate public about the importance of ... Read More »

TDAP officials fly to New Delhi ‘alone’

LAHORE: The Trade Development Authority of Pakistan (TDAP) officials have left for India to participate in grand event of Lifestyle Pakistan ‘Alishan Pakistan’ exhibition leaving behind those who have to set up stalls at the exhibition from Pakistan trade community. As per details, it was decided that the people who were responsible to set up stalls have to leave first ... Read More »

Dollar gains 20 paisa against rupee in open market

KARACHI: The US dollar sold at Rs 101.7 in interbank market and 102.25 in open market. Pakistani rupee weakened in open market as it shed 20 paisa against dollar on the first day of trading. As per details, US dollar strengthened 20 paisa against rupee in open market to reach 102.25 on Monday. Financial analysts were of the view that ... Read More »

Imran, Qadri sit-ins: Ministry seeks funds to compensate containers’ owners

ISLAMABAD: The Federal government has started sending import/export containers back to ports as the owners have been demanding millions of rupee rent and compensations for their stolen and damaged containers. As per details, Islamabad administration has removed the containers used to block the roads in Red Zone Diplomatic Enclaves and deployed federal police force in place of containers. The owners ... Read More »

FBR issues notices to retailers for tax collection

ISLAMABAD: The Federal Board of Revenue (FBR) has issued electronic notices to 5,826 retailers asking them to submit their tax returns under normal and turnover regime. The FBR has also obtained electricity bills’ details of these retailers. Sources told Customs Today that the FBR has taken this step to broaden tax net and to implement tax reforms into the country. ... Read More »

TDAP to organize ‘Alishan Pakistan’ exhibition in New Delhi

ISLAMABAD: Despite strong opposition by an Indian Hindu fundamentalist organisation, preparations are in full swing to make the upcoming event ‘Aalishan Pakistan’ lifestyle exhibition in New Delhi a big success. The event is being organised by Trade Development Authority of Pakistan (TDAP). The Hindu Janajagruti Samiti (HJS), working for establishment of Hindu society, has demanded the Indian government stop the ... Read More »

Chinese assistance for economic corridor not loans: Ahsan Iqbal

ISLAMABAD: Federal Minister for Planning, Development and Reform Ahsan Iqbal has said that the Chinese assistance to Pakistan under ‘China Pakistan Economic Corridor’ was not loans but foreign direct investment (FDI). “Today there is a mad race among all countries to attract maximum FDI for higher growth rates. Energy projects with Chinese assistance were a source of oxygen for our ... Read More »

Heavy rains play havoc with Lahore dry ports

LAHORE: Like other areas of the city, torrential rains have played havoc with already insufficient infrastructure at the Lahore Dry Port; bring business activities to a grinding halt. The Mughalpura Dry Port and Thokar Niaz Baig Dry Port have faced devastation to their already underdeveloped infrastructure due to the recent heavy rains. The dry ports have been inundated in rainwater ... Read More »

Weekly review: Dollar emerges firm against Pakistani rupee

LAHORE: The US dollar gained 20 paisa in inter-bank and open markets during the weeklong trading from Monday to Friday. As per detail, the value of dollar in inter-bank market was 101.5 on Monday and 101.7 on Friday, while, in open market its value was 101.85 on Monday and 102.05 on Friday, which shows 20 paisa decrease in rupee value ... Read More »

Islamabad Dry Port collects Rs 140 million customs duty in August

ISLAMABAD: The Islamabad Dry Port collected Rs 140 million revenue in August despite the fact that the Federal Board of Revenue (FBR) has not yet assigned any target for this fiscal year to the port authority. However, the dry port collected Rs 136 million in customs duty in August amid the slowdown in economic activities. The port had collected Rs ... Read More »

Enigma of electricity bills

The official machinery in Pakistan has been outrageously proving for years that it is incapable of handling any situation from planning to implementation level. The political governments come and go and they only give directions and policies on certain issues. However, it is the bureaucracy which plans and implements the government directions. In its latest move, the government has chosen ... Read More »

Bajwa lauds Virk for detecting TCS, Telenor cases

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa visited Directorate General of Customs Intelligence and Investigation on Friday. Director General I&I Lutfullah Virk briefed the chairman on the performance of the department during the chairman’s first visit to directorate general after the appointment of Lutfullah as DG I&I. The FBR chairman lauded the efforts of DG I&I Lutfullah on his ... Read More »

Bajwa postpones Multan RTO visit due to rains

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has postponed his visit to Multan Regional Tax Office (RTO) which was scheduled on September 5, due to heavy rains in Punjab. Now, the FBR chairman will visit the Multan RTO on September 8 as per the new schedule issued from his office. The FBR chairman and member Inland Revenue Muhammad ... Read More »

FBR sets Rs 252 billion revenue target for September

ISLAMABAD: The Federal Board of Revenue (FBR) has set an ambitious target of Rs 252 billion for September, sources said. According to official sources, the tax collection target for the first quarter (July and September) of the ongoing fiscal year is Rs 569 billion. Sources said that the FBR has achieved the tax collection targets of the first two months, ... Read More »

US dollar sheds 50 paisa against rupee

KARACHI: The Pakistani rupee strengthened against the US dollar in inter-bank market as it adds 50 paisa on the last trading day of the week. Although, the US dollar has strengthened 30 paisa against rupee in open market to reach Rs 102.05 in open market, it lost 50 paisa in inter-bank to reach 101.7 on Friday. Economic experts analyzed that ... Read More »

FBR to charge 7.5% tax on electricity bills

ISLAMABAD: Federal Board of Revenue has obtained the list of commercial and bulk electricity consumers and sent it to regional tax offices to make tax collection possible. Sources told Customs Today that FBR, with coordination of KESC and DISCOS, will collect 5 per cent and 7.5 per cent sales tax on electricity bills. “The consumers with Rs 20,000 or above ... Read More »

Pakistan improves world ranking, but …

The World Economic Forum’s (WEF) has issued a Global Competitiveness Report for 2014 – 2015, indicating that there is improvement in the Pakistani economy, and it is now at 129th place out of 144 economies around the world. The report issued by Mishal Pakistan, the country partner institute of the Center for Global Competitiveness and Bench-marking Networks of the WEF, ... Read More »

DG Lutfullah Virk takes strict notice of staff absence

ISLAMABAD: Lutfullah Virk, the director general of customs intelligence and investigation, Islamabad, has taken serious notice of the absence and late coming of employees due to current political situation in the capital and warned them of stern action if they didn’t attend the office in time. The director general has also decided to install a bio-metric system in the office ... Read More »

Excise Department issues notices to recover luxury tax in Gujranwala

SIALKOT: The Excise and Taxation Department has issued notices to 170 owners of luxury houses in Gujranwala division to recover Rs 70 million as luxury tax. The Punjab government has recently levied luxury tax under the ratio of Rs 125,000 per kanal as property, including the posh localities of the cantonment boards. Director Excise and Taxation Ashiq Hussain Shah said ... Read More »

Govt urged to reap benefits of GSP Plus status

SIALKOT: The Sialkot Dry Port Trust (SDPT) chairman has urged the government ensure early implementation of the rules and regulations to protect environment, eradicate child labour and eliminate corruption under GSP Plus status granted by the European Union (EU) to reap full benefits of the status. Addressing an awareness seminar here, he said that early implementation of GSP Plus rules ... Read More »