Wednesday , September 23 2020
Breaking News
Home / Author Archives: M Arshad (page 29)

Author Archives: M Arshad

Suspension of six officials sparks new debate in FBR

ISLAMABAD: The suspension of six officers from service for three months has sparked a new debate among the officials of the Federal Board of Revenue (FBR). Officials on the conditions of anonymity told Customs Today about different views on the issue by the top FBR management. Some termed the act as equal to de-motivating and out of context while few ... Read More »

FBR using effective management system to conduct audit in professional manner

ISLAMABAD: The Federal Board of Revenue (FBR) is taking great care to ensure conduct of audit in a courteous, efficient, professional and effective manner as well as with highest standards of integrity. In order to safeguard the government’s interests, the FBR has established a central risk based and automated “Tax Audit Management System” (TAMS), which is constantly reviewed and improved. ... Read More »

FBR using effective management system to conduct audit in professional manner

ISLAMABAD: The Federal Board of Revenue (FBR) is taking great care to ensure conduct of audit in a courteous, efficient, professional and effective manner as well as with highest standards of integrity. In order to safeguard the government’s interests, the FBR has established a central risk based and automated “Tax Audit Management System” (TAMS), which is constantly reviewed and improved. ... Read More »

Pakistan successfully conducted record six reviews with IMF, optimistic about 7th review success: Dar

ISLAMABAD: The Finance Ministry is optimal optimism that Pakistan would successfully conduct 7th review of Extended Funds Facility (EFF) of the International Monetary Fund (IMF). However, it is unclear whether the government will cut Public Sector Development Program by the same amount or the budget deficit ceiling of 4.9 percent of the GDP will be relaxed. “With the successful conduct ... Read More »

Dastgir apprises Sri Lankan President about MoC’s determination to expand Free Trade Agreement

ISLAMABAD: The Minister for Commerce Engr Khurram Dastgir, Monday, reiterated Ministry of Commerce’s (MoC) determination to incorporate few new chapters in the agreement to further expand the jurisdiction of Pakistan and Sri Lanka Free Trade Agreement (PSFTA). Bilateral trade between Pakistan and Sri Lanka both the countries in 2013-2014 was US $ 322.172 million. Pakistan exported worth US $ 260.239 ... Read More »

Dar for transparency in disinvestment of govt’s shares in HBL

ISLAMABAD:  Finance Minister Ishaq Dar, on Monday, directed the Privatization Commission (PC) to ensure transparency in disinvestment of Government’s shares in Habib Bank Limited (HBL). HBL with a network of over 1500 branches and over 1000 ATMs in the country and 55 branches worldwide, has a domestic market share of over 40%. It continues to dominate the commercial banking sector with ... Read More »

Dar to review progress on HBL & other SOEs’ privatization today

ISLAMABAD: Finance Minister Ishaq Dar will review the progress on privatization process of Habib Bank Limited and other State Owned Entities (SOEs) placed on list of privatization today (Monday). Privatization Commission (PC) expects proceeds of about $ 600 million dollars out of selling a stake in Habib Bank Ltd (HBL). The government owns 609 million shares of Habib Bank, or ... Read More »

FBR to take action against corporate companies for not following Finance Bill 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to deal strictly with corporate companies failing to comply with instructions, prescribed in the Finance Bill 2014-15. FBR has granted one week to corporate companies either to deposit 5 percent tax on total value of shared bonus out of profit or pay 5percent SHARES of total amount of dividends given to ... Read More »

FBR to take action against corporate companies for not following Finance Bill 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to deal strictly with corporate companies failing to comply with instructions, prescribed in the Finance Bill 2014-15. FBR has granted one week to corporate companies either to deposit 5 percent tax on total value of shared bonus out of profit or pay 5percent shares of total amount of dividends given to ... Read More »

FBR all set for today’s TAC meeting, Member Customs to give briefing on taxation issues

ISLAMABAD: Federal Board of Revenue (FBR) has made all arrangements for today’s (Saturday) important meeting of the Tax Advisory Council (TAC).  In response to the invitations dispatched by the FBR to of 22 members to attend the meeting, some 18 members of the TAC have confirmed their participation in today’s meeting.  FBR has key focus to get recommendations from TAC ... Read More »

PML-N govt has borrowed Rs 2.013 trillion from domestic financial institution since June 2013

ISLAMABAD: The current government has borrowed more than Rs 2.013 trillion from domestic banking and non-banking institutions since June 2013. “The government has taken Rs 998.1 billion from the banking sector, while Rs 1,015.5 billion from non-banking financial institutions as loan,” a well-placed source at the Finance Ministry informed this scribe. The government also gained a total external debt of ... Read More »

14 out of Paperlinx’s 19 British sites to be closed, cutting up to 693 jobs

LONDON: Paperlinx chief executive Andy Preece declares the paper merchanter has “drawn a line in the sand” after sinking more than $100 million into its struggling British operations for no reward over the past five years. With most of the company’s British division now under voluntary administration, Mr Preece is confident the remaining Australian and Asian businesses will be unaffected ... Read More »

Vision 2025, 3G, 4G auction: WTO hails economic performance of Pakistan

ISLAMABAD: World Trade Organisation (WTO) has appreciated the economic performance of the government in the last two years during the Trade Policy Review held in Geneva last week Minister for Commerce Engr. Khurram Dastgir Khan will highlight Ministry of Commerce’s (MoC) achievement in getting appreciation of trade policy by World Trade Organisation (WTO). Source at MoC told Customs Today that ... Read More »

FBR summons meeting of Tax Advisory Council members on Saturday

ISLAMABAD:  Ahead of budget preparation process, the Federal Board of Revenue (FBR) has called a meeting of members of Tax Advisory Council (TAC) here on Saturday, April 4. Last year, the FBR formed TAC to recommend new measures for the next budget 2014-15. The idea to constitute a tax advisory body had originally been floated to simplify tax laws, plug ... Read More »

World Trade Organisation hails economic performance of Pakistan in Geneva meeting

ISLAMABAD: World Trade Organisation (WTO) has appreciated the economic performance of the government in the last two years during the Trade Policy Review held in Geneva last week Minister for Commerce Engr. Khurram Dastgir Khan will highlight Ministry of Commerce’s (MoC) achievement in getting appreciation of trade policy by World Trade Organisation (WTO). Source at MoC told Customs Today that ... Read More »

Finance Ministry takes prudent measures to ensure stellar economic performance 

ISLAMABAD: The Finance Ministry has taken prudent measures to ensure stellar record of economic performance of the country. “Although, the stellar record of economic performance of Pakistan could not be maintained for the last one decade due to domestic and external factors, yet the Finance Ministry developed National Power Policy (2013) to provide a roadmap for providing affordable energy to ... Read More »

Petty conditions for de-notification of performance allowance cost millions to FBR officials

ISLAMABAD: Officials of the Federal Board of Revenue (FBR) are facing loss of millions of rupees on account of new guidelines for performance allowance. Although the FBR has started restoration of performance allowance to the officials, suspended performance allowance has inflicted loss of millions to officials. “Almost 62 officers from BS-17 to BS-21 have been deprived of performance allowance on ... Read More »

Customs detects 6,660 cases involving tax evasion of Rs 15.82 billion in 2 years

ISLAMABAD: The Pakistan Customs detected 6,660 cases of seizures, mis-declaration or under/over invoicing involving an amount of customs duty and other taxes of Rs 15.825 billion in the last two fiscal years; 2013-14 and 2012-13. “In this connection, 110 FIRs were lodged whereas 179 persons have been arrested; resultantly, an amount of Rs 2,425.978 million has been recovered so far,” ... Read More »

New policy measures makes business costly for tax evaders in Finance Act 2014

ISLAMABAD: New policy measures, including by the Finance Ministry through Finance Act, 2014, have made business costly for the tax evaders and defaulters. One of the steps was introduction of a new regime for income tax returns filers and non filers on certain transactions. The higher rates of tax for non filers will not only prod non filers to file ... Read More »

MoC awaits approval of PC-1 of 120,000 training program from Planning Division

ISLAMABAD: Realizing export potential of textile sector the Ministry of Commerce (MoC) moved a training program of unskilled in value added to the government. Pakistan exports limited range of garments and made ups. Efforts would be made to widen the production base to include value-added products such as children wear, lingerie, beachwear, leisure wear, technical textiles, geo textiles and medical ... Read More »