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$359 billion plan: EU to start lending funds for small & medium firms in May

BRUSSELS: The European Union aims to start lending funds to small and medium-sized companies as soon as May under a 315-billion-euro ($359 billion) investment plan meant to kick-start economic growth. The European Investment Bank gave the green light Tuesday to provide early financing for projects developed by companies with fewer than 3,000 employees. European Commission Vice President Valdis Dombrovskis said ... Read More »

Taiwan tax dept issues refund guidance on VAT for foreigners   

TAIPEI: Tax Authorities in Taiwan have released new guidance that confirms the arrangements in place for foreign persons to claim value-added tax (VAT) refunds on expenditure incurred when engaging in exhibitions or temporary business activities in China. Authorities from Nantou county – Taiwan’s second largest province – said that under Article 7-1 of the Value-Added and Non-Value-Added Business Tax Act, ... Read More »

Rs12 billion rebate: PDA criticises FBR for not giving ST refund

ISLAMABAD: Pakistan Dairy Association (PDA) has criticised Federal Board of Revenue (FBR) for not refunding Rs12 billion sales tax rebate since 2010-11. An Executive Committee meeting of PDA, chaired by its Chairman Faisal Malik, has been told that the dairy industry is undergoing the financial crunch due to not refunding of this hefty amount. The meeting told that the country’s ... Read More »

FBR to deal fake ‘refund claiming’ companies with iron hands

ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch action against the sales tax registered companies and traders who have obtained refund running in millions of rupees on the basis of fake receipts of blacklisted companies. FBR has issued directives to inland revenue authorities to issue sales tax notices to registered companies and traders who have filed sales tax, ... Read More »

FBR to take action against blacklisted companies

ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch action against the sales tax registered companies and traders who have obtained refund running in millions of rupees on the basis of fake receipts of blacklisted companies. FBR has issued directives to inland revenue authorities to issue sales tax notices to registered companies and traders who have filed sales tax, ... Read More »

FBR collects Rs63b ‘more’ revenue in July-Sept

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent. However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion. Sources said that despite the ongoing political turmoil, ... Read More »

False refund claims to result in penalty: Collector Memon

KARACHI: The Model Customs Collectorate (MCC) of Exports, Collector Manzoor Hussain Memon, through a notice, has warned that false or misstated undertaking would not only result in the recovery of the duty drawback claim by exporters but also in the initiation of penal action against the claimant under Section 32(1) and (2) of the Customs Act, 1969. According to a ... Read More »

FBR launches tax filing software ‘IRIS’

IRIS will enable taxpayers to file their tax returns from home or office ISLAMABAD: Federal Board of Revenue has launched new software ‘IRIS’ to keep records of taxpayers and to facilitate them in filing their tax returns. In the first step FBR has launched first module of the software ‘Return’ to facilitate the taxpayers, other 8 modules will be launched ... Read More »

SCCI pleas FBR for issuing longstanding refunds

SIALKOT: Sialkot Chamber of Commerce and Industry (SCCI) has expressed grave concerns over the inordinate delay in the prolonged pending duty draw back and sales tax refund claims of Sialkot exporters. SCCI President Dr. Sarfraz Bashir said that Sialkot’s exporters were much perturbed due to their prolonged stuck capital. He said that this critical situation was badly affecting business and ... Read More »

Collector assures of refunds in first month of FY 2014-15

SIALKOT: Model Customs Collectorate Sialkot Collector Qurban Ali Khan has assured the Sialkot based surgical instruments manufacturers and exporters about the early clearance of their prolonged pending rebate claims cases worth Rs 800 million in the first month of the fiscal year 2014-15. He said that all out efforts would be made to flourish the surgical industry of Sialkot by ... Read More »

Collector Qurban Ali assures exporters of refunds soon

SIALKOT: Model Customs Collectorate Sialkot’s Collector Qurban Ali Khan has assured that all the prolonged perturbing problems of Sialkot’s business community would be solved on priority besides ensuring an early end to the prolonged pendency of the rebate payments claims as well. He said this while addressing an important meeting of Sialkot’s leading exporters held at the Sialkot Dry Port Trust. ... Read More »

FTO turns down FBR’s review petition

ISLAMABAD: The Federal Tax Ombudsman (FTO) while rejecting the FBR’s review petition against its earlier orders, ruled that the compensation amount was to be reckoned from the date of deemed assessment and not from the date of any order for issuance of refund passed belatedly by the department. As per details, in a review petition FBR contends that the FTO ... Read More »