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Tag Archives: Revenue

Increase in wheat support to Rs 1300 per 40 kg to benefit farming: PM Nawaz  

ISLAMABAD : The decision to increase in the support price of wheat to Rs 1300 per 40 kg and cut in the petroleum prices, particularly in the price of diesel would benefit farming, said Prime Minister Nawaz Sharif in a statement issued the here the other day. He said the government was fully cognizant of the problems of the people ... Read More »

Ishaq Dar to participate in ‘International Investors Conference’ in Morrocco

ISLAMABAD: Finance Minister Ishaq Dar met Moroccan Ambassador in Pakistan Mustafa Salahuddin in Islamabad and the latter invited Dar to participate in International Investors Conference. The conference is scheduled to take place from 20th to 21st of this month in Morocco. Both also discussed economic cooperation between Pakistan and Morrocco. The Finance Minister during the meeting said both the countries ... Read More »

FBR collects Rs750b revenue, records 17% growth

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During the month of October this year, ... Read More »

PIA losses reduced to Rs18b from Rs31.5b

ISLAMABAD: Pakistan International Airline (PIA) has reduced its annual losses to Rs18 billion from Rs31.5 billion during the fiscal year 2013-14. This was disclosed by Adviser to Prime Minister on Aviation Affairs, Shujaat Azeem, while talking to the journalists. He also revealed that PIA was also paying Rs3.29 billion interest on legacy loans that were taken in 1992. The premier’s ... Read More »

Non-availability of liquidity biggest issue of KSE: Director Moti

KARACHI: The biggest issue the stock market facing today is that retail investors have pushed out of the market due to non-availability of liquidity that has closed the supply side. This was stated by Director of Karachi Stock Exchange Zafar Moti while talking to Customs Today. “The benchmark KSE 100 Index has peaked to an all time high-level and the ... Read More »

China to sponsor Diamer Bhasha Dam Awareness Conference: Minister Dar

  ISLAMABAD: Federal Minister of Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with China Development Bank  (CDB) Vice President Zhao Xiaoyu in Beijing. Federal Minister of Finance and Revenue Senator Mohammad Ishaq Dar said the China Development Bank (CDB) agreed to be the local sponsors of an awareness conference for prospective investors for the construction of the ... Read More »

ICCI seeks urgent removal of faster electricity meters

ISLAMABAD: The businessmen community of the capital protested against the installation of new power meters that run 30-35 percent faster than the old ones and demanded their urgent replacement. The demand was made during a meeting held at Islamabad Chamber of Commerce and Industry auditorium. Presiding over the meeting, the ICCI chief said that business community had been demanding since ... Read More »

Govt urged to adopt uniform tax rate to generate revenue

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zakaria Usman has urged the government to adopt uniform 10 per cent tax rate on rental income to earn more revenue. He said that putting rental income under different tax slabs would encourage corruption and tax evasion, adding, “The tax slabs introduced during budget 2013-14 should be abolished immediately ... Read More »

FBR’s Rs2,266b tax collection: Tax-to-GDP ratio up by 8.9pc

ISLAMABAD: Federal Board of Revenue’s Rs2,266 billion tax collection during the fiscal year 2013 has raised the country’s tax-to-GDP ratio by 8.9 per cent. As per the FBR Biannual Review, the Board collected Rs2,266 billion during the FY13 as compared to 2012’s Rs1,946 billion, showing growth of 16pc and increasing Tax GDP ratio to 8.9pc. However, FBR has set Rs2,810 ... Read More »

PTCL declares Rs 62.6 billion revenue, records 3pc growth

FRIDAY: Pakistan Telecommunication Company Limited (PTCL) declared revenue of Rs 62.6 billion for quarter ended on September 30, registering a growth of 3 percent as compared to same period of the corresponding year. The gross and net profit of the Company stood at Rs. 20.9 and 8.7 billion respectively. Announcing profitable quarter result riding on back of its growing fixed ... Read More »

Auto part makers flay Customs’ 400pc concession to importers

LAHORE: Pakistan Customs, through ruling No 685/2014, has reevaluated the Import Trade Prices (ITPs) for Chinese motorcycle parts and gave commercial importers huge 400 per cent concession against the values determined for OEMs. However, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has censured the Customs for reducing valuation of Chinese motorcycle parts and said that such ‘illogical’ valuation ... Read More »

Dar to preside over first meeting of Tax Reforms Commission

ISLAMABAD: Finance Minister Ishaq Dar will chair the first meeting of Tax Reforms Commission (TRC) formed to upgrade the taxation system and to address tax-related issues of general public. The meeting of 21-member Tax Reforms Commission will be held on Saturday, in which the ways to promote tax culture and to improve the taxation system in the country would be ... 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 »

France mulls how to recoup revenue after annulling ‘ecotax’

PARIS: The French government is facing outrage over how to recoup lost revenues after it has annulled ‘ecotax’, a levy on heavy trucks. French President Francois Hollande has dropped the so-called ‘ecotax’ for an indefinite period after facing protest threat from hauliers. Environment Minister Segolene Royal, who wants to keep country’s environment smooth, said that she did not want to ... Read More »

Dar underlines economic achievements in US gathering

WASHINGTON: Finance Minister Ishaq Dar has highlighted remarkable economic achievements before a big gathering of students and faculty members of John Hopkins University (USA) on the topic “Pakistan’s Economic Recovery and Its Emerging Role in the Region”. Ishaq Dar, who is in the United States these days to attend meetings with IMF and World Bank, told the students that FBR ... Read More »

US vows to back Pakistan for IMF programme

ISLAMABAD: Finance Minister Ishaq Dar has said positive economic indicators show that Pakistan’s economy is on the right track. He said this while talking to US Deputy National Security Adviser for International Economic Affairs Caroline Atkinson in Washington DC. Dar said that GDP growth of the country touched 4 per cent after six years and revenue growth is at 16 ... Read More »

US Customs seizes £20,000 smuggled goods

NEW JERSEY: US Customs has confiscated smuggled goods worth £20,000 from 304 passengers during a month-long anti-smuggling operation. The New Jersey Customs has seized 40,000 cigarettes, 14 kilos of tobacco and 33 litres of spirits from passengers arriving in the island with too much duty free. Officials said that commercial tobacco smuggling was not a high risk in the Island ... Read More »

Withholding tax on transfer of vehicles results in revenue loss

ISLAMABAD: The imposition of withholding tax on the transfer of vehicles in the Islamabad Capital Territory (ICT) is resulting in loss of millions of rupees of revenue per month. Prior to the imposition of this tax, traders, buyers and sellers are avoiding transfer of vehicles and devised a little bit cheaper mechanism to ensure their deal. Withholding is an act ... Read More »

Multan Excise Dept misses first-quarter revenue target

MULTAN: The Excise and Taxation Department has failed to attain revenue target in the first quarter of 2014-15. The department has collected Rs 49.5 million in the first three months of the fiscal Year 2014-15. The department’s motor branch still lags behind Rs 4.2 million as compared to the revenue collected during the same period of fiscal year 2013-14. The ... Read More »

FBR collects Rs 560.9 billion in first quarter of FY 2014-15

ISLAMABAD: The Federal Board of Revenue collected Rs 560.92 billion in first quarter of current fiscal year which is Rs 57.91 billion more than the Rs 501.87 collected last year during the same period. As per details, FBR has collected 11.8 percent more revenue in first quarter than the last year. The revenue collected in this period also included Rs ... Read More »