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Tag Archives: Revenue

Collection of customs duty stands at Rs19b in January

KARACHI: Collection of customs duty on imported items is reportedly low against the target set by FBR due to lesser imports. This has in turn affected the overall revenue collection during fiscal year 2013-14. Collection of customs duty was Rs 19 billion in January 2014 against Rs 18 billion in January 2013. In the period from July to January in ... Read More »

Bajwa presses for mid-year corrections to recover revenue shortfall

ISLAMABAD: The government is encountering a substantial shortfall in revenue collection including Rs 40 billion in Karachi alone. In this regard, Federal Board of Revenue Chairman Tariq Bajwa has said that mid-year corrections are being ordered to meet the targets in the remaining five months. Against the envisaged tax collection target of Rs 2,475 billion for the current fiscal year, ... Read More »

Cigarette manufacturing giant likely to meet FBR chief today

ISLAMABAD: A meeting of a leading cigarette manufacturing giant with the Federal Board of Revenue Chairman is likely to take place here on Wednesday (today) to discuss ways and means to generate additional Rs 12 billion Federal Excise Duty (FED) in 2013-14 as committed by cigarette manufacturers in last budget. The meeting is likely at FBR House. The FBR is ... Read More »

Customs duty: MCC Lahore achieves overall growth of 30.52pc

LAHORE: Model Customs Collectorate Lahore has collected in total a Customs duty of Rs 11,140 million during the first half of Financial Year 2013-14, up by 30.52 per cent against Rs 8,535 million in the same period of FY 2012-13. According to the documents available with Customs Today, the station wise collection of customs duty by MCC (Appraisement) Lahore stood at ... Read More »

MCC-Appraisement (East) detects 266 cases of tax evasion

KARACHI: The Research & Development (R&D) section and Examination department of the Model Customs Collectorate (MCC) of Appraisement (East) has detected 266 cases of mis-declaration, tax evasion and under-invoicing altogether during first and second quarter of the Fiscal Year 2013-14 and recovered an amount of Rs 168.45 million till December 31. According to details, R&D section of MCC-Appraisement (East) has ... Read More »

Rs91.429b tax deducted on mobile phone usage in 3 years

LAHORE: Tax authorities have generated revenue of Rs. 91.429 billion from the taxes deducted on mobile phone usage during the last three financial years. Under the head, an amount of Rs. 27.514 billion as Income Tax was collected from mobile phone users in 2010-11, Rs. 36.843 billion in 2011-12 and Rs.27.072 billion were amassed during 2012-13. An official data revealed that ... Read More »

MCC-Appraisement (West) lags behind the set target

KARACHI: Model Customs Collectorate (MCC) of Appraisement (West) has collected Rs 45,611 millions in share of customs duty, sales tax, withholding tax and federal excise duty by the end of second quarter of fiscal year 2013-14 on December, 31 against the target of Rs 65,402 million. According to details, MCC-Appraisement (West) has collected a sum of Rs 17,468 million in ... Read More »

Duty collection: MCC-Appraisement (South) for evolving effective strategy

KARACHI: Chief Collector Appraisement (south) Nasir Masroor Ahmed held a series of meetings with Collectors of all three collectorates. Sources told Customs Today that the Chief Collector recently held the meeting with the MCC-Appraisement (West) Collector Muhammad Saleem, MCC-Appraisement (East) Collector Abdul Rashid Shaikh and MCC-Port Qasim Collector Dr Agha Owais Jawwad. Sources further informed that the Chief Collector-Appraisement (South) ... Read More »

MCC-Appraisement (East) tax collection well ahead of targets: Collector Abdur Rashid

KARACHI: Model Customs Collectorate (MCC) of Appraisement-East is well ahead of its revenue targets set by Federal Board of Revenue in first and second quarter of the fiscal year 2013-14. According to details, MCC-Appraisement (East) under the supervision of Collector Abdul Rashid Shaikh has successfully collected the revenue more than the set targets in all heads except customs duty by ... Read More »

MCC Gwadar shows exceptional growth in tax collection

ISLAMABAD: Model Customs Collectorate (MCC) Gwadar has made tax collection of Rs 8.4 billion during first half of the current fiscal year against assigned target of Rs 3.5 billion, showing a growth of 236.47 percent. Sources said that Federal Board of Revenue has received the performance report of the MCC Gwadar for the first half of the ongoing fiscal year, ... Read More »

Provisional figures show 17pc growth in revenue collection

ISLAMABAD: Federal Board of Revenue has collected Rs 937.450 billion from July to December 27 this fiscal year as compared to Rs 794.483 billion in the same period of last fiscal year according to the provisional revenue collection figures compiled by the FBR on Friday 27th December. This reflects a growth of 17 percent. The collection of domestic taxes stood ... Read More »