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Tag Archives: Revenue

Budget 2014-15: Rs255b new taxes to reduce deficit

ISLAMABAD: In order to bring down the budget deficit the government is expected to introduce new taxes in the upcoming budget that are expected to yield an estimated Rs255 billion. Sources said that the reduced budget deficit is set at 4.8 per cent in the fiscal year 2014-15, currently 5.7 per cent. New taxation measures may include an increase in ... Read More »

FBR to collect Rs530b in two months

LAHORE: Federal Board of Revenue’s Member Inland Revenue Service and Official Spokesman Shahid Hussain Asad had said that FBR has collected tax to the tune of Rs 1,745 billion by April 30, as compared to Rs 1,505 billion in the previous year in the same duration as that of first ten months. He said that 530 billion rupees will have ... Read More »

SRB collects Rs3.9b, registers highest ever monthly collection

KARACHI: Sindh Revenue Board (SRB) has collected over Rs 3.9 billion in the month of April. The total collection during the first ten months of the current fiscal year has reached Rs 32 billion. This reflects a growth of 18.5 per cent as compared to fiscal year 2012-13 collection which stood at Rs 27.3 billion. In addition to this, the ... Read More »

Huge revenue loss due to absence of tabulation in DTRE, Appendix-I form

KARACHI: Federal Board of Revenue is facing huge revenue loss due to the absence of tabulation for determining the values in terms of customs duty, sales tax, income tax, federal excise duty and other taxes in the application form for Duty Taxes Remission on Export (DTRE), Appendix-I. Sources in FBR informed Customs Today that the non-appearance of said tabulation in ... Read More »

July-April: Central region customs duty collection up by 9pc

LAHORE: Central region’s customs duty collection has increased by 9 per cent during the period from July to April during the Fiscal Year 2013-14 as compared to the same period of FY 2012-13. The Central region attained growth in customs duty collection by collecting Rs 27,140 million up to April 2014 against Rs 24,710 April 2013. According to official data, ... Read More »

IMF cuts Pakistan’s tax target by Rs75b

ISLAMABAD: FBR’s tax target has been revised downward from Rs 2,345 billion to Rs 2,270 billion for outgoing fiscal year 2013-14. The IMF and Pakistan have agreed to slash down the FBR’s target in the context of appreciation of rupee against dollar that negatively impacted the tax revenues to the tune of Rs 70-75 billion. “FBR’s target has been slashed ... Read More »

April 2014: MCC Port Qasim collects Rs20.2b, shortfall remains Rs10.4b

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected an amount of Rs 20, 255.49 million in the month of April, 2014 against the target of Rs 30,719 million, set by the Federal Board of Revenue in share of customs duty, sales tax, federal excise duty and income tax. MCC Port Qasim has collected an amount of Rs ... Read More »

MCC Appraisement-West collects Rs15,680m in April, misses target

KARACHI: Model Customs Collectorate of Appraisement-West has managed to collect Rs 15,680 million for the month of April, 2014 in share of different heads including customs duty, sales tax, income tax and federal excise duty (FED). According to sources, FBR had set a revenue target of Rs 20,920.74 millions for the month of April, 2014 for MCC Appraisement-West. However, it ... Read More »

FBR taking special measures to meet target: Shahid Asad

LAHORE: Federal Board of Revenue Official Spokesperson Shahid Hussai Asad has said that FBR will reinforce its collection mechanisms as it is taking special measures to meet target of 2,345 billion rupees. A source quoted Asad, who is also Member Inland Revenue, as saying that the government has decided not to put extra burden on masses through increasing sales tax ... Read More »

April 2014: MCC Appraisement-East records shortfall of Rs6.95b

KARACHI: Model Customs Collectorate of Appraisement-East has lagged behind its revenue collection target set by the Federal Board of Revenue for the month of April, 2014. According to the sources, the FBR had set a revenue target of Rs 20,036.92 million for the month of April, 2014 for MCC Appraisement-East in share of customs duty, sales tax, withholding tax and ... Read More »

MCC Port Qasim detects mis-declaration, notice issued

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has detected a case of mis-declaration in a consignment imported by M/s Al-Harmain Textile wanting to import a consignment of industrial sewing machines and motors in the garb of home consumption appliances. Sources in MCC Port Qasim informed Customs Today that the importer has filed home consumption appliances Goods Declaration (GD) ... Read More »

Rs167b revenue collected in April

ISLAMABAD: Provisional revenue collection figures compiled by the Federal Board of Revenue in the tenth month of the current fiscal year i.e. the month of April 2014 have come out to be around Rs 167 billion against the target of Rs 196.4 billion. The shortfall for the month of April 2014 stands at over Rs 29 billion. By now, FBR’s ... Read More »

FBR may take stern action against big guns

ISLAMABAD: Federal Board of Revenue has reportedly decided to act sternly against the tax defaulters amongst the big guns of the country as the task to achieve the target of tax collections during the current fiscal year seems out of reach otherwise. Sources within FBR told Customs Today that Finance Minister Ishaq Dar has attained permission from the Prime Minister ... Read More »

Collectorate of Adjudication-I seizes vehicle through ONO

KARACHI: Collectorate of Adjudication-I Collector Syed Shahanshah Hasnain has issued Order-in-Original (ONO) No. 551/2013-14 through which Pakistan Customs has out rightly confiscated a tampered, non-duty paid, smuggled vehicle (Wrangler Jeep) bearing registration No. BF-1339 recovering an amount of Rs 1,961,146 for national exchequer. The case was constituted by the Regional Office of Directorate General of Intelligence and Investigation-Customs, on 16-12-2013 ... Read More »

PRV Section of MCC Appraisement-West recovers Rs41m in Q3

KARACHI: The Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West under the dynamic leadership of Collector Muhammad Saleem has recovered an amount of Rs 41,384,870 by the end of third quarter during the current fiscal year i.e. the period from January to March, 2014. The PRV Section of MCC Appraisement-West has detected 44 cases of tax evasion ... Read More »

Directory reveals tax paid by top finance officials

ISLAMABAD: The tax directory of 791,621 income tax return filers has been published by FBR, which has already unveiled the tax directory of parliamentarians. It has also revealed the amount of income tax paid by important officials. According to the tax directory, for the fiscal year ending June 30, 2013, Federal Board of Revenue Chairman Tariq Bajwa paid Rs 183,734 ... Read More »

R&D Section of MCC-Appraisement-East recovers Rs24.56m in Q-3

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement-East under the dynamic leadership of Collector Najeeb-ur-Rehman Abbasi has recovered an amount of Rs 24,561,986 in the third quarter of the current fiscal year. The R&D Section has recovered an amount of Rs 6,291,538 in the month of March in different cases including non-application of scan ... Read More »

Railways revenue reaches Rs15.968b in 9 months

LAHORE: Pakistan Railways has started bearing fruits as its revenue streams have registered a significant increase from June 10, 2013 to February 28, 2014 and department managed to earn Rs 15.968 billion. The revenue streams of the department were Rs 11.497 billion as compared to preceding corresponding period, thus registering an increase of 39 per cent which is Rs. 4.470 ... Read More »

MCC-Port Qasim collects Rs16.24bn in Feb, 2014

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected revenue of Rs 16,240.959 million in share of customs duty, sales tax, federal excise duty and income tax in the month of February, 2014. MCC Port Qasim has collected Rs 4,329.448 million in share of customs duty against the target of Rs 5,587.520 millions set by Federal Board of ... Read More »

Lowering of set revenue target most likely

ISLAMABAD: The finance ministry is likely to revise the targets of revenue collection designed by Federal Board of Revenue, it is learnt. This issue has been raised because FBR has not achieved the desired targets of this fiscal year up until now. Sources told Customs Today that the initially revised target was expected to be set at Rs 2,400 billion ... Read More »