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Author Archives: M. Faizan

No proposal to change Rs5000 currency notes : Asad Umar

ISLAMABAD: Federal Minister for Finance and Revenue Asad Umar on Monday denied reports regarding discontinuation of Rs5,000 currency notes, and termed the news being circulated on social media as baseless. Talking to media outside the Parliament House, he said that no such proposal is under consideration. He said that present government is determined to reduce poverty in the country and ... Read More »

RITBA expresses concerns over continued delay of hearing of tax cases involving Rs1,260b

ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) showed concerns over continued delay in announcing the decisions about tax cases involving Rs1,260 billion. RITBA Vice President Ch Naeemul Haq, while talking with Customs Today, said that cases of Rs450 billion are pending in the Appellate Tribunal Inland Revenue (ATIR) while cases involving Rs256 billion are awaiting a decision at the level ... Read More »

New govt should take notice of misuse of green channel facility: RITBA President Syed Tauqeer

ISLAMABAD: Rawalpindi-Islamabad Tax Bar Association (RITBA) President Syed Tauqeer Bukhari has said a new and equitable tax system is imperative for a successful ‘Naya Pakistan’. New government should also review the green channel facility and its unlawful use by a few black sheep in customs department which is causing loss of Rs1000 billion every year to national exchequer. He expressed these ... Read More »

AG directs FBR to recover inadmissible allowances of Rs24.50m from 519 officials

ISLAMABAD: Federal Board of Revenue (FBR) and its eleven field formation offices have paid inadmissible pay and allowances of Rs24.50 million to 519 officers and officials during different kinds of leaves, absence from duty and retirement, it has been revealed by the report of Auditor General of Pakistan. Auditor General has directed to the Federal Board of Revenue to recover government ... Read More »

FBR’s notices to Pakistanis having assets in UK, Dubai resulting in harassment among taxpayers: RITBA President

ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) President Syed Tauqeer Bukhari has said that FBR’s decision to issue notices to hundreds of Pakistanis having assets in the UK and Dubai is perplexing and illegal which is resulting in unnecessary harassment among taxpayers. He expressed these views during an exclusive interview with Customs Today. He said that those who have availed ... Read More »

Collector Adjudication Seema Bokhari issues show-cause notice to owner of NDP goods

ISLAMABAD: Collector Adjudication Seema Raza Bokhari has issued a show-cause notice to Muhammad Haroon and Akhtar Wali who are nominated as accused persons in FIR case no. 33/2018 of seized smuggled goods (cloth 16000 kilogram ) which were recovered from Karkhano Market. She has directed to both reporting agency and respondent to furnish documentary evidence and to present oral arguments. ... Read More »

FBR takes notice of unlawful refunds of Rs2097.22m to taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) field formations are involved in issuance of unlawful refunds of Rs 2,097.22 million without fulfilling of required formalities, disclosed FBR report. According to report, 12 twelve field formations of Federal Board of Revenue have issued refunds to one hundred sixty five (165) taxpayers without adjustment of outstanding liabilities, credit of tax payments given without ... Read More »

Ministry directs KPT to recover royalty of $50m from M/s Hutchison Port Holdings Ltd

ISLAMABAD: Ministry of Maritime and Fisheries (Port & Shipping) directed Karachi Port Trust to recover royalty of $50 million from M/s Hutchison Port Holdings Limited. According to the details, management of Karachi Port Trust awarded the contract of terminal operations of Pakistan Deep Water Container Port to M/s Hutchison Port Holdings Limited vide concession agreement but due to certain reservations, ... Read More »

New govt will make major changes in tax system: Imran Khan

ISLAMABAD: The expected Prime Minister Imran Khan has given indication regarding major changes in tax authority (Federal Board of Revenue) and clearly said that Pakistan Tehreek-e-Insaf government will show zero tolerance against corruption and corrupt elements. Addressing the first parliamentary meeting, he also stressed the need of major reforms in tax system and said his government will seriously concentrate on ... Read More »

Eight field formations refused to provide record of 4,909 cases to AGP

ISLAMABAD: Auditor General of Pakistan office has disclosed in audit report that eight field formations of Federal Board of Revenue has refused to provide the auditable record of 4,909 cases requisitioned by audit teams. Sources told Customs Today, on Monday that auditor general held that non production of record was a serious violation of law, as it created hindrance in ... Read More »

FBR directs CRTO Lahore to take action against M/s Habib Construction Services Pvt Ltd

ISLAMABAD: Federal Board of Revenue (FBR) ordered the Corporate  Regional Tax Office (CRTO) Lahore to take immediate corrective action under Section 122 (5) of the Income Tax Ordinance,2001 against M/s Habib Construction Services Private Limited (NTN 3237053) for concealment of income and causing loss of Rs855.30 million to public exchequer According to details, M/s Habib Construction Services who falls under ... Read More »

FBR directs four companies to pay evaded amount of Rs230m on priority basis

ISLAMABAD: Federal Board of Revenue (FBR) issued notices to four companies to pay Rs230 million in the head of sales tax and ordered the related RTOs for legal proceeding in case of non-compliance of FBR notices. According to details FBR issued notice to M/s Pesco (NTN 2228080) registered with RTO Peshawar made payments to suppliers but did not withheld 1/5th ... Read More »

Ministry directs KPT to recover Rs128.137m from M/s Grand Leisure Corp Pvt Ltd

ISLAMABAD: Ministry of Maritime, Port & Shipping ordered Karachi Port Trust (KPT) to recover the outstanding royalty and delay charges amounting to Rs128.137 million from food court contractor. Sources told Customs Today that the contract was signed on 29th November 2004 between M/s Grand Leisure Corporation Private Limited Karachi and Karachi Port Trust to set up food court on BOT ... Read More »

FBR orders field formations to recover evaded ST amount of Rs1120.98m

ISLAMABAD: Federal Board of Revenue (FBR) ordered to 16 field formation including Karachi, Peshawar and Faisalabad to expedite efforts for recovery of Rs1120.98 million under the head of sales tax from 905 tax payers acting as withholding agents. Sources told Customs Today that Federal Board of Revenue received credible information that dozens of registered companies and non-registered persons are not ... Read More »

No pressure or political interference will be applied on FBR: Asad Umar

ISLAMABAD: Future Finance Minister Asad Umar has said that PTI government will facilitate exporters, industrialist and business community to promote the economy and create employment in the country. He expressed these views while talking with Customs Today. He said there is no emergency plan to go to the IMF for new agreement. All the policies related to Pakistan economy will ... Read More »

Current Tax Amnesty Scheme is last chance for tax evaders, black money holders: Additional Commissioner IR Ali Adnan

ISLAMABAD: Additional Commissioner (Inland Revenue) Large Taxpayers Unit Ali Adnan said that under the automatic exchange of information program of OECD, the foreign assets and bank accounts details of Pakistanis in 104 countries including UK, USA and Switzerland will be transmitted to the Federal Board of Revenue. He expressed these views during an exclusive interview with Customs Today. He warned ... Read More »

Pakistanis must take advantage of Tax Amnesty Scheme: Ghulam Mustafa Hassan

ISLAMABAD: Chief Commissioner Large Taxpayer Unit FBR Ghulam Mustafa Hassan has said that present amnesty scheme is the most successful scheme in the history of Federal Board of Revenue. He said no imposition of penalty and prosecution would be made under any law in future against amnesty scheme holders, therefore, it is golden opportunity and Pakistanis must take the advantages ... Read More »

Senate Standing Committee seeks report over closure of power loom units in Faisalabad

ISLAMABAD: Senate Standing Committee on Commerce and Textile in its meeting discussed the matter of collapse of power loom sector in Faisalabad in connection with a point of public importance raised by Senator Mian Muhammad Ateeq Sheikh in the House that was subsequently referred to the committee. The standing committee meeting was held under the chairmanship of Senator Syed Shibli ... Read More »

22 projects of CPEC worth $28.6b are under implementation: Dr Shamshad

ISLAMABAD: Minister for Finance, Planning, Development & Reforms Dr Shamshad Akhtar said that substantive growth has been made in China-Pakistan Economic Corridor (CPEC) projects during last five years, wherein a total of 22 projects worth around $28.6 billion in CPEC portfolio are under implementation. She expressed these views while addressing 55th CPEC Progress Review Meeting, which was attended by Chinese ... Read More »

Concessions to people of FATA/PATA & Malakand division are still in place: Dr Iqbal

ISLAMABAD: The meeting of Senate Standing Committee on Finance, Revenue and Economic Affairs was held under the chairmanship of Senator Farooq H. Naek.  The meeting was attended by Senator Mian Muhammad Ateeq Shaikh, Senator Mohsin Aziz, Senator Dilawar Khan, Senator Khanzada Khan, Senator Anwarul Haq Kakar and senior officers from the Federal Board of Revenue (FBR), Ministry of Finance and ... Read More »