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Tag Archives: Senate Standing Committee on Finance

5,775 cases reported, 270 suspects held in 5yrs: Drive against money laundering at peak

ISLAMABAD: Secretary of Finance Dr Waqar Masood Khan has said that the Anti-Money Laundering (Amendment) Bill 2014 will help control tax evasion and generate revenue. He said this while informing the Senate Standing Committee on Finance about the approval of Bill. The committee, which met here with Senator Nasreen Jalil in the chair, reviewed the bill and decided to discuss ... Read More »

Only Parliament should issue SROs: Senator Usman Saifullah

ISLAMABAD: Senate Standing Committee on Finance Member Senator Usman Saifullah regretted that in the presence of the Parliament, the issuance of SROs by the Federal Board of Revenue was illogical and illegal and the government should return the powers to its Constitutional guardian. “It is the sole prerogative of the National Assembly to draft and promulgate new laws in the ... Read More »

Senators told China to finance, develop Gwadar airport

ISLAMABAD: The government has informed the Senate Standing Committee on Finance that the financing and development of Gwadar International Airport had been “taken over by China” and that the Civil Aviation Authority will not be involved with the process. In addition, the controversy over the change in the route of the $35 million Pak-China Economic Corridor deepened as government officials ... Read More »

Dairy sector enjoys concessions: Bajwa insists FBR empowered to issue SROs

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government did not violate any law while issuing statutory regulatory orders (SROs), saying that the federal government had the legal authority to revise tax rates under Income Tax Ordinance 2001, Sales Tax Act, 1990 and Federal Excise Act, 2005. Talking to the media at Parliament House here, Tariq ... Read More »

10,000 retailers to be brought into tax net, Senate body told

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has informed the Senate Standing Committee on Finance that top 10,000 retailers will be brought into the tax net under the new scheme proposed through Finance Bill (2014-15). Briefing the Senate Standing Committee here, Mr Bajwa informed that currently more than 2.5 million retailers were operating across the country, adding that ... 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 »

Rupee appreciation toughens revenue collection: Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa informed the Senate Standing Committee on Finance that the board was having difficulty to achieve its target in the last quarter (April-June) of 2013-14 due to rupee appreciation. He, however, expressed his hope that the FBR was likely to collect Rs2270 billion to Rs 2275 billion by the end of current ... Read More »

3,395 availed PM incentive package, Rs87.7m tax deposited

ISLAMABAD: A total of 3,395 returns were filed and tax amounting to Rs87.7 million was deposited under the Prime Minister Tax incentive Package ended on April 30, 2014. Briefing members of the Senate Standing Committee on Finance on PM Tax Incentive Package, the Federal Board of Revenue (FBR) officials informed that clauses (87) & (88) were inserted in Part-IV of ... Read More »

27pc consignments being cleared under green channel

ISLAMABAD: FBR Member Customs Nisar Muhammad has said that the Pakistan Customs had framed and notified vide SRO 121(1)12014 new rules for Afghan Transit Trade and currently 27 percent of the imported consignments are being cleared under the ‘green channel’ facility of WeBOC clearance system. He was replying queries posed by members of the Senate Standing Committee on Finance regarding ... Read More »

FBR set for phasing out tax exemptions in 3 years, Bajwa tells senate

ISLAMABAD: Federal Board of Revenue is all set for phasing out all the tax exemptions within three years as the total exemptions have reached to Rs. 480 billion. FBR Chairman Tariq Bajwa while briefing the Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation said that this step would help enhance over all tax collection. He said that ... Read More »

Govt withholds Rs97b refunds, admits FBR chief

ISLAMABAD: The top taxman of the country admitted on that the government was withholding Rs97 billion refunds of taxpayers – an amount if extracted from latest collection brings actual growth in revenues to a level that is even below the nominal rate of national output. “The total payable refunds to taxpayers are Rs97 billion,” said Federal Board of Revenue (FBR) ... Read More »