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Home / Author Archives: M Arshad (page 2)

Author Archives: M Arshad

FBR’s effective mechanism turned Tax Amnesty Scheme a success story

ISLAMABAD:  An effective mechanism devised by the Federal Board of Revenue (FBR) over the years has converted the tax amnesty scheme into a great success story. Amnesty schemes introduced by the government in different times in the past could not bear such fruits as compared to the current scheme. Till Saturday morning, FBR had collected over Rs 80 billion tax ... Read More »

FBR needs to get cabinet approval for SRO 611 to check revenue loss due to FATF decision

ISLAMABAD: In a bid to absorb and minimize the worst shocks to the revenue collection in result of placement of Pakistan on grey list of the Financial Action Task Force (FATF), the Federal Board of Revenue (FBR) is required to gear up efforts to get SRO 611(I)/2015 to be approved by the federal cabinet. The SRO grants the Directorate General ... Read More »

Tax amnesty scheme gets momentum: FBR collects over Rs50b so far

ISLAMABAD: The amnesty scheme is getting momentum in its the last days of expiry as more and more local and overseas Pakistanis are contacting the Federal Board of Revenue (FBR) to benefit from the scheme by whitening their non-declared assets. The FBR has obtained over Rs50 billion as tax in result of declaration of undeclared assets by overseas and local Pakistanis. June ... Read More »

Untimely change of chairman, perplexes FBR, affects revenue collection in last days of FY

ISLAMABAD: The Federal Board of Revenue (FBR) is already short of almost Rs 300 billion revenue collection target and the untimely decision of the caretaker government of changing the chairman has further aggravated the situation because it has perplexed the entire tax collection machinery. This immature decision is costing huge loss to the national exchequer in terms of revenue collection ... Read More »

New FBR Chairman Rukhsana Yasmeen needs to focus on effective enforcement to meet revenue targets

ISLAMABAD: Although the ongoing tax amnesty scheme has gained a momentum in the last few days, yet missing the revenue collection target will haunt the new Federal Board of Revenue (FBR) Chairman Rukhsana Yasmeen during the next fiscal year. This may turn both ways; may cast positive and negative impacts on the performance of FBR’s field formations because the outgoing ... Read More »

Paris Meeting: FATF seems convinced on Pak efforts against terror financing

ISLAMABAD: The Financial Action Task Force (FATF) seems a little bit convinced by Pakistani stance on measures taken against terror financing and related issues. However, in result of ongoing meeting in Paris, the upcoming government will pay serious attention to the observations of the FATF. Pakistan in a meeting underway in Paris is trying to convince the FATF on measures taken ... Read More »

FBR urges people to benefit from Tax Amnesty Scheme or get ready for action

ISLAMABAD: Just eight days before the time limit the ongoing Tax Amnesty Scheme, the Federal Board of Revenue (FBR), urged the people to benefit out of the scheme or get ready for action because FBR had collected the data of almost all the potential taxpayers through mapping of business plazas and other properties. Moreover, in the changing international economic scenario ... Read More »

Senate Finance Committee for full-fledged implementation of tax exemptions for FATA,PATA

ISLAMABAD: The Senate Standing Committee on Finance and Revenue, recommended  complete implementation of tax exemption facility for Federally Administrated Tribal Areas (FATA), Provincially Administrated Tribal Areas (PATA) and Malakand Division. This facility has been guaranteed by the government in the FATA, PATA and Malakand region merger Bill / 25th Constitutional Amendment. The Senate Finance and Revenue Committee met here with ... Read More »

Pasha due in Karachi today to encourage formations to bridge revenue shortfall

ISLAMABAD: In the wake of rumours of missing the revenue collection target, the Chairman Federal Board of Revenue (FBR) Tariq Mehmood Pasha is going to pat his team in Karachi to speed up revenue collection. In this regard, he is going to pay a one day visit to Karachi along with his core team members including Member Operations, Special Assistant ... Read More »

FBR to fill vacant posts to meet robust revenue collection target

ISLAMABAD: In a bid to secure the robust revenue collection target for the fiscal year 2018-19, the Federal Board of Revenue (FBR) is going to recruit almost 3000 to 4000 human resource from grade 1 to 16. Presently, the FBR and sub departments face huge human resource shortfall; one person is assisting almost three officers as supporting staff and this ... Read More »

Shamshad hints at missing revenue collection target for FY17-18

ISLAMABAD: While rejecting the notion of former finance minister Ishaq Dar regarding giving the stretch revenue as well as other financial targets, caretaker Finance Minister Shamshad Akhtar, Tuesday, said that revenue target should be realistic not the optimistic. She also hinted that the government would not meet the revenue collection target set for the outgoing fiscal year 2017-18. She said ... Read More »

FBR sensitised over further refinement of Green Channel facility

ISLAMABAD: The recent unearthing of mega smuggling scams via Green Channel facility has stirred a debate at higher level in the Federal Board of Revenue for further improvement in the system to check smuggling in liaison with the corrupt officials. A source at FBR told Customs Today that concerned officials of FBR at the most relevant wings and departments were ... Read More »

Revolutionized FBR, tax system need of the hour to meet future economic challenges

ISLAMABAD: In the wake of emerging challenges on both the economic and financial fronts, a revolutionary taxation system is the need of the hour. In this regard, the Federal Board of Revenue (FBR) is also required to be revolutionized to meet the future revenue collection targets. Presently, the tax authority is not in a position to meet even the revised ... Read More »

Vacant finance minister’s portfolio: FBR may miss revenue collection target

ISLAMABAD: Immediate appointment of caretaker finance minister is must for the achievement of revenue target. The vacant portfolio of the finance minister is likely to hamper Federal Board of Revenue (FBR) meeting the revenue collection target. A source at FBR told Customs Today on Monday that the government had fixed 12.1% share of FBR in the total tax to GDP ... Read More »

Higher interest rates to lead enhanced revenue collection

ISLAMABAD: The hiked interest rates will lead to the enhanced revenue collection in the coming months. The private sector will yield higher revenue for the government and will reduce the rate of economic growth and inflationary pressures. It will also increase the cost of borrowing, reduce disposable income and therefore limit the growth in consumer spending. This has the effect ... Read More »

FBR extends all-out cooperation in Special Audit Report on tax collection from tobacco sector

ISLAMABAD: The Federal Board of Revenue (FBR) extended all-out cooperation in the preparation of Special Audit Report on the causes of decline in tax collection of tobacco sector. This special audit report had been compiled on the directions of the Public Accounts Committee of the Parliament. An insider at FBR told Customs Today that FBR officials extended all-out cooperation to ... Read More »

FBR takes measures to check smuggling & sales of illicit-manufactured cigarettes

ISLAMABAD: The Federal Board of Revenue (FBR) Wednesday said that it had taken numerous measures to check the smuggling of foreign brands of cigarettes; however, lack of required enforcement staff and infrastructure smuggling of illegal brands continued. Currently as stock of illegally smuggled cigarettes worth Rs 1.5 billion is in the custody of FBR officials which reflects the untiring efforts ... Read More »

FBR, AGP, PAC meeting today to resolve issues involving Rs 261971.18m

ISLAMABAD: The Federal Board of Revenue (FBR), the Auditor General of Pakistan (AGP) and the Public Accounts Committee of the Parliament (PAC) are going to meet today (Wednesday) to resolve the issues pertaining to a huge amount worth Rs 261971.18 million. This amount has to be deposited to the national exchequer by the FBR officials but is lying pending due ... Read More »

FBR convinces audit dept on objections involving Rs 2986.86m of Inland Revenue

ISLAMABAD: The Federal Board of Revenue (FBR) has convinced audit department on its stance on several objections involving Rs 2986.86 million of Inland Revenue. Similarly, FBR has also got recovery of pending receivables from different departments worth Rs 3619.19 million from the audit department. A official source at FBR, Monday, disclosed to Customs Today that audit department had raised objections ... Read More »

FBR’s report on receivables for PAC at final stage

ISLAMABAD: The Federal Board of Revenue (FBR) is preparing to present a comprehensive report along with breakup of the receivables from different kinds of clients; commercial and industrial before the Public Accounts Committee in the upcoming meeting. Receivables are increasing day by day because of the delayed judgments in the pending case with relevant courts. In this regard, FBR’s relevant wing ... Read More »