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Tag Archives: Taxation

FBR, UK’s HM Revenue agree to work together

ISLAMABAD: The Federal Board of Revenue (FBR) and HM Revenue & Customs the UK have agreed to work together to improve tax collection and check revenue leakages. The understanding was reached during the recent visit of Prime Minister Nawaz Sharif to the UK while FBR Chairman Tariq Bajwa and senior tax officials also visited HM Revenue and Customs UK to ... Read More »

Reduce turnover tax on auto industry: Withdrawal of 1pc tax from engineering goods stressed

ISLAMABAD: The Engineering Development Board (EDB) has underlined the need for reduction in turnover tax for automobile industry from existing one percent to 0.5 percent and withdrawal of one percent income tax from the export of engineering goods In the budget proposals submitted to the Federal Board of Revenue, the EDB pointed out that the turnover tax was imposed as ... Read More »

FBR workshop seeks input for improvement in WHT regime

MULTAN: The Facilitation and Taxpayer Education Wing of FBR held a workshop on e-portal services, role and responsibilities of withholding agents here at Regional Tax Office (RTO). Representatives from Multan Chamber, Tax Bar and major Tax deducting authorities attended the workshop. Hafiz Muhammad Jamil Owaisi, Chief Commissioner RTO Multan presided over the workshop and encouraged the participants to freely and ... Read More »

Rs20m recovered: Drive for recovery of tax dues geared up

ISLAMABAD: The Commissioner Inland Revenue (IR), Zone-III, Regional Tax Office (RTO) Peshawar has geared up campaign for the recovery of tax dues from defaulters. As per details, the Commissioner IR has issued directives to subordinate officers to initiate stern measures under Income Tax Ordinance 2001 as well as Sales Tax Act, 1990 to recover the defaulted taxes. In this regard, ... Read More »

MCC Port Qasim detects mis-declaration, notice issued

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has detected a case of mis-declaration in a consignment imported by M/s Al-Harmain Textile wanting to import a consignment of industrial sewing machines and motors in the garb of home consumption appliances. Sources in MCC Port Qasim informed Customs Today that the importer has filed home consumption appliances Goods Declaration (GD) ... Read More »

Existing scheme of ST collection to continue: FBR

ISLAMABAD: Federal Board of Revenue has clarified that the news appearing in a section of the press regarding introduction of a single stage sales tax with a single digit rate of tax through the Finance Bill 2014-15 are without any basis. It has been further clarified that no proposal for making a fundamental change in the existing manner and stages ... Read More »

Computer hardware Import: I&I DG cautions IT firms against ‘business model’

ISLAMABAD: The FBR Directorate General of Intelligence and Investigation Inland Revenue (IR) Islamabad has cautioned leading international IT companies against adopting ‘business model’ used for computer hardware import to Pakistan through Dubai-based subsidiaries of local importers. As per details, head of a global Singapore-based IT company visited Pakistan and met FBR Chairman Tariq Bajwa, Director General Directorate of I&I IR ... Read More »

FBR to deduct tax on income drawn from rented buildings

LAHORE: Regional Tax Offices I and II have planned to bring into tax net owners of the buildings rented to private banks, hospitals, departmental stores, according to sources. Sources said that according to a survey conducted by the Regional Tax Offices of Lahore, most of the owners of the buildings who rented their properties to the banks, hospitals and other ... Read More »

CAA seeks Rs7.99b refund paid as income tax

ISLAMABAD: The Federal Board of Revenue (FBR) has received a request from the Cabinet Secretariat (Aviation Division), seeking refund of Rs7.99 billion paid as income tax by Civil Aviation Authority (CAA) on the outstanding amount of national-flag-carrier PIA. As per details, the Civil Aviation Authority (CAA) Pakistan has brought the issue of non-payment of outstanding dues amounting to Rs22.829 billion ... Read More »

Steel re-rolling mill booked for mis-declaration, notice issued

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has detected a case of mis-declaration against the importer M/s A F Steel Re-rolling Mills. MCC Port Qasim has found an imported consignment declared to be ‘re-roll able semi finished cobble coils’ in the import documents as well as Goods Declaration (GD) vide IGM No.143, Index No. 108 and filed into Bonding ... Read More »

Capacity tax on beverages: LHC commission for tax withdrawal to ensure level playing field

LAHORE: The Economic Commission constituted by Lahore High Court (LHC) on beverage industry has referred to the policy note initiated by former Competition Commission of Pakistan (CCP) Chairperson Rahat Kaunain Hassan to withdraw ‘discriminatory’ capacity tax on beverages for providing a level playing field. The LHC had constituted two commissions – Economic Commission and Beverage Commission. The Economic Commission was ... Read More »

Time extension in ST incentive package sought

KARACHI: The Karachi Tax Bar Association (KTBA) has written to the Sindh Chief Minister seeking time extension in sales tax incentive package. In a letter sent to CM Syed Qaim Ali Shah, the KTBA said that an incentive package, which was announced after a detailed discussion for four months between the Sindh Revenue Board (SRB) and the provincial government, was ... Read More »

ST on services: SRB sets ambitious Rs100b target for FY 17-18

KARACHI: The Sindh Revenue Board (SRB) has set a collection target of Rs100 billion for sales tax on services for the fiscal year 2017-2018. Addressing the SRB Tax Forum, its Chairman Tashfeen K Niaz said that the provincial tax collection authority had collected some Rs108 billion since 2011. He informed that the SRB had registered 7,383 taxpayers so far. He ... Read More »

FATE holds WHT agents specific workshop in Faisalabad

FAISALABAD: Federal Board of Revenue has held a workshop at Regional Tax Office (RTO), Faisalabad on e-portal services and role & responsibilities of withholding agents. Chief Commissioner Shaukat Mahmood of RTO Faisalabad hosted the workshop and welcomed Member Facilitation and Taxpayer Education Wing (FATE) Riffat Shaheen Qazi. Riffat Shaheen in her opening remarks appreciated the withholding agents active participation in ... Read More »

Finance Ministry, FBR adamant: Food Ministry wants 10pc GST on tractor

ISLAMABAD: The Finance Ministry and Federal Board of Revenue (FBR) have reportedly refused to help out local tractor industry. However, the Ministry of National Food Security and Research is insisting on a reduction in General Sales Tax (GST) from 16 percent to 10 percent. The government levied 17 percent sales tax on tractors in March 2011 which was reduced to ... Read More »

FBR may take stern action against big guns

ISLAMABAD: Federal Board of Revenue has reportedly decided to act sternly against the tax defaulters amongst the big guns of the country as the task to achieve the target of tax collections during the current fiscal year seems out of reach otherwise. Sources within FBR told Customs Today that Finance Minister Ishaq Dar has attained permission from the Prime Minister ... Read More »

Collectorate of Adjudication-I seizes vehicle through ONO

KARACHI: Collectorate of Adjudication-I Collector Syed Shahanshah Hasnain has issued Order-in-Original (ONO) No. 551/2013-14 through which Pakistan Customs has out rightly confiscated a tampered, non-duty paid, smuggled vehicle (Wrangler Jeep) bearing registration No. BF-1339 recovering an amount of Rs 1,961,146 for national exchequer. The case was constituted by the Regional Office of Directorate General of Intelligence and Investigation-Customs, on 16-12-2013 ... Read More »

Bajwa briefs lawmakers: FBR proposes e-volume tracing

ISLAMABAD: If the proposal accepted in the budget for 2014-15, the Federal Board of Revenue (FBR) will introduce “electronic volume tracing”’ through Finance Bill to collect sales tax/excise duty on the basis of actual production of items such as beverages, ghee/cooking oil, fertilisers, etc. Briefing the National Assembly Standing Committee on Industries and Production, Federal Boards Revenue Chairman Tariq Bajwa ... Read More »

FBR holds taxpayers facilitation workshop in Lahore

LAHORE: Federal Board of Revenue has held an interactive workshop at Directorate of Training (DOT), Lahore to interact with the withholding agents.The roles and responsibilities of withholding agents were explained in depth. Awareness of e-services extended to them through FBR’s portal was elaborately explained. Chief Commissioner Shafqat Mahmood of RTO-I Lahore hosted the workshop. He welcomed the chief guest Riffat ... Read More »

SBP asks banks to facilitate special clearing

KARACHI: The State Bank of Pakistan (SBP) has directed all banks to open their respective branches till such time necessary for facilitating special clearing for tax collection. According to the BPRD Circular Letter No 14 of 2014, in terms of Federal Board of Revenue (FBR) request to facilitate the collection of government taxes, NIFT will provide special clearing facility on ... Read More »