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Author Archives: M Arshad

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 »

FBR’s effective mechanism turned Tax Amnesty Scheme a success story

rukhsana_yasmin

ISLAMABAD:  An effective mechanism devised by the Federal Board of Revenue (FBR) over the years has converted the tax amnesty scheme into a great success story. Amnesty schemes introduced by the government in different times in the past could not bear such fruits as compared to the current scheme. Till Saturday morning, FBR had collected over Rs 80 billion tax ... Read More »

FBR needs to get cabinet approval for SRO 611 to check revenue loss due to FATF decision

rukhsana_yasmin

ISLAMABAD: In a bid to absorb and minimize the worst shocks to the revenue collection in result of placement of Pakistan on grey list of the Financial Action Task Force (FATF), the Federal Board of Revenue (FBR) is required to gear up efforts to get SRO 611(I)/2015 to be approved by the federal cabinet. The SRO grants the Directorate General ... Read More »

Tax amnesty scheme gets momentum: FBR collects over Rs50b so far

tax amnesty

ISLAMABAD: The amnesty scheme is getting momentum in its the last days of expiry as more and more local and overseas Pakistanis are contacting the Federal Board of Revenue (FBR) to benefit from the scheme by whitening their non-declared assets. The FBR has obtained over Rs50 billion as tax in result of declaration of undeclared assets by overseas and local Pakistanis. June ... Read More »

Untimely change of chairman, perplexes FBR, affects revenue collection in last days of FY

Tax Revenue

ISLAMABAD: The Federal Board of Revenue (FBR) is already short of almost Rs 300 billion revenue collection target and the untimely decision of the caretaker government of changing the chairman has further aggravated the situation because it has perplexed the entire tax collection machinery. This immature decision is costing huge loss to the national exchequer in terms of revenue collection ... Read More »

New FBR Chairman Rukhsana Yasmeen needs to focus on effective enforcement to meet revenue targets

rukhsana_yasmin

ISLAMABAD: Although the ongoing tax amnesty scheme has gained a momentum in the last few days, yet missing the revenue collection target will haunt the new Federal Board of Revenue (FBR) Chairman Rukhsana Yasmeen during the next fiscal year. This may turn both ways; may cast positive and negative impacts on the performance of FBR’s field formations because the outgoing ... Read More »

Paris Meeting: FATF seems convinced on Pak efforts against terror financing

Dr Shamshad Akhtar

ISLAMABAD: The Financial Action Task Force (FATF) seems a little bit convinced by Pakistani stance on measures taken against terror financing and related issues. However, in result of ongoing meeting in Paris, the upcoming government will pay serious attention to the observations of the FATF. Pakistan in a meeting underway in Paris is trying to convince the FATF on measures taken ... Read More »

FBR urges people to benefit from Tax Amnesty Scheme or get ready for action

Member Dr Iqbal

ISLAMABAD: Just eight days before the time limit the ongoing Tax Amnesty Scheme, the Federal Board of Revenue (FBR), urged the people to benefit out of the scheme or get ready for action because FBR had collected the data of almost all the potential taxpayers through mapping of business plazas and other properties. Moreover, in the changing international economic scenario ... Read More »

Senate Finance Committee for full-fledged implementation of tax exemptions for FATA,PATA

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ISLAMABAD: The Senate Standing Committee on Finance and Revenue, recommended  complete implementation of tax exemption facility for Federally Administrated Tribal Areas (FATA), Provincially Administrated Tribal Areas (PATA) and Malakand Division. This facility has been guaranteed by the government in the FATA, PATA and Malakand region merger Bill / 25th Constitutional Amendment. The Senate Finance and Revenue Committee met here with ... Read More »

Pasha due in Karachi today to encourage formations to bridge revenue shortfall

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: In the wake of rumours of missing the revenue collection target, the Chairman Federal Board of Revenue (FBR) Tariq Mehmood Pasha is going to pat his team in Karachi to speed up revenue collection. In this regard, he is going to pay a one day visit to Karachi along with his core team members including Member Operations, Special Assistant ... Read More »

FBR to fill vacant posts to meet robust revenue collection target

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ISLAMABAD: In a bid to secure the robust revenue collection target for the fiscal year 2018-19, the Federal Board of Revenue (FBR) is going to recruit almost 3000 to 4000 human resource from grade 1 to 16. Presently, the FBR and sub departments face huge human resource shortfall; one person is assisting almost three officers as supporting staff and this ... Read More »

Shamshad hints at missing revenue collection target for FY17-18

IMG-20180612-WA0020

ISLAMABAD: While rejecting the notion of former finance minister Ishaq Dar regarding giving the stretch revenue as well as other financial targets, caretaker Finance Minister Shamshad Akhtar, Tuesday, said that revenue target should be realistic not the optimistic. She also hinted that the government would not meet the revenue collection target set for the outgoing fiscal year 2017-18. She said ... Read More »

FBR sensitised over further refinement of Green Channel facility

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ISLAMABAD: The recent unearthing of mega smuggling scams via Green Channel facility has stirred a debate at higher level in the Federal Board of Revenue for further improvement in the system to check smuggling in liaison with the corrupt officials. A source at FBR told Customs Today that concerned officials of FBR at the most relevant wings and departments were ... Read More »

Revolutionized FBR, tax system need of the hour to meet future economic challenges

australia tax

ISLAMABAD: In the wake of emerging challenges on both the economic and financial fronts, a revolutionary taxation system is the need of the hour. In this regard, the Federal Board of Revenue (FBR) is also required to be revolutionized to meet the future revenue collection targets. Presently, the tax authority is not in a position to meet even the revised ... Read More »