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Author Archives: M. Faizan

FBR seeks complete record of legal cases from customs field formations

ISLAMABAD: Federal Board of Revenue (FBR) has directed to customs field formations to maintain and provide complete record of the legal cases. Sources told Customs Today that the main objective of the Federal Board of Revenue to examine pursuance of legal cases in cost effective manner, identification of cases decided against the department and reason thereof, whether the cases are ... Read More »

FBR directs to recover Rs16974.79m from M/s International Complex Project

ISLAMABAD: Federal Board of Revenue (FBR) directed Corporate Regional Tax Office (CRTO) Karachi to impose penalty of Rs16974.79 million on the concealment of income by M/s International Complex Project. Federal Board of Revenue has rejected the plea of the CRTO that contested the issue on the grounds that exemption was provided to profit under clause 99 A of Part-1 of ... Read More »

FBR directs to recover Rs181.36m from M/s Samad Enterprises & M/s Jawed Sons

ISLAMABAD: Federal Board of Revenue (FBR) has directed the Regional Tax Office Karachi II to recover Rs181.36 million from two black listed persons, namely M/s Samad Enterprises and M/s Jawed Sons. The persons were allowed sales refunds by RTO Karachi. FBR directed the RTO to fix the responsibility against the persons at fault and start legal proceedings for expeditious recovery of ... Read More »

Ministry of Maritime Affairs takes notice for illegal maintenance work of bungalow located in Lalazar

ISLAMABAD: Ministry of Maritime Affairs has taken serious notice of irregular and unjustified execution of repair and maintenance work on estimated cost of Rs5.277 million on a bungalow located in Lalazar area by the Karachi Port Trust. The ministry has directed that an inquiry should be conducted to ascertain the facts and fix responsibility and standard operating procedures should be ... Read More »

FBR & Ministry of Commerce to revise Certificate of Origin

ISLAMABAD: Federal Board of Revenue (FBR) and Ministry of Commerce (MoC) are jointly considering to revise the contents of Certificate of Origin to plug the loopholes misused by the customs staff and importers to safeguard the government revenue. Sources told Customs Today that during the review of contents of Certificate of Origin revealed that column 9 of Certificate of Origin ... Read More »

FBR directs six field formations to recover Rs7357.74m

ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit II and Corporate Regional Tax Office Karachi, Rawalpindi, Sukkur, Hydarabad and Quetta Regional Tax offices to recover amount of Rs7,357.74 million from 13 taxpayers. According to a report, six field formations of FBR assessed 13 taxpayers at loss. These losses were either assessed incorrectly or carried forward erroneously and ... Read More »

FBR directs LTU to recover Rs183.94m from M/s Nishat Chunian Power Ltd & Pakistan Generation Power

ISLAMABAD: Federal Board of Revenue (FBR) directed Large Taxpayers Unit (LTU) to recover evaded amount of Rs183.94 million from two power generation companies which illegally claimed exemptions and caused national exchequer a loss of Rs183.94 million. According to the details, Federal Board of Revenue directed the Large Taxpayer Unit (LTU) Lahore to fix responsibility and take stern action against the ... Read More »

Sukkur I&I superintendent auctions 200 mobile sets without approval of PTA

ISLAMABAD: Federal Board of Revenue (FBR) took serious notice of  irregular auction of 200 mobile sets without obtaining Type Approval Certificate (PTC) from Pakistan Telecommunication Authority by the superintendent Intelligence and Investigation, Sukkur. FBR directed the directorate of Intelligence & Investigation concerned to take action and submit the comprehensive reply. It is important to mention here that according to Federal ... Read More »

KPT invested Rs27b in national saving schemes without approval of govt

ISLAMABAD: Karachi Port Trust (KPT) has invested more than Rs 27 billion from pension and provident funds of the employees of the KPT in national saving schemes without the prior permission of the Government of Pakistan. Auditor General of Pakistan said that investments made with the national savings in violation of the government instructions. According to the report, the management ... Read More »

Finance division imposes ban on entertainment & gifts funds

ISLAMABAD: Ministry of Finance Budget Wing imposed ban in federal budget on the expenditure under the head of “Entertainment & Gifts” for all federal ministries, divisions and related departments and ordered to surrender the remaining balance. The governors of provinces will also show compliance on the orders of finance division as a federal representative. Deputy Secretary Finance Division Budget Wing Sajjad Azhar ... Read More »

FBR takes strict notice of non-compliance of auction rules by field formations

ISLAMABAD: Federal Board of Revenue (FBR) has taken strict notice of non-compliance of auction rules by Lahore, Peshawar, Islamabad and Faisalabad field formations. Sources told Customs Today that it has been revealed in a report that field offices of Federal Board of Revenue at Lahore, Peshawar, Islamabad, and Faisalabad did not record National Tax Numbers of successful bidders and take copy ... Read More »

Benami law likely to become operational this week: FBR Member Hamid Attiq Sarwar

ISLAMABAD: Federal Board of Revenue (FBR) Member Tax Policy, Hamid Attiq Sarwar has said that benami law is likely to become operational during current week, allowing the government to take strict actions against the real owners of benami asset holders and confiscate the benami properties in the favor of government. Addressing a press briefing with Member Inland Revenue Operations Seema ... Read More »

FBR will achieve revenue collection target of current FY: Hammad Azhar

ISLAMABAD: Minister of State for Revenue Hammad Azhar hoped that Federal Board of Revenue (FBR) will achieve the tax revenue targets set by Rs 5400 billion for Fiscal Year 2018-19. At least Rs 1946 billion were set aside for paying interest on loans. Talking with Customs Today he said the circular debt rose from Rs400 billion to Rs1400 billion during ... Read More »

FBR directs LTU to recover evaded amount of Rs669.486 from four textile mills

ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit (L:TU) Karachi to recover the sales tax amounting to Rs669.486 million from four textile mills including M/s Al Karam Textile NTN (069806-3), M/s Gul Ahmed Textile NTN (0698283-2), M/s Tata Textile Mills NTN (0698400-2) and M/s Dewan Textile NTN (0698400-2). According to the details, it was revealed in the ... Read More »

FBR directs to enhance vigilance at Export Processing Zone

ISLAMABAD: Federal Board of Revenue (FBR) directed the officers and officials dealing with the Export Processing Zones (EPZs) to keep monitoring and take timely action where they find irregularities which may cause a huge loss to government. According to the sources, Federal Board of Revenue has issued instructions that customs authorities should strengthen internal controls from import of input goods ... Read More »

FBR detects 2 cases of irregular claims of Rs114.73m by M/s Fatima Residency & M/s Capital Assets Leasing Corporation

ISLAMABAD: Federal Board of Revenue (FBR) detected two cases of irregular claims of losses amounting to Rs114.73 million by M/s Fatima Residency and M/s Capital Assets Leasing Corporation. According to details, M/s Fatima Golf Residency (NTN 3921232) under the jurisdiction of Regional Tax Office-III, Karachi declared net income amounting to Rs3.172 million; however due to claiming of unadjusted business loss of ... Read More »

PM Imran directs FBR to catch tax evaders & broaden tax net

ISLAMABAD: Prime Minister Imran Khan directed Federal Board of Revenue(FBR) to focus on recovery from tax evaders and to broaden the tax net. He was chairing a meeting in Islamabad on Wednesday to introduce reforms in Federal Board of Revenue. Prime Minister Imran Khan also advised Offshore Taxation Commissionerates to solve cases pertaining to offshore assets at the earliest. He ... Read More »

FBR seeks reply from Customs Exports over escaping of seized vehicles from EPZ

ISLAMABAD: Federal Board of Revenue has ordered Customs Collectorate Exports, Port Mohammad Bin Qasim to inquire that how two vehicles, including one seized vehicle loaded with the cigarette paper (5,620) kg belonged to M/s Sun Gravure, were managed to escape in the presence of Custom Preventive staff from the main gate of Export Processing Zone Karachi. Sources told Customs Today that ... Read More »

FBR directs RTO Hyderabad to recover Rs1.709m from M/s Mast Qalander Cotton Ginners

ISLAMABAD: Federal Board of Revenue (FBR) directed Regional Tax Office Hyderabad to recover government dues amounting to Rs1.709 million from M/s Mast Qalander Cotton Ginners (National Tax Number 4012115-1). Sources told Customs Today, M/s Mast Qalander Cotton Ginners made taxable supply of Rs10.679 million to the M/s Al-Muqeet Textile (Pvt) Ltd NTN 1858071-8 (Aative) at zero rate, and it was ... Read More »

FBR takes serious notice of filing cases without approval of legal wing

ISLAMABAD: Federal Board of Revenue took serious notice that Customs Collectorates Peshawar, Islamabad and Lahore (Appraisement & Preventive) filed appeals and customs references before the high court after approval of the legal committee constituted by the concerned collector instead of referring the matters to legal wing for seeking guidance for future action. Sources told Customs Today that majority of the ... Read More »