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Tag Archives: withholding tax

PIAF welcomes Rs10b relief through cut in oil prices

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Shiekh has appreciated the caretaker government for reducing the prices of petroleum products by lowering the general sales tax on directives of the Supreme Court of Pakistan (SC). While issuing a press statement along with Senior Vice Chairman Tanvir A Sufi and Vice Chairman Shahzeb Akram, PIAF chairman said ... Read More »

APTMA: Charging of 5.5pc withholding tax on import of cotton unwarranted

LAHORE: All Pakistan Textile Mills Association Chairman SM Tanveer has expressed concern over charging of 5.5 percent withholding tax on import of cotton instead of one percent on manufactures under Section 148 of the Income Tax Ordinance. The Federal Board of Revenue had clarified vide order No. C.No. 1(7)WHT/2006 dated 1.1.2015 that for the beneficiaries of SRO1125(I)2011 dated 31.12.2011 tax ... Read More »

Provinces not to support raise in withholding tax on vehicles

KARACHI: Provinces have informed federation about the drawbacks of amendment to tax laws for transfer, registration and transportation of motor vehicles without consensus with them. The alteration in withholding tax for vehicles from the federation is increasing problems and decreasing the revenue collection of Excise, Taxation and Anti Narcotics department. People will be reluctant in transferring their vehicles and will ... Read More »

Appraisement-East collects over Rs 5.18b during first 10 days of Nov

KARACHI: The Model Customs Collectorate of Appraisement- East collected a revenue of over Rs 5,185 million during the first 10 days of November. The Collectorate collected Rs 1,359 million under the head of Customs Duty; Rs 2,858 million in Sales Tax, Rs 942 million in Withholding Tax and Rs 26 million under the head of Federal Excise Duty. During July ... Read More »

ECC okays 20pc duty on wheat import, Rs12b loan guarantee for PIA

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Finance Minister Ishaq Dar, has decided to impose 20 per cent regulatory duty on the import of wheat due to rising trend of wheat imports despite a very good crop in the country. Meanwhile, the ECC also approved government guarantee for loans to PIA amounting to Rs12 ... Read More »

Islamabad collectorate collects 123pc more revenue

ISLAMABAD: Model Custom Collectorate (MCC) Islamabad has succeeded in achieving the revenue target during the first quarter of the current fiscal year by collecting 123 percent more revenue. As per detail, the Federal Board of Revenue (FBR) assigned a target of Rs 1.861 billion to the collectorate, while the MCC collected Rs 4.145 million. On the other hand, the MCC ... Read More »

Mujtaba hopes Punjab Revenue Authority would collect Rs 80 billion in FY 2014-15

Punjab Finance, Excise and Taxation minister says they are going to set up an anti-narcotics wing in Excise and Taxation Department after Punjab CM’s approval   LAHORE: Highlighting performance of the Punjab Revenue Authority, Punjab Finance, Excise and Taxation and Parliamentary Affairs Minister Mujtaba Shujaur Rehman on Monday said that the authority had collected Rs 48 billion last year and ... Read More »

Automobile assemblers urge FBR to collect tax on used vehicles

KARACHI: The automobile assemblers have urged Federal Board of Revenue to collect withholding tax on used cars as the government had to bear loss of Rs100 million in first quarter of FY14 owing to non-collection of tax on used vehicles. Pakistan Automobile Assemblers Dealer Association (PAMADA) Chairman Iqbal Shah termed this ‘irresponsibility’ a serious blow to the national exchequer that ... Read More »

Non-collection of WHT on used cars caused Rs 100m loss: PAMADA

KARACHI: The Pakistan Automobile Assemblers Dealer Association (PAMADA) has urged the govt to collect Withholding Tax (WHT) on used cars at import stage which will ensure the revenue collection. Chairman PAMADA Iqbal Shah said that the government has lost over Rs 100 million in three months because FBR did not take any action in this regard as they could not ... Read More »

Auto part makers flay Customs’ 400pc concession to importers

LAHORE: Pakistan Customs, through ruling No 685/2014, has reevaluated the Import Trade Prices (ITPs) for Chinese motorcycle parts and gave commercial importers huge 400 per cent concession against the values determined for OEMs. However, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has censured the Customs for reducing valuation of Chinese motorcycle parts and said that such ‘illogical’ valuation ... Read More »

Misusing SRO: Customs unearths tax evasion of Rs 775 million

KARACHI: The Directorate General of Customs Intelligence and Investigation (I&I) Karachi has exposed the several cases of massive tax evasion in terms of duty/taxes mounting Rs 775 million approximately misusing  SRO 125/2011. The FBR sources informed Customs Today that the Directorate of Customs I&I Karachi on the special instructions from the Directorate General of Customs Intelligence and Investigation Islamabad has ... Read More »

Appraisement-East collects Rs 178 million additional revenue in Q1

KARACHI: Model Customs Collectorate of Appraisement-East collected additional revenue of Rs 70.15 million in September through administrative measures pushing cumulative revenue collection under the same head during the first quarter ended September 30 to Rs 178.26 million. A letter dated October 10 sent to Secretary (Customs Budget), FBR, Islamabad, read that the collectorate collected Rs 70.15 million revenue through administrative ... Read More »

Withholding tax on transfer of vehicles results in revenue loss

ISLAMABAD: The imposition of withholding tax on the transfer of vehicles in the Islamabad Capital Territory (ICT) is resulting in loss of millions of rupees of revenue per month. Prior to the imposition of this tax, traders, buyers and sellers are avoiding transfer of vehicles and devised a little bit cheaper mechanism to ensure their deal. Withholding is an act ... Read More »

FBR to devolve powers to act against ‘black sheep’

ISLAMABAD: The Board in Council of the Federal Board of Revenue (FBR), on suggestion of Member Customs Nisar Muhammad Khan, has decided to give authority of institutional punitive measures to field formations, chief collectors and chief commissioners. After the said decision, heads of the field formations will be authorised to take action against corrupt officers on mismanagement and corruption. The ... Read More »

Bajwa directs tax officers to recover Rs 70 billion from SM Foods

MULTAN: The Federal Board of Revenue Chairman Tariq Bajwa has directed the subordinates to present the comprehensive report on Rs 70 billion tax evasion by a famous businessman of Multan City. As per details, FBR chairman asked regional tax officers of Multan to recover Rs 70 billion rupees tax from a businessman evaded in last two years. The accused Saim ... Read More »

PRA seeks audited copy of accounts from taxpayers

LAHORE: The Punjab Revenue Authority (PRA) has asked the registered persons and businesses in corporate sector to submit a copy of annual audited accounts along with tax payments’ propriety certificate from auditors. The authority said that the main provisions relating to maintenance and production of records for the purpose of Punjab sales tax are available under sections 31 and 32 ... Read More »

India to frame law to protect Pakistani investors

ISLAMABAD: The Ministry of Commerce, in a report, sent to the government stated that the Indian Parliament is planning legislation to provide financial and non-financial protection to those Pakistani investors who are interested to invest in India. “Therefore, Pakistani government must also take such an initiative to attract more investment from foreign investors and legislate to protect the foreign investors,” ... Read More »

FBR Chairman Bajwa chairs board-in-council meeting today

ISLAMABAD: The Federal Board of Revenue (FBR) has changed the time for board-in-council meeting to 2:30pm which was scheduled at 11am on Wednesday. As per details, FBR Chairman Tariq Bajwa will preside the meeting in which policy decisions about audit policy will be taken. FBR Member Inland Revenue Policy Shahid Asad, Member Inland Revenue Muhammad Ashraf Khan, Member Admin Shahid Hussain Jatoi, ... Read More »

ANF seizes tons of contrabands in Khyber Pakhtunkhwa

ISLAMABAD: The Regional Directorate Anti-narcotics Force (ANF) Khyber Pakhtunkhwa recovered smuggled drugs worth billions of rupees in August, which were several times more than the quantity of drugs recovered during July. According to the available data, the ANF seized 27.6kg heroin, 460kg hashish, 50,400kg sulfuric acid and 2.5kg amphetamine in August. Statistics revealed that ANF arrested 20 accused for their alleged involvement ... Read More »

Potential taxpayers served show-cause notices in Lahore

LAHORE: The Lahore Broadening of Tax Base (LBTB) has issued 1,500 show-cause notices to the potential taxpayers and enterprises Under Section 122C of the Income Tax Ordinance 2001. The notices have also been served on such individual and enterprises which were declared as potential taxpayers on the bases of the assessment of their properties or they had conducted taxable transactions. ... Read More »