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Tag Archives: Taxation

Budget may bring hike in ST for Steel, ship-breaking sector

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed increase in sales tax rates for steel melters, re-rolling mills and ship-breakers in the upcoming budget (2014-15) to generate additional revenue of Rs6 to 8 billion. As per reports, the FBR has drafted amendments to Sales Tax Special Procedure Rules for steel melters, re-rollers and ship breakers. It has been proposed ... Read More »

91,000 notices issued: FBR optimistic about achieving target for 2013-14

ISLAMABAD: The Federal Board of Revenue (FBR) has issued over 91,000 notices to unregistered persons and potential taxpayers during 2013-14 with the aim to expanding tax net. As per details, a meager number of 8,600 persons voluntarily filed their income tax returns and deposited an amount of Rs50 million. The process of provisional assessment is also under way against the ... Read More »

Over Rs1b non-payment of ST by airlines, Pak Customs moves court

KARACHI: Federal Board of Revenue may suffer loss of over one billion rupees due to clash between two major entities of the state, Pakistan Customs and Pakistan International Airlines (PIA) over non-payment of due sales tax. Sources in Pakistan Customs informed Customs Today that the three airlines including Pakistan International Airlines, Shaheen International Airlines and Air-Blue have not yet paid ... Read More »

FBR eyes Rs235b from SROs’ withdrawal, hike in tax

ISLAMABAD: The withdrawal of tax exemptions through Statutory Regulatory Orders (SROs), increase in tax rates and other revenue measures are projected to generate an additional Rs235 billion in 2014-15 to meet the estimated Rs2,810 billion tax collections next fiscal year. As per reports, the Ministry of Finance and the Federal Board of Revenue (FBR) have finalised budget proposals for 2104-15. ... Read More »

FED on foreign air travel may go up in budget

ISLAMABAD: The Federal Board of Revenue is planning replacing fixed rates of the Federal Excise Duty (FED) with the standard rate of 16 percent on tickets issued to passengers travelling aboard as its has submitted a proposal to the Finance Ministry in this regard. As per details, the proposal, if approved, will result in increase in the price of tickets ... Read More »

Another deadline: FBR directs officials to file IT returns by June 16

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed penalty on a large number of tax officials, who failed to file their income tax returns for Tax Year 2013. According to the FBR’s instructions issued to field formations, a large number of the board officers have not yet filed their Income Tax Returns for the tax year 2013. The authorities ... Read More »

FBR asks 73 car dealers to declare their assets

LAHORE: Federal Board of Revenue has issued notices to at least 73 car dealers in Lahore asking them to declare their assets by June 10. Sources said that FBR has issued notices following preparation of a special report disclosing that the motor car dealers were possessing extraordinary assets. However, they were mis-declaring their incomes hereby evading huge taxes inflicting heavy ... Read More »

Tuesday May 27 Monday June 02, 2014

Customs Today News Paper

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FBR begins manual audit of selected cases

ISLAMABAD: The Federal Board of Revenue has started selecting cases for manual audit under Section 177 of the Income Tax Ordinance, 2001. According to details, taxpayers are being asked to appear before commissioners concerned with relevant documents for manual audit through Section 177 notices. Moreover, the tax department is directing taxpayers to make payments before audit completion instead of providing ... Read More »

Govt sets to implement AIT law vigorously

ISLAMABAD: The government is planning vigorously implementing the Agriculture Income Tax (AIT) Law from the new fiscal year (2014-15), making it mandatory for all taxpayers to declare agricultural income in income tax returns to provide evidence of income tax paid on agricultural income. As per details, the Punjab Agricultural Income Tax Act 1997, which was land based, was amended in ... Read More »

Slash in capital gains tax on the cards

ISLAMABAD: The federal government is most likely to reduce burden on income from shares trading by over 28 percent and fix the capital gains tax (CGT) rate at 12.5 percent for next fiscal year. As per details, the government may amend the definition of short-term period for capturing longer periods to make for the losses that it will incur due ... Read More »

FBR may make mandatory specifying one ‘identifier’ for businessmen

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed mandatory requirement for business community in budget (2014-15) to specify at least one identifier i.e Sales Tax Registration Number (STRN), National Tax Number (NTN) or computerised national identity card number (CNIC) on all sales tax invoices within supply chain. As per details, it is being the key documentation measure to be ... Read More »

FBR wants 6pc non-adjustable FED on sugar in budget

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed rationalization of 8 percent adjustable Federal Excise Duty with 6 percent non-adjustable FED on sugar in budget (2014-15) to generate additional revenue of Rs5 to 6 billion during next fiscal year. According to reports, the FBR has proposed reduction in the FED from 8 to 6 percent on sugar. However, it ... Read More »

APBUMA bemoans hike in ST on exports

KARACHI: All-Pakistan Bedsheets and Upholstery Manufacturers Association (APBUMA) has expressed concern over the proposed increase in sales tax on exports from two to five percent, saying that increase in the rate of sales tax will affect the country’s fragile exports adversely and leave a negative impacts on value-added sector. According to APBUMA Senior Vice Chairman Khawaja Muhammad Mehr Ali and ... Read More »

Certified, quarterly ST returns filing for commercial entities in the offing

ISLAMABAD: Finance Ministry on proposals of Federal Board of Revenue may introduce fresh regulations in the upcoming budget to reduce evasion of sales tax by hiring chartered accountants to verify the authenticity of filed returns by commercial entities in four quarterly filings rather than monthly filing. As a test case, quarterly filings may be made mandatory for certain picked sectors. ... Read More »

SROs dealing Rs500b blow to exchequer annually

ISLAMABAD: The national exchequer has been suffering financial losses to the tune of Rs500 billion annually on account of exemptions offered through Statutory Regulatory Orders (SROs) in different sectors. Last year alone 80 SROs were issued despite the fact that tax imposition or exemption is the sole prerogative of the legislature (Parliament). This was said by renowned economist Dr Ikramul ... Read More »

Uniform ST for 5 sectors: Abolition of tax exemption for edu institute proposed

ISLAMABAD – The government is contemplating eliminating tax exemption to the foreign private educational institutes in the upcoming budget 2014-15. As per details, the Federal Board of Revenue (FBR) has put forward a proposal seeking elimination of tax exemption on the foreign education institutes in Pakistan to the Finance Ministry for approval. The FBR has recommended that all educational institutions ... Read More »

LHC puts off urban property tax case

LAHORE: The Lahore High Court directed the government to submit four-year audit reports of all union councils in the province along with their income and expenditure details. LHC Justice Syed Mansoor Ali Shah passed the order on several petitions challenging recovery of urban property tax under the local government ordinance. The local government secretary had defended recovery of the tax, ... Read More »

Budget may feature hike in ‘further tax’

ISLAMABAD: The upcoming budget for 2014-15 likely to feature increase in ‘further tax’ from existing one percent to 2 percent on supplies made to persons have not obtained sales tax registration numbers (STRNs). According to details, the policy-makers have agreed to the budgetary the FBR proposal to increase 100 percent the rate of ‘further tax’. On the sales tax side, ... Read More »

Lahore Tax offices collect Rs260b in 10 months

LAHORE: Federal Board of Revenue has collected Rs 260 billion on account of income tax, sales tax and excise duty in 10 months of the current Fiscal Year 2013-14 in Lahore region, official sources said. Large Taxpayers Unit, Regional Tax office I and II collectively gathered the amount under the heads of sales tax, income tax and federal excise duty ... Read More »