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Tag Archives: Federal Excise Duty

Rs60b shortfall in 5 months: FBR sets Rs286b revenue target for Dec

ISLAMABAD: Federal Board of Revenue (FBR) has set Rs286 billon revenue collection target for the current month of December 2014, amid the Rs60 billion revenue collection shortfall. FBR has collected Rs900 billion from July to November during the ongoing financial year against the target of Rs960 billion leaving shortfall. Sources said that FBR could not meet the first half target ... Read More »

Appraisement-East collects over Rs 5.18b during first 10 days of Nov

KARACHI: The Model Customs Collectorate of Appraisement- East collected a revenue of over Rs 5,185 million during the first 10 days of November. The Collectorate collected Rs 1,359 million under the head of Customs Duty; Rs 2,858 million in Sales Tax, Rs 942 million in Withholding Tax and Rs 26 million under the head of Federal Excise Duty. During July ... Read More »

FBR in pursuit of Rs2810b achieves Rs750b in Oct up from Rs661b, records 17% growth

ISLAMABAD: Federal Board of Revenue (FBR), in pursuit of Rs2810 billion target, has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During ... Read More »

FBR collects Rs180b in Oct with 17pc growth

ISLAMABAD: Federal Board of Revenue’s (FBR) gross revenue collection stood at Rs180 billion during the month of October this year against Rs156 billion it collected in October 2013, reflecting a growth of 17 per cent. The FBR has paid refunds/rebates of Rs8 billion during the month against Rs4 billion paid in last October. The Board has collected Rs750 billion during ... Read More »

FBR collects Rs750 billion during July-Oct

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During the month of October this year, ... Read More »

Appraisement-East collects Rs 10.5 billion revenue in 20 days

KARACHI: Model Customs Collectorate of Appraisement-East collected Rs 10,599.66 million revenue during the first 20 days of October. MCC Appraisement-E collected Rs 2,893.75 million under the head of customs duty; Rs 5,754.41 million under the head of sales tax; Rs 1,847.544 million in withholding tax and Rs 33.96 million under the head of federal excise duty. The Collectorate achieved 60.26 percent of ... Read More »

Auto part makers flay Customs’ 400pc concession to importers

LAHORE: Pakistan Customs, through ruling No 685/2014, has reevaluated the Import Trade Prices (ITPs) for Chinese motorcycle parts and gave commercial importers huge 400 per cent concession against the values determined for OEMs. However, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has censured the Customs for reducing valuation of Chinese motorcycle parts and said that such ‘illogical’ valuation ... Read More »

Appraisement-East collects Rs 178 million additional revenue in Q1

KARACHI: Model Customs Collectorate of Appraisement-East collected additional revenue of Rs 70.15 million in September through administrative measures pushing cumulative revenue collection under the same head during the first quarter ended September 30 to Rs 178.26 million. A letter dated October 10 sent to Secretary (Customs Budget), FBR, Islamabad, read that the collectorate collected Rs 70.15 million revenue through administrative ... Read More »

Pakistan Tobacco Company says illegal cigarette trade cost Rs 20 billion revenue loss

KARACHI: One out of every 5 cigarettes sold in Pakistan has either been manufactured in Pakistan without paying appropriate taxes or smuggled into Pakistan, the biggest cigarette producer of the country and the largest contributor to government revenues Pakistan Tobacco Company (PTC) Limited said in its latest annual report for the year ended December 31, 2013. PTC which produced Rs ... Read More »

FBR collects Rs 560.9 billion in first quarter of FY 2014-15

ISLAMABAD: The Federal Board of Revenue collected Rs 560.92 billion in first quarter of current fiscal year which is Rs 57.91 billion more than the Rs 501.87 collected last year during the same period. As per details, FBR has collected 11.8 percent more revenue in first quarter than the last year. The revenue collected in this period also included Rs ... Read More »

Appraisement-East collects Rs 20.4 billion in September

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-East collected Rs 20.44 billion in September under the heads of customs duty, sales tax, withholding tax and federal excise duty. The MCC of Appraisement-East exceeded overall targets for customs, sales tax and withholding tax for September; however, the target for federal excise duty remained unachieved. The Appraisement collected Rs 5.38 billion customs ... Read More »

FBR needs Rs 100 billion to achieve quarterly revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) needs Rs 100 billion to meet the provisional quarterly revenue target and most probably it will fail to achieve this target. The FBR had fixed Rs 557 billion provisional revenue target for the quarter (July-September) of FY 2014-15. However, statistics available with Customs Today revealed that the FBR have collected around Rs 444 ... Read More »

Tax dodgers to be caught thru auditing

ISLAMABAD: Federal Board of Revenue (FBR), again this year, has decided to audit thousands of cases to catch the tax evades. Sources said that Income Tax, Sales Tax and Federal Excise Duty (FED) heads would audit about 70,000 to 80,000 cases selected through computerised balloting. “The number of cases for audit has been doubled this year as 41,727 cases were ... Read More »

FBR to devolve powers to act against ‘black sheep’

ISLAMABAD: The Board in Council of the Federal Board of Revenue (FBR), on suggestion of Member Customs Nisar Muhammad Khan, has decided to give authority of institutional punitive measures to field formations, chief collectors and chief commissioners. After the said decision, heads of the field formations will be authorised to take action against corrupt officers on mismanagement and corruption. The ... Read More »

Bajwa directs tax officers to recover Rs 70 billion from SM Foods

MULTAN: The Federal Board of Revenue Chairman Tariq Bajwa has directed the subordinates to present the comprehensive report on Rs 70 billion tax evasion by a famous businessman of Multan City. As per details, FBR chairman asked regional tax officers of Multan to recover Rs 70 billion rupees tax from a businessman evaded in last two years. The accused Saim ... Read More »

FBR Chairman Bajwa chairs board-in-council meeting today

ISLAMABAD: The Federal Board of Revenue (FBR) has changed the time for board-in-council meeting to 2:30pm which was scheduled at 11am on Wednesday. As per details, FBR Chairman Tariq Bajwa will preside the meeting in which policy decisions about audit policy will be taken. FBR Member Inland Revenue Policy Shahid Asad, Member Inland Revenue Muhammad Ashraf Khan, Member Admin Shahid Hussain Jatoi, ... Read More »

FBR exceeds revenue target for August by Rs 3 billion

ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the monthly revenue collection target of Rs 180 billion for August 2014 as it collected over Rs 183 billion during the month. Official data obtained by Customs Today showed that the FBR has provisionally collected over Rs 183 billion during August 2014 against assigned monthly revenue collection target of Rs 180 billion with ... Read More »

Appraisement-East collects Rs 19.24b in August

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-East has collected Rs 19.24 billion in August with an increase of Rs 5.78 billion as compare to the Rs 13.45 billion collected in July under the heads of customs duty, sales tax, withholding tax and federal excise duty. According to statistics, the MCC-Appraisement-East has collected Rs 5.24 billion customs duty in August ... Read More »

Customs Port Qasim collects Rs 25.6b in August

KARACHI: The Model Customs Collectorate of Port Muhammad Bin Qasim has collected revenue of Rs 25.6 billion in share of customs duty, sales tax, federal excise duty and income tax in August 2014. As per details, Collectorate of Port Muhammad Bin Qasim has increased its revenue collection by Rs 5.89 billion as revenue collection in July was Rs 19.74 billion. ... Read More »

KP shrugs off PTI chief’s civil disobedience call

PESHAWAR: The people of Khyber Pakhtunkhwa (KP) are giving a deaf ear to PTI chief Imran Khan’s call for civil disobedience by filing tax returns, official sources said. “They are paying all kind of outstanding dues with regard to sales tax and federal excise duty,” they said. Despite PTI government in the province, as many as 700 registered tax payers, ... Read More »