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Tag Archives: Taxation

Cosmetic firm delaying over Rs94m FED

KARACHI: Federal Board of Revenue is yet to recover federal excise duty from a cosmetics company a month after it was liable to pay Rs 94.12 million. Earlier Regional Tax Officer (RTO)-III after detecting serious discrepancies in the ledgers of the company issued notice to pay evaded FED. Sources said that tax office was earlier keen to settle the issue ... Read More »

47pc lawmakers are non-taxpayers: FBR

ISLAMABAD: Forty seven percent of the country’s elected legislators from the national assembly and four provincial assemblies all together did not pay income tax and 12 percent of these members do not even have a National Tax Number, according to FBR data. Furthermore, out of 680 members who declared their incomes in their nomination papers, 25 percent have been identified ... Read More »

FBR grants immunity from audit, penalties, default surcharge

ISLAMABAD: Besides immunity from penalties, default surcharge and audit, another major relief has been allowed to the business category individual taxpayers and applicable rate of income tax has also been reduced by the Federal Board of Revenue for Tax Year 2012. A tax expert has said that through an SRO 1065(I)/2013, FBR has notified immunity from penalties, default surcharge and ... Read More »

21.5pc growth in WHT collection registered

ISLAMABAD: Federal Board of Revenue has witnessed 21.5 per cent increase in withholding tax collection from salaried class during the first quarter of current fiscal year against the corresponding period of previous fiscal year. According to FBR quarterly report of first quarter of the current fiscal year, withholding tax collection from salaries stood at Rs 12.137 billion against Rs 9.989 ... Read More »