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Tag Archives: ST

Effective rate of Sales Tax on 60 major sectors stands at 4pc: FBR

ISLAMABAD: The effective rate of sales tax is 4 percent on 60 major sectors during 2014-15 against the existing standard rate of 17 percent sales tax. According to the data compiled by the FBR, the FBR has finalized a sector-wise comparative report on the effective rate of sales tax on 60 major sectors during July-December (2014-15) against the corresponding period ... Read More »

FBR may suffer millions of rupees loss in share of ST

KARACHI: Federal Board of Revenue is going to suffer a loss of millions of rupees in share of sales tax (ST) by the end of fiscal year 2013-14. Sources informed Customs Today that FBR may experience the loss of Rs 321 million due to the shortfall in recovery of sales tax in the current fiscal year 2013-14. Commenting on the ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

MCC Appraisement-East collects Rs14,863m against Rs21,584m target

KARACHI: Model Customs Collectorate of Appraisement-East has collected total revenue of Rs 14,863 million in the month of May, 2014 against its set target of Rs 21,584.6 million with a shortfall of Rs 6,721.5 million. MCC Appraisement-East has collected revenue of Rs 4,149.9 million in share of customs duty against the set target of Rs 6,871 million with a difference ... Read More »

MCC Appraisement-West collects Rs16,714m against target of Rs22,787m in May

KARACHI: Model Customs Collectorate of Appraisement-West despite all out efforts has failed to achieve the revenue target set by the Federal Board of Revenue for the month of May, 2014. MCC Appraisement-West had a target of Rs 22,787 million in share of customs duty, sales tax, federal excise duty and income tax for the month of May, 2014. However, the ... Read More »

MCC Port Qasim falls Rs11b short of revenue target in May

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has once again lagged behind in its revenue target for the month of May by collecting revenue of Rs 22,613 million which is Rs 10,995 million short of the revenue collection target set by FBR. Federal Board of Revenue had set a revenue target of Rs 33,608 million for the month ... Read More »

Hard target: Rs1.25b to be recovered in one month in Gujranwala region

SIALKOT: Federal Board of Revenue has recovered as many as Rs 8.9 billion as taxes out of its total recovery target of Rs 10.15 billion during the current fiscal year in Gujranwala region. Recovery of Rs 1.25 billion is still to be made during the month June 2014 As many as 13 special recovery teams were striving under the FBR’s ... Read More »

Chambers seek clearance of ST refunds, Customs rebate claims of SMEs

KARACHI: President of the Karachi Chamber of Commerce and Industry (KCCI), Abdullah Zaki has informed that Federal Finance Minister Ishaq Dar, after carefully listening to various suggestions pertaining to forthcoming budget during a meeting at FBR House in Islamabad, assured that all these suggestions will be further discussed with Chairman FBR so that they could be considered in the forthcoming ... Read More »