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FBR acting Chairman to visit Karachi Customs House next week

KARACHI: The Federal Board of Revenue acting Chairman Shahid Hussain Asad is likely to visit Karachi Customs House next week. The FBR sources confirmed Customs Today that the acting chairman Shahid Asad would expected to visit customs house next week where he will hold meetings with the Customs officers. It further informed this scribe that the agenda of the meeting ... Read More »

Eid holidays: Exchequer likely to suffer Rs25-30b loss

ISLAMABAD: National exchequer may suffer Rs25-30 billion loss due to long holidays of Eid-ul-Fitr. Due to which revenue target of the first month of FY2014-15 could not be achieved. Acting FBR Chairman Shahid Hussain Asad told Customs Today that closure of businesses during Eid holidays will certainly affect the revenue collection. “At least Rs 6 billion revenue is being collected ... Read More »

Bajwa’s absence: Race for FBR chairman post hots up

ISLAMABAD: The race for the Chairman post of the Federal Board of Revenue has been taking curious turns with the senior officers throwing their hats into the ring. After the FBR Chairman Tariq Bajwa left his office few days ago on leave, there were huge curiosity that “who will be the next FBR Chairman” if Mr. Bajwa will transferred to ... Read More »

Govt decides to appoint Tariq Bajwa as Finance Secretary

ISLAMABAD: The government has decided to appoint FBR Chairman Tariq Bajwa as Finance Secretary, sources told Customs Today. Sources said that Tariq Bajwa will replace incumbent Finance Secretary Waqar Masood in the middle of August. Seat of FBR Chairman will be vacant after posting of Tariq Bajwa to the office of Finance Secretary. The federal government has also started mulling ... Read More »

FBR starts homework to achieve revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) has started evolving a foolproof strategy to achieve the revenue target set for the current financial year. According to details, for the execution of budgetary measures, consecutive meetings are being held at FBR Headquarters under the chair of FBR Chairman Tariq Bajwa. In this regard, an important meeting was held that was chaired ... Read More »

Premier awards ‘Privilege cards’ to top taxpayers

ISLAMABAD: The Prime Minister Muhammad Nawaz Sharif handed over the Privilege Cards to top 100 taxpayers of different categories at Prime Minister’s office Auditorium. The cards will be valid for one year. As per details, the ceremony was also attended by Mr. Ishaq Dar, Finance Minister and Chairman Federal Board of Revenue (FBR), Mr. Tariq Bajwa. The scheme has been ... Read More »

Collaborative efforts needed for better revenue collection: Tariq Bajwa

ISLAMABAD: FBR Chairman emphasized Members of FBR to expedite the efforts to achieve the revenue target for FY2014-15. As per details, FBR Chairman Tariq Bajwa presided an important meeting on budget/revenue reforms and their execution plans to achieve the revenue target for FY 2014-15. The Meeting was held at Federal Board of Revenue (FBR) head quarter here the other day. ... Read More »

Dar, Misbah meeting ends cricketers’ tax issue

ISLAMABAD: After finding themselves in hot waters for their tax filings, the members of Pakistan cricket team have requested the finance minister to direct the Federal Board of Revenue (FBR) to collect outstanding taxes of cricketers at a flat rate of 10 per cent. National team captain Misbahul Haq along with Test cricketer Azhar Ali met with Finance Minister Ishaq ... Read More »

FBR chairman devises new strategy for achieving revenue target

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa devised new strategy to achieve the annual revenue target for FY 2014-15. The FBR Chairman has issued strict instructions to all field officers to accomplish the task.  He warned the field formation officers that only those officers will remain in FBR who show good performance. As per new strategy, all field ... Read More »

FBR union suggests one-day salary donation for IDPs

LAHORE: The Federal Revenue Alliance Employees Union (FBR Union) has suggested the government to donate their one day salary to the Internally Displaced Persons (IDPs) of North Waziristan. In a letter written to FBR Chairman Tariq Bajwa, Prime Minister Nawaz Sharif and leader of the Opposition in the National Assembly Syed Khursheed Shah, FBR Union Central President Mian Abdul Qayyum ... Read More »

Committee to sort out anomalies in budget from July: Tariq Bajwa

ISLAMABAD: Federal Board of Revenue will form a committee to identify and eliminate anomalies in Budget 2014-15 which will start working in July 2014. The committee will analyse the proposals regarding customs duty tariffs and exemptions forwarded by Federation of Pakistan Chambers of Commerce, other Chambers and various trade organisations. Sources in FBR informed Customs Today that FPCCI President Zakria ... Read More »

Dairy sector enjoys concessions: Bajwa insists FBR empowered to issue SROs

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government did not violate any law while issuing statutory regulatory orders (SROs), saying that the federal government had the legal authority to revise tax rates under Income Tax Ordinance 2001, Sales Tax Act, 1990 and Federal Excise Act, 2005. Talking to the media at Parliament House here, Tariq ... Read More »

10,000 retailers to be brought into tax net, Senate body told

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has informed the Senate Standing Committee on Finance that top 10,000 retailers will be brought into the tax net under the new scheme proposed through Finance Bill (2014-15). Briefing the Senate Standing Committee here, Mr Bajwa informed that currently more than 2.5 million retailers were operating across the country, adding that ... Read More »

FBR chief asked to take action against 1200 tax evading officials

ISLAMABAD: Finance Minister Senator Ishaq Dar took serious notice of a news item published in a section of press stating that 1200 out of 1743 FBR officials have not submitted their income tax returns. “The Finance Minister has directed Chairman FBR to verify the veracity of the report and if found correct, the defaulting officers should be directed to file ... Read More »

Non-taxpayers making bulk of land transactions: FBR

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has said that out of 56,000 land transactions in Karachi, 28,000 have been carried out by non-taxpayers, reflecting the level of undocumented property transactions. Replying questions posed by members of the Senate Standing Committee on Finance, the FBR chief said that 56,000 land transactions had been carried out in Karachi, of ... Read More »

Rupee appreciation toughens revenue collection: Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa informed the Senate Standing Committee on Finance that the board was having difficulty to achieve its target in the last quarter (April-June) of 2013-14 due to rupee appreciation. He, however, expressed his hope that the FBR was likely to collect Rs2270 billion to Rs 2275 billion by the end of current ... Read More »

Bajwa briefs lawmakers: FBR proposes e-volume tracing

ISLAMABAD: If the proposal accepted in the budget for 2014-15, the Federal Board of Revenue (FBR) will introduce “electronic volume tracing”’ through Finance Bill to collect sales tax/excise duty on the basis of actual production of items such as beverages, ghee/cooking oil, fertilisers, etc. Briefing the National Assembly Standing Committee on Industries and Production, Federal Boards Revenue Chairman Tariq Bajwa ... Read More »

Dar directs FBR to develop master plan for integrated transit trade system

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar directed Federal Board of Revenue to chalk out a comprehensive master plan for implementing Integrated Transit Trade Management System (ITTMS) for both land and sea ports. In the first meeting of the Steering Committee on Integrated Transit Trade Management System (ITTMS) on Friday, the Finance Minister directed the committee to ... Read More »

Govt withholds Rs97b refunds, admits FBR chief

ISLAMABAD: The top taxman of the country admitted on that the government was withholding Rs97 billion refunds of taxpayers – an amount if extracted from latest collection brings actual growth in revenues to a level that is even below the nominal rate of national output. “The total payable refunds to taxpayers are Rs97 billion,” said Federal Board of Revenue (FBR) ... Read More »

17pc ST being charged on CNG supply: Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government was charging 17 percent sales tax on supply of CNG to consumers. He informed the Senate Standing Committee of Finance that the government was charging supply of CNG at the general sales tax rate of 17 percent of value of supply of CNG to consumers instead of ... Read More »