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Bajwa presses for mid-year corrections to recover revenue shortfall

ISLAMABAD: The government is encountering a substantial shortfall in revenue collection including Rs 40 billion in Karachi alone. In this regard, Federal Board of Revenue Chairman Tariq Bajwa has said that mid-year corrections are being ordered to meet the targets in the remaining five months. Against the envisaged tax collection target of Rs 2,475 billion for the current fiscal year, ... Read More »

Cigarette manufacturing giant likely to meet FBR chief today

ISLAMABAD: A meeting of a leading cigarette manufacturing giant with the Federal Board of Revenue Chairman is likely to take place here on Wednesday (today) to discuss ways and means to generate additional Rs 12 billion Federal Excise Duty (FED) in 2013-14 as committed by cigarette manufacturers in last budget. The meeting is likely at FBR House. The FBR is ... Read More »

FBR Chairman, Member Customs hold marathon session of meetings with customs officials

KARACHI: Federal Board of Revenue Chairman Tariq Bajwa and Member Customs Nisar Muhammad have held a series of meetings with Customs officials at Custom House, it is learnt here. In the first meeting, FBR Chairman and Member Customs held meeting with the high officials of Pakistan Customs including Chief Collector-Appraisement (South) Nasir Masroor Ahmed, Collector MCC-Appraisement (East) Abdul Rashid Shaikh, ... Read More »

Bajwa seeks speedy recovery against fake ST refunds

KARACHI: Federal Board of Revenue Chairman Tariq Bajwa has directed officers of Inland Revenue Services (IRS) to make sure that the recovery of refunds released against fake invoices, official sources said. The directives have been issued at a meeting of chief commissioners of tax offices, which was chaired by Tariq Bajwa at Karachi. The recovery of refunds released on fake ... Read More »

FBR does not have authentic data of non-taxpayers: Tariq Bajwa

KARACHI: Federal Board of Revenue (FBR) does not have any authentic and verified data of non-taxpayers. This was stated by Chairman FBR Tariq Bajwa during a question-answer session at a programme organized by KCCI with the theme of “My Karachi, the oasis of harmony” at a local hotel on Wednesday. Speaking on the occasion, Bajwa informed that FBR has collected ... Read More »

Bajwa requested by US embassy to brief on revenue matters

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has been requested by the United States embassy to brief the embassy officials on the 2013-14 revenue collection position besides other development and revenue-related matters. US embassy has written a letter to FBR Chairman in this regard. According to the sources, the Economic Section of the Embassy of the United States of ... Read More »

Revenue wizards poised to rationalise concessionary SROs

ISLAMABAD: The government has constituted a high-level committee under the chair of Finance Minister Ishaq Dar to pave the way for the withdrawal or rationalisation of Statutory Regulatory Orders (SROs), dealing with concessionary tax regime. The Federal Board of Revenue has issued a notification in this regard which mentions that the federal government has constituted a committee to contemplate recommendations ... Read More »

FBR soothes irate PAC, gives MPs clean chit on tax issue

ISLAMABAD: The Federal Board of Revenue (FBR) soothed the frayed tempers of members of Public Accounts Committee (PAC) by giving the MPs a clean chit, saying that all the parliamentarians were paying taxes. The clarification was made at a PAC meeting held with its Chairman Syed Khursheed Shah in the chair wherein FBR Chairman Tariq Bajwa showed up to clarify ... Read More »

Corporate tax: KTBA seeks extension in date of filing returns

KARACHI: Karachi Tax Bar Association (KTBA) has urged Federal Board of Revenue to extend the last date for filing of income tax returns by corporate entities for at least one month due to heavy workload. KTBA has sent a letter to FBR chairman in which it has pleaded that association members are tied up in the preparation and filing of ... Read More »

Withdrawal of exemptions: Plan to be on PM’s table by end of December

ISLAMABAD: A plan containing a list of tax exemptions to be withdrawn from April 1, 2014 onward to raise more revenue is to be presented to the Prime Minister on December 30 for approval. The plan for fiscal adjustments and a road map for withdrawal of tax exemptions starting in April 2014 is expected to be announced by the Government next week. ... Read More »

Bajwa briefs Dar over SROs withdrawal plan

LAHORE: Finance Minister Senator Mohammad Ishaq Dar on Friday reviewed the performance of Federal Board of Revenue at its Headquarters, Islamabad. Chairman FBR Tariq Bajwa apprised the Finance Minister on the efforts being made by FBR to achieve the revenue targets set in the budget. During the four hour long meeting, the Finance Minister was briefed on a plan being prepared ... Read More »

Dar, Bajwa review impact of concessionary regime granted through SROs

ISLAMABAD: The actual cost of exemptions is much higher as compared to the tax expenditures. The huge cost of exemptions can only be reduced by withdrawing sales tax and customs duty exemptions. Sources said that this was the focal point of a meeting chaired by Finance Minister Ishaq Dar at the FBR House to review concessionary regime granted through SROs, ... Read More »

FBR starts crackdown against tax defaulters

ISLAMABAD: FBR, in a rare move, has started crackdown against 30 big tax defaulters of steel sector in Lahore and has registered six FIRs so far. The steel sector in the country is ruled under the Sales Tax Special Procedure Rules, 2007 which provides two regimes for payment of sales tax by the steel melters and re-rollers. As per calculation, ... Read More »

Tax collection shows 25% increase in December: Bajwa

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting at his office to review the implementation and progress made so far on the reforms and economic targets set by the PML-N Government. The Chairman Federal Board of Revenue Tariq Bajwa informed the Finance Minister that the number of tax returns filed this year were 814981 as ... Read More »

FBR, EOBI, SECP sign MoU to facilitate businesses

ISLAMABAD: A Memorandum of Understanding (MOU) was signed by Chairman Federal Board of Revenue (FBR), Tariq Bajwa, Chairman Employees Old age Benefits Institution (EOBI), M. Ayub Sheikh,  and Chairman Security Exchange Commission of Pakistan (SECP), Tahir Mahmood in Islamabad  to facilitate businesses in their registration with these organizations. The MOU envisages that registration of companies with one organization would mean that ... Read More »

FBR establishes project directorate for ITTMS

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that a project directorate on the Integrated Transit Trade Management System at FBR headquarters is established to provide a solo-point of contact for development partners, tax management and other stakeholders for smooth implementation of the project. He said this while addressing a conference on Integrated Transit Trade Management. He said ... Read More »

Penalty to be imposed on non-filers of IT returns

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that FBR will impose penalty for non-filing of income tax returns. FBR will now issue notices to the non-compliant existing taxpayers, who failed to file their income tax returns by the extended deadline of December 16, 2013, he said. Bajwa stated that the non-filers will be liable to pay penalty ... Read More »

Bajwa, Asad, Marwat promoted to Grade 22

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday promoted 23 officials of deferral services to Grade 22 including FBR Chairman Tariq Bajwa and Official Spokesperson of FBR Shahid Hussain Asad. The Board approved promotions of S.M. Tahir, Najeeb Khawar Awan, Abdul Khaliq (Secretariat Group); Farkhanda Waseem, Azmat Orkazai, Shahid Khan, Tariq Bajwa, Raja Hassan Abbas, Nadeem Hassan Asif, Syed Arshad ... Read More »

Dar lauds Bajwa’s efforts in launching new tax incentives scheme

ISLAMABAD: Federal Finance Minister Ishaq Dar has lauded the efforts of Federal Board of Revenue Chairman Tariq Bajwa in formulating the tax incentive scheme and gave FBR a detailed plan for effective implementation of the scheme. Appreciating FBR, the Finance Minister said, “Positive public response is indicating the appropriateness and effectiveness of the incentives announced by Prime Minster Nawaz Sharif.” ... Read More »

FBR to install electronic systems in restaurants to stop ST evasion

ISLAMABAD: Federal Board of Revenue is planning to place an invoice monitoring system at all restaurants in the country to control massive sales tax evasion by the industry, sources said. The issue of placing this system was discussed during a meeting chaired by FBR Chairman Tariq Bajwa. Through the system, electronic cash registers will be installed at all the top ... Read More »