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CGT on disposal of securities: FBR not to cap rate in budget

ISLAMABAD: The government has no intention to freeze the rate of Capital Gains Tax (CGT) on disposal of securities (Tax Year 2015) at existing 10 percent in budget (2014-15). The Federal Board of Revenue (FBR) will continue with the CGT rates on stock exchanges as applicable under the Income Tax Ordinance 2001. The existing rates will not be frozen at ... Read More »

LCCI, taxpayers brainstorm ST refund claims on Tuesday

LAHORE: The registered taxpayers and exporters will plead for the long-pending sales tax refunds issue with the sales tax refund committee of Lahore Chamber of Commerce and Industry (LCCI) at a meeting scheduled for Tuesday (today) at the chamber. As per details, the LCCI sales tax refund committee has also invited tax officials to discuss the issue of pending refunds ... Read More »

Tax evasion: IT firm’s executives in Adiala Jail on remand

ISLAMABAD: The two top executives of an international IT firm, busted by the Intelligence and Investigation Inland Revenue (IR) on tax evasion charges, have been in Central Jail Adiala on judicial remand. As per details, the IR I&I, in first of its kind case, nailed two senior executives of the top global IT firm after they were found evading tax. ... Read More »

Amend to AML Act: FBR pinpoints 26 tax offences under IR laws

ISLAMABAD: The Federal Board of Revenue has pinpointed 26 serious tax crimes pertaining to all the three Inland Revenue laws – Sales Tax, Income Tax and Federal Excise Duty, to be declared as predicate offences under Anti-Money Laundering Act, 2010 and proposed comprehensive amendments to the AML Act. As per details, State Bank of Pakistan’s Financial Monitoring Unit (FMU) with ... Read More »

DGI&I suggests FBR to deal with banned oil import

ISLAMABAD: While endorsing the viewpoint of ghee/cooking oil industry on the illegal import of banned and used cooking oil, Directorate General of Intelligence and Investigation-Customs has proposed to the Federal Board of Revenue to effectively check its import into the country. The banned oil is subsequently marketed, after processing like bleaching, etc, to be used in low quality junk foods. ... Read More »

Govt losing millions on import of galvanized steel sheets in garb of alloy steel

KARACHI: Federal Board of Revenue is facing loss of millions of rupees in terms of tax evasion on mis-declaration on the importation of galvanized steel sheets in the garb of alloy steel sheets in the coil of secondary quality, it is learnt here. Sources on the condition of anonymity informed Customs Today that the consignments of galvanized steel are being ... Read More »

Alleged tax evasion: I&I-IR grilling top executives of IT firm

ISLAMABAD: The Directorate General of Intelligence and Investigation Inland Revenue (IR) has interrogated executives of an international IT giant for their alleged involvement in a case of tax evasion. According to reports, the directorate of intelligence IR produced senior employees of the company in the court of Special Judge Customs Karachi who handed them over to the agency on remand ... Read More »

Impact of PM tax package, amnesty: FBR to brief Senate body on April 8

ISLAMABAD: The Senate Standing Committee on Finance has directed the Federal Board of Revenue (FBR) to give in detail impact of the Prime Minister’s tax incentive package, amnesty schemes and tax exemptions on total revenue collection in the fiscal 2013-14. A meeting of the Senate Standing Committee on Finance is scheduled for April 8, under the chair of Senator Nasreen ... Read More »

Tax incentives at SEZs: FBR vets PBIT proposal

ISLAMABAD: The Federal Board of Revenue is contemplating the proposal of Punjab Board of Investment & Trade (PBIT), seeking amendment to Special Economic Zones Act, 2012 (SEZ Act) and SEZ Rules, 2013 to pave the way for new tax incentives to investors willing to establish their business at SEZs. As per details, the PBIT has submitted a detailed proposal for ... Read More »

FBR withdraws duty concession on BOPET film import

ISLAMABAD: The Federal Board of Revenue (FBR) has amended SRO 565(I)/2006 through an SRO 221(I)/2014 to withdraw concessionary rate of customs duty on the import of BOPET film. The FBR has enhanced import duty on BOPET film with a view to protect the interest of local manufacturers. As per details, local manufacturers had taken up the issued with the FBR ... Read More »

Car dealers, owners to be fined for unregistered vehicles

LAHORE: Provincial Minister for Finance, Excise and Taxation Mujtaba Shuja-ur-Rehman has said that Rs 5,000 to Rs 10,000 fine will be imposed on the owner on bringing an unregistered vehicle on the road and action will also be taken against the dealers concerned. Furthermore, section 144 will be imposed on car dealers who will hand over vehicles to their customers without ... Read More »

WHT demand for July-Mar: Audit to help FBR recover Rs32b

ISLAMABAD: Effective monitoring and audit of withholding agents will help the Federal Board of Revenue (FBR) to ensure substantial recovery of billions of rupees, especially in view of its raised withholding tax demand of over Rs32 billion during July-March 2013-14. As per details, the Directorate General of Withholding Taxes has made huge tax demand of Rs32 billion against withholding agents ... Read More »

ANF arrests six drug peddlers

LAHORE: Anti Narcotics Force has carried out six operations in Rawalpindi, Lahore, Kasur, Peshawar and Karachi arrested six drug peddlers including a foreign national and recovered 21 kg heroin, 2.20 kg opium and cocaine. Most of the drugs were destined abroad. A press release said that ANF Rawalpindi Airport team arrested a dual national of Pakistan and Britain and recovered 9 ... Read More »

Growth of trade to augment by mid April: Collector Muhammad Saleem

KARACHI: The growth of trade would be augmented by the mid April, 2014. This was revealed by the Collector of Model Customs Collectorate of Appraisement-West, Muhammad Saleem while talking to Customs Today. While apprising the recent situation of trade, Collector MCC Appraisement-West said that the decrease in US dollar’s rate against the national currency has temporarily put a slowdown effect ... Read More »

Show-cause notice against PTCL, contractor, clearing agent issued

KARACHI: Customs Collectorate of Adjudication-I has issued show-cause notice against M/s Pakistan Telecommunication Limited (PTCL), its local contractor M/s Huawei Technologies Pakistan (Private) Ltd, and its clearing agent M/s Eastern Freighter Services (CHAL No.2442) on mis-declaration of import value through concealment of actual CFR value in Goods Declaration and invoice aimed at evasion of customs duty and other taxes amounting ... Read More »

MOVING AHEAD

To,   Federal Minister for Finance, Ministry of Finance, Government of Pakistan, Islamabad     The Chairman, Federal Board of Revenue, Government of Pakistan, Islamabad   Sir, With ailing economy which until recently was in doldrums and touched alarming heights of crises, and in the backdrop of government’s stringent move to revive and put it on track, we think it ... Read More »

Granting NDMA status to India

Islamabad is seriously considering granting Non Discriminatory Market Access (NDMA) status to New Delhi in the aftermath of a lucrative offer made by India by offering to remove 514 items from sensitive list in next six months out of total 614 items. The abolishing of sensitive list of 614 items comprises all such products such as textile, leather, surgical products ... Read More »

Auctioning next generation technologies

ISLAMABAD: The government is all set to fetch at least $1.6 billion into national kitty by auctioning next generation technologies (3G and 4G) by next month. The government has set the stage for this important transaction by releasing Information Memorandum (IM) with consent of Prime Minister Nawaz Sharif which illustrates exact mode of selling scarce and important asset of the ... Read More »

New venues must to boost exports: Karim Ahmed Khawaja

ISLAMABAD: The performance of the Commerce Ministry has been impressive under the leadership of Federal Commerce Minister Eng. Khurram Dastgir so far but there is always room for improvement and the Ministry has to focus on the enhancement of trade. There is a dire need for hard work to explore new venues to boost exports and cater to the modern-day ... Read More »

Revenue collection can be enhanced by 1,000pc: Zuberi

LAHORE: The revenue collection can be enhanced by 1,000 percent provided the Federal Board of Revenue (FBR) rationalise policies and reduce tax rates. To broaden tax net and increase tax-to-GDP-ratio, registration of Sales Tax Number (STN) and National Tax Number (NTN) should be made simpler besides reducing the tax rate. This was stated by Lahore Tax Bar Association (LTBA) former ... Read More »