Saturday , September 26 2020
Breaking News
Home / Islamabad (page 602)

Islamabad

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Bajwa briefs Dar on phase-wise SRO withdrawal

ISLAMABAD: Federal Board of Revenue Chairman has delivered a detailed presentation to Finance Minister Ishaq Dar on the plan for phasing out the Statutory Regulatory Orders (SROs) in three years timeframe. Chairman Bajwa informed that the plan encompasses principles to remove contradictions and distortions. He said that after consultations with the stakeholders the recommendations have been prepared for the committee ... Read More »

Certified, quarterly ST returns filing for commercial entities in the offing

ISLAMABAD: Finance Ministry on proposals of Federal Board of Revenue may introduce fresh regulations in the upcoming budget to reduce evasion of sales tax by hiring chartered accountants to verify the authenticity of filed returns by commercial entities in four quarterly filings rather than monthly filing. As a test case, quarterly filings may be made mandatory for certain picked sectors. ... Read More »

Govt succumbs to int’l pressure, NGOs to have tax exemption

ISLAMABAD: Succumbing to the international pressure, the govt has turned down the decision to bring NGOs in the tax net. FBR sources, however, said Finance Bill would be amended in the next budget, after which NGOs would have to submit details of income and expenditure as well as sources of income. European and other western countries had been pressing Pakistan ... Read More »

SROs dealing Rs500b blow to exchequer annually

ISLAMABAD: The national exchequer has been suffering financial losses to the tune of Rs500 billion annually on account of exemptions offered through Statutory Regulatory Orders (SROs) in different sectors. Last year alone 80 SROs were issued despite the fact that tax imposition or exemption is the sole prerogative of the legislature (Parliament). This was said by renowned economist Dr Ikramul ... Read More »

Uniform ST for 5 sectors: Abolition of tax exemption for edu institute proposed

ISLAMABAD – The government is contemplating eliminating tax exemption to the foreign private educational institutes in the upcoming budget 2014-15. As per details, the Federal Board of Revenue (FBR) has put forward a proposal seeking elimination of tax exemption on the foreign education institutes in Pakistan to the Finance Ministry for approval. The FBR has recommended that all educational institutions ... Read More »

Budget may feature hike in ‘further tax’

ISLAMABAD: The upcoming budget for 2014-15 likely to feature increase in ‘further tax’ from existing one percent to 2 percent on supplies made to persons have not obtained sales tax registration numbers (STRNs). According to details, the policy-makers have agreed to the budgetary the FBR proposal to increase 100 percent the rate of ‘further tax’. On the sales tax side, ... Read More »

Extra ST on power, gas bills likely to go up

ISLAMABAD: The government is considering double ‘extra sales tax’ from 5 to 10 percent on all unregistered electricity and gas consumers having industrial or commercial connections in budget 2014-15. As per details, 5 percent extra sales tax on electricity and gas connections was announced in last budget to force the unregistered persons to get registered with the sales tax department. ... Read More »

Govt to take foreign reserves to $15b till September: Dar

ISLAMABAD: Finance Minister Ishaq Dar said that the government would take the foreign exchange reserves to $15 billion before the deadline of September 30, 2014. Federal Minister for Finance Senator Ishaq Dar chaired a meeting with the representatives of Overseas Chambers of Commerce and Industry, Pakistan Business Council, American Business Council and Pakistan German Business Council at the Federal Board ... Read More »

Uniform procedure: Merger of duty-free import schemes likely

ISLAMABAD: The government may merge all temporary importation schemes including Duty and Tax Remission Scheme (DTRE), Manufacturing Bonds Scheme and others in budget (2014-15) to provide a uniform procedure for import of duty-free items to be used in the finished products meant for export by the manufacturers-cum-exporters. As per details, the temporary importations schemes like DTRE are usually amended in ... Read More »

Revenue shortfall may prompt share cut for provinces

ISLAMABAD: Owing the likely shortfall of Rs180 billion in the revenue of divisible pool, the provinces are expected to receive around Rs100 billion less from the budgeted projection for the current fiscal year. The share of provinces were projected at Rs1,380 billion in the current fiscal year from the divisible pool taxes but due to the shortfall in tax collection, ... Read More »

Rs2,000b revenue shortfall: TIP reminds Dar of action

ISLAMABAD: The Transparency International Pakistan (TIP) has claimed that the government has failed to implement its recommendation made on the order of the Supreme Court of Pakistan in Oct 2013 which would have increased revenue collection from Rs 1,942 billion to Rs 4,000 billion. In a letter sent to Federal Finance Minister Ishaq Dar, TI-Pakistan Adviser Sohail Muzaffar has invited ... Read More »

Pak Customs saves national heritage, 2210 ancient coins seized

ISLAMABAD: Pakistan Customs has confiscated over two thousand ancient coins belonging to middle ages and before from a passenger attempting to smuggle them to China. Pakistan Customs revealed that a male passenger namely Mehar Nabi was supposed to board the flight to Urumqi in Xinjiang province in China. When Customs staff at Islamabad International Airport went through his baggage they ... Read More »

FTO takes notice: DGs of Customs, IR to probe misuse of vehicles

ISLAMABAD: Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry while taking exception to the misuse of confiscated vehicles, directed the Directorate General of Internal Audit (Customs) and Directorate General of Internal Audit Inland Revenue to conduct investigation into the issue. As per details, the FTO Office received a complaint about the misuse of the confiscated vehicles by the officials of the ... Read More »

Govt feats enumerated: Dar highlights glimpses of next annual budget

ISLAMABAD: Finance Minister Senator Ishaq Dar said that the government will announce the annual budget 2014-15 on June 3 in National Assembly with total outlay of Rs 3,973 billion and budget deficit of 4.8 percent of the GDP for next fiscal year. Finance Minister Ishaq Dar briefed the joint session of the National Assembly and Senate Standing Committees on Finance ... Read More »

Duties on imported vehicles likely to go up in budget

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to increase duties on imported vehicles in the budget 2014-2015, which will shoot up the car prices in the country. Background discussions with FBR officials have revealed that the government is likely to increase duties on the import of vehicles in the budget. The official hinted that the government might increase ... Read More »

FBR holds taxpayers facilitation workshop in Bahawalpur

BAHAWALPUR: Facilitation and Taxpayer Education Wing of FBR held a workshop on e-portal services and role & responsibilities of withholding agents at Bahawalpur Chamber of Commerce & Industries, Bahawalpur in collaboration with Regional Tax Office (RTO), Bahawalpur. Presidents, Vice Presidents and other office-bearers of Rahimyar Khan Chamber, Tax Bar Associations of Bahawalpur, Bahawalnagar, Lodhran and Rahimyar Khan, Corporate Taxpayers and ... Read More »

Tax exemptions: Govt balking at stripping VIPs of privilege

ISLAMABAD: The federal government is balking at the possibility of withdrawing income tax exemptions from VIPs holding public offices on significant portions of their salaries, undermining the principle of equity as applied on the rest of the salaried class — which is charged income tax on gross salaries. At present, income tax on salaries of the president, provincial governors, services ... Read More »

Raise in WHT on power, gas bills on the anvil

ISLAMABAD: The Federal Board of Revenue (FBR) is seriously contemplating increasing the withholding tax rates on electricity and gas bills and on cash withdrawal from banks in the upcoming budget 2014-2015. As per details, the FBR will broaden tax base by brining non-taxpayers into the tax net in budget 2014-2015. Therefore, the government is considering some measures to compel the ... Read More »

FBR may miss twice-revised revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) is most likely to miss the twice-revised revenue collection target of Rs2,275 billion by wide margin during the about to end financial year 2013-14. According to reports, the FBR will hardly reach at Rs2,250 billion, or even less, against the revised target of Rs2275 billion by the end of June 2014. The reports ... Read More »

FBR vows to raise business cost for non-taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has made a firm decision to make business extremely difficult for non-taxpayers from 2014-15 by raising cost of doing business for un-registered businessmen. The FBR has categorically conveyed to all chambers, trade bodies and federations that business would be made extremely difficult for non-taxpayers from 2014-15. The decision was conveyed to the representatives ... Read More »