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Author Archives: M Arshad

FBR’s Rs51546.82m receivables pending due to sub judice nature of cases

ISLAMABAD: Receivables of Federal Board of Revenue (FBR) amounting to Rs 51546.82 million are lying pending due to the sub-judice nature of cases. Actually due to limited available human resources have marooned the revenue collection performance of FBR in the recent years; however, the current FBR leadership has taken measures to speed up the prosecution of cases worth millions of ... Read More »

Vigorous investment & gradual recovery of exports accelerate economic growth

ISLAMABAD: Vigorous investment and gradual recovery of exports have accelerated Pakistani economic growth; therefore, among the commodity importing economies, several central banks in East and South Asia, including China, the Republic of Korea, Malaysia and Pakistan, raised interest rates in 2017 and 2018. According to the UN report titled ‘The World Economic Situation and Prospects as of mid-2018’, among the ... Read More »

Finance Ministry approves Rs2584.2m for FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has obtained approval of demands of Rs 2584.2 million from the Finance Ministry to meet the expenditures for the upcoming fiscal year 2018-19. These demands have been put forward by the FBR and its departments i.e. Customs and Inland Revenue. Furthermore, a source at FBR shared the details with Customs Today Wednesday that ... Read More »

FBR must conduct study to gauge revenue loss due to tax exemptions to Chinese companies

  ISLAMABAD: The recent unearthed tax evasion by Chinese company has stirred a debate at Federal Board of Revenue (FBR) about loss to revenue collection due to tax exemptions granted to Chinese companies. In 2016, income generated by contractors and sub-contractors of those five companies China Overseas Ports Holding Company Limited, the China Overseas Ports Holding Company Pakistan (Private) Limited, ... Read More »

Finance Minister Miftah Ismail dispels impression of further burdening masses with more taxes

ISLAMABAD: The Finance Minister Dr Miftah Ismail, dispelled the perception of further burdening the masses with more taxes through the finance bill 2018, saying that tax relief to all segments of society had been provided through budget for fiscal year 2018-19 and additional taxes were avoided which was  unprecedented in the budgetary history of the country. He further said that ... Read More »

FBR, Revenue Division to get approval of Rs2622m for upcoming Fiscal year today

ISLAMABAD: The Federal Board of Revenue (FBR) along with Revenue Division going to get approval of Rs2622 million to meet their expenditures for the upcoming fiscal year. In this regard, the Finance Ministry is going to place demands before the Lower House of the Parliament today (Tuesday). In this connection, the Finance Minister will present three demands before the National ... Read More »

FBR’s tax & revenue recommendations to be incorporated in budget

  ISLAMABAD: The Federal Board of Revenue (FBR) has got almost all the tax and revenue related budgetary proposals approved from the parliament. Now those proposals are going to be passed along with the budget for the fiscal year 2018-19. Sources at FBR told Customs Today that on the recommendations of the FBR, the Upper House of the Parliament had ... Read More »

Finance Minister likely to wind up budget debate in National Assembly today

ISLAMABAD: The Finance Minister Dr Miftah Ismail is likely to wind up of general discussion on the Budget for the year 2018-2019 today (Friday) in the lower house of the Parliament. Minister of State for Finance and Revenue Rana Muhammad Afzal Khan, Thursday, concluded the debate on budget in the Senate. A source told Customs Today that Finance Minister was ... Read More »

FBR assures lawmakers of looking into different WHT rates for commercial, industrial importers

ISLAMABAD: The Federal Board of Revenue (FBR) assured the lawmakers of looking into the issue of different rates of withholding tax for industrial and commercial importers. In this regard, Member Customs Muhammad Zahid Khokhar assured the National Assembly Standing Committee on Finance and Revenue that he would take up the proposal of committee with FBR Chairman Tariq Mahmood Pasha to find ... Read More »

Senate Finance Committee approves 50% FED cut on domestic air tickets

ISLAMABAD: The Senate Standing Committee on Finance and Revenue, approved 50% cut in the federal excise duty on air tickets for domestic flights. Committee also endorsed import duty in equal ratio on the imported Hybrid and electric cars. These proposals were moved by the Deputy Chairman Salim Mandviwala who had also been chairman of the committee in his previous tenure ... Read More »

Senate body approves 10-year tax exemption for new oil refinery

ISLAMABAD: The Senate Standing Committee on Finance and Revenue Monday finalized all the recommendations in the budgetary proposals moved by the Federal Board of Revenue (FBR) for the federal budget for the upcoming fiscal year 2018-19. FBR had moved amendments in the Income Tax Ordinance 2001, Federal Excise Act 2018, and Customs Act 1969. In the line of FBR’s amendments, ... Read More »

Lack of administrative, building infrastructure hinders FBR from increasing revenue collection

ISLAMABAD: The lack of both administrative and building infrastructure is badly affecting the broadening of tax base as well as the revenue collection efforts of the Federal Board of Revenue (FBR). At present, the FBR is lower both in number of tax offices and tax offices to population ratio and millions are being spent on rent for office buildings every ... Read More »

Senate Finance & Revenue Committee reviews 26 of 107 tax amendments of FBR

ISLAMABAD: The Senate Finance and Revenue Committee held a detailed review of the 26 amendments moved by the Federal Board of Revenue (FBR) in Income Tax Ordinance 2001 for the federal budget 2018-19. The committee also approved a large number of amendments proposed by the FBR in the Federal Excise and Taxation Ordinance 2018. The amendments moved by the FBR ... Read More »

FBR collects Rs55b FED from tobacco industry during 10 months: Pasha

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said that introductory slabs of the tax rates on cigarettes had produced positive results in overcoming the sale and manufacturing of illegitimate cigarettes in the country. FBR has collected Rs 55 billion tax from the tobacco sector in first ten months of the current fiscal year and hopefully, tune of ... Read More »

Senate Finance Committee approves FBR recommendations in Customs & ST Acts

ISLAMABAD: The Senate Finance and Revenue Committee, approved the recommendations moved by the Federal Board of Revenue (FBR) along with some amendments in the Customs Act 1969 and Sales Tax Act 1990. FBR had moved amendments in both the acts just to ease and improve the performance of relevant wings by granting more powers to the concerned officers. Senate committee ... Read More »

PAC to write SC for early judgments in FBR’s revenue related cases

ISLAMABAD: The Public Accounts Committee (PAC) of the Parliament, announced to write to the Supreme Court to order the courts for early judgments in the sub judice cases involving tax payments of the Federal Board of Revenue (FBR). Almost payments of Rs 5 trillion are lying pending with the parties in result of stay orders issued by the junior courts ... Read More »

FBR to explain reasons of reduced tax collection from tobacco industry before PAC today

ISLAMABAD: The Federal Board of Revenue (FBR) is due to explain the reasons behind the decreased tax collection from tobacco industry during the current and previous fiscal years before the Public Accounts Committee (PAC) of the parliament today (Thursday). In March this year, FBR had admitted that the revenue collection on documented cigarettes further declined to Rs83.69 billion in the ... Read More »

Tax to GDP rate, revenue collection to go higher due to economic measures: Haroon Akhtar

ISLAMABAD: Special Advisor to Prime Minister on Revenue Haroon Akhtar Khan has said, as a result of consistent implementation of economic measures of the government, the tax to GDP ratio will go up along with total tune of revenue collections in the coming fiscal year. He also ruled out the impression about the imposition of economic emergency by the government ... Read More »

Govt will not seek any bailout package from IMF: Miftah Ismail

ISLAMABAD: Federal Finance Minister Miftah Ismail, said that revenue generating measures introduced in the federal budget 2018-19 would help the government avoid any bailout package from the International Monetary Fund or from any other financial institution. The government had introduced the measures in currency market for economic uplift in last December; therefore, the federal government has no plans to approach ... Read More »

Federal Budget 2018-19: Govt announces lowering tax rates to accelerate economic growth

  ISLAMABAD: Under the Structural Reforms during the last Five Years, in a bid to accelerate economic growth, Prime Minister Shahid Khakaan Abbasi has lately announced 5-point economic reform package through which taxes have been lowered. Therefore, the Federal Government, Friday, declared tge lowering of taxes as the biggest tax-cuts in the history of Pakistan. In the federal budget for ... Read More »