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Author Archives: Shahid Minhas

FBR exempts real assets from WHT gifted to blood relatives

ISLAMABAD: Federal Board of Revenue (FBR) has exempted the assets real (gairmanqola) given as gift to blood relatives from withholding tax. According to the sources, FBR has cleared in a circular issued that withholding tax according to Section 236 of Income Tax Ordinance 2001 will be imposed if the assets real are gifted to other relatives than the blood relatives. ... Read More »

FBR not issued audit notice to 44 MPs yet

ISLAMABAD: Federal Board of Revenue (FBR) has yet not issued audit notices to 44 parliamentarians selected through computerized ballot for tax year 2014. As per details, 75,000 taxpayers and 44 parliamentarians including Chief Minister Punjab Shahbaz Sharif, Federal Minister Kamran Michal, Farooq Sattar, Arif Alvi and Akhtar Mengal were selected for the tax year 2014 audit. Sources informed that CM ... Read More »

Rawalpindi Excise collects Rs 380m in first quarter

RAWALPINDI: Excise and Taxation’s property branch has collected Rs 380 million in terms of property tax during the first quarter (July-September) of the current financial year 2015-16. Talking to Customs Today, Excise and Taxation Officer Rawalpindi Shahid Iqbal told that Rs 960 million was assigned as target in the terms of property tax for the current financial year 2015-16 out ... Read More »

PCA recovers Rs 1.3 billion evaded by tax defaulters

ISLAMABAD: Directorate General Post Clearance Audit (PCA) Islamabad has recovered Rs 1.3 billion in wake of tax evasion during financial year 2014-15. According to the sources, Federal Board of Revenue’s (FBR) sub organization PCA has recovered Rs 297 million of tax evasion during FY 2013-14 and during FY 2014-15 it recovered Rs 1.3 billion which shows 333.1% increased. The sources ... Read More »

FBR issues final show-cause notice to Addl Commissioner Mustafa Kamal

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a final show-cause notice to Additional Commissioner Inland Revenue (IR) RTO Karachi Muhammad Mustafa Kamal on corruption charges. According to the final show-cause notice, Muhammad Mustafa Kamal (IRS/ BS 18), during his posting as Additional Commissioner IR Karachi, committed the acts of omission and commission constituting “inefficiency, misconduct and corruption”. The show-cause ... Read More »

Saleem Mandviwala opposes amendment in Anti-Money Laundering Bill 2015

ISLAMABAD: Members of Senate Committee for Finance has opposed the amendment in Anti-Money Laundering Bill 2015 and delayed the consultation till the next meeting. According to details, the committee meeting was held under the chairmanship of Senator Saleem Mandviwala, in which the Director Customs intelligence also participated. Saleem Mandviwala said: “We cannot give infinite authority to any institution or department ... Read More »

Customs seizes non-duty paid cigarettes near Swabi

ISLAMABAD: The Directorate Intelligence and Investigation Inland Revenue of Federal Board of Revenue (FBR) has seized two trucks loaded with non-duty paid smuggled cigarettes near Swabi during the last two days. According to details, during the crackdown against the smuggled and non-duty paid cigarettes, a team of Customs Intelligence and Investigation Inland Revenue intercepted a truck at Swabi and recovered ... Read More »

FBR collects Rs730b taxes in current financial year

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 730 billion taxes during the current financial year, showing an increase of 16.6 percent as compared to the same period last year which was Rs 626.2 billion. Sources told Customs Today that FBR has collected Rs 273.34 billion in the terms of income tax and Rs 320.11 billion in terms of ... Read More »

Quetta Customs told to curb smuggling of Iranian diesel: Khaldun Ul Haq

ISLAMABAD: Deputy Director Customs Intelligence and Investigation (I and I) Islamabad Khaldun Ul Haq has issued office orders to Quetta directorate to follow the strategies set by the Customs Department and focus on stopping the diesel smuggling. Talking to Customs Today, the deputy director said that the Customs had devised special strategies to stop smuggling in the country, especially the smuggling of diesels ... Read More »

ANF confiscates 22.2kg heroin worth Rs 3 billion in different raids

ISLAMABAD: The Anti-Narcotics Force (ANF) has arrested four smugglers and recovered drugs worth Rs 3 billion. The ANF sources told Customs Today that during a crackdown against smuggling, the ANF recovered seven kilograms heroin from Toyota car near Hayatabad Chowk in Peshawar and arrested two suspects named Muhammad Farooq and Qaisar Khan. Sources added that the ANF team has foild a bid to smuggle 210 grams ... Read More »

ANF foils attempt of heroin smuggling at BBIAP

ISLAMABAD: The Anti-Narcotic Force (ANF) has foiled an attempt of heroin smuggling to Saudi Arabia at Benazir Bhutto International Airport (BBIAP) Islamabad and arrested two suspects and recovered four kilograms of heroin in two separated anti-smuggling drives. According to details, the ANF recovered three kilograms high quality of heroin from Mehram Ali, a resident of Lahore. Sources added that the ANF ... Read More »

World Bank proposes FBR to make WHT adjustable

ISLAMABAD: Pakistan has low capital gain tax net and at least 10,000 people are inducted to the capital gain tax,  including 9,000 individual taxpayers, 100 Associations of Persons (AOPs) and 800 companies, it is learnt here. According to details, the World Bank mission revealed these details while giving a presentation to FBR chairman Tariq Bajwa that taxes laws, especially capital gain ... Read More »

Tax evasion: Internal audit, PCA fail to achieve set target

ISLAMABAD: The Directorate General of Internal Audit and Post clearance Audit (PCA) of the Federal Board of Revenue (FBR) have failed to recovered tax evasion according to Auditor General of Pakistan report of 2014-15. Sources told Customs Today that the Auditor General of Pakistan has mentioned in its report for the year 2014-15 that the FBR has established both organizations Internal ... Read More »

FBR opposes proposal of MOIP for 1500cc vehicles

ISLAMABAD: The Federal Board of Revenue (FBR) has opposed the proposal for the establishment of new plants for the 1500cc vehicles. According to sources, the Ministry of Industries and Production (MOIP) has proposed the establishment of new plants for the 1500cc vehicles and also proposed to decrease the prices for 1500cc vehicles in the new auto policy. On the other hand, ... Read More »

ASO recovers Rs 47 billion during last five years

ISLAMABAD: Pakistan Customs and Anti Smuggling Organizations (ASO) has recovered Rs 47 billion of customs duties and arrested 705 smugglers in anti-smuggling raids during the last 5 years. According to sources, the Federal Board of Revenue (FBR) has submitted a report in the senate committee for finance about the performance of the ASO during the last five years. According to the ... Read More »

Two names under consideration for new FBR chief

ISLAMABAD: Finance Minister Ishaq Dar would appoint the District Management Officers (BS-21) Tariq Pasha or Rahmanullah Wazir as a new chairman of the Federal Board of Revenue (FBR) by replacing Tariq Bajwa, it is learnt. Sources said that the finance minister has taken this decision following the proposal of International Monetary Fund (IMF) to enforce the reforms agenda and meet ... Read More »

Customs Islamabad transfers 15 officers

ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad has issued notices for transfers and postings of 15 employees. According to details, Customs Islamabad has posted Deputy Collector Anser Anees at AFU Islamabad, Assistant Collector Amanat Khan at Dryport Recovery Cell while Assistant Collector Dr, Tahir Iqbal Khatak has been post as representative at Customs Appellate Tribunal. Moreover Assistant Collector Sadia Usman has been ... Read More »

FBR issues notices to collector, commissioners for not deciding pending appeals

ISLAMABAD: The Federal Board of Revenue (FBR) has issued show cause notices to a collector of Pakistan Customs Services (PCS) and 10 commissioners of the Inland Revenue (IR) for not deciding the appeals on time. Sources said that the FBR has issued notices to Collector Customs Karachi Zulfiqar Malik as he had failed to decide 19 appeals on time while notices ... Read More »

Peshawar Customs Intelligence seizes smuggled items worth Rs 50m

ISLAMABAD: Directorate Customs Intelligence and Investigation Peshawar has sealed three warehouses, while seizing miscellaneous goods including cloth worth Rs 50 million. According to the details, information received to Deputy Director of Customs Intelligence Peshawar Khayal Mohammad that smuggled goods worth millions of rupees have been kept at the warehouses near Lari Adda Bara Market, Peshawar. Therefore, the Director Customs Intelligence ... Read More »

Customs seizes smuggled items worth Rs 1.2b during July, August

ISLAMABAD: Directorate General Customs Intelligence and Investigation (I and I) Islamabad has seized Rs 1.2 billion smuggled goods and registered 217 cases against smugglers, besides arresting nine suspects during July and August 2015. Deputy Director headquarters Khaldunul Haq told Customs Today that during the course of anti-smuggling activities in July and August of 2015, the Directorate General investigation Islamabad recovered Rs ... Read More »