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Tag Archives: Islamabad Region

MCC-Appraisement (East) recovered Rs4, 536,544 in Jan

KARACHI: Under the supervision of Collector Abdur Rashid Sheikh, the Research and Development (R&D) Section of Model Customs Collectorate (MCC) Appraisement-East detected nine cases of tax evasion and under-invoicing in the month of January and recovered a total amount of Rs4,536,544 from the tax evaders. According to details, the R&D Section of MCC-Appraisement (East) efficiently detected these cases pertaining to ... Read More »

Tax Incentive Scheme: Benefits enumerated to rope in new taxpayers

LAHORE: Besides many other privileges under Prime Minister Tax incentives package, the National Tax Number (NTN) holders, non-filers and new taxpayer will also be entitled to no audit, no penalty and no additional tax. Large Taxpayer Unit (LTU) Chief Commissioner Mustafa Ashraf stated this while speaking at a session jointly organised by the Lahore Chamber of Commerce and Industry and ... Read More »

OGDCL paid highest amount: FBR unfurls lists of top taxpayers

ISLAMABAD: The Federal Board of Revenue has issued separate provisional lists of 400 top taxpayers in each category of companies, Association of Persons, salaried individuals and non-salaried individuals who will be entitled Taxpayer Privilege and Honour Cards. According to the lists, Oil and Gas Development Company Limited (OGDCL) is the top corporate taxpayer, which paid the highest amount of tax ... Read More »

GSP Plus status: No pick-up in textile exports yet

ISLAMABAD: Pakistan’s textile exports could not picked up yet despite the grant of GSP Plus status by the European Union, as the country’s textile exports remained $1.097 billion in January against $1.059 billion in January last year, showing a meagre 3.6 percent increase. As per details, Pakistan textile exports to the EU are expected to up by $1 billion per ... Read More »

FTO’s recommendations: RTOs, LTUs asked to toe the line prior to fresh assessment

ISLAMABAD: The Federal Board of Revenue (FBR) has directed the Regional Tax Offices (RTOs) and Large Tax Units (LTUs) to implement the Federal Tax Ombudsman (FTO) recommendations prior to any fresh assessment as it is their bounden duty to implement the FTO’s orders in letter and spirit. According to details, the FBR has also issued instructions to the RTOs and ... Read More »

Looming revenue shortfall: Provinces unlikely to get targeted share

ISLAMABAD: In the wake of likely shortfall in the revenue collection projected for the current fiscal year, the provinces are unlikely to receive budgeted share of revenue from the divisible pool. As per details, Finance Minister Ishaq Dar is aware of the fact that the Federal Board of Revenue may be unable to achieve the targeted revenue collection of Rs2,475 ... Read More »

WHT collection stands at 65.5pc in 1HFY14

ISLAMABAD: The Federal Board of Revenue (FBR) is collecting only 30 to 35 percent of total direct taxes through its own efforts while 65 to 70 percent revenue is being collected through withholding taxes (WHT) deducted at source. As per details, the scope of WHT has been considerably increased in the budget for fiscal year 2013-14 resulting in automated increase ... Read More »

Refunds under ERS: FBR directs post refund audit

ISLAMABAD: The Federal Board of Revenue (FBR) has directed its field formation to conduct post refund audit (PRA) of all refunds issued under Expeditious Refund System (ERS) within 45 days. According to details, the post refund audit (PRA) of all refunds issued under ERS have to be completed within 45 days while the audit of all previously issued refunds where ... Read More »

Adjustment of ST paid on services: FBR complies with courts orders

ISLAMABAD: In light of the high courts orders, the Federal Board of Revenue has granted interim relief to 106 big companies and corporate entities by accepting their sales tax returns to allow adjustment of sales tax paid on services to the provinces under the provincial laws. The FBR has issued instructions to the Chief Commissioners of Large Taxpayer Units (LTUs) ... Read More »

Current account gap widens to $2bn

ISLAMABAD: Despite hectic efforts by the government, the current account deficit rose to $2 billion in the first seven months of the current fiscal year. The dollars inflows remained stagnant while the outflows too high which caused serious imbalance on external front during the corresponding period. Experts and bankers said that higher remittances could not cover up the widening current ... Read More »

Recovery of ISL: FBR serves notices on taxpayers

ISLAMABAD: The Federal Board of Revenue has served notices on employees/taxpayers who have filed their wealth statements along with income tax returns for Tax Year 2013 to recover Income Support Levy (ISL). According to notices issued under section 3 of the Income Support Levy Act 2013, the taxpayers have been directed to pay ISL at the rate of 0.5 percent ... Read More »

Paapam pleads for end to 2pc extra ST

ISLAMABAD: Pakistan Association of Auto Parts and Accessories Manufacturers (Paapam) has appealed to Finance Minister Ishaq Dar and FBR Chairman Tariq Bajwa to resolve the issue of two percent extra sales tax on non-retail sales of auto parts which has been under discussions for the past four months. According to Paapam Chairman Usman Malik, despite reaching a consensus on the ... Read More »

SRO 565(1)/2006: Physical verification of heavy goods manufacturers in the offing

ISLAMABAD: A joint team comprising technical experts from the Federal Board of Revenue and the Engineering Development Board has been constituted to carry out physical verification of companies engaged in fabrication/manufacturing of heavy engineering goods from February 19 to 21, under SRO 565(1)/2006 dated June 5, 2006. As per details, the SRO 565(1)/2006 deals with concessionary rates or exemption of ... Read More »

Dar lauds PCICL role in promoting Chinese investment

ISLAMABAD: Finance Minister Ishaq Dar appreciated the Pak-China Investment Company Limited (PCICL) role in the promotion of close cooperation between China Development Bank (CDB) and Pakistani government and working as an advisory on privatization and foreign direct investment in Pakistan. Presiding over a PCICL meeting, the finance minister said that the PCICL wanted to promote government’s public private partnership initiatives ... Read More »

Non-filer MPs: FBR publishes incomplete tax directory

ISLAMABAD: The Federal Board of Revenue has published an incomplete tax directory of the parliamentarians, contains names of only 1,072 filers of income tax returns out of total 1,172 parliamentarians, having National Tax Numbers (NTNs). The names of members of National Assembly, Senate and Provincial assembles who did not have filed returns have not been included in the tax directory. ... Read More »

14 ‘poor’ senators fail to file tax returns

ISLAMABAD: 14 senators failed to file their tax returns including former interior minister Rehman Malik and PML-N Sardar Zulfikar Khosa and their names have not been including in the parliamentarians tax directory issued by the Federal Board of Revenue. Others senators who are among the non-filers of income tax returns for TY 2013 included Mohammad Azam Khan Hoti of Awami ... Read More »

National-debt issues: EAC urges for rejuvenating Debt Management Office

ISLAMABAD: The Economic Advisory Council (EAC) suggested that Debt Management Office should be upgraded to streamline national debt-related issues through consolidation of financial figures/tabulation. The council also sought for implementation of Debt Limitation Act 2005 to streamline all debt-related financial instruments. The suggestions were made during second meeting of Economic Advisory Council held with Finance Minister Ishaq Dar in the ... Read More »

Arms import: Customs directed to abide by Interior Ministry’s notification

ISLAMABAD: The Federal Board of Revenue has directed the Customs Collectors not to allow import of prohibited bores of weapons and strictly abide by the notification by the Ministry of Interior issued for the purpose. The FBR directed the collectors to observe categories of both prohibited and non-prohibited bore weapons for import purposes under the notification. Collectors of Customs should ... Read More »

Reining in corruption within: FBR indecisive on policing powers

ISLAMABAD: The highest decision-making body of the Federal Board of Revenue, the Board-in-Council, remained indecisive to come up with a clear-cut approach and strategy to rein in the corrupt practices within the organization and decide as to who will police its officers. The FBR’s Board-in-Council met amid lack of internal mechanism to check the taxpayers and officials’ collusion for tax ... Read More »

Dar reviews capacity tax collection, grey traffic issues

ISLAMABAD: Finance Minister Ishaq Dar presided over a meeting of the FBR authorities and representative of the beverage companies to discuss revenue collection under the capacity tax rules. The finance minister observed that the capacity system had been introduced in the last budget to allow the industry work freely, without unnecessary interventions from the department while duly contributing to the ... Read More »