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Tag Archives: IRS

Filer? IRS releases list of top tax scams

DENVER: Internal Revenue Service has released a list of top tax scams to alert tax filers from being conned by criminals as tax season is in full swing and filers are ready to file tax returns. Here is the full list released by IRS. Phone Scams: Aggressive and threatening phone calls by criminals impersonating IRS agents remains an ongoing threat ... Read More »

Customs House, RTOs and other FBR offices to remain closed on Feb-5

KARACHI: The Custom House-Karachi and all related offices of Federal Board of Revenue (FBR) will remain closed on February, 5 on account of Kashmir Day. A notification in this regard has been issued by the Establishment Division, Board of Revenue-FBR. All concern offices including Regional Tax Offices (RTOs), Inland Revenue Services (IRS) and others will remain close on Kashmir Day, ... Read More »

FBR promotes 39 Inland Revenue officers from BS-17 to BS-18

LAHORE: The Federal Board of Revenue (FBR) has promoted as many as 39 officers of the Inland Revenue Service from BS-17 to BS-18 on regular basis with an immediate effect. The names of the promoted officers are Manan Younas, Saima Munawar, Tauqeer Ahmad Suraj, Izhar Ahmed, Muazzam Rashid Khan, Muhammad Umer Khalid, Muhammad Ali, Uzma Waqar, Imran Zafar, Hafiz Muhammad ... Read More »

Singapore, US finalise information sharing agreement on tax dodging

SINGAPORE: Singapore finalised an information sharing agreement with the United States before the end of 2014 on Tuesday, aimed at combating offshore tax dodging. The pact was agreed in principle in May, but had to be finalised before the end of 2014 so that firms could take advantage of it come January when they have to start abiding by the ... Read More »

Two Inland Revenue officers of BS-19 assume charge

ISLAMABAD: Federal Board of Revenue (FBR) has issued notifications regarding charge relinquishment/assumption by two Inland Revenue Service (IRS) officers of BS-19. In pursuance of Board’s Notification No 1846-IR/2014, dated 19-09-2014, Shaheed Mehboob, (IRS/BS-19), has assumed the charge of the post of the Secretary (IR-Policy), FBR (HQ), Islamabad on acting charge basis on 15-10-2014. Meanwhile, Abdul Khalique Shaikh (IRS/BS-19), following the ... Read More »

Farzana Jabeen assumes charge of FBR Member Training

ISLAMABAD: Farzana Jabeen (Inland Revenue Service/BS-22) has assumed the charge of the post of Member (Training), FBR (HQ), stationed at Karachi. Farzana, after repatriation from Appellate Tribunal Inland Revenue, Karachi and in pursuance of Federal Board of Revenue’s Notification No 1927-IR/2014, dated 02.10.214, assumed the charge of above said post. 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 »

PRA seeks audited copy of accounts from taxpayers

LAHORE: The Punjab Revenue Authority (PRA) has asked the registered persons and businesses in corporate sector to submit a copy of annual audited accounts along with tax payments’ propriety certificate from auditors. The authority said that the main provisions relating to maintenance and production of records for the purpose of Punjab sales tax are available under sections 31 and 32 ... Read More »

India to frame law to protect Pakistani investors

ISLAMABAD: The Ministry of Commerce, in a report, sent to the government stated that the Indian Parliament is planning legislation to provide financial and non-financial protection to those Pakistani investors who are interested to invest in India. “Therefore, Pakistani government must also take such an initiative to attract more investment from foreign investors and legislate to protect the foreign investors,” ... 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 »

ANF seizes tons of contrabands in Khyber Pakhtunkhwa

ISLAMABAD: The Regional Directorate Anti-narcotics Force (ANF) Khyber Pakhtunkhwa recovered smuggled drugs worth billions of rupees in August, which were several times more than the quantity of drugs recovered during July. According to the available data, the ANF seized 27.6kg heroin, 460kg hashish, 50,400kg sulfuric acid and 2.5kg amphetamine in August. Statistics revealed that ANF arrested 20 accused for their alleged involvement ... Read More »

TDAP to organize ‘Alishan Pakistan’ exhibition in New Delhi

ISLAMABAD: Despite strong opposition by an Indian Hindu fundamentalist organisation, preparations are in full swing to make the upcoming event ‘Aalishan Pakistan’ lifestyle exhibition in New Delhi a big success. The event is being organised by Trade Development Authority of Pakistan (TDAP). The Hindu Janajagruti Samiti (HJS), working for establishment of Hindu society, has demanded the Indian government stop the ... Read More »

Potential taxpayers served show-cause notices in Lahore

LAHORE: The Lahore Broadening of Tax Base (LBTB) has issued 1,500 show-cause notices to the potential taxpayers and enterprises Under Section 122C of the Income Tax Ordinance 2001. The notices have also been served on such individual and enterprises which were declared as potential taxpayers on the bases of the assessment of their properties or they had conducted taxable transactions. ... Read More »

Up country dry ports vital for interregional trade: Ishaq

SIALKOT: All Pakistan Dry Ports Association Chairman Muhammad Ishaq Butt said that the role of up country dry ports will become vital in the future with the growth of inter-regional trade, especially due to improving trade relations among Saarc countries and predictable peace in the region. Talking to Customs Today here, he said that all issues related to the up ... Read More »

Youths: From assets to liability

Pakistan is blessed with intelligent brains and myriad of hardworking workforce, but how much is its utility in this land of pure is a million dollar question. When the skilled workforce is put to work, it is an asset and when it is not, it is a liability. In the same manner, more population means more businesses and more jobs, ... Read More »

IOCO issues 50 provisional certificates to importers

KARACHI: The Input-Output Co-efficient Organization (IOCO) has issued around 50 provisional certificates during a month, in which it allows the local importers to import raw material for manufacturing the products of local industries under concessionary regime with relaxation in customs duty related to the SRO 565(I)/2014. A FBR sources informed Customs Today that the list of the importers has yet ... Read More »

Karachi Customs Collectorates collect Rs 49.5 billion revenue in July

KARACHI: The Model Customs Collectorates (MCCs) of Appraisement-East, West and Port Qasim have collected Rs 49.5 billion revenue in first month of current fiscal year. As per details, the Model Customs Collectorate (MCC) of Appraisement-East has collected total revenue of Rs 13457 million in the first month of FY2014-15 in share of customs duty, sales tax, income tax and federal ... Read More »

FBR to issue tax cards to 850,000 filers

ISLAMABAD: Federal Board of Revenue (FBR) will issue tax cards to about 8, 50,000 filers of tax returns which would help taxpayers to get tax favor on vehicles and property sale/purchase. FBR acting Chairman Shahid Hussain Asad told Customs Today that issuing of tax cards would benefit tax payers and they will get favors and exemptions on their withholding taxes. ... Read More »

Discount facility ended on car token tax

Multan: The discount facility on the token tax of motor cars by Excise and Taxation Department has ended during Eid holidays and now motor car owners have to pay double fee of token tax as fine. The token tax of motor vehicles has been an important source of levy collection for Tax and Excise Department. It brings considerable revenue and ... Read More »