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FBR grants income tax exemption of Rs27b to power generation companies

ISLAMABAD: Federal Board of Revenue (FBR) has granted an exemption from income tax to the tune of Rs27 billion during tax year 2020 to power generation companies. During the tax year 2020, around 73 companies were beneficiary of the income tax exemption. The power generation companies are availing tax exemption from total income since 2001 and there is no sunset ... Read More »

Trade deficit expands to $5.8b during 1Q of FY20

ISLAMABAD: Pakistan’s trade deficit marginally widened to $5.8 billion in first quarter of current fiscal year due to surge in imports and contraction in exports as the government failed to make any significant improvement in exports despite 39 percent currency devaluation. The trade deficit – which shows how much imports exceed exports – expanded in terms of all three indicators ... Read More »

Pak-Afghan Parliamentary Friendship Group to discuss containers detention charges today

ISLAMABAD: A meeting of the Task Force of Pakistan-Afghanistan Parliamentary Friendship Group on containers detention will be held today at Parliament House, Islamabad. Agenda of the meeting is to deliberate on “containers detention charges of Afghan bound transit trade containers. Earlier, Federal Board of Revenue (FBR) directed Collectorate of Customs Appraisement & Facilitation East, Karachi to facilitate the Afghan importers ... Read More »

FBR issues draft rules for settlement of tax cases

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for settlement of tax cases through oversight committee. The FBR issued SRO 945(I)/2020 to notify draft rules for implementation of law of agreed assessment under Section 122D of Income Tax Ordinance, 2001. The Section 122D has been inserted to the Ordinance through Finance Act, 2020. The section allowed an opportunity ... Read More »

FBR directs to issue delay and detention certificate for Afghan transit consignments

ISLAMABAD:  Federal Board of Revenue (FBR) directed Collectorate of Customs Appraisement & Facilitation East, Karachi to facilitate the Afghan importers in the light of customs appellate tribunal judgment no: K-840/202 and K-841/2020 by initiating the following steps:- The HC-GDs filed in the Collectorate by the Afghan importers may be cancelled void-ab-initio. These consignments may be allowed to transit to Afghanistan ... Read More »

Sales tax collection from textile sector registers six-fold increase: FBR

ISLAMABAD: The collection of sales tax from textile sector registered a six-fold increase in fiscal year 2019/2020 owing to elimination of zero-rated tax regime. According to official statistics released by Federal Board of Revenue (FBR) the sales tax collection from textile sectors sharply increased to Rs61.2 billion during fiscal year 2019/2020 as compared with Rs8.7 billion in the preceding fiscal ... Read More »

Change in tax slabs: Salaried persons pay Rs129b in FY 2020

ISLAMABAD: Salaried persons have paid Rs129 billion as income tax at source during tax year 2020, which is 70 percent higher than the collection under this head during preceding year, according to official documents. The FBR had collected Rs76 billion as income tax from salaried persons during tax year 2019. The FBR officials attributed to significant increase in income tax ... Read More »

MoC announces policy to export goods to Afghanistan, CARs

ISLAMABAD: The ministry of commerce has unveiled Export Policy Order 2020 and explained export of goods allowed against Pakistan currency to Afghanistan against Central Asian Republics. The ministry issued SRO 901(I)/2020 dated September 25, 2020, and stated regarding ‘exports to Afghanistan and through Afghanistan to Central Asian Republics’ that: (1) subject to the provisions of sub-paragraph (1) of paragraph 4, ... Read More »

NAB committed to resolve mega corruption cases on priority basis: Chairman Javed Iqbal

ISLAMABAD:  Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting to review monthly performance of NAB at NAB Headquarters. During the meeting, it was informed that Operations and Prosecution Divisions of NAB are working closely in order to further improve the performance of all Regional Bureaus of NAB in conduct of complaint verifications, inquires, investigations and also vigorous ... Read More »

MoC announces policy for import of bullet proof vehicles

ISLAMABAD: The ministry of commerce has unveiled policy for import of bullet proof vehicles both in new and used condition. The ministry issued SRO 902(I)/2020 dated September 25, 2020 to notify Import Policy Order, 2020 and explained the requirement for import of bullet proof vehicles. The bullet proof vehicles are importable on the recommendation of Ministry of Interior subject to ... Read More »

Govt to reform petroleum sector: Nadeem Babar

ISLAMABAD: The Federal government was working on long term policy to bring reforms in petroleum sector, said Special Assistant to Prime Minister on Petroleum Nadeem Babar. Nadeem Babar said that reduced regulatory role of the government in oil companies is the main feature of the policy which aims to create a competitive environment and provide incentives to consumers. He expressed ... Read More »

Inflation remains at 9.04pc during September

ISLAMABAD: Pakistan Bureau of Statistics (PBS) has issued the monthly review of inflation in the country, showing an increasing trend of 1.54 percent in prices of commodities during September 2020. The PBS review showed that the inflation remained at 9.04 percent in September 2020 as compared to the same month of the corresponding year. It further said that the inflation ... Read More »

Services rendered by Sarfraz Warriach & Nadeem Dar will be remembered: Javed Ghani

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Javed Ghani appreciated the services rendered by Senior Member Nadeem Dar and Member Legal Customs Dr. Sarfraz Ahmad in the Board-in –Council Meeting. The Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring senior Member Nadeem Dar and Member Legal and Accounting Customs Dr. Sarfraz Ahmad Warraich in the ... Read More »

FBR establishes Post Refund Analysis Cell to probe bogus refund claims

ISLAMABAD: Federal Board of Revenue (FBR) has established a cell to probe fake refund claims in order to make system transparent. The PRAC has started its function from October 01, 2020. In an official order, the FBR said that to streamline the payment of refund claims and to initiate enforcement measures to minimize the risk of inadmissible refund claims, a ... Read More »

FBR, PSMA ink accord for electronic monitoring of sugar production

ISLAMABAD: The Federal Board of Revenue (FBR) has signed a memorandum of understanding (MoU) with Pakistan Sugar Mills Association (PSMA) to operationalize Video Analytics Rules, 2020, for the sugar sector. FBR Member (IR-Operations) Dr Muhammad Ashfaq Ahmed and PSMA Central President Iskandar Khan signed the MoU on behalf of their respective organizations during a ceremony held at the FBR headquarters ... Read More »

ECC approves exemption from sales tax on supply of sugar imported through TCP

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division. ECC allowed the exemption from sales tax on supply of sugar imported through Trade Corporation of Pakistan of up to 300,000 MT and allowed the amendment of SRO 751(1)/2020 ... Read More »

Hafeez Shaikh holds meeting with Country Director SAP

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting here at the Finance Division with the Country Director SAP Saquib Ahmad and his team. The country director briefed the Adviser Finance on the operations of the Company and how it is providing services in 180 countries of the world. The country director ... Read More »

FBR surpasses target, collects over Rs1tr in 1Q of FY2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) has collected more than Rs1,000 billion revenue during the first quarter (July-Sept) of the current fiscal year (FY2020-21). According to sources, the tax department collected Rs1,002 billion during the period under review, as against the target of Rs970 billion. The tax department had collected Rs593bn during the first two month of FY21, while ... Read More »

Sales tax: FBR issues valuation for sale of used cars

ISLAMABAD: Federal Board of Revenue (FBR) issued valuation for used cars for purpose of collecting sales tax. The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used cars. The FBR inserted Rule 164A to the Sales Tax Rules, ... Read More »

FBR extends date for filing tax return up to December 8

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended the last date for filing income tax return up to December 08, 2020 from September 30, 2020. The FBR issued Circular No. 04 of 2020 to extend the date of filing of income tax returns/statements for the tax year 2020 as under: The individuals and association of persons who were required ... Read More »