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Tag Archives: Revenue

FBR may suffer millions of rupees loss in share of ST

KARACHI: Federal Board of Revenue is going to suffer a loss of millions of rupees in share of sales tax (ST) by the end of fiscal year 2013-14. Sources informed Customs Today that FBR may experience the loss of Rs 321 million due to the shortfall in recovery of sales tax in the current fiscal year 2013-14. Commenting on the ... Read More »

Stuck consignments at ports: Importers worried due to delayed clearance

KARACHI: Over 100 consignments of textile fabric have been stuck at different ports and terminals including Karachi International Containers Terminal (KICT), Pakistan International Containers Terminal (PICT) and Port Qasim International Containers Terminal (QICT) for the last 20 days. Importers have expressed their deep concerns over the ongoing situation and were of the view that they may have to face losses ... Read More »

Rs104b short fall: Dar hopeful of achieving revenue target

ISLAMABAD: Federal Finance Minister Ishaq Dar Informed the Senate Standing Committee on Finance that revenue collection in the country during current financial year was decreased by Rs70 billion due to depreciation of Dollar and appreciation of Rupee. He said that revenue collection target had been set at Rs2,387 billion which was revised to Rs2,050 billion, adding that unfortunately government could ... Read More »

July-May: MCC Multan lags behind revenue target

MULTAN: Collector Model Customs Collectorate of Multan, Sarfraz Ahmad Waraich has revealed that the collectorate has recovered Rs 32,929 million against the ambitious target of Rs 43,274 million till May’s end. MCC Multan was Rs 10,345 million behind the target of eleven months of the current fiscal year. The above mentioned figure denotes the recovery of sales tax, withholding tax, ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

May ‘14: PRV section recovers Rs15m in 52 cases

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West has recovered and collected an amount of Rs 15,274,629 while detecting 52 cases of tax-evasion, mis-declaration and under-invoicing in the month of May, 2014. The PRV Section has recovered an amount of Rs 305,274 from Goods Declaration (GD) no.89562; Rs 305,274 from GD no.90338, Rs 197,450 from GD ... Read More »

Dar hopes budgetary measures to flourish tax culture

ISLAMABAD: Finance Minister Ishaq Dar categorically declared that the government was committed to ending the culture of non-filing of income tax returns in the country for which tax rates have been enhanced for the non-compliant taxpayers and new scheme has been announced for retailers. Addressing a post-budget press conference, the Finance Minister said that major budgetary measure is to convince ... Read More »

Tax evasion, seizures: Customs adds Rs4.89b to national kitty in May’14

ISLAMABAD: Pakistan Customs and Directorate General of Intelligence and Investigation-Customs has identified billions of rupees for recovery from tax evaders and confiscated vast amount of smuggled goods while preventing huge losses to the national exchequer. During May, 2014 Pakistan Customs authorities have acted upon various cases of tax evasion worth over Rs 2.467 billion. Whereas, Customs Intelligence has confiscated goods ... Read More »

Budget envisages Rs246.255b new measures

ISLAMABAD: The government has taken new taxation and administrative measures with the aim to fetch revenue to the tune of Rs246.255 billion in the fiscal year 2014-15 to be started from July 1. According to the budget documents, these measures include an increase for advance tax rates for non-compliant taxpayers, imposition of 5 percent sales tax on 35 to 40 ... Read More »

MCC Appraisement-East collects Rs14,863m against Rs21,584m target

KARACHI: Model Customs Collectorate of Appraisement-East has collected total revenue of Rs 14,863 million in the month of May, 2014 against its set target of Rs 21,584.6 million with a shortfall of Rs 6,721.5 million. MCC Appraisement-East has collected revenue of Rs 4,149.9 million in share of customs duty against the set target of Rs 6,871 million with a difference ... Read More »

MCC Appraisement-West collects Rs16,714m against target of Rs22,787m in May

KARACHI: Model Customs Collectorate of Appraisement-West despite all out efforts has failed to achieve the revenue target set by the Federal Board of Revenue for the month of May, 2014. MCC Appraisement-West had a target of Rs 22,787 million in share of customs duty, sales tax, federal excise duty and income tax for the month of May, 2014. However, the ... Read More »

MCC Port Qasim falls Rs11b short of revenue target in May

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has once again lagged behind in its revenue target for the month of May by collecting revenue of Rs 22,613 million which is Rs 10,995 million short of the revenue collection target set by FBR. Federal Board of Revenue had set a revenue target of Rs 33,608 million for the month ... Read More »

Hard target: Rs1.25b to be recovered in one month in Gujranwala region

SIALKOT: Federal Board of Revenue has recovered as many as Rs 8.9 billion as taxes out of its total recovery target of Rs 10.15 billion during the current fiscal year in Gujranwala region. Recovery of Rs 1.25 billion is still to be made during the month June 2014 As many as 13 special recovery teams were striving under the FBR’s ... Read More »

Over Rs1b non-payment of ST by airlines, Pak Customs moves court

KARACHI: Federal Board of Revenue may suffer loss of over one billion rupees due to clash between two major entities of the state, Pakistan Customs and Pakistan International Airlines (PIA) over non-payment of due sales tax. Sources in Pakistan Customs informed Customs Today that the three airlines including Pakistan International Airlines, Shaheen International Airlines and Air-Blue have not yet paid ... Read More »

Certified, quarterly ST returns filing for commercial entities in the offing

ISLAMABAD: Finance Ministry on proposals of Federal Board of Revenue may introduce fresh regulations in the upcoming budget to reduce evasion of sales tax by hiring chartered accountants to verify the authenticity of filed returns by commercial entities in four quarterly filings rather than monthly filing. As a test case, quarterly filings may be made mandatory for certain picked sectors. ... Read More »

Lahore Tax offices collect Rs260b in 10 months

LAHORE: Federal Board of Revenue has collected Rs 260 billion on account of income tax, sales tax and excise duty in 10 months of the current Fiscal Year 2013-14 in Lahore region, official sources said. Large Taxpayers Unit, Regional Tax office I and II collectively gathered the amount under the heads of sales tax, income tax and federal excise duty ... Read More »

Rs450m vehicle amnesty scam: Audit of Customs officials’ accounts suggested

KARACHI: The 3-member fact-finding committee comprising MCC Exports Collector Dr Wasif Memon, Additional Director of Directorate of Intelligence and Investigation-Customs Karachi Khalil Yousufani and Additional Director Audit in its report has recommended a complete audit of bank accounts of all customs officials including officers deployed in Vehicle Group (Group-VII) during the period of Vehicle Amnesty Scheme. According to sources in ... Read More »

FBR seizes bank accounts of Al Moeez sugar mill, recovers Rs3m

LAHORE: Federal Board of Revenue has recovered Rs 3 million from bank account of Al Moeez Sugar Mill in Bank Alfalah Branch in Gulberg. According to details, Al Moeez Sugar Industries was to pay Rs 80 million as taxes for the Tax Year 2012-13. However, the Sugar Mill did not pay due taxes despite repeated notices to the mill owners, ... Read More »

Huge revenue loss due to non-audit of DTRE by MCC Exports

KARACHI: Federal Board of Revenue is facing huge loss due to non-audit of Duty Taxes Remission on Exports (DTRE) by Model Customs Collectorate Exports. Sources in FBR informed Customs Today that the huge revenue loss to the national exchequer worth millions of rupees is being observed due to improper audit of DTRE since 2011. They further revealed that during these ... Read More »

Rs450m vehicle amnesty scam: Entire customs staff may face inquiry

KARACHI: The 3-member fact-finding committee comprising MCC Exports Collector Dr Wasif Memon, Directorate of Intelligence and Investigation-Customs Karachi Additional Director Khalil Yousufani and Additional Director Audit in its report has recommended a complete audit of bank accounts all customs officials including officers deployed in Vehicle Group (Group-VII) during the period of Vehicle Amnesty Scheme. According to sources in FBR, the ... Read More »