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Author Archives: M Arshad

Finance Ministry includes FBR’s proposals on enhancing revenue collection

ISLAMABAD: The Finance Ministry has included various recommendations of the Federal Board of Revenue (FBR) to enhance revenue, including the revised version of super tax in the budget proposals for the fiscal year 2016-17. A one-time tax was levied through Finance Act, 2015 on the affluent and rich individuals, association of persons and companies earning income above Rs 500 million ... Read More »

Finance Ministry reviewing concessionary regimes on recommendations ‏of FBR

ISLAMABAD: Under the recommendations of the Federal Board of Revenue (FBR), the Finance Ministry is carrying out a full-fledged review of the existing concessionary regimes under various SROs. “The entire concessionary regime is being reviewed by a high powered committee,”sources at FBR told Customs Today. The source said that the committee recommended a plan for elimination of concessionary SROs in ... Read More »

FBR to introduce fixed rate of sales tax on POL

ISLAMABAD: In order to rationalize the rate of sales tax on petroleum products, the Federal Board of Revenue (FBR) is going to introduce fixed rate of sales tax on petroleum products. In this regard, the FBR has moved recommendations and proposals to the Finance Ministry for inclusion in the upcoming budgetary proposals. Presently, Rs 9.99 per litre sales tax of ... Read More »

Pakistan will have access to tax evaders in 34 countries after OECD membership: Rehmatullah Wazir

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday updated the Senate Standing Committee on Finance and Revenue about current status of Pakistani application for the membership of Organization for Economic Co-Operation and Development (OECD). The OECD is an international organization to promote policies that will improve the economic and social well-being of people around the world. Representatives of the ... Read More »

FBR to update Senate Finance Committee on OECD membership status today

ISLAMABAD: The Federal Board of Revenue (FBR) will update the Senate Standing Committee on Finance and Revenue about the current status of Pakistan’s members of the Organization for Economic Co-Operation and Development (OECD). After becoming member, Pakistan will have access to tax evaders in almost 34 members of the international organization. Furthermore, it will enhance FBR’s revenue collection efficiency as ... Read More »

Pakistan Customs tops in anti-smuggling agencies, seizes 9,772.61MT smuggled goods during 2015-16

ISLAMABAD: The Pakistan Customs leads in almost all the anti-smuggling agencies by making the biggest amount of seizures of smuggled goods during the fiscal year 2015-16. Currently, Pakistan Customs, Maritime Security Agency, Pakistan Coast Guards, Frontier Corps (KPK), Pakistan Rangers (Punjab and Sindh) and political administration of FATA have been delegated with responsibilities to check the inflow and outflow of ... Read More »

FBR forwards tax related proposals to Finance Ministry to attract investment

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a number of measures to the Finance Ministry for inclusion in the upcoming budget to boost both local and foreign direct investment in the country. These measures, especially pertaining to the import duty, customs tariffs and others are meant to accelerate the pace of investment in the country,” source told Customs ... Read More »

FBR hopes businessmen will realize beneficial aspects of tax amnesty scheme

ISLAMABAD: The Federal Board of Revenue (FBR) is still having high hopes on the possible outcome of voluntary tax compliance scheme (VTCS) due to highly valuable and beneficial aspects for the trading community. “Actually, the trading communities could not realize the beneficial aspects of VTCS, however, a significant level of realization is emerging among the traders’ representative bodies,” a source ... Read More »

FBR extended deadline for filing of tax returns to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has been extending the deadlines for filing of income tax returns on the request of chambers of commerce, tax bar associations and trade bodies. The FBR granted the extension to encourage a large number of people to file their income tax returns,” sources told Customs Today while explaining logic behind repeated and frequent ... Read More »

FBR simplifies procedure of income tax returns to facilitate taxpayers

ISLAMABAD: In a bid to bring more taxpayers to the tax net, the Federal Board of Revenue (FBR) has taken further steps to simplify the procedure of filling income tax returns. The relevant quarters and economists had been demanding for simplification of the procedure of filing of tax returns for a long time. “This process has been initiated on the ... Read More »

FBR collects Rs 850m tax, documents Rs 85 billion of working capital via tax amnesty scheme

ISLAMABAD: The Federal Board of Revenue (FBR) is of the view that Voluntary Tax Compliance Scheme (VTCS) can’t be declared as a failed attempt to broaden the tax base and document the economy. “So far 9,020 returns have been filed under the VTCS and a huge amount of tax Rs 850 million has been deposited resulting into documentation of working ... Read More »

FBR recovers Rs 127m out of total Rs 435M evaded customs duty in six months

ISLAMABAD: The Federal Board of Revenue (FBR) has recovered Rs 127 million out of Rs 435 million evaded customs duty during the last six months. In this regard, clearance collectorates made 261 contraventions reports on account of violation of different provisions of law and rules involving custom duty evasion of around Rs 435 million. Sources told Customs Today that the ... Read More »

FBR seeks complete, accurate information of 29,901 invalid tax returns filers

ISLAMABAD: The Federal Board of Revenue (FBR) has issued notices to 29,901 tax filers for the provision of accurate and complete information along with their tax returns. These tax returns have been incomplete and invalid for lacking the complete required information and most of them were manually filed. Sources told Customs Today that some 311,495 tax returns were filed by ... Read More »

Law bars scrutiny of wealth tax related declaration after five years: Member FBR Rehmatullah Wazir

ISLAMABAD:  Member Inland Revenue-Policy Rehmatullah Khan Wazir has said that the Federal Board of Revenue (FBR) could not question about the wealth tax related questions from the taxpayers after the passage of five years. In this regard, as per law, no tax return filed by any taxpayer can be scrutinized to sort out payment of wealth tax in lieu with ... Read More »

FBR awaits reply from Singapore on funds transfer by Pakistani businessman, Senate Committee told

ISLAMABAD: The Federal Board of Revenue (FBR) informed the Senate Standing Committee on Finance and Revenue that reply from the Singaporean tax authorities on mode of funds transaction for the purchase of St. James Hotel and Club located at 7 Park Palace London was awaited. A Pakistani business tycoon had purchased both the properties abroad and Senate Committee had taken ... Read More »

FBR declares LED lights up to 60 volts exempted from customs duty

ISLAMABAD: The Federal Board of Revenue (FBR) has taken decision on the issue of exemption of Light Emitting Diode (LED) and Surface-Mount Device (SMD) lights. As per decision, LED lights up to 60 volts will be exempted from import duties for being categorized as the ones promoting primarily renewable energy technologies. Sources told Customs Today that LED/SMD with or without ... Read More »

FBR should introduce friendly tax proposals in budget 2016-17: Atif Ikram Sheikh

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Atif Ikram Sheikh has lauded the current team of the Federal Board of Revenue (FBR) for adopting a comparative better and cordial attitude towards the taxpayers. He also termed this friendly attitude main reason for the addition of thousands of new taxpayers in the tax net. In a exclusive interview with Customs ... Read More »

TRC recommends IR, Customs Tribunal members’ selection through FPSC

ISLAMABAD: The Tax Reforms Commission (TRC) has recommended that selection of members of the Inland Revenue (IR) and Customs Tribunals should be made through the Federal Public Service Commission (FPSC) and high courts. Moreover, the appellate fora should be made independently from the formal / informal influence of the FBR. The tax adjudication system must rest on fundamentals of independence, ... Read More »

TRC recommendations being reviewed: Dr Muhammad Iqbal

ISLAMABAD: The Federal Board of Revenue (FBR) is analyzing the proposals moved by the Tax Reforms Commission (TRC) with an approach whether the whole or partial package of recommendations can be adopted. According to Member Strategic Planning Reforms and Statistics Dr Muhammad Iqbal, an implementation committee has been formed under Special Advisor to Prime Minister on Revenue Haroon Akhtar Khan. ... Read More »

Formation of offshore company with legal money not illegal: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has said that the formation of an offshore company anywhere, including tax haven countries, by any Pakistani resident with legal money is not illegal. FBR, in a document sent to the Senate Standing Committee on Finance and Revenue, has categorically said that offshore companies are used for many commercial or private purposes which ... Read More »