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Tag Archives: Taxation

Slash in ST to boost tractors’ sales

KARACHI: With the reduction in General Sales Tax (GST) back to 10% in budget 2015, tractor industry sales are expected to rebound over the next year. AKD Securities, a brokerage house, predicted that the sales of Millat tractors in fiscal year 2015 might touch 32,000 units while the Al-Ghazi tractors sales may reach 25,000 in 2015. The government had reduced ... Read More »

Excise duty increase to shoot up cement prices

LAHORE : The cement industry, expressing concern over the decision of enhancing excise duty by another Rs50 per ton on cement manufacturing, has said that government did not incorporate industry’s proposals regarding reduction in levy in line with its commitment made with the representatives of the industry. As per calculations of cement industry experts, the additional excise duty on cement ... Read More »

ASO confiscates smuggled goods worth Rs71m in 20 days of June

KARACHI: Anti-Smuggling Organization (ASO) of the Regional Directorate of Customs Intelligence and Investigation, Karachi has seized smuggled goods in 12 cases worth Rs 71,084,643 in 20 days of June in which duty/taxes involved of Rs 27,012,056. The Anti-Smuggling Organization, Karachi confiscated 16 Birla brand tyres and tubes of size 11.00-20 PR20 on June 1, imported from India. The consignment was ... Read More »

Revenue generation: FBR assigns special tasks to field formations

ISLAMABAD: Federal Board of Revenue has assigned special tasks to all the officers working in the field formations to achieve their respective revenue targets of the current fiscal year with a warning that if they fail to do so, they will be transferred. FBR has issued the directives while taking into consideration the current trend in revenue collections for fiscal ... Read More »

Large scale irregularities in seizure register, official gets stricter

ISLAMABAD: Taking strict notice of the large scale anomalies and irregularities in the seizure register, Deputy Director Admin of Customs Intelligence, (Headquarters) Islamabad, Dr Muhammad Nasir has impeded any kind of amendment in the seizure register after the first entry without permission of the officers concerned. In a detailed official order issued by the office of Deputy Director Admin Dr ... Read More »

CRPC stresses decrease in telecom taxes

KARACHI: The Consumer Rights Protection Council of Pakistan (CRPC) has urged the Finance Ministry to provide some relief to consumers by reducing the rate of taxation on telecom services as the masses are already overburdened with heavy taxation in all sectors. Addressing a press conference here CRPC President Shakeel Baig said that the low-income workforce – masons, plumbers, rickshaw drivers ... Read More »

KTBA urges FBR to redress provincial ST-Input Adjustment

KARACHI: Karachi Tax Bar Association (KBTA) has written a letter to the Member Indirect Taxes of Federal Board of Revenue, Incharge Pakistan Revenue Automation Limited (PRAL) and Member Operation-FBR regarding the restriction of provincial Sales Tax Input Adjustment. In the letter, General Secretary KTBA Muhammad Aleem has stated that the issue of provincial Sales Tax Input Adjustment for the tax ... Read More »

FBR seizes Umar Akmal’s bank accounts

LAHORE: Federal Board of Revenue has seized 4 accounts of cricketer Umar Akmal in Dubai Islamic Bank. Sources informed that Umar Akmal has to pay Rs 3.6 million to FBR as tax. They said that the cricketer has been evading tax for the last three tax years. Regional Tax Office Lahore has seized four account of Umar Akmal. Meanwhile, the ... Read More »

FBR to collect over Rs130b in two weeks

ISLAMABAD: Despite dynamic efforts to achieve reduced revenue target after two revisions, Federal Board of Revenue appears to lag behind the mark as in the first sixteen days of June 2014, FBR has collected only Rs 91.676 billion. To meet the tax collection target, FBR is yet to generate over Rs 130 billion in two weeks. However, taking into consideration ... Read More »

Rs500m recovery: FBR issues deadline to Gepco

SIALKOT: Federal Board of Revenue has issued final notice to Gujranwala Electric Power Company (Gepco) warning of the last dead line of two weeks for clearing its outstanding arrears by June 30, 2014. According to senior FBR officials, Gepco is a major defaulter of Rs 500 million, as Gepco had collected Rs 250 million as sales tax and Rs 250 ... Read More »

Committee to sort out anomalies in budget from July: Tariq Bajwa

ISLAMABAD: Federal Board of Revenue will form a committee to identify and eliminate anomalies in Budget 2014-15 which will start working in July 2014. The committee will analyse the proposals regarding customs duty tariffs and exemptions forwarded by Federation of Pakistan Chambers of Commerce, other Chambers and various trade organisations. Sources in FBR informed Customs Today that FPCCI President Zakria ... Read More »

FBR union chief terms wealth, agri taxes remedy to offset crises

LAHORE: Federal Revenue Alliance Employees Union (FRAEU) Central President Mian Abdul Qayyum has emphasized that if agriculture sector is brought into tax net along with Wealth Tax, there will be no need to get foreign loans or approach donors. He informed that the revenue collection through wealth tax had reached over Rs40 billion 12 years back when it was suspended ... Read More »

Property/services tax will not affect poor: Shujaur Rehman

LAHORE: Punjab Finance Minister Mujtaba Shujaur Rehman has said that Imposition of tax on property and services would not affect the poor. He said property tax had been revised after 13 years or so. The funds generated under this head would be given to town municipal administrations and other development and civic agencies. “The revenue generated through this pragmatic measure ... Read More »

MCC Appraisement-East initiates survey for detecting SRO violation

KARACHI: Research and Development (R&D) Section of the Model Customs Collectorate of Appraisement-East has initiated a survey of the industrial and manufacturing units by following the directives of MCC Appraisement-East Collector Najeeb-ur-Rehman Abbasi. Collector Najeeb-ur-Rehman Abbasi has issued clear directives to the R&D Section officers in order to conduct a thorough survey of the industrial and manufacturing units to detect ... Read More »

SRB sets to achieve ST target with 25pc increase

KARACHI: The Sindh Revenue Board (SRB) will meet its sales tax collection target of Rs42 billion for the outgoing fiscal year, showing an increase of 25 percent against the last year’s collection of Rs33.6 billion. As per details, experts see the increase in tax collection through SRB as a welcome sign, but they are of the view that the Sindh ... Read More »

Rs139b for ADP: Rs400b KP budget being unveiled

PESHAWAR: The Pakistan Tehreek-e-Insaf-led Khyber Pakhtunkhwa government is set to unveil more than Rs400 billion annual budget today (Saturday) for the fiscal year 2014-15 with Rs139 billion Annual Development Programme (ADP). It will be the PTI’s government second budget which will be presented by Finance Minister Sirajul Haq. The total volume of the budget has been increased to Rs400 billion ... Read More »

MCC Appraisement-West initiates crackdown on tax evader importers

KARACHI: Post Release Verification (PRV) Section of Model Customs Collectorate of Appraisement-West on the directives of Chief Collector-South Nasir Masroor and Collector MCC Appraisement-West Muhammad Saleem, has geared up to initiate a crackdown for recovery against the defaulters and non-taxpayer importers, who were found involved in mis-declaration and tax evasion in their imported consignments. Sources informed Customs Today that a ... Read More »

Cellular cos seek industrial status, withdrawal of duty

ISLAMABAD: The cellular services operators have asked the government to withdraw hike in Customs duty on imported machinery and abolish collection of registration fee on activation of phone sets introduced in the Finance Bill 2014-15. According to the representatives of the cellular companies who also held a meeting with the Federal Board of Revenue, they reserve the rights to approach ... Read More »

Dar sees forex reserves at $14b till June 30

ISLAMABAD: Finance Minister Senator Ishaq Dar has expressed his hope that Pakistan’s foreign exchange reserves will reach $14 billion by June 30, 2014. In a policy statement, Ishaq Dar informed the National Assembly that the country would receive $310 million of 19.8 percent shares of United Bank Limited (UBL) next week that would take country’s foreign exchange reserves to $14 ... Read More »

Probing clearance of 50,000 vehicles: DG-PCA serves notices on customs officials

ISLAMABAD: The inquiry committed set up by the Directorate General of Post Clearance Audit (DGPCA) has issued notice to seven customs officials for June 13, asking them to show up and explain their administrative decisions that were taken during amnesty period to clear 50,000 vehicles. As per details, they PCA, on the directives of the FBR, has constituted four teams ... Read More »

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