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Author Archives: Shahid Minhas

FBR to conduct forensic audit of telecom companies

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to conduct forensic audit of telecom companies under the World Bank project. According to the sources, the FBR and the World Bank mission have agreed upon the risk Parameter Development for the forensic audit of telecom companies in Pakistan. Meanwhile, the dialogues between the World Bank mission and the FBR officials will ... Read More »

SC dismisses appeal of 121 importers against encashment of bank guarantees

ISLAMABAD: The Supreme Court of Pakistan has dismissed the application of 121 importers, seeking stay order against the encashment of bank guarantees submitted by them against provisional release of their consignments. During the hearing, the court observed that the regulatory duty imposed on import of iron and steel products does not exceed the rates, which were set by the Government ... Read More »

Only 326 parliamentarians submit tax returns out of 1,174

ISLAMABAD: Only 326 parliamentarians have submitted their tax returns out of 1,174 as Wednesday is the last date for submission of tax returns, according to the Federal Board of Revenue (FBR) data. According to the sources, 848 elected members have yet to submit their tax returns. The  Election Commission of Pakistan (ECP) has already issued stern direction for submission of tax ... Read More »

Deadline for filing tax returns for TY 2015 to expire today

ISLAMABAD: The Federal Board of Revenue (FBR) has urged taxpayers to put forward their income tax returns for the tax year (TY) 2015 positively by Wednesday as September 30, 2015 is the last date for the submission of tax returns. In case of failure, the FBR will take actions against the non-filers as per rules. The FBR has advised that it ... Read More »

Offer to pay property tax with concession ends today

ISLAMABAD: The property taxpayers can avail concession up to five percent till September 30, 2015 (today). As per details, the Excise and Taxation Department has offered the concession to facilitate the property owners as after the expiry of the last date the taxpayers will have to pay full amount of tax. Sources added that Rawalpindi Excise and Taxation has issued ... Read More »

FBR devises strategy to increase tax to GDP ratio to10-15pc

ISLAMABAD: The Federal Board of Revenue (FBR) has devised a comprehensive programme to enhance resource mobilization efforts in the country and increase tax to GDP ratio to 10-15 percent in the next few years. According to sources FBR has taken the following initiatives for overall improvement in the tax system: Broadening of Tax Base: for broadening of tax base has ... Read More »

Pakistan tax systme facing structural problems

ISLAMABAD: The Pakistan’s taxation system suffers serious structural problems manifested in a tax to GDP ratio that is the lowest in the region, it is learnt here. Sources told Customs Today that multifarious ailments in the economy and systemic weaknesses are a few causes of poor revenue generation. The economy is largely non-documented where most economic transactions disappear without leaving a trace. ... Read More »

FBR asks Post Office Department to explain levy of extra taxes on filers

ISLAMABAD: The Federal Board of Revenue (FBR) has asked the Post Office Department to explain levy of extra taxes instead of withholding tax on filers. According to the sources, the FBR has received several complaints from taxpayers that the post offices are charging  extra withholding tax from filers and tax returns copies are being demanded from taxpayers for checking their names ... Read More »

Collectors, Deputy Collectors resume duty after Eid

ISLAMABAD: Customs House has been re-opened after Eidul Azha holidays and now all officials have started their routine work. Collector, Customs collectorate Islamabad Zeba Hai, Additional Collector MCC Islamabad Waheed Ulaah Marwat, Deputy Collector MCC Islamabad Yawar Nawaz have also resumed their duties.On the other hand, Collector Adjudication MCC Islamabad Muhammad Ali Raza, Deputy Collector Adjudication Kaukab Farooq have also joined ... Read More »

’80pc of 712 invested in UAE real estate are non-taxpayers’

ISLAMABAD: As many as 712 people have invested in property projects abroad, while 80 percent of them are non-taxpayers as they have no any national tax number and sales tax registration, it is learnt. Sources said that 648 persons have invested in a UAE-based project of Damac Properties, while 64 have invested in the project of NSHAMA Properties. They revealed that ... Read More »

Customs Investigation tightens scrutiny at check posts to curb smuggling: DC Shahid Jan

ISLAMABAD: Deputy Director Customs Investigation and Intelligence Rawalpindi, Shahid Jan, has said that checking on the checkpoints has been tightened to stop smuggling during Eid days. While talking to Customs Today, the deputy director said that the Customs Intelligence has started checking of every vehicle strictly in order to arrest unscrupulous elements as there is possibility that smugglers expedite their activities on ... Read More »

Customs deploys three inspectors as vigilance officers

ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad has deployed three inspectors of the Collectorate as duty/vigilance officers in the field. Deputy Collector headquarters Yawar Nawa has issued order Vide No C.NO. (CIR)129/2015/14681, that three inspectors, Muhammad Hameed, Shahnaz Gull and Ghulam Mustafa have been deployed at Preventive division, Islamabad UAB, AB, BBI Airport are bounds to work as duty/vigilance officers. ... Read More »

Dar directs FBR to achieve quarterly revenue target

ISLAMABAD: Federal Finance Minister Ishaq Dar has directed the Federal Board of Revenue (FBR) to achieve its quarterly revenue target for the month of July to September 2015. According to the credible sources, the finance ministry has set a target of Rs 647 billion for the first quarter of fiscal year 2015. Ishaq Dar has also directed that no extension ... Read More »

Collector Muahmmad Ali Raza to celebrate Eidul Azha in Faisalabad

ISLAMABAD: Collector, Model Customs Collectorate Adjudication (MCCA) Islamabad Muhammad Ali Raza will celebrate Eidul Azha in his native district, Faisalabad. According to details, Collector MCC Adjudication Muhammad Ali Raza has returned from Brussels after attending an official meeting and now he will celebrate Eid in his hometown Faisalabad. Sources told Customs Today that Muhammad Ali Raza will join his duty after Eid ... Read More »

FBR directs Customs officials to work in close liaison with border security agencies

ISLAMABAD: Federal Board of Revenue (FBR) has directed the officials of Pakistan Customs Services (PCS) to conduct weekly meeting with the border security agencies to strengthen system more against smuggling. Sources said that FBR has developed a new anti-smuggling policy under which the board has asked customs officials to coordinate and keep close relations with other law enforcement agencies. And ... Read More »

Govt directs FBR to ensure quality of solar power equipments

ISLAMABAD: The federal government has directed the Federal Board of Revenue (FBR) to ensure the standard of material in imported solar power equipment. Following the complaints regarding the import of low quality equipment, the federal government has issued instructions to the FBR. Sources added that Alternative Power Development Board has issued a report after the consultations with provincial department of ... Read More »

Customs Intelligence issues notice for Eidul Azha holidays, forbids extra leaves

ISLAMABAD: The Directorate General of Customs Intelligence and Investigation (CII) Islamabad has directed all officials of the Customs Intelligence, including the staff at the headquarters, not to take any leave before or after Eid. Strict disciplinary action will be taken against those employees who will not follow the instructions regarding the notice of Eidul Azha leaves. According to sources, the ... Read More »

Federal govt plans to establish new autonomous revenue authority

ISLAMABAD: The federal government has decided to establish a new independent and autonomous body ‘Pakistan Revenue Regulatory Authority’ (PRRA) to curb tax evasion, money laundering and to broaden tax net. Sources told that PRRA will be consisting of five members, while three seats will be allocated to economists, one seat to a lawyer and one seat to a charted accountant. ... Read More »

FBR introduces new system to measure actual production of manufacturers

ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new tracking system ‘Electronic Monitoring of Production Volume’ for getting real time production figures of manufacturing companies. Sources said that the FBR was facing a decline in sales tax collection at the stage of manufacturing as the production was reported less than the actual figures. The sources added that system ... Read More »

FBR starts scrutinizing tax returns of private educational institutions

ISLAMABAD: The Directorate General Inland Revenue of the Federal Board of Revenue (FBR) has started collecting data of big private educational institutions. According to sources, owners of these educational institutions did not submit their real income tax returns while several send money to foreign countries via hundi and receive back after converting it into dollars.  Sources further said that Directorate General Inland Revenue ... Read More »