Saturday , November 17 2018
Breaking News
Home / Author Archives: M Arshad

Author Archives: M Arshad

FBR collects Rs169b under two heads on electricity bills in FY2017-18

Rukhsana Yasmeen

ISLAMABAD: Showing glaring performance, the Federal Board of Revenue (FBR) earned some Rs169 billion under two heads on electricity bills in the fiscal year 2017-18. A revenue of Rs77 billion was collected from a surcharge levied on electricity bills while another amount of Rs99 billion was also collected from non-provision of fuel adjustment to the consumers using below the 300 units ... Read More »

Enhanced facilities for FBR sole way for bridging current account deficit

Rukhsana Yasmeen

ISLAMABAD: Despite cramming for the retrieval of Pakistani’s assets from abroad, the new government is required to focus on the improvement of tax collection system along with enhancing the level of availability of facilities and allowances for the Federal Board of Revenue (FBR). As per hypothetical media reports and pinpointed by former finance minister and finance minister in waiting, Pakistanis ... Read More »

FBR needs Korean Hometax like system to enhance revenue collection & broadening of tax base

Rukhsana Yasmeen

ISLAMABAD: The Federal Board of Revenue (FBR) needs to follow an innovative and comprehensive tax collection system to enhance the revenue collection by broadening the tax base. In this regard, different model tax collection systems followed by some other countries have been under discussion at higher policy level of the FBR at different times. However, a source at FBR told ... Read More »

DTOs lone solution to double or triple tune of revenue collection

revenue

ISLAMABAD: In the wake of emerging challenges on the economic and financial horizons, the Federal Board of Revenue (FBR) can only meet the future requirements of the nation by expanding its presence to large scale of the country. In this regard, FBR is needed to appoint the District Tax Officers (DTOs) to ensure tax compliance to the required extent. The ... Read More »

FBR to serve notices on new taxpayers in light of their declared assets under amnesty scheme

Rukhsana Yasmeen

ISLAMABAD: After the end of foreign and local assets declaration tax amnesty scheme, the Federal Board of Revenue (FBR) has started preparations with full capacity to serve notices on the new taxpayers about their declarations. In this regard, data of the new taxpayers is being scrutinized and almost 50, 000 people who have declared their domestic and foreign assets will ... Read More »

FBR forms senior officers teams to finalize presentations for FATF/APG

Rukhsana Yasmeen

ISLAMABAD: The Asia-Pacific Regional Review Group of the Financial Action Task Force (FATF) is coming to Pakistan from 13 to 16 August for onsite assessment of Pakistan’s measures taken against ant-money laundering and terror financing issues. It is going to a crucial visit of FATF/APG in the wake of recent developments made by the western countries on anti-money laundering and ... Read More »

“No option left apart from consulting IMF”: FBR eased by Asad Umar’s attributed statement

Asad Umar

ISLAMABAD: A statement attributed to the finance minister-in-waiting Asad Umar, ‘there is no other option left for Pakistan apart from consulting International Monetary Fund (IMF)’ has eased the Federal Board of Revenue (FBR) because before this statement there were number of observations and concerns among the higher leadership of FBR about possible extent of pressure from the new government on ... Read More »

FBR prepares for welcoming new govt, briefing materials are being finalized for next FM

Rukhsana Yasmin

ISLAMABAD: The Federal Board of Revenue (FBR) is making preparations to welcome the upcoming democratic government in a befitting manner. In this regard, discussions and consultations about the possible demands of the upcoming finance minister from the FBR regarding improvement in performance on revenue collection, countering terror finance and money laundering to keep the national forex reserves and others are ... Read More »

FBR to bring candidates in tax net on basis of their expenditures in electioneering

Rukhsana Yasmeen

ISLAMABAD: In a bid to make hay while sun shine, the Federal Board of Revenue (FBR) will put an iron hand on the candidates of various political parties to bring them in the tax net to broaden the tax base. In this regard, FBR will collect statistics of expenditures from the departments concerned by candidates during their electioneering. FBR’s offices ... Read More »

FBR to conduct study about loss of revenue after removal of RDs on Afghan imports

Rukhsana Yasmeen

ISLAMABAD: The Ministry of Commerce has moved a summary to Economic Coordination Committee (ECC) for the removal of regulatory duties from major imports from Afghanistan consisting of fruits, vegetables and dry fruits. This summary has been moved on the request of Afghan government. Since ECC does not exist due to non-presence of federal cabinet; therefore, the said summary is pending ... Read More »

FBR plays lead role in establishment of National Single Window under TFA

Rukhsana Yasmeen

ISLAMABAD: The Federal Board of Revenue (FBR) is playing vital role in the establishment of National Single Window (NSW) under Trade Facilitation Agreement (TFA). In this regard, FBR is also working closely with donors for the establishment of the same by the stipulated time period. Therefore, Pakistan is at far better position with regard to the implementation of trade facilitation ... Read More »

Banned operations of I&I-IR affecting FBR’s revenue collection

tax revenue

ISLAMABAD: The verbal orders from the competent authority barring Federal Board of Revenue (FBR) from carrying out raids on the illegal businesses have affected the revenue collection-related operations in considerable terms. The department of Intelligence and Investigation of the Inland Revenue (I&I-IR) has been verbally ordered from the competent authority to abstain from conducting operations because of the fact that ... Read More »

Payment of tax on declaration of foreign assets through a bank account abroad affects revenue collection

Rukhsana Yasmin

ISLAMABAD: A relaxation of payment of tax on foreign assets from abroad of the ongoing Tax Amnesty Scheme may double or triple the revenue collection in result of this scheme. It is just because of the fact that thousands of Pakistanis residing overseas and in the country have assets abroad but don’t maintain accounts in foreign banks. This condition is ... Read More »

FBR starts recruitment up to Grade 14 after Customs Today’s report

Rukhsana Yasmin

ISLAMABAD: Taking notice of Customs Today’s report about shortage of staff, the Federal Board of Revenue (FBR) has started the recruitment process of staff of up Grade-14 for the different posts. With the completion of recruitment process, the FBR offices would be put in order along with enhancing the capacity building of the organization as well as increasing the working ... Read More »

FBR collects Rs97b so far through tax amnesty schemes

rukhsana_yasmin

ISLAMABAD: Public response to the schemes has been positive on two tax amnesty schemes, i.e. Foreign Assets (Declaration and Repatriation) Ordinance, 2018 for undisclosed foreign assets and Voluntary Declaration of Domestic Assets Ordinance, 2018 for undisclosed income and domestic assets. So far, 55,225 declarations have been filed in which declared value of foreign assets is around Rs577 billion and that of ... Read More »

Checking currency smuggling to help curb money-laundering: Dr Shamshad Akhtar

Dr Shamshad Akhtar

ISLAMABAD: Finance Minister Dr Shamshad Akhtar on Tuesday directed Federal Board of Revenue (FBR) for immediate assessment of the legal regulatory deficiencies as well as tools, instruments and equipment required to put in place checks and controls at ports, entry/exit points to curb currency smuggling. She said checking currency smuggling would ultimately help curb terror financing and money-laundering. While chairing ... Read More »

FBR gets ready to meet revenue collection challenges of upcoming govt

Rukhsana Yasmin

ISLAMABAD: In the wake of political announcements made by different leaders regarding doubling the revenue collection in next five years of the upcoming government, the Federal Board of Revenue (FBR) started discussions regarding making preparations to meet the challenges in the field of revenue collection during the upcoming regime. A source at FBR told Customs Today that FBR had already ... Read More »

FBR to rule tax evaders with iron hand after amnesty scheme

rukhsana_yasmin

ISLAMABAD: The government has extended the period of Federal Board of Revenue’s (FBR) tax amnesty scheme by one month i.e. till July 31 just to provide a chance to more and more people to join the tax net otherwise people will have to face the strong action from the tax authority. In this regard, FBR has started extensive strategy to ... Read More »

Ban on transfers, postings of grade 20 & higher officers affects FBR revenue collection

Rukhsana Yasmin

ISLAMABAD: The ban on the transfers and postings of officers of grade 20 and higher officials are badly affecting Federal Board of Revenue’s (FBR) efforts for the revenue collection for the ongoing fiscal year. Normally, FBR carries out a comprehensive procedure of transfers and postings to place officers and staff in the month of July every year to achieve prescribed ... Read More »

FBR requires fresh recruitments to meet revenue collection target

rukhsana_yasmin

ISLAMABAD: Facing lack of human resource, Federal Board of Revenue (FBR) needs to focus on the fresh recruitment to make up the shortage of staff in all the cadres; lower to higher level because all the wings and departments are trying to perform duties with least possible availability of human resource. Moreover, entire staff from peon to officers level requires training on regular ... Read More »