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Tag Archives: Islamabad Region

No understanding with IMF on devaluation of rupee: Dar

ISLAMABAD: Finance Minister Ishaq Dar has categorically stated that there is neither any explicit nor implicit understanding with the IMF on the devaluation of rupee. Speaking at the launch of the Sixth Annual Report of the Institute of Public Policy, Beacon House National University on Monday, the Finance Minister said that the issue of adjustment of rupee dollar parity was ... Read More »

FBR endeavors to curb menace of corruption on PM directives

KARACHI: Curbing the menace of corruption is on top of the agenda of the present government. Prime Minister Mian Nawaz Sharif recently issued directives to Revenue Division and Federal Board of Revenue to conduct proper screening and strict scrutiny to purge the lines of corrupt and inefficient elements in their ranks. After these firm directives, Revenue Division and FBR gave ... Read More »

FBR Board-in-Council approves audit plan

ISLAMABAD: Federal Board of Revenue (FBR) on Friday approved audit plan for income tax and sales tax under which thousands of taxpayers will be selected through random balloting by next week. “FBR’s Board-in-Council has approved an audit plan for selecting 5 percent taxpayers’ through random balloting,” Chairman FBR Tariq Bajwa confirmed on Friday. Instead of parameters-based audit, FBR took decision ... Read More »

Govt determined to implement Vision 2025: Ahsan Iqbnal

ISLAMABAD: Federal Minister for Planning and Development Ahsan Iqbal said that Pakistan can face water crisis if concerted measures are not taken to tackle this issue. Ahsan Iqbal stated this while chairing a consultative workshop on vision 2025, arranged by the world’s leading management consultancy firm McKenzie & Company, at the Ministry of Planning, Development and Reforms. The federal minister ... Read More »

IMF loan: Pakistan agrees to undertake tax reforms

ISLAMABAD: Pakistan has agreed with the IMF to undertake key reforms on taxation side to jack up tax to GDP ratio one per cent each year for obtaining $6.6 billion under 3-year Extended Fund Facility (EFF). Moreover by end-December 2013, the government will also implement a new gas levy that will increase tax revenue by 0.4 per cent of GDP ... Read More »

FBR plans to fetch Rs50-60b through audit plan

ISLAMABAD: Chairman FBR Tariq Bajwa would convene Board in Council meeting on Friday (tomorrow) to approve audit plan for selection of taxpayers of income tax and sales tax. Through the audit plan, FBR has planned to fetch Rs 50 to Rs 60 billion into the national kitty during the current fiscal year. The efforts have been made to avoid plunging ... Read More »

FBR likely to endorse new Audit Policy for 2012

ISLAMABAD: Federal Board of Revenue (FBR) is likely to endorse new Audit Policy for 2012 in the meeting of Board-in-Council for carrying out income tax and sales tax audit of returns filed in Tax Year 2012. Sources said that after approval of the policy, the FBR would make separate parameters for selection of cases relating to income tax (corporate and ... Read More »

FBR comes up with enforcement plan to achieve targets

ISLAMABAD: Federal Board of Revenue has implemented a national enforcement plan 2013-14 to achieve the targets of advance/withholding taxes (WHT) from educational institutions, dealers, commission agents, etc. and also issued instructions to field formations for evaluating collection in respect of new withholding measures introduced by Finance Act, 2013. Sources said, “The plan pertaining to advance tax covers collection from 236D ... Read More »

FBR for addressing KCAA issues regarding WeBOC

ISLAMABAD: Federal Board of Revenue (FBR) has taken action on issues raised by Karachi Customs Agents Association (KCAA) regarding clearance of imported consignments under the Web Based One-Customs (WeBOC). FBR has ordered the relevant customs collectorates to resolve the issues pointed out by KCAA, sources revealed. The Board has examined KCAA complaints, which include a number of issues relating to ... Read More »

FBR revenue collection increases by 35 percent

ISLAMABAD: FBR has so far increased its revenue collection by 35 percent by collecting Rs 239 billion in July-August period of the current fiscal year against a collection of Rs 176 billion in the same period of the last financial year. FBR has so far collected Rs 116.223 billion during first 28 days of August 2013 as compared to Rs ... Read More »

‘Sino-Pak corridor to benefit 3 billion people’

ISLAMABAD: Ahsan Iqbal, Minister for Planning and Development, has said that building of Pak-China corridor and intra-regional linkages among Asia, Central Asia, Middle East and Iran will benefit about three billion people. He stated this at a lecture delivered by the visiting China’s National Development and Reform Commission (CNDRC) Vice Chairman Zhang Xiaoqiang at Planning Commission. The CNDRC vice chairman ... Read More »

Commerce Ministry, FBR asked to allow export of vegitable ghee to KPK, Balochistan

ISLAMABAD: Senate Standing Committee on Commerce directed the Ministry of Commerce and Federal Board of Revenue (FBR) to allow export of 1,000 metric tonnes of vegetable ghee under Duty & Tax Remission for Exports (DTRE) scheme for the ghee manufacturers of Khyber Pakhtunkhwa (KPK) and Balochistan to promote and develop the industrial sector of these provinces. The Senate Committee, which ... Read More »

Import bill of oil, eatables dip in July

ISLAMABAD: The import bill of oil and eatables witnessed a decline by over 19.6 percent in the first month of the current fiscal year. According to Pakistan Bureau of Statistics data, import bill of these two products declined to $1.435 billion in July 2013 this year from $1.785 billion during the same period last year. Pakistan’s total import bill reached ... Read More »

FBR extends date for payment of tax till 27th

ISLAMABAD: Federal Board of Revenue (FBR) has extended last date for payment of all taxes till August 27. Exercising its powers, the board is pleased to extend the date of payment/filling of returns up to August 27, 2013, for the tax period of July 2013 for all registered taxpayers, a notification stated. The board has informed all chief commissioners, LTUs, ... Read More »

Senate’s body reviews FBR’s working condition

ISLAMABAD: Senate’s Standing Committee (SC) on Finance met here recently to review the FBR working condition. FBR Chairman Tariq Bajwa briefed the committee about the working of the department. He also briefed the meeting about the problems being faced by the department to achieve the targets. The chairman also informed the committee that Web Based One Customs (WeBOC) and Computerised ... Read More »

Pak-Nepal agree to establish joint alternative energy board

ISLAMABAD: Pakistan and Nepal have agreed for bilateral cooperation in a number of fields including trade, commerce, banking, agriculture, energy, health, education, information technology, postal services and civil aviation. The decision was taken in the sixth and concluding session of the Pakistan-Nepal Economic Commission held here another day. The session was led by Finance Minister Mohammad Ishaq Dar while the ... Read More »

FBR set to apply Customs Act 1969

ISLAMABAD: The FBR has decided to apply provisions of the Customs Act 1969 relating to the customs computerised system at various customs stations. According to a notification issued by the Federal Board of Revenue, the provisions of Chapter XVI-A of the Customs Act shall apply to different customs-stations falling under jurisdiction of the Model Customs Collectorates of Karachi. The Chapter ... Read More »

Islamabad: Bid to smuggle heroin to S Arabia foiled

ISLAMABAD: The Anti Narcotics Force (ANF) foiled a bid to smuggle heroin to Saudi Arabia worth millions of rupees. As per details, during screening of a passenger Jamal Khan, hailing from Kurram Agency who was leaving for Jeddah through Pakistan International Airlines (PIA) flight PK-741, at Benazir Bhutto International Airport, 100 heroin filled capsules were found in his stomach. The ... Read More »