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Tag Archives: FBR

Weak audit and un-documented economy fails USAS in Pakistan: FBR

ISLAMABAD: Senior Member Federal Board of Revenue and Inland Revenue Policy Shahid Hussain Asad said that the Universal Self Assessment Scheme is not successful in Pakistan due to un-documented economy and absence of strong audit, USAS requires documentation and exemplary audit to make self assessment a success. Talking to Customs Today Spokesperson FBR said income declared under the USAS is ... Read More »

FBR chief Bajwa asks DG Internal Audit, DG Valuation to improve performance

ISLAMABAD: Director General Internal Audit Karachi Rubina Wasti and Director General Valuation Karachi Sameera Nazeer met Federal Board of Revenue Chairman Tariq Bajwa at the FBR Head Office. Bajwa instructed both the officials to enhance performance of their respective departments. The FBR chairman also instructed Internal Audit director general to speed up the audit process of companies and individuals who ... Read More »

Appraisement Lahore dismisses custom inspector ondisciplinary charges

LAHORE: Model Customs Collectorate Appraisement-Lahore has dismissed Customs Inspector Muhammad Sharif Watto working at Mughalpura Dryport while taking disciplinary action against him under Efficiency and Discipline Rules 1973. A charge sheet was prepared against inspector and Ms Sira Agha, Additional Collector Customs Adjudication conducted inquiry on account of various acts of omission and commission committed by inspector. According to sources, ... Read More »

FBI provides outdated explosive detection kits to Pakistan Customs

ISLAMABAD: Model Customs Collectorate Islamabad has informed the Federal Board of Revenue (FBR) through a letter that the kits provided by US agency FBI for detection of explosives material are expired. MCC has asked the FBR to bring the fact into the notice of the US authorities and ask them to provide the chemical required to make these kits workable. ... Read More »

Apparel Forum urges govt to address tax refunds issue on immediate basis

KARACHI: Chairman Pakistan Apparel Forum Muhammad Javed Bilwani has asked Government to instruct FBR about releasing funds of exporters. He said almost 50 billion of exporters are stuck up in the government Sales Tax Refund Claims, Customs Rebate Claims and DLTL Claims causing great suffering to already beleaguered and hampered exporters. Such activities will ruin the export business of value ... Read More »

SCEP reveals 4641 companies cheating FBR by playing dead

ISLAMABAD: Securities and Exchange Commission of Pakistan revealed that more than 4600 companies have not filed income tax report while they are still doing business. By avoiding the procedure of filing income tax returns they are cheating the tax authorities. SECP highlights the need to strengthen the enforcement wing of FBR to counter these cheating cases and catch these tax ... Read More »

KTBA rejects FBR’s directives of submitting ECs through IRIS

KARACHI: FBR issued directives for submission of Exemption Certificates through IRIS system to Karachi Tax Bar Association. KTBA rejected the directives by sending a letter to FBR telling that these directives have no legal sanction or support as neither Income Tax Ordinance 2001 nor Income Tax Rules 2002 laid down such rules. KTBA said that this new rule is introduced ... Read More »

FBR to eliminate trade of smuggled items in local markets

LAHORE: The Federal Board of Revenue, Inland Revenue intelligence and Investigation wing, is going to start action against the sale of smuggled goods in local market.  The FBR official here at RTO Lahore told Customs Today that intelligence officers would visit the market, super stores, shopping malls and all other shops to observe the trade of illegally imported goods like ... Read More »

FBR urges taxpayers to accept tax cards

ISLAMABAD: FBR Spokesperson and Member Inland Revenue Policy Shahid Hussain Asad has asked the taxpayers and filers to accept the tax cards issued by FBR as they are meant for the benefits to the taxpayers. Talking to Customs Today he said filers should not refuse to accept these cards as they carry many privileges, our nation is not habitual to ... Read More »

FBR collects Rs 87 billion in first 15 days of 2015

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 87 billion in the first 15 days of 2015 whereas Rs 77 billion were collected during the same period last year. With addition of Rs 87 billion, the total collected revenue by the FBR has reached Rs 1,254 billion, although only 1,109 billion were collected during the same period last ... Read More »

Bajwa briefs interior minister on National Action Plan

ISLAMABAD: Tariq Bajwa, the chairman of the Federal Board of Revenue (FBR) , has attended a meeting presided by the Interior Minister Chaudhry Nisar Ali Khan to inform about the steps taken by the FBR regarding National Action Plan. The meeting was held in the Prime Minister’s House. The prime minister himself had to preside over the conference but due ... Read More »

FBR puzzled on PM’s orders about terrorist funding

ISLAMABAD: Prime Minister Pakistan Muhammad Nawaz Sharif has instructed FBR to stop funding of terrorists. Chairman FBR along with other members look puzzled and found asking each other how they can play role in prevention of this funding. They are also looking for possible ways falling in their jurisdiction to counter this funding. Although this statement has been issued from ... Read More »

LCCI urges Finance Minister to forbade FBR from attaching business accounts

LAHORE: The Lahore Chamber of Commerce and Industry has urged FBR to stop attaching business accounts in the larger interest of the economy as it should be the last option and not the priority. President LCCI Ijaz A. Mumtaz urged the Federal Finance Minister Ishaq Dar to immediately stop the FBR from this practice which is pushing the taxpayers to ... Read More »

Appraisement-West launches crackdown on tax defaulters involved in violation of SRO1125 (I)/2011

KARACHI: The Appraising Intelligence Branch (AIB) on the orders of Collector MCC Appraisement-West Muhammad Saleem has expedited the pace of crackdown against tax defaulters who are involved in violating the SRO1125 (I)/2011. AIB MCC Appraisement-West while scrutinizing the clearance data of the importers who cleared their consignments under SRO 1125(I)/2011 during last four years has found that five importers are ... Read More »

UK’s DFID head Montgomery to meet FBR Chairman Bajwa on 20th

ISLAMABAD: England’s Department for International Development is financing the tax awareness campaign launched by the Federal Board of Revenue (FBR). DFID Head for Pakistan Richard Montgomery will meet Chairman FBR Tariq Bajwa on January 20 at the FBR House where he will share his ideas about the awareness campaign with FBR chairman. They will also evaluate the results of campaign. ... Read More »

0.3 million taxpayers refuse to accept tax cards from FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has issued tax cards for the filers and taxpayers so that they can enjoy 50 percent discount on withholding tax and the federal excise duty along with VIP lounge at Airports and other facilities. However, more than 0.3 million tax payers refused to accept these cards and returned them to the FBR which ... Read More »

FBR asks government to get NGOs registered with tax authorities.

ISLAMABAD: Federal Board of Revenue has asked the government to ensure the registration of all International Non Governmental Organizations with the tax authorities so as to receive 100 percent tax credit, filing of tax returns and withholding statements annually. INGOs are currently registered with Economic Affair Division. Sources told Customs Today that the Government is considering placing Foreign Contribution Act ... Read More »

FBR restores performance allowance of AC Naureen

LAHORE: Federal Board of Revenue restored the performance allowance (equivalent to 100% of basic pay) of Naureen Ahmed Tarar Additional Collector Model Customs Collectorate of Appraisement Lahore. According to the details, FBR has asked officers repeatedly to submit their declaration of assets. But number of officers did not declare their assets by due date November 30, 2014 even after extending ... Read More »

Chief Commissioner LTU asked to redouble efforts for achieving target revenue

ISLAMABAD: Chairman FBR Tariq Bajwa met Chief Commissioner Large Tax payer Unit (LTU) at FBR house where Chief Commissioner informed him about the performance of LTU. Chairman FBR issued instructions to quickly complete the audit of selected LTUs for the current year and survey the ones having problems relating tax. He asked the Chief Commissioner to put more efforts for ... Read More »

FBR strictly orders field formations to achieve revenue targets

ISLAMABAD: Federal Board of Revenue has strictly ordered the field formations to achieve the revenue targets, although the board understands that the target of financial year cannot be achieved due to country situation, decrease in petroleum prices and other reasons so it should be reviewed but the Finance Minister is of the view that they should try to achieve the ... Read More »