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Encroachments: KPT, PQA among others sent notices by Sindh Revenue Board

KARACHI: Land Utilisation Department of Sindh has issued notices to Karachi Port Trust, Port Qasim Authority (PQA) and other federal entities against the possession of the Sindh Board of Revenue’s 32,353 acres. Filing a compliance report before the Supreme Court in compliance with its order in the Karachi law and order suo motu implementation case, Sindh Board of Revenue’s senior ... Read More »

3 non-customs paid vehicles seized

LAHORE: Anti-smuggling unit of Model Customs Collectorate Lahore has impounded three non-customs paid vehicles worth Rs 4 million at various places in the city. Sources said that the unit seized one Mercedes model 2002, Pajero 1999 and Toyota Corolla 1998 model from Defence Housing Authority, Johar Town and Model Town Link Road. Anti-smuggling scout raided on the spots on receiving ... Read More »

Isaf containers’ scam: Customs agents bemoan sparing logistic agencies

ISLAMABAD: Customs and borders’ agents have expressed reservations over sparing logistic organisations concerned in the investigation into Afghan commercial cargo. They said that investigative agencies instead of Nato/ASAF were investigating hundreds of Afghanistan bound trade cargos, while the national agencies, which were actually responsible, had been exempted from it. These reservations were expressed by a delegation of Customs and borders’ ... Read More »

Assets declaration: FBR officials fail to comply with deadline

ISLAMABAD: The Federal Board of Revenue has withdrawn special allowance/double pay package of a large number of officials who failed to file their assets declaration till the deadline expired on February 25, 2014 The board had set the extended-deadline for filing of assets declaration but the officials failed to comply with. As per details, the federal government has appeared to ... Read More »

Training on WeBOC for stakeholders of transit trade held

KARACHI: The Pakistan Afghanistan Joint Chamber of Commerce and Industry (PAJCCI) in collaboration with Directorate General of Afghan Transit Trade, Customs conducted two-day training for stakeholders of transit trade on Web Based One Customs system (WeBOC). PAJCCI Vice President Engr Daroo Khan Achakzai inaugurated the training wherein he highlighted role of the joint chamber and significance of WeBOC in transit ... Read More »

Unlawful assessment: FTO rues customs appraisers’ performance

ISLAMABAD: Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry has expressed serious concern over the performance of customs appraisers and questioned that if the Appraisers cannot detect non-application of a Valuation Ruling in a Goods Declaration, how can they detect evaders indulged in avoidance of Valuation Rulings. The FTO remarked while deciding a complaint against the Customs authorities at Karachi for ... Read More »

Fighting corruption within: FBR mulls setting up P&IMU over

ISLAMABAD: With the aim to ferret out corruption and identify corrupt tax officials through integrity and performance evaluation, the Federal Board of Revenue (FBR) has decided to establish Performance and Integrity Management Unit (P&IMU) at its headquarters. FBR Chairman Tariq Bajwa took the decision in a meeting on the P&IMU held here. It has also been decided that the unit ... Read More »

FPCCI urges businessmen to pay taxes to save the country

LAHORE: Pakistani businessmen should adopt the habit to paying due taxes even if it leads to minimization of their profits in order to save Pakistan. This was stated by the new Federation of Chambers of Commerce and Industry Regional Chairman SM Naseer at a meeting held in honour of Chairman Pak-India Business Council SM Munir here at the FPCCI office. “Businessmen should pay ... Read More »

Provisional figures for February stand at Rs162bn

ISLAMABAD: Provisional figures of revenue collection for the month of February have been reportedly estimated at Rs 162 billion. The target for the month was set at Rs 172 billion. This reflects a shortfall of Rs 10 billion. Federal Board of Revenue’s net revenue collection figures reveal that so far Rs 1,363 billion during the period from July to February ... Read More »

FBR comes up with tracking system to check tax evasion

ISLAMABAD: Federal Board of Revenue has decided to implement a new tracking system for monitoring the production and clearance of major dutiable commodities. The system is to be introduced with the name of ‘Track and Trace System’. It would initially cover cigarettes followed by other commodities operating under the taxation regime. FBR is taking into consideration proposals of all entities ... Read More »

Q1 witnesses import pressures, trade deficit increases

KARACHI: The State Bank of Pakistan has released its First Quarterly Report for fiscal year 2013-14 on the State of Economy. The report says that as the industrial sector revived, import pressures reappeared, especially for capital goods and raw materials. The import of petroleum, machinery, and metal, was particularly strong, which increased the trade deficit by $ 0.6 billion during ... Read More »

TDAP scam: FIA arrests 45 suspects

ISLAMABAD: Federal Investigation Agency has arrested 45 men for their alleged involvement in what has been termed Rs 1.27 billion scam of the Trade Development Authority of Pakistan relating to ‘misappropriation’ of funds in export promotion schemes. The accused have been in judicial custody since rejection of their bail applications. Prime Minister Nawaz Sharif had directed the FIA on Aug ... Read More »

SECP assures LTBA of resolving shareholders’ issues

LAHORE: Security and Exchange Commission of Pakistan (SECP) Additional registrar of Companies Liaqat Ali Dola has assured Lahore Tax Bar Association of early resolution of the issues confronted by the shareholders, directors and their representatives. Dola was addressing lawyers at the Lahore Tax Bar Association at a seminar arranged by the Bar here. He said that all the issues including digital ... Read More »

LCCI, FBR pledge to work together for raising tax to GDP ratio

LAHORE: Lahore Chamber of Commerce and Industry and Federal Board of Revenue have decided to work hand-in-hand to raise tax-to-GDP ratio by educating the masses about the benefits of Prime Minister Tax Incentive Package. The decision was made at an hour-long meeting between the Large Taxpayer Unit Chief Commissioner Mustafa Ashraf and LCCI Vice President Kashif Anwar. Chief Financial Officer ... Read More »

ST, FED on beverages: FBR enhances fixed capacity rate

ISLAMABAD: The Federal Board of Revenue has considerably enhanced fixed capacity rates of sales tax and federal excise duty charged on beverages on the basis of annual production capacity of the unit. The FBR Through revised Federal Excise Duty and Sales Tax on Production Capacity (Aerated Waters) Rules, 2013, the new rates per filling valve or spout payable by each ... Read More »

Pakistan Customs faces SSGC in first match

KARACHI: Pakistan Customs has named their 20-member squad for the Patron’s Trophy Grade-II starting on Saturday, March 1. Customs takes on the Sui Southern Gas Company in their first round group ‘A’ match at the UBL Sports Complex here. Squad announced includes the following: Saad Alam, Zia-ul-Haq, Bilal Qureshi, Zeeshan Ali, Waqas Khan, Faisal Mubashir, Sheran Malik, Hafiz Akmal, Akbar ... Read More »

Tax Directory: 45 lawmakers yet to file tax returns

ISLAMABAD: As many as 45 parliamentarians including eight MNAs and seven Senators  have not yet filed their income tax returns. According to finalised Tax Directory issued by the FBR, out of total 1,172 parliamentarians, 1,127 have filed their income tax returns till February 28, 2014, indicating there are 45 non-filers. Despite extending deadlines time and again, there are some parliamentarians ... Read More »

63pc revenue shortfall: LTU may miss TY13 target

KARACHI: The looming 63 percent shortfall in revenue collection from sugar sector has dashed the Large Taxpayers Unit (LTU) hopes for achieving annual budgetary target. The LTU has collected Rs364 million from sugar sector in tax year 2013 as compared to Rs1.1 billion in tax year 2012, showing a decline of 63 percent. The tax refunds in sugar sector in ... Read More »

Bajwa directs formation of a task force for broadening tax base

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has directed the constitution of a task force to propose a concrete policy along with enforcement measures to bring the retail sector into the tax net and to ensure that the retailers make their due contribution to revenue. FBR has issued a notification in this regard. Member Human Resource Management Yasmin Saud ... Read More »

PM incentive: FBR extends tax returns filing date till April 30

ISLAMABAD: An extension of two-months has been granted in the last date for filing of tax returns under the Prime Minister’s tax incentive package up to April 30, 2014 to attract maximum persons, who intend to avail of the scheme. Federal Board of Revenue has issued Income Tax Circular 1 of 2014 in this regard. A statement of Finance Ministry ... Read More »