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FBR asks government to get NGOs registered with tax authorities.

ISLAMABAD: Federal Board of Revenue has asked the government to ensure the registration of all International Non Governmental Organizations with the tax authorities so as to receive 100 percent tax credit, filing of tax returns and withholding statements annually. INGOs are currently registered with Economic Affair Division. Sources told Customs Today that the Government is considering placing Foreign Contribution Act ... Read More »

Additional Commissioner-IR compulsory retired over misconduct

ISLAMABAD: Banda Ali Memon (Inland Revenue Service officer of BS-19) Additional Commissioner-IR, Regional Tax Office, Karachi has been compulsory retired over misconduct. As per details, the disciplinary proceedings were initiated against Banda Ali Memon on the charges of unauthorised absence from duty for 333 days from February 16, 2014 constituting ‘misconduct’ as provide under Rule 3(b) of Government Servants (Efficiency ... Read More »

Customs intelligence seizes 27kg charas

ISLAMABAD: The anti smuggling staff of Directorate Customs Intelligence and Investigation Rawalpindi has recovered 27 kg charas and arrested the smuggler Ehtisham Raza. The Toyota Corolla LOM 9100 that was coming from Peshawar to Lahore was stopped and 27 kg charas was recovered after searching the car. The FIR has been registered against the arrested. Read More »

Finance Ministry proposes amendments to Anti-Money Laundering Act 2010

ISLAMABAD: The Finance Ministry has proposed amendments to the Anti-Money Laundering (AML) Act 2010, in order to further improve it in lines with suggestions of the stakeholders regarding the anti-money laundering efforts and the Combating the Financing of Terrorism (CFT) regime. A well-placed source at the Finance Ministry told Customs Today on Wednesday that money laundering was a process in ... Read More »

President Mamnoon to chair business community meeting on Jan 14

ISLAMABAD: An important meeting of business community will be held on Jan 14 in presidency and President Mamnoon Hussain will chair the meeting. Prime Minister Mian Muhammad Nawaz Sharif, Finance Minister Ishaq Dar, Secretary Finance Dr. Waqar Masood and Chairman FBR Tariq Bajwa will participate in the meeting. The problems faced by the business community will be discussed. SRO-608 had ... Read More »

Condolence reference for late FPCCI VP held

    ISLAMABAD: A Memorial Reference for Munawar Mughal (Late) Vice President, FPCCI and former President, Islamabad Chamber of Commerce and Industry was held at Aabpara Market, Islamabad. Muzammil Hussain Sabri President, Muhammad Shakeel Munir, Senior Vice President, Muhammad Ashfaq Hussain Chatha Vice President of Islamabad Chamber of Commerce & Industry, Abdul Rauf Chairman Founder Group & Chairman United Business ... Read More »

Third meeting of Tax Reform Commission to be held at Lahore on Jan 17

ISLAMABAD: The third meeting of the Tax Reform Commission will be held at Lahore in the conference room of large tax payers unit on January 17. Federal Board of Revenue Chairman Tariq Bajwa, chairman commission Masood Naqvi, Presidents of Lahore, Karachi, Islamabad and Peshawar chambers of commerce and member national assembly Mian Abdul Mannan will participate in the meeting. The ... Read More »

Rs1.172 trillion or Rs1.165 trillion: Dar’s figures contradict FBR revenue collection claim for 1H of FY15  

ISLAMABAD: The Rs1.165 trillion revenue collection figure reported by Finance Minister Ishaq Dar during his press contradicted the Rs1.172 trillion figure reported by the Federal Board of Revenue (FBR) for the first half of the current fiscal year, showing a Rs7 billion gap between the figure reported by both the minister and the FBR. It is to be noted that ... Read More »

Finance Ministry releases Rs 7.083 billion out of Rs8.900b allocated budget for FATA

ISLAMABAD: The Finance Ministry has released Rs 7.083 billion out of Rs 8.900 billion allocated budget as development budget for Federally Administrated Tribal Areas (FATA) in the first half of current fiscal year (2014-15).  “It is a comparatively good percentage of released amount out of allocated budget in last four years” statistics related to Finance Ministry and available with this ... Read More »

Textile package in Budget 2014-15: 992 new knitwear units registered in a year

ISLAMABAD: The incentives announced in the Textiles Package in Budget 2014-15 by the government has produced good results and some 992 new knitwear units have been registered in been in the fiscal year 2013-14. “The number of registered knitwear units was 1174 in 2005 in all four major hosiery producing districts including Karachi, Lahore, Faisalabad and Sialkot and incentives in ... Read More »

Finance Ministry to explain policy on privatization of Roosevelt Hotel, New York, in National Assembly today

ISLAMABAD: Finance Ministry is likely to explain government’s policy regarding privatization of Roosevelt Hotel of Pakistan International Airlines (PIA), New York, United States of America today (Wednesday) before the National Assembly. In the absence of Finance Minister Ishaq Dar, Parliamentary Secretary Finance Rana Afzal Khan will respond to supplementary questions asked by the members of the Lower House of the ... Read More »

Planning and development division releases Rs27 billion funds for unapproved projects

ISLAMABAD: Convener standing committee for planning and development Senator Nisar Muhammad has asked for details of three billion funds released for research workshop and Rs 27 billion for unapproved projects. He canceled the authority of planning and development division to release funds for unapproved projects and releasing funds up to 150 to 200 million for very sensitive government projects. He ... Read More »

Chief Commissioner LTU asked to redouble efforts for achieving target revenue

ISLAMABAD: Chairman FBR Tariq Bajwa met Chief Commissioner Large Tax payer Unit (LTU) at FBR house where Chief Commissioner informed him about the performance of LTU. Chairman FBR issued instructions to quickly complete the audit of selected LTUs for the current year and survey the ones having problems relating tax. He asked the Chief Commissioner to put more efforts for ... Read More »

Debt from domestic sources reaches Rs 10.82 trillion, external debt stands at Rs 4.71 trillion

ISLAMABAD: The Finance Ministry is following a comprehensive reform agenda to reduce dependence on foreign and domestic debt through domestic resource mobilization (DRM). Pakistan’s outstanding debt has reached Rs 15.53 trillion up till March 2014, rising 7.4% from Rs14.46 trillion, according to the economists. Major chunk of the total debt comes from domestic sources, which have increased by Rs 1.30 ... Read More »

Custom Intelligence centralizes leave process for employees up to 16 grades

ISLAMABAD: Directorate General Custom Intelligence and Investigation Headquarter Islamabad have centralized the leave process for servants up to 16 grades. According to the circular DGCI/Admn/2014/4239 issued by Assistant Director Headquarter Khuldoon ul Haq, servants till 16 grades are notified that they will have to write application for leave to their relevant supervisors who will forward the application for acceptance to ... Read More »

FBR strictly orders field formations to achieve revenue targets

ISLAMABAD: Federal Board of Revenue has strictly ordered the field formations to achieve the revenue targets, although the board understands that the target of financial year cannot be achieved due to country situation, decrease in petroleum prices and other reasons so it should be reviewed but the Finance Minister is of the view that they should try to achieve the ... Read More »

Chief Collector Nadir Khan Hoti to chair collectors’ moot on Jan 15

ISLAMABAD: Model Customs Collectorate Chief Collector Nadir Khan Hoti will chair the collectors’ conference in MCCI auditorium on Jan 15. The collectors of Islamabad, Rawalpindi and Peshawar will participate in the meeting in which the decisions taken in previous meetings will be reviewed and next strategy will be planned. The steps will be taken to achieve targets within given time ... Read More »

FBR starts disciplinary action against officials involved in missing NATO containers

ISLAMABAD: In the light of recommendations of a three-member fact finding committee into missing containers from the Port Qasim, the Federal Board of Revenue (FBR) has taken measures including disciplinary and criminal proceedings against the officials involved. The FBR formed a high-level fact finding committee headed by a BPS-21 officer with two BPS-20 officers as members. “On recommendations of the ... Read More »

People reap benefits of low inflationary trends: Finance Ministry

ISLAMABAD: The Finance Ministry has observed that downward trend has been witnessed in inflation indicators like Consumer Price Index (CPI), Wholesale Price Index (WPI) and Sensitive Price Index (SPI) in the first week of current month. “These trends have benefited the people by lowered prices of daily commodities and transportation fares,” a source told Customs Today, adding, “The Finance Ministry, ... Read More »

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