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Tag Archives: Budget 2014-15

SRO issued for new duty drawback rates on textile exports

ISLAMABAD: The Federal Board of Revenue (FBR) has issued SRO 754 of 2014, notifying new rates of duty drawback on export of textile and allied products. The new rates are effective from August 21. The FBR has issued another notification to allow new rates of duty drawback to exporters retrospectively from January 1 as well. It is to be noted ... Read More »

FBR to publish biweekly list of active taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) will publish a list of active taxpayers on a fortnightly basis to promote the culture of documentation. In the budget 2014-15, the government had introduced higher tax rates for non-filers and the FBR published a directory in April this year to reveal the names of tax defaulters. The board will publish the list ... Read More »

FBR withdraws SRO 422 related to tax hike on cigarettes

MULTAN: Federal Board of Revenue has withdrawn the Statutory Regulatory Order (SRO) 422 on increase of federal excise duty on cigarettes. FBR had increased the taxes on cigarettes to cover the revenue shortfall of the fiscal year 2013-2014. Federal Excise duty is now set the rate of tax under the Excise Act 2014. FBR has issued SRO 574 due to which, ... Read More »

FBR fine-tunes Finance Bill 2014-15 for NA approval

ISLAMABAD: After compilation of proposals and recommendations provided by the members of both Upper and Lower houses and Senate’s Standing Committee on Finance as discussed during the different sessions of debate over the next budget, Federal Board of Revenue has finalised the Finance Bill 2014-15. Sources said that the proposals and recommendations of the Finance Bill have reached the Finance ... Read More »

Committee to sort out anomalies in budget from July: Tariq Bajwa

ISLAMABAD: Federal Board of Revenue will form a committee to identify and eliminate anomalies in Budget 2014-15 which will start working in July 2014. The committee will analyse the proposals regarding customs duty tariffs and exemptions forwarded by Federation of Pakistan Chambers of Commerce, other Chambers and various trade organisations. Sources in FBR informed Customs Today that FPCCI President Zakria ... Read More »

Punjab govt presents Rs1,045b budget

LAHORE: Punjab government has presented a budget of Rs 1,045 billion for fiscal year 2014-15, proposing ten new taxes on services, imported luxury vehicles, big houses and others in share of tax reforms. Punjab government insists that the budget is balanced. However, Rs 11 billion difference between expenditures and revenue receipts was visible. Opposition parties, especially PTI, strongly condemned the ... Read More »

10,000 retailers to be brought into tax net, Senate body told

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has informed the Senate Standing Committee on Finance that top 10,000 retailers will be brought into the tax net under the new scheme proposed through Finance Bill (2014-15). Briefing the Senate Standing Committee here, Mr Bajwa informed that currently more than 2.5 million retailers were operating across the country, adding that ... Read More »

APMSIDA demands reduction in duty on import of motorcycles’ spare parts

KARACHI: All Pakistan Motorcycle Spare Parts Importers and Dealers Association (APMSPIDA) has demanded of the Prime Minister Nawaz Sharif and Federal Finance Minister Ishaq Dar to reduce 35 per cent customs duty implemented by the federal government in the Budget 2014-15 on the import of motorcycle spare parts. In a joint statement, Senior Vice Chairman APMSPIDA Khurram Riaz, former president ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

Various changes made in customs act 1969

LAHORE: Various changes have been undertaken in the Customs Act, 1969 under Budget Customs Taxation. In section 2, clauses (k) and (m) have been merged in a single definition of ‘customs-station’ while in section 7, word ‘Central Excise’ is substituted with the word ‘Federal Excise’. In section 18, new subsection 1A is inserted to add the Fifth Schedule to the ... Read More »

Budget 2014-15 Speech

3 June 2014 Bismillahir-Rehmanir-Rahim   PART-I Mr. Speaker,   As I rise to present the second budget of the democratic government, I want to thank Allah (SWT) for remarkable mercies He has bestowed on us by giving enormous success to the policies and initiatives we announced in our first budget. This success is the outcome of a democratic process that ... Read More »

Ishaq Dar set to announce Rs3.9 trillion Budget 2014-15 today

Budget-20140-15

ISLAMABAD: Finance Minister Ishaq Dar will announce government’s second budget for the fiscal year 2014-2015 with total expenditures of around Rs 3.9 trillion and deficit of 4.8 per cent of the Gross Domestic Product. Dar will present the budget 2014-2015 in the National Assembly. The government would introduce heavy taxation measures in the budget to meet the fiscal deficit target ... Read More »

Budget 2014-15: Govt set to up ST on 5 sectors, phase out SROs

LAHORE: The government is likely to increase sales tax on 5 sectors and capital gain tax on shares while phasing out of SROs and tax amnesty schemes is also on the cards, sources disclosed. The sources said that the Federal Board of Revenue may increase rate of sales tax on five export-oriented sectors – textile, leather, carpets, surgical and sports ... Read More »

Dar to present second budget tomorrow

ISLAMABAD: Finance Minister Ishaq Dar will unveil the second budget of his the PML-N-led government in the National Assembly on Tuesday. The finance bill, which will be tabled in parliament, is expected to include Rs535 billion additional taxes and other administrative measures. The ambitious new tax measures revolve around three pillars — documenting and taxing the rich, raising the existing ... Read More »

GST on tractors to ease: 5pc ST on wide range of goods likely

ISLAMABAD: The government is likely to impose a 5 percent sales tax on a wide range of goods in the budget for fiscal year 2014-15 scheduled to be announced on Tuesday (June 3). As per details, the five percent sales tax is likely to be imposed on a wide range of goods including import and supply of plant/machinery (not manufactured ... Read More »

Raise in taxes on real estate, stock market sectors imminent

ISLAMABAD: Federal Government has decided to increase taxes on real estate business and stock market transactions in the next budget. Meanwhile, Widening of tax net by increasing the number of taxpayers through law making is under consideration in addition to introducing new tax slabs for salaried class. Sources in the finance ministry have said that no decision has been made ... Read More »

Slash in capital gains tax on the cards

ISLAMABAD: The federal government is most likely to reduce burden on income from shares trading by over 28 percent and fix the capital gains tax (CGT) rate at 12.5 percent for next fiscal year. As per details, the government may amend the definition of short-term period for capturing longer periods to make for the losses that it will incur due ... 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 »

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 »

Budget 2014-15: Rs255b new taxes to reduce deficit

ISLAMABAD: In order to bring down the budget deficit the government is expected to introduce new taxes in the upcoming budget that are expected to yield an estimated Rs255 billion. Sources said that the reduced budget deficit is set at 4.8 per cent in the fiscal year 2014-15, currently 5.7 per cent. New taxation measures may include an increase in ... Read More »