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Tag Archives: Revenue

Tuesday March 18 – Monday March 24, 2014

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PRV Section of MCC-Appraisement-West recovers Rs5.3m in Feb

KARACHI: The Post Release Verification (PRV) Section of the Model Customs Collectorate of Appraisement-West under the vibrant and dynamic leadership of MCC Appraisement-West Collector Muhammad Saleem has recovered Rs 5,323,942 from 11 cases in the month of February, 2014. According to details, the PRV Section of MCC Appraisement-West has recovered an amount of Rs 551,140 from the Goods Declaration (GD) ... Read More »

Shahid Asad reveals revenue collection up to mid March

ISLAMABAD: Federal Board of Revenue has collected over Rs 1,440 billion tax during the current fiscal year up to middle of the current month, which is 17 percent higher than Rs 1,239 billion collected in the corresponding period of the previous fiscal year. FBR Spokesperson Shahid Hussain Asad, while giving breakup of tax collected up to March 15 under various ... Read More »

Tyre importers, dealers propose reduction in duty

KARACHI: Pakistan tyres importers and dealers association (PTIDA), in its proposals for the upcoming budget presented to Federal Finance Minister Ishaq Dar, has suggested the reduction of customs duty on import of tyres. In its suggestions PTIDA has asked for bringing down the existing duty rates of passenger car tyres from 25 per cent to 5 per cent; from 20 ... Read More »

Dar vows to build forex reserves upto Rs16b by end 2014

KARACHI: Elaborating the government’s steps taken over the last eight months, the Federal Finance Minister said that the government has chalked out a comprehensive plan for building forex reserves to reach $ 16.021 billion by Dec 31, 2014. He was speaking at the exports trophy awards ceremony of Karachi Chamber of Commerce and Industry (KCCI), which was graced by Prime ... Read More »

R&D Section of MCC-Appraisement (East) recovers Rs23m in Feb

KARACHI: The Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement-East has recovered Rs 23,256,795 in the month of February by detecting 37 cases of tax evasion, mis-declaration and under-invoicing. R&D Section of MCC-Appraisement (East) has detected cases of incorrect classification, incorrect application of valuation rulings, non-implementation of valuation guideline, non-application of Scan prices, inadmissible concession of ... Read More »

MCC-Appraisement (East) surpasses revenue target in Feb

KARACHI: Model Customs Collectorate of Appraisement-East under the dynamic leadership of Chief Collector-Appraisement (South) Nasir Masroor Ahmed and the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has surpassed the target by Rs 2,214.5 million set by the Federal Board of Revenue (FBR) for the month of February. According to details, MCC-Appraisement (East) has collected a revenue of Rs 13, 944.91 million all ... Read More »

MCC Appraisement West to hold 12 auctions during March

KARACHI: The Collector of Model Customs Collectorate of Appraisement (West), Muhammad Saleem has termed the current month of March as crucial for revenue generation in order to attain the desirable target during the fiscal year of 2013-14. He expressed these views while talking to Customs Today. On the occasion, Collector MCC-Appraisement (West) informed this scribe that the collectorate has arranged ... Read More »

Shahid Assad hopeful of FBR achieving revenue target

LAHORE: Federal Board of Revenue’s revenue collection up to the month of February has registered 17 per cent increase compared to last fiscal year and it should reach the tax collection target of Rs 2,475 billion for the fiscal year 2013-14. FBR Official Spokesperson Shahid Hussain Assad said this while attending a ceremony at Multan Tax Bar. He said that there ... Read More »

Govt considering revision of revenue target

ISLAMABAD: Government is considering a downward revision of the annual tax collection target by Rs 130 billion for the current fiscal year after facing revenue shortfall of over Rs 100 billion in the period of eight months. The set target for the fiscal year 2013-14 is Rs 2475 billion. If revised downward by the proposed limit it shall be brought ... Read More »

MCC-Port Qasim collects revenue of Rs957m in January

KARACHI: Model Customs Collectorate (MCC) of Port Muhammad Bin Qasim under the vibrant leadership of Chief Collector (South) Nasir Masroor and Collector MCC-Port Muhammad Bin Qasim, Dr Owais Agha Jawwad has collected revenue of over Rs 957 million in the month of January. Total revenue includes Rs 355,431,135 in share of bulk cargo; revenue of Rs 46,055,020 by Qasim International ... Read More »

Provisional figures for February stand at Rs162bn

ISLAMABAD: Provisional figures of revenue collection for the month of February have been reportedly estimated at Rs 162 billion. The target for the month was set at Rs 172 billion. This reflects a shortfall of Rs 10 billion. Federal Board of Revenue’s net revenue collection figures reveal that so far Rs 1,363 billion during the period from July to February ... Read More »

AIB/R&D Section of MCC-Appraisement (West) recovers Rs21m in Jan

KARACHI: The Appraisement Intelligence Bureau (AIB) and Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement (West) has recovered an amount of Rs 21,382,996 in share of tax/duty evasion, mis-declaration and under invoicing, as 30 such types of cases have been detected by the mentioned departments. Rs 313, 497 have been recovered from Lasani Auto parts in ... Read More »

PM to get briefing from FBR on revenue shortfall

ISLAMABAD: A team of Federal Board of Revenue led by Chairman Tariq Bajwa will brief Prime Minister Nawaz Sharif on the tax policy measures taken to overcome revenue collection shortfall in 2013-14 and steps to check ongoing smuggling and evasion of customs duty. Sources said that FBR’s team of tax managers is actively preparing a presentation for the Prime Minister. ... Read More »

Dar urges FBR to keep up momentum to achieve target

LAHORE: Federal Minister for Finance Ishaq Dar has stressed Federal Board of Revenue to continue with all the vigour and keep the momentum, so that the revenue collection target of February 2014 is also met. The finance minister said this while reviewing the progress of revenue collection and implementation of Prime Minister’s Tax Incentive Package. The Minister appreciated FBR’s initiative ... Read More »

MCC Enforcement (South) collects revenue of Rs51.4m in Jan

KARACHI: Under the dynamic leadership of Chief Collector Enforcement (South) Muhammad Yahya, Model Customs Collector of Enforcement (South) of Pakistan Customs has collected revenue in share of evaded customs duty and taxes of Rs 51,378,336 after seizing smuggled goods worth of Rs 145,060,145 in the month of January 2014. According to details, MCC Enforcement (South) has detected a total of ... Read More »

MCC-Port Qasim collects over Rs20,514m in Jan

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected a total revenue of Rs 20,514.323 million in share of customs duty, sales tax, income tax and federal excise duty in the month of January 2014 against the set target of Rs 23,646.05 million by Federal Board of Revenue. According to details, MCC-Port Qasim has collected a sum of ... Read More »

Pakistan Post yet to remit Rs9.84m to FBR

KARACHI: During the audit of account of the Postal Appraisement Department for the period of the last quarter of the fiscal year 2012-13, Federal Board of Revenue has detected that Pakistan Post Office illegally retained around Rs 10 million, while deducting taxes on delivery of parcels, official sources said. According to an audit report, the postal authorities deducted the amount ... Read More »

Asad shows contentment on tax collection so far

ISLAMABAD: FBR Official Spokesperson Shahid Hussain Asad said that there should be 5 per cent annual economic growth where there is 10 per cent inflation. Keeping this in view the tax collection is remarkable. While talking to Customs Today, he informed that there is 34% growth in collection of income tax; 17% growth in collection of sales tax; 4% growth ... Read More »

MCC-Appraisement (East) collects Rs16.387bn in January

KARACHI: Model Customs Collectorate (MCC) of Appraisement (East) has collected revenue of Rs 16.387 billion in share of customs duty, sales tax, income tax and federal excise duty in the month of January. According to details, MCC-Appraisement (East) has collected a sum of rupees Rs 4663.91 million in share of customs duty against FBR’s set target of Rs 5057.76 million. ... Read More »