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Tag Archives: Taxation

Anti-smuggling wing confiscates non-duty paid goods

LAHORE: Anti-Smuggling Wing of Model Customs Collectorate Lahore has recovered Rs 4 million from traders who are accused of trying to evade duties/taxes on imports. Official sources said that the Anti-smuggling wing seized miscellaneous goods including plastic granules, 17 generators of various capacities, old auto-parts and others worth Rs 3,163,929 and handbags and shoulder bags for ladies worth Rs 814,864. ... Read More »

TI urges FBR to take action against Najam Sethi

ISLAMABAD: Transparency International (TI) Pakistan has asked Federal Board of Revenue (FBR) Chairman Tariq Bajwa to take action against Pakistan Cricket Board (PCB) Chairman Najam Sethi for tax evasion, particularly in reference to his Manhattan property in the US. In a letter dated June 30, 2014, TI Pakistan Chairman Sohail Muzzafar has also asked the FBR to carry out a ... Read More »

July-May: Textile exports up 5.96pc to $12.6b

ISLAMABAD: Exports of textile and clothing products witnessed an increase of 5.96 per cent in July-May 2014 from a year ago, mainly owing to a slight increase in export of value-added products. The export value of such products surged to $12.626 billion in the first 11 months of the outgoing fiscal year against $11.916 billion over the corresponding period of ... Read More »

Punjab puts off GST levy on private schools until next budget

LAHORE: Punjab Minister for Finance, Excise and Taxation Mian Mujtaba Shujaur Rehman declared that levy of proposed GST on private schools, charging more than Rs5,000 fee per student, had been deferred until next budget. The minister made the remarks at a conference organized by All Pakistan Private Schools Management Association (APPSMA) ‘apparently’ in bid to placate the representatives of Private ... Read More »

FBR Gujranwala region attains its revenue target for June’14

SIALKOT: Federal Board of Revenue has achieved its recovery target of Rs 1.2 billion set for the month of June 2014 by imposing tax emergency in the region, as the Board has collected Rs 700 million in share of income tax and withholding tax and Rs 500 million as sales tax from the defaulters during this special recovery campaign launched ... Read More »

Selling, scrapping without permission: Customs registers FIR against airline

KARACHI: Pakistan Customs has registered a case against Shaheen Air International while seizing its twelve aircraft. The airline has been barred from selling or scrapping the planes until it owes hundreds of millions of rupees to the national exchequer. The airline was selling and scrapping its twelve aircraft parked idle at Karachi airport for long. In addition to the 12 ... Read More »

Banks yet to transfer received amount of taxes to national exchequer

ISLAMABAD: Most of the banks having accounts of various governmental departments and institutions related to revenue including Federal Board of Revenue, have not yet deposited billions of rupees to the national exchequer however having received the amount themselves. As the current fiscal year draws to an end today, Federal Board of Revenue has stressed the banks to immediately deposit the ... Read More »

Tax officials bemoan non-promotion

KARACHI: The officers of the Federal Board of Revenue (FBR) bemoaned the dropping of their names from the list of promotion from BS-19 to BS-20. They contended that some elements in the PM Secretariat were giving wrong information about the integrity of the officials. Most of the officers belonging to Inland Revenue Service (IRS), Pakistan Customs Service (PCS), Karachi tax ... Read More »

Unprecedented: FTO directs action against ATIR members

ISLAMABAD: What is being described as unprecedented, the Federal Tax Ombudsman (FTO) directed the Appellate Tribunal Inland Revenue (ATIR) Registrar to initiate appropriate action under the law to reverse / modify the orders passed by some ATIR members. Instead of accepting the complaint, the FTO rejected the review application for being incompetent with the order that separate Contempt proceedings shall ... Read More »

Customs to remain open on weekends till 8pm, Monday till midnight

KARACHI: Federal Board of Revenue through a letter C.No.2 (1) L&P/07 has issued directives that all Customs Houses and other subordinate offices of Model Customs Collectorates shall remain open on Saturday June 28 and Sunday June 29 till 8:00 pm and will remain open on Monday June 30 till 12:00 midnight. The letter further elaborated that the State Bank of ... Read More »

Duty on coal import to cut industry to the bone

LAHORE: The PML-N government seems to be working against its policy of encouraging coal use by the industry, as is evident from its decision of imposing duty on coal import in the budget for fiscal year 2014-15. Prior to the announcement of budget, the government had claimed that it is struggling hard to convert maximum of the industry to coal ... Read More »

Hundreds celebs served tax notices

ISLAMABAD: The Federal Board of Revenue (FBR) served notices on hundreds of celebrities including artistes residing in posh areas to achieve the tax collection target of Rs2,275 billion till June 30, 2014. As per details, in Lahore alone, the Regional Taxpayer Office (RTO) has served notices to around 160 celebrities residing in Defence Housing Authority (DHA), Cantt and other posh ... Read More »

FBR to collect Rs160b in one week

ISLAMABAD: Federal Board of Revenue has collected net taxes of Rs 2,217 billion until June 23. Rs 101 billion refunds and rebates are included in the sum. This takes the net revenue figures reach a total of Rs 2,116 billion. FBR has yet to collect Rs 159 billion in remaining one week of the current fiscal year ending on June ... Read More »

Customs intelligence unearths Rs60m tax evasion

LAHORE: The Directorate of Customs Intelligence and Investigation claimed to have detected income tax and sale tax evasion and recovered Rs60 million from fraudulent companies. According to officials reports, it was brought to the notice of DG Customs Intelligence Lutfullah Virk that two companies named Apex International and Liberty International got fraudulently registered under sale tax as manufacturing units and ... Read More »

E&T mulls amends to law for uniform licence plates

LAHORE: The Excise and Taxation Department plans to propose amendments to the Motor Vehicle Ordinance 1965, to introduce penalties aimed at discouraging unauthorised persons making licence plates or non-detachable screws, among other changes. Department officials, who requested anonymity, said that from July 1 the Excise and Taxation Department planned to introduce screws to ensure that licence plates could not be ... Read More »

Revenue collection worsens due to shipping companies’ behaviour

KARACHI: The situation of revenue collection may become further unpleasant for the Federal Board of Revenue due to the apathy of shipping companies in certain matters. FBR sources informed Customs Today that the shipping companies have not been calling for an Import General Manifest (IGM) number against the ship MOL, which was staying at Karachi International Containers Terminal (KICT) for ... Read More »

FBR chief yet to visit Customs House, Karachi

KARACHI: Federal Board of Revenue Chairman Tariq Bajwa is yet to visit Customs House, Karachi. FBR chairman is scheduled to hold series of meetings regarding the revenue collection status. Just a week remains before ending of the current fiscal year. FBR Chairman Tariq Bajwa will also visit the offices of Inland Revenue Service and Regional Tax Offices RTOs. Chief Collector ... Read More »

Wealth Tax revival underlined to generate revenue

HAFIZABAD: Different segments of the society including local politicians, social and labour workers have demanded the revival of Wealth Tax to improve economic condition and withdrawal of different direct and indirect taxes on essential commodities to provide relief to the common man, groaning under the yoke of unbearable dearness. Addressing press conference Arshad Ansari, Muhammad Zaman, Amanullah Sandu, Malik Nazakat ... Read More »

Balochistan plans tax net expansion through BRA

QUETTA: The Balochistan government has decided to form a revenue authority as it intends to expand its tax base, said Adviser to Chief Minister on Finance Mir Khalid Langove. Addressing post-budget press conference along with Secretary Finance Mushtaq Ahmed Raisani, he said he hoped the body, the Balochistan Revenue Authority (BRA), would help to improve sales tax collection. To a ... Read More »

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