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Author Archives: M Arshad

FBR analyzing budgetary proposals of steel melters

ISLAMABAD: The Federal Board of Revenue (FBR) is carrying forward the process of analyzing the budgetary proposals made by Pakistan Steel Melters Association (PSMA). In this regard, sources told Customs Today that a team of the FBR was of the view that fewer proposals are acceptable as the acceptance of all the proposals could result in lowering revenue collection as ... Read More »

FBR inclines to take measures to levy, recover tax on investment concealed by Pakistani residents abroad

ISLAMABAD: Federal Board of Revenue (FBR) has inclined to take a number of measures to ascertain the situation emerged out of offshore companies and levy/ recover tax on the companies / investment concealed by Pakistani residents. As first step, FBR has to obtain information and documentary evidence about the investment or income of the offshore companies of Pakistani residents. These ... Read More »

Senator Islamuddin urges govt to lower tax rates to attract FDI

ISLAMABAD: Pakistan People’s Party (PPP) Senator Islamuddin Shaikh, an active member of the Senate Standing Committee on Finance and Revenue, Commerce and Textile Industry, has urged the Federal Board of Revenue (FBR) to lower the rat of taxes and duties to further broaden the tax net by persuading more and more people for submission of tax returns. In an interview ... Read More »

FBR considering PNSC proposal to lower taxes on acquisition of ships

ISLAMABAD: The Federal Board of Revenue (FBR) is considering a proposal made by Pakistani National Shipping Corporation (PNSC) to lower taxes on the acquisition of new ships. The PNSC has moved a draft of proposals to the FBR through the Ministry of Ports and Shipping. According to the draft, the higher rates of taxes, sales tax and customs duties on ... Read More »

FBR reviews GST regime to send proposals for budget 2016-17

ISLAMABAD: The Federal Board of Revenue (FBR), in a bid to broaden the tax base, is carrying out a comprehensive review of general sales tax (GST) regime prior to forwarding budgetary proposals to the Finance Division for the budget 2016-17. Sources told Customs Today that in view of comprehensive review of the GST, focus of the officials concerned was on ... Read More »

FBR to consult provincial stakeholders to resolve issue of double taxation on rental income

ISLAMABAD: The Federal Board of Revenue (FBR) will resolve the issue of double taxation on rental incomes in consultation with all provincial revenue boards and other stakeholders. Sources told Customs Today that this decision had been made in a high level meeting held recently. Moreover, the decision was made to check the mis-declaration by the landlords who had been following ... Read More »

FBR to get global jurisdiction against fake transactions: Chairman Nisar

ISLAMABAD: The Federal Board of Revenue (FBR) has pressed for early passage of the Benami Transactions (Prohibition) Bill, 2016 with an observation that the board is totally toothless without powers. Speaking in the meeting of the National Assembly Standing Committee on Finance and Revenue, the FBR officials, including Chairman Nisar Mohammad, Member Inland Revenue Policy Rehmatullah Khan Wazir, Member Customs ... Read More »

30pc reduction in pine nuts export causes a loss of Rs 15m in terms of income tax collections

ISLAMABAD: A 30 percent less export of pine nuts has inflicted a loss of almost Rs 15 million on the income tax collection. The export of pine nuts was around $500 million during the previous financial year, however, in the current fiscal year the volume of export has reduced by 30 percent. The FBR used to collect income tax at ... Read More »

FBR for increasing revenue from direct taxes to bring equity, fairness

ISLAMABAD: The Federal Board of Revenue (FBR) has undertaken a number of measures to increase revenue from direct taxes to bring equity and fairness. These include measures broadening of tax base, withdrawal of concessions/exemptions, differential taxation for non-filers, the conversion of CNIC into NTN for individual taxpayers and several others. Sources told Customs Today that through publication of National Tax ... Read More »

Pakistan among top of countries collecting revenues through direct taxation: Rehmatullah Wazir

ISLAMABAD:  Member Inland Revenue Federal Board of Revenue (FBR) Rhmatullah Khan Wazir has said that Pakistan had been ranked among top of the countries which collect revenues through direct taxation. At present, the FBR collects an average amount of Rs 18, 000 from every individual in the country and this amount is far more than is being collected from per ... Read More »

Different rates of import, export duties on trade with Afghanistan, Iran hurdle in revenue collection: Senate Commerce Committee

ISLAMABAD: Double rates of import and export duties are main hurdle in the promotion of trade activities with both Afghanistan and Iran. This situation is tantamount to transferring the 75 percent share of Afghan business to Iranian Chabahar Port from Karachi Port as at present only 25 percent of Afghan trade operation is being carried out through Pakistan. These impediments are ... Read More »

Sindh govt enhances volume of sales tax collection on goods from Rs 6b to Rs 61b in four years: Senator Taj Haider

ISLAMABAD: PPP Senator Taj Haider is an active member of Senate Standing Committee on Ports and Shipping and a number of other both standing and functional committees. He is often very well prepared on the agenda items which come under discussion in the meetings of the House as well as committees. While speaking to Customs Today, an exclusive interview, Taj ... Read More »

DFID-FBR agree to strengthen bilateral cooperation

ISLAMABAD: The Federal Board of Revenue (FBR) and British Department for International Development (DFID) on Thursday agreed to further cement the bilateral cooperation for enhancing operational capacity of the FBR. In this regard, a high level DFID delegation held a detailed meeting with FBR’s top leadership, including Chairman Nisar Mohammad Khan, Dr Muhammad Iqbal and others. After the meeting the ... Read More »

Pak, Afghan teams agree to hold another round of talks on Avoidance of Double Taxation

ISLAMABAD: Pakistan and Afghanistan have concluded the first round of negotiations on Avoidance of Double Taxation Prevention of Fiscal Evasion with slight progress and development as both sides could agree to continue with discussions as well as to take up the rest of issues in the second round of negotiations in future. Member Strategic Planning, Reforms and Statistics Dr Muhammad ... Read More »

FBR starts operation to detect mis-declaration of source of income

ISLAMABAD: The Federal Board of Revenue (FBR) has launched an operation across the country to curb income tax evasion being committed by declaring the income from other sectors as agricultural income. The FBR expects an additional revenue collection of Rs 2 to 3 billion by means of this operation. A well placed official source told this scribe that higher authorities ... Read More »

FBR to launch new move for broadening of tax net from April 1

ISLAMABAD: The Federal Board of Revenue (FBR) is going to launch a new campaign to bring almost all the potential taxpayers in the tax net from April 1. Through this move, the FBR expects extra revenue collection of several billion rupees. The potential taxpayers have been identified through information gathered through different reliable national institutions. Sources told Customs Today that ... Read More »

FBR considering to slap condition of NTN for new gas, power connections

ISLAMABAD: The Federal Board of Revenue (FBR) is going to move a proposal to condition the grant of new power and gas connections with the national tax number (NTN). This condition will be applicable for corporate companies as well as association of persons (AOPs). The existing connections will also be converted on the basis of NTN. At present, most of ... Read More »

FBR plans to increase revenue collection to Rs 7 trillion during next three years

ISLAMABAD: The Federal Board of Revenue (FBR) has finalized a plan to collect Rs 7 trillion per year during the next three years. The FBR has prepared this plan in the light of recommendations of the Tax Reforms Commission (TRC) and it will be launched by July 1st this year after approval of the budget for the financial year 2016-17 ... Read More »

World Bank team lauds FBR’s measures for broadening of tax net

ISLAMABAD: Shaista Abbas, the director general of the Broadening of Tax Base (BTB) wing of the Federal Board of Revenue (FBR), has briefed the World Bank team about measures taken by the government to increase the tax base. Highlighting the steps to enhance tax base, she said that the BTB had obtained information about money transactions from various sources, including ... Read More »

Masroor, Wazir defend deduction of WHT by FBR from bank accounts of companies

ISLAMABAD: The Federal Board of Revenue (FBR), while defending the deduction of withholding tax from bank accounts of companies, observed that any amendment in the Clause-138 of the Income Tax Ordinance 2001 would be tantamount to converting the tax authority into toothless. Member Inland Revenue-Policy, Rehmatullah Khan Wazir and Member Customs Nasir Masroor Ahmad were of the view that the ... Read More »