Friday , April 16 2021
Breaking News
Home / Tag Archives: Islamabad Region (page 10)

Tag Archives: Islamabad Region

Extra ST on power, gas bills likely to go up

ISLAMABAD: The government is considering double ‘extra sales tax’ from 5 to 10 percent on all unregistered electricity and gas consumers having industrial or commercial connections in budget 2014-15. As per details, 5 percent extra sales tax on electricity and gas connections was announced in last budget to force the unregistered persons to get registered with the sales tax department. ... Read More »

Uniform procedure: Merger of duty-free import schemes likely

ISLAMABAD: The government may merge all temporary importation schemes including Duty and Tax Remission Scheme (DTRE), Manufacturing Bonds Scheme and others in budget (2014-15) to provide a uniform procedure for import of duty-free items to be used in the finished products meant for export by the manufacturers-cum-exporters. As per details, the temporary importations schemes like DTRE are usually amended in ... Read More »

Revenue shortfall may prompt share cut for provinces

ISLAMABAD: Owing the likely shortfall of Rs180 billion in the revenue of divisible pool, the provinces are expected to receive around Rs100 billion less from the budgeted projection for the current fiscal year. The share of provinces were projected at Rs1,380 billion in the current fiscal year from the divisible pool taxes but due to the shortfall in tax collection, ... Read More »

Rs2,000b revenue shortfall: TIP reminds Dar of action

ISLAMABAD: The Transparency International Pakistan (TIP) has claimed that the government has failed to implement its recommendation made on the order of the Supreme Court of Pakistan in Oct 2013 which would have increased revenue collection from Rs 1,942 billion to Rs 4,000 billion. In a letter sent to Federal Finance Minister Ishaq Dar, TI-Pakistan Adviser Sohail Muzaffar has invited ... Read More »

FTO takes notice: DGs of Customs, IR to probe misuse of vehicles

ISLAMABAD: Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry while taking exception to the misuse of confiscated vehicles, directed the Directorate General of Internal Audit (Customs) and Directorate General of Internal Audit Inland Revenue to conduct investigation into the issue. As per details, the FTO Office received a complaint about the misuse of the confiscated vehicles by the officials of the ... Read More »

Govt feats enumerated: Dar highlights glimpses of next annual budget

ISLAMABAD: Finance Minister Senator Ishaq Dar said that the government will announce the annual budget 2014-15 on June 3 in National Assembly with total outlay of Rs 3,973 billion and budget deficit of 4.8 percent of the GDP for next fiscal year. Finance Minister Ishaq Dar briefed the joint session of the National Assembly and Senate Standing Committees on Finance ... Read More »

Duties on imported vehicles likely to go up in budget

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to increase duties on imported vehicles in the budget 2014-2015, which will shoot up the car prices in the country. Background discussions with FBR officials have revealed that the government is likely to increase duties on the import of vehicles in the budget. The official hinted that the government might increase ... Read More »

Tax exemptions: Govt balking at stripping VIPs of privilege

ISLAMABAD: The federal government is balking at the possibility of withdrawing income tax exemptions from VIPs holding public offices on significant portions of their salaries, undermining the principle of equity as applied on the rest of the salaried class — which is charged income tax on gross salaries. At present, income tax on salaries of the president, provincial governors, services ... Read More »

Raise in WHT on power, gas bills on the anvil

ISLAMABAD: The Federal Board of Revenue (FBR) is seriously contemplating increasing the withholding tax rates on electricity and gas bills and on cash withdrawal from banks in the upcoming budget 2014-2015. As per details, the FBR will broaden tax base by brining non-taxpayers into the tax net in budget 2014-2015. Therefore, the government is considering some measures to compel the ... Read More »

FBR may miss twice-revised revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) is most likely to miss the twice-revised revenue collection target of Rs2,275 billion by wide margin during the about to end financial year 2013-14. According to reports, the FBR will hardly reach at Rs2,250 billion, or even less, against the revised target of Rs2275 billion by the end of June 2014. The reports ... Read More »

FBR vows to raise business cost for non-taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has made a firm decision to make business extremely difficult for non-taxpayers from 2014-15 by raising cost of doing business for un-registered businessmen. The FBR has categorically conveyed to all chambers, trade bodies and federations that business would be made extremely difficult for non-taxpayers from 2014-15. The decision was conveyed to the representatives ... Read More »

Law to curb undervaluation of property discussed

ISLAMABAD: The government is planning introducing a new law in budget (2014-15) to empower the Federal Board of Revenue (FBR) to purchase property at a higher rate of 25 percent than the declared sale price or value of land to check the incidence of massive undervaluation and misdeclaration in the country. The idea regarding the introduction of a new law ... Read More »

APCMA for cement industry exclusion from 3rd schedule of ST Act

ISLAMABAD: The Cement industry has vehemently advocated for the exclusion of cement from the third schedule Sales Tax Act which has increased price of the commodity ‘unnecessarily.’ According to the All Pakistan Cement Manufacturers Association (APCMA), the government can provide the needed respite to both the industry and consumers by considering budget proposals put forwards by the stakeholders. The association ... Read More »

FBR weighs up phase-wise hike in CGT rate

ISLAMABAD: The Federal Board of Revenue (FBR) is evaluating a proposal to phase in increase in the rate of capital gains tax (CGT) from 10 to 17.5 percent on securities traded at stock exchanges in the upcoming budget. It has been learnt that the board is considering increasing the CGT rate from the current 10 percent to 17.5 percent in ... Read More »

Rs8 to 10b revenue expected: FBR proposes revival of SED

ISLAMABAD: The Federal Board of Revenue (FBR) has sent a proposal to the Finance Ministry, seeking restoration of special excise duty (SED) on the import and local manufacturing of goods in the upcoming budget (2014-15). The board expects revenue generation to the tune of about Rs8 to 10 billion from the SED in 2014-15 which had been imposed in the ... Read More »

Checking misuse: FBR mulls restricting ST registration to ‘manufacturers’

ISLAMABAD: The Federal Board of Revenue will restrict sales tax registration to the category of ‘manufacturers’ in different sectors specifically poultry farms, dairy farms, pharmaceutical companies, rice traders/exporters along with vegetable/fruit traders/exporters. As per details, the FBR is likely to implement major policy decisions in the upcoming budget 2014-15 to check the misuse of sales tax registration within the category ... Read More »

Industry warns tax hike to flourish illicit cigarette business

ISLAMABAD: The tobacco industry has urged the Ministry of Industries and Production against raising tax rate as it will help increase the business of illicit tobacco and non-certified cigarettes. The industry countered the idea of increasing the tax rate on cigarettes to 70 percent, saying it would make more businesses evade taxes as implementation in Pakistan is weak. According to ... Read More »

Tax-to-GDP declined: Dar presents 3yrs budget strategy paper to cabinet

ISLAMABAD: Finance Minister Ishaq Dar presented budget strategy paper for 2014-17 to the federal cabinet, setting ambitious targets for reduction in debt build-up and fiscal deficit while conceding that the tax-to-GDP ratio has declined during the current year despite an increase in tax rates. As per details, the minister informed the cabinet that even though tax collection had improved by ... Read More »

Despite GSP+, exports down by 10pc in April

ISLAMABAD: Pakistan’s exports trend started looking down after a gap of four months, witnessing a double-digit decline in April despite preferential market access to European market after GSP Plus status. As a result, 20 percent monthly trade deficit was observed, the highest in first 10 months of the current fiscal year, suggested data compiled by Pakistan Bureau of Statistics (PBS). ... Read More »

Govt likely to slap 17pc ST on non-export-oriented sectors

ISLAMABAD: The government is likely to charge a standard rate of 17 percent sales tax on the import of items by non-export-oriented sectors, and replace sales tax zero-rating on local supply of over 20 items, including finished dairy products and stationery goods, with sales tax exemption in budget (2014-15). As per details, the FBR has proposed a policy change for ... Read More »