Tuesday , March 31 2020
Breaking News
Home / Author Archives: M Arshad (page 10)

Author Archives: M Arshad

Rs22,358.433m for timely completion of CPEC related projects recommended

ISLAMABAD:  The Ports and Shipping Ministry succeeded in getting budgetary proposals relating to the Public Sector Development Program (PSDP) of the ministry and attached departments for the financial year 2017-18 approved from the National Assembly Standing Committee on Ports and Shipping. The budgetary proposals recommended to the Finance Ministry and Ministry of Planning Division that Rs22,358.433 million, requested by Ports ... Read More »

Litigation main hurdle in collection of taxes from corporate sector: FBR Chairman Dr Irshad

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Dr Muhammad Irshad has said that litigation of cases has come as the biggest hurdle in the way of revenue collection from the corporate sector. While briefing the Public Accounts Committee (PAC) here, Dr Muhammad Irshad said that the cases involving an amount of Rs 750 million were pending with the courts against ... Read More »

FBR briefs NA Finance Committee on Finance & Revenue on Audit Policy 2016

ISLAMABAD:  The Federal Board of Revenue (FBR) has selected some 93, 000 people for income audit out of total taxpayers list for random audit under the audit policy 2016. The FBR also got PSDP proposals worth Rs 14298 million for 41 projects approved for fiscal year 2017-18 from the National Assembly Standing Committee on Finance and Revenue. In this regard, ... Read More »

Customs & regulatory duties amount up to 15% of FBR’s total receipts

ISLAMABAD: Customs and Regulatory duties amount up to 15% of the total receipts collected by the Federal Board of Revenue (FBR). FBR through its enforcement arm Pakistan Customs is responsible for border measures including eradication of piracy and counterfeiting through Pakistani borders. The Federal Board of Revenue (FBR) is committed for effective border measures because Pakistan Customs is the guardian ... Read More »

WeBOC enhances Customs’ capacity, reduces clearance time

ISLAMABAD: The Web-Based Customs Clearance System (WeBOC) has enhanced the capacity of Pakistan Customs for handling and clearing containers by several times as well as reduced the clearance time of consignments significantly. Customs clearance system has been fully automated and around 85% of the cargo is cleared through WeBOC. Resultantly the clearance time and dwell time of cargo has been ... Read More »

MoC fails in tapping CPEC’s trade benefits & potential: Senate Commerce Committee

ISLAMABAD: The Ministry of Commerce (MoC) has not been able to make any progress to tap the trade benefits out of the China Pakistan Economic Corridor so far. Pakistan could not explore all the available avenues and aspects offered by CPEC due to wide ranging difference between Strategic Trade Policy Framework (STPF) 2015-2018 devised by MoC and CPEC. Therefore, the ... Read More »

FBR collects Rs Rs208.153m tax from marriage halls in 1H of FY 2016-17

  ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs208.153 Million total tax from the marriage halls located within the jurisdiction of the federal capital in first half of the current fiscal year. This amount does not include the amount paid or to be paid by taxpayer under sales tax/ CTO or normal income tax. Some 156 marriage halls, ... Read More »

FBR takes measures to reduce import of luxury items

ISLAMABAD: The Federal Board of Revenue (FBR), in a bid to reduce the import of luxury items in the country in the wake of their worse impacts on both local industry as well as flight of precious foreign exchange reserves, has taken a number of measures. Since the Global Financial Crisis, the risks posed by rising inequality have become ever ... Read More »

Senate Finance & Revenue Committee for removal of additional indirect taxes from domestic electricity bills

ISLAMABAD: The Senate Standing Committee on Finance and Revenue has urged the Federal Board of Revenue (FBR) to revisit the policy of levying additional indirect tax in the electricity bills of the domestic consumers. The committee in a report compiled on an issue raised by Senate Tahir Hussain Mashhadi in the House relating to the taxes levied on the electricity ... Read More »

Senate Commerce Committee recommends 35pc import duty on fruits, vegetables

ISLAMABAD: The Senate Standing Committee on Commerce has recommended that the Federal Board of Revenue (FBR) and Interior Ministry must ensure strict anti-smuggling measures at all border points of the country, especially the entry points at Taftan and Torkhum. Minister for Ports and Shipping Mir Hasil Bazinjo had raised an issue in the Senate that different rates of import duty ... Read More »

FBR increases tax to GDP ratio 12.4% in 2015-16 from 9.8% in 2012-13

ISLAMABAD: The Federal Board of Revenue (FBR) has successfully increased the tax to gross domestic product (GDP) ratio in last three years. This milestone has been achieved by dint of strengthened tax administration, reduced tax concessions /exemptions and others measures and strategies to improve the business climate GDP is one of the primary indicators used to gauge the health of ... Read More »

MoC takes measures to cap industrial capital flight to Bangladesh, Sri Lanka

ISLAMABAD: Worried over the massive capital flight from industrial sector to Bangladesh, the Ministry of Commerce has taken a number of measures to cap the capital flight as well as to enhance the national tune of exports by increasing domestic industrial production. Almost three major industrial companies namely M/s Soorty Enterprises (Pvt) Limited, M/s Naveena Exporters Limited and M/s Nishat ... Read More »

No double taxation on income: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) does not charge double taxation on income as levies sales tax on goods whereas provinces levy sales tax on services. Thus there is no double taxation in respect of levy of sales tax. Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It ... Read More »

FBR increases direct taxes share despite increase in total revenue collection

ISLAMABAD: The Federal Board of Revenue (FBR) has successfully enhanced the overall share of the direct taxes in the total revenue collection in last three years. This achievement has been made as per policy shift to reduce the dependence on the indirect taxation. The share of revenue collected through direct taxes was 38.91% in the total revenue collection of Rs2254.6 ... Read More »

FBR maintains principle of equity in devising sales tax

ISLAMABAD: The Federal Board of Revenue (FBR) has structured sales tax in such a manner that the principle of equity is not compromised. The principle of equity in taxation is an important question widely discussed in public finance and is the first canon of taxation on which Adam Smith laid a good deal of stress. A fair tax system is ... Read More »

FBR pays Rs 55 billion out of Rs 300 billion sales tax refund to exporters

ISLAMABAD:  The Senate Standing Committee on Commerce has informed that out of Rs 300 billion pending sales tax claims, the Federal Board of Revenue (FBR) has paid Rs 55 billion to the exporters. Trade Development Authority (TDAP) Chairman SM Muneer said that the lower quantity of payment of sales tax refunds was also a solid reason for reduced Pakistani trade ... Read More »

Cellular sector faces challenge on tax issues in Pakistan: Chairman Emeritus Vimpelcom Augie K. Fabela

ISLAMABAD: The Chairman Emeritus Vimpelcom Augie K. Fabela, said that company faced challenges in Pakistan due to tax issues. It is just because of the fact that majority of taxes are indirect and not imposed on cellular companies but the end user and customers. He further said that rationalization of tax rates along with lowering the dependence on indirect taxes ... Read More »

FBR helps govt allocate more funds for development projects

ISLAMABAD: The government strengthened tax administration, reduced tax concessions /exemptions and implemented strategies to improve the business climate. Therefore, the domestic resource mobilization strategy helped in achieving higher revenue growth and tax to GDP ratio in recent years. As a result, the tax to GDP ratio which was 9.8 percent of the GDP in 2012-13, has increased to 12.4 percent ... Read More »

FBR imposes no indirect tax in last five years

ISLAMABAD: The Federal Board of Revenue (FBR) has not imposed any new indirect tax during the last five years. This act has been taken with an objective to reduce reliance on indirect taxation as well as to lessen the ratio of indirect taxes in the revenue collection. The revenue collection of Federal Board of Revenue has been registering a worthwhile ... Read More »

FBR collects Rs2.1m tax by auctioning 39 vehicles of Cabinet Division

ISLAMABAD: The Federal Board of Revenue (FBR) collected Rs2.1 million tax through the auction of 39 vehicles of the Cabinet Division in November last, however the National Database and Registration Authority (NADRA) refused to pay a single penny as tax from the proceed it had earned out of auction of 13 vehicles. As per rules and regulations which govern the ... Read More »