Wednesday , May 27 2020
Breaking News
Home / Tag Archives: Taxation (page 9)

Tag Archives: Taxation

Top cricketers’ undeclared incomes revealed, FBR issues notices

LAHORE: Misbahul Haq, the Pakistani cricket team’s skipper along with Muhammad Hafeez, Azhar Ali and Taufiq Umar have not been informing the tax officials fully in their tax returns. As a result FBR has taxed them heavily after revelation of their additional incomes. FBR has imposed additional taxes after comparing the bank accounts and tax returns of the four cricketers. ... Read More »

FBR seizes bank accounts of Al Moeez sugar mill, recovers Rs3m

LAHORE: Federal Board of Revenue has recovered Rs 3 million from bank account of Al Moeez Sugar Mill in Bank Alfalah Branch in Gulberg. According to details, Al Moeez Sugar Industries was to pay Rs 80 million as taxes for the Tax Year 2012-13. However, the Sugar Mill did not pay due taxes despite repeated notices to the mill owners, ... Read More »

Uniform procedure: Merger of duty-free import schemes likely

ISLAMABAD: The government may merge all temporary importation schemes including Duty and Tax Remission Scheme (DTRE), Manufacturing Bonds Scheme and others in budget (2014-15) to provide a uniform procedure for import of duty-free items to be used in the finished products meant for export by the manufacturers-cum-exporters. As per details, the temporary importations schemes like DTRE are usually amended in ... Read More »

Revenue shortfall may prompt share cut for provinces

ISLAMABAD: Owing the likely shortfall of Rs180 billion in the revenue of divisible pool, the provinces are expected to receive around Rs100 billion less from the budgeted projection for the current fiscal year. The share of provinces were projected at Rs1,380 billion in the current fiscal year from the divisible pool taxes but due to the shortfall in tax collection, ... Read More »

Rs2,000b revenue shortfall: TIP reminds Dar of action

ISLAMABAD: The Transparency International Pakistan (TIP) has claimed that the government has failed to implement its recommendation made on the order of the Supreme Court of Pakistan in Oct 2013 which would have increased revenue collection from Rs 1,942 billion to Rs 4,000 billion. In a letter sent to Federal Finance Minister Ishaq Dar, TI-Pakistan Adviser Sohail Muzaffar has invited ... Read More »

Money changers get immunity from ST

LAHORE: In compliance with the federal government directives, the Punjab Revenue Authority (PRA) has exempted foreign currency dealers and money changers services from sales tax. As per details, the provincial tax authority has decided to grant exemption to currency dealers from provincial sales tax for two years to encourage foreign exchange inflows into the country. The currency dealers and government ... Read More »

Govt feats enumerated: Dar highlights glimpses of next annual budget

ISLAMABAD: Finance Minister Senator Ishaq Dar said that the government will announce the annual budget 2014-15 on June 3 in National Assembly with total outlay of Rs 3,973 billion and budget deficit of 4.8 percent of the GDP for next fiscal year. Finance Minister Ishaq Dar briefed the joint session of the National Assembly and Senate Standing Committees on Finance ... Read More »

Exporters eye $65m from mango exports

KARACHI: All Pakistan Fruits and Vegetables Exporters, Importers and Merchants Association (APFVEIMA) has fixed mango export target at 175,000 tonnes for this year, eyeing to fetch $65 million. Last season, the country earned $60 million from export of the king of fruits. According APFVEIMA spokesperson Waheed Ahmed, dispatch of mango export shipments will start from May 25. Like the past ... Read More »

Duties on imported vehicles likely to go up in budget

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to increase duties on imported vehicles in the budget 2014-2015, which will shoot up the car prices in the country. Background discussions with FBR officials have revealed that the government is likely to increase duties on the import of vehicles in the budget. The official hinted that the government might increase ... Read More »

Tax exemptions: Govt balking at stripping VIPs of privilege

ISLAMABAD: The federal government is balking at the possibility of withdrawing income tax exemptions from VIPs holding public offices on significant portions of their salaries, undermining the principle of equity as applied on the rest of the salaried class — which is charged income tax on gross salaries. At present, income tax on salaries of the president, provincial governors, services ... Read More »

LHC suspends SRO on capacity tax

LAHORE: The Lahore High Court (LHC) suspended a statutory regulatory order (SRO) which divided the beverage industry, caused embarrassment to the government and resulted in billions of rupees in tax loss. Justice Syed Mansoor Ali Shah struck down SRO 649, which was introduced by the government on July 9, 2013, soon after coming to power. Ironically, the case that dragged ... Read More »

Raise in WHT on power, gas bills on the anvil

ISLAMABAD: The Federal Board of Revenue (FBR) is seriously contemplating increasing the withholding tax rates on electricity and gas bills and on cash withdrawal from banks in the upcoming budget 2014-2015. As per details, the FBR will broaden tax base by brining non-taxpayers into the tax net in budget 2014-2015. Therefore, the government is considering some measures to compel the ... Read More »

FBR may miss twice-revised revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) is most likely to miss the twice-revised revenue collection target of Rs2,275 billion by wide margin during the about to end financial year 2013-14. According to reports, the FBR will hardly reach at Rs2,250 billion, or even less, against the revised target of Rs2275 billion by the end of June 2014. The reports ... Read More »

Assessment under Section 122: LHC tells FBR to first decide jurisdiction

LAHORE: The Lahore High Court (LHC) while taking a petition, directed the Federal Board of Revenue to decide the question of jurisdiction at first instance before further proceedings in the matter of amendment to assessment under section 122 of Income Tax Ordinance, 2001 for Tax Year 2013. The LHC issued the directive on a petition filed by a taxpayer through ... Read More »

FBR vows to raise business cost for non-taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has made a firm decision to make business extremely difficult for non-taxpayers from 2014-15 by raising cost of doing business for un-registered businessmen. The FBR has categorically conveyed to all chambers, trade bodies and federations that business would be made extremely difficult for non-taxpayers from 2014-15. The decision was conveyed to the representatives ... Read More »

Law to curb undervaluation of property discussed

ISLAMABAD: The government is planning introducing a new law in budget (2014-15) to empower the Federal Board of Revenue (FBR) to purchase property at a higher rate of 25 percent than the declared sale price or value of land to check the incidence of massive undervaluation and misdeclaration in the country. The idea regarding the introduction of a new law ... Read More »

Punjab likely to tax ads display at highways, hostels, guesthouses

LAHORE: The Punjab government is considering taxing display of advertisements at highways hostels, guesthouses and on internet, and reviewing the proposals for increasing tax on various services. The issue was discussed during a meeting of Resource Mobilisation Committee which was chaired by Punjab Finance Minister Mujtaba Shujaur Rehman here. MPAs – Dr Aisha Ghaus Pasha, Sheikh Allauddin, Rana Babar Hussain, ... Read More »

FBR weighs up phase-wise hike in CGT rate

ISLAMABAD: The Federal Board of Revenue (FBR) is evaluating a proposal to phase in increase in the rate of capital gains tax (CGT) from 10 to 17.5 percent on securities traded at stock exchanges in the upcoming budget. It has been learnt that the board is considering increasing the CGT rate from the current 10 percent to 17.5 percent in ... Read More »

Budget 2014-15: Rs255b new taxes to reduce deficit

ISLAMABAD: In order to bring down the budget deficit the government is expected to introduce new taxes in the upcoming budget that are expected to yield an estimated Rs255 billion. Sources said that the reduced budget deficit is set at 4.8 per cent in the fiscal year 2014-15, currently 5.7 per cent. New taxation measures may include an increase in ... Read More »

Rs8 to 10b revenue expected: FBR proposes revival of SED

ISLAMABAD: The Federal Board of Revenue (FBR) has sent a proposal to the Finance Ministry, seeking restoration of special excise duty (SED) on the import and local manufacturing of goods in the upcoming budget (2014-15). The board expects revenue generation to the tune of about Rs8 to 10 billion from the SED in 2014-15 which had been imposed in the ... Read More »