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Tag Archives: Federal Finance Minister Ishaq Dar and FBR Chairman Tariq Bajwa

Reviving the textile industry

Textile industry is the backbone of the national economy,contributing nearly one-fourth of the industrial value addition, 8 percent of the gross domestic product and 55 percent of the overall exports. At least 40 percent of the industrial workforce is associated with this industry, but declining trends in the export of cotton products call for the introduction of a new textile ... Read More »

Increase in wheat support to Rs 1300 per 40 kg to benefit farming: PM Nawaz  

ISLAMABAD : The decision to increase in the support price of wheat to Rs 1300 per 40 kg and cut in the petroleum prices, particularly in the price of diesel would benefit farming, said Prime Minister Nawaz Sharif in a statement issued the here the other day. He said the government was fully cognizant of the problems of the people ... Read More »

Inactivation of NTNs by FBR perturbs taxpayers

ISLAMABAD: Act of making thousands of valid National Tax Numbers (NTNs) inactive by the Federal Board of Revenue (FBR) has put the taxpayers in hot waters. Since July onward, the FBR made thousands of valid NTNs inactive for not making any tax transaction during last few years. The NTN holders could not make any tax transaction either for one or ... Read More »

IOCO staff of Customs irked by long promotion process

KARACHI: There exists great anger among employees of Input/ Output Co-Efficient Organization (IOCO) of Customs Department due to stoppage of promotion process, sources informed Customs Today here on Tuesday. The sources said that this department has been neglected like before despite the fact that competent staff works here. They said that Inland Revenue employees are always promoted but IOCO workers ... Read More »

FBR issues Valuation Ruling of yarn fabric

ISLAMABAD: The FBR has issued new Valuation Ruling of Viscos Yarn Clothes under which $ 4.61 duty has been fixed. Earlier, 25 percent less duty was being collected from this cloth as compared to new duty as the duty was not fixed and that’s why, fabric importers were causing loss worth billions of rupees to national kitty. The new duty ... Read More »

German delegation to meet FBR chairman Bajwa today

Islamabad: The Assessment Mission of Pak-German Development Corporation will meet FBR Chairman Tariq Bajwa on Friday (today) at FBR Headquarters. The FBR Chairman will brief the delegation about tax system in Pakistan. He will meet the delegation at 10 am. The German delegation will prepare an assessment  report after  the meeting which will decide whether German government  is going to ... Read More »

Naqvi to head Tax reforms commission

ISLAMABAD: With the aim to bringing in drastic reforms in the prevailing tax system, the federal government, at last, named renowned chartered accountant Masoud Naqvi as head of the Tax Reforms Commission (TRC). It is to be noted that the establishment of Tax Reforms Commission (TRC) was announced by Finance Minister Ishaq Dar in his budget speech in June. A ... Read More »

KCCI expresses concern over sharing of accountholders’ info

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki has shown his discontent about SRO 115 (I)/ 2014 issued by the Federal Board of Revenue through which banks will provide information about their accountholders without national tax numbers (NTN) and who deposit more than one million rupees or pay Rs100,000 in credit card bills in a month. In a ... Read More »