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FBR workshop seeks input for improvement in WHT regime

MULTAN: The Facilitation and Taxpayer Education Wing of FBR held a workshop on e-portal services, role and responsibilities of withholding agents here at Regional Tax Office (RTO). Representatives from Multan Chamber, Tax Bar and major Tax deducting authorities attended the workshop. Hafiz Muhammad Jamil Owaisi, Chief Commissioner RTO Multan presided over the workshop and encouraged the participants to freely and ... Read More »

Vehicles for Afghan forces: Airlifting operation begins

ISLAMABAD: The first flight of commercial multi-modal operation from Jinnah International Airport (JIAP) Karachi carrying 15 military vehicles onboard took off for Bagram Air Base. The transportation by air has been allowed to airlift vehicles meant for Afghan National Security Forces (ANSF) as special gesture by the Pakistan Government. The vehicles are of vital importance and urgently required by the ... Read More »

Used vehicles import: Up to 50pc duty cut in the offing

ISLAMABAD: Federal government has started considering the proposals for Budget 2014-15 regarding reduction of customs duty on used imported vehicles. However, the auto manufacturers have reacted to this strongly. Sources said that the government is considering the reduction in customs duty on used imported vehicles from 10-50 per cent. They added that under the possibly revised auto policy, the reduction ... Read More »

Rs20m recovered: Drive for recovery of tax dues geared up

ISLAMABAD: The Commissioner Inland Revenue (IR), Zone-III, Regional Tax Office (RTO) Peshawar has geared up campaign for the recovery of tax dues from defaulters. As per details, the Commissioner IR has issued directives to subordinate officers to initiate stern measures under Income Tax Ordinance 2001 as well as Sales Tax Act, 1990 to recover the defaulted taxes. In this regard, ... Read More »

Sindh revenue employees stage protest; police baton charge protestors

KARACHI: More than 1000 employees of All Sindh Revenue Employees Association has staged protest demonstration in favour of their demands outside the Karachi Press Club. The protestors presented their Charter of Demand which included equalised salary scale for Sindh revenue employees as that of employees of Sindh High Court; allotment of plots to the employees; release of over-time for the ... Read More »

FBR offices to remain open on Saturdays

ISLAMABAD: The Federal Board of Revenue (FBR) has decided that henceforth FBR Headquarters and all its field offices/formations will remain open on Saturdays, as per normal office hours, till June 30, 2014. The FBR has issued an office order in this regard. Read More »

Vehicles clearance scam: Committee yet to reach conclusion

KARACHI: The three member fact-finding committee formed on probing the scam of revenue shortfall of Rs 450 million in share of surcharge on the clearance of around 1900 vehicles has not yet reached its conclusions after passing the deadline set by Federal Board of Revenue in connection with compilation of report. FBR had formed a three member committee in mid ... Read More »

Customs special judge sends six to judicial lock up

LAHORE: Special Judge of Customs Tanveer Akbar has accused six of evading customs duty worth millions of rupees on import of betel leaves while sending them to judicial lock up. The Customs Investigation and Prosecution Department had arrested the accused on three days remand for recovery of taxes and documents. Earlier, the customs authorities produced the accused before the Customs Special Judge for ... Read More »

FPCCI announces shadow budget

KARACHI: Zakaria Usman President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the first time in the history FPCCI has announced the shadow budget for fiscal year 2014-15. According to the President FPCCI, shadow budget has been prepared completely on impartial, unbiased and transparent basis. The accelerated economic growth in long-term and providing the relief ... Read More »

Budget 2014-15: PCDMA submits proposals for lowering ST

KARACHI: It is learnt that Pakistan Chemicals & Dyes Merchants Association (PCDMA) has submitted its budget proposals for 2014-15 to Finance Minister Ishaq Dar. The taxation proposals have mainly focused on policy measures, administrative and enforcement issues faced by commercial importers. The commercial importers of industrial chemicals, dyes/raw materials have strongly proposed withdrawal of income support levy and access to ... Read More »

Thai Customs rescues 225 turtles at airport

BANGKOK: Thai Customs officials at Suvarnabhumi airport have rescued 225 live spotted pond turtles from four unclaimed luggage bags. Senior customs official at the airport informed that the baggage was left unattended next to arrival hall. On enquiry from the officials no one claimed the ownership of the bags. The suspicious bags were then X-rayed. It was then revealed that ... Read More »

ST related SROs: FBR, EDB work out revision

ISLAMABAD: The Federal Board of Revenue and the Engineering Development Board (EDB) have jointly worked out revision of major sales tax SRO including  SRO 727(I)/2011, SRO 575(I)/2006, SRO 549(I)/2008, SRO 551(I)/2008, SRO 501(I)/2013 and SRO 670(I)/2013 with a view to providing level playing field to local manufacturers. In this regard, the FBR and the EDB have finalised recommendations for budget ... Read More »

DI&I-Customs thwarts smuggling attempt

NOWSHERA: Directorate of Customs Intelligence and Investigation has foiled an attempt to smuggle huge quantity of narcotics on Motorway while seizing the drugs. Talking to reporters, Superintendent Customs Intelligence Khwaja Iqbal said that acting on a tip-off, the customs intelligence officials signalled a truck to stop. On thorough search, 51 kg of hashish were recovered from the hidden cavities of ... Read More »

Budget FY14-15: Fixed tax on bagasse-fired sugar mills proposed

ISLAMABAD: The Engineering Development Board (EDB) has proposed a fixed tax on sugar mills having equipped with bagasse-based/self-generation power plants in the budget for fiscal year 2014-15. The proposal is related to the imposition of sales tax on captive power generation based on bagasse. The sugar mills having captive power plants for electricity generation based on bagasse be subjected to ... Read More »

Levy of cargo tax: PEW urges KPK govt to rethink decision

PESHAWAR: Revival and promotion of industry in Khyber Pakhtunkhwa is linked with conducive environment therefore the Khyber Pakhtunkhwa government should revisit the recently imposed Cargo tax. Talking to a delegation of Industrialists from KPK, Pakistan Economy Watch (PEW) President Dr Murtaza Mughal feared that the imposition of tax could hamper economic activities in the underdeveloped and militancy-hit province. He pointed ... Read More »

Exporters’ community suffering huge losses due to rupee appreciation

To, The Honorable, Federal Minister for Finance, Islamabad   Respected Sir, With due respect, I would like to draw your attention towards a sensitive issue pertaining to negative impact on export activities due to the dramatic decrease in US dollar rates. Sir, a significant imbalance has been developed in exports due to the rapid decrease of US$ rate against the ... Read More »

Auctioning next generation technology

ISLAMABAD: Pakistan has entered into latest next generation mobile services known as 3G and 4G by selling five lots of spectrum out of total six. One license of 4G was obtained by China Mobile (ZONG) while another remained unsold. In this auction process, Pakistan Telecommunication Authority (PTA) as a regulator had sold four licenses of 3G technology and one 4G ... Read More »

Growth to remain over 4pc: Dar sees $15b foreign reserves by September

ISLAMABAD: Finance Minister Ishaq Dar expressed the hope that national economy would grow by over 4 per cent during the current fiscal year (2013-14). He claimed that Inflation would remain in a single digit due to growth both in the agricultural and industrial sectors. Ishaq Dar was addressing the First Business Session at 47th annual meeting of Asian Development Bank ... Read More »

Zero tolerance for corrupt practices in FBR: Bashirullah Khan

ISLAMABAD: The Federal Board of Revenue has accomplished 80 percent automation for putting in place Human Resource Information System (HRIS) and remaining 20 percent work will be completed within next few months, FBR’s Chief Management Bashirullah Khan said.  “We are undertaking strenuous efforts to link all HR data with HRIS. Once the online system starts functioning, all matters pertaining to ... Read More »

Auto parts retail sale, commercial imports: EDB proposes levy of ST

ISLAMABAD: The Engineering Development Board (EDB) has proposed imposition of Sales Tax at the standard rate of 17 percent on retail sales and commercial imports of automotive spare parts. In its budget proposals which the Federal Board of Revenue (FBR) has received, the EDB advocated levy of sales tax on spare parts at retail stage. The board is of the ... Read More »