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Author Archives: M. Faizan

FBR takes notice of unlawful refunds of Rs2097.22m to taxpayers

tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) field formations are involved in issuance of unlawful refunds of Rs 2,097.22 million without fulfilling of required formalities, disclosed FBR report. According to report, 12 twelve field formations of Federal Board of Revenue have issued refunds to one hundred sixty five (165) taxpayers without adjustment of outstanding liabilities, credit of tax payments given without ... Read More »

Ministry directs KPT to recover royalty of $50m from M/s Hutchison Port Holdings Ltd

recovery

ISLAMABAD: Ministry of Maritime and Fisheries (Port & Shipping) directed Karachi Port Trust to recover royalty of $50 million from M/s Hutchison Port Holdings Limited. According to the details, management of Karachi Port Trust awarded the contract of terminal operations of Pakistan Deep Water Container Port to M/s Hutchison Port Holdings Limited vide concession agreement but due to certain reservations, ... Read More »

New govt will make major changes in tax system: Imran Khan

Imran Khan

ISLAMABAD: The expected Prime Minister Imran Khan has given indication regarding major changes in tax authority (Federal Board of Revenue) and clearly said that Pakistan Tehreek-e-Insaf government will show zero tolerance against corruption and corrupt elements. Addressing the first parliamentary meeting, he also stressed the need of major reforms in tax system and said his government will seriously concentrate on ... Read More »

Eight field formations refused to provide record of 4,909 cases to AGP

audit

ISLAMABAD: Auditor General of Pakistan office has disclosed in audit report that eight field formations of Federal Board of Revenue has refused to provide the auditable record of 4,909 cases requisitioned by audit teams. Sources told Customs Today, on Monday that auditor general held that non production of record was a serious violation of law, as it created hindrance in ... Read More »

FBR directs CRTO Lahore to take action against M/s Habib Construction Services Pvt Ltd

Tax Evasion

ISLAMABAD: Federal Board of Revenue (FBR) ordered the Corporate  Regional Tax Office (CRTO) Lahore to take immediate corrective action under Section 122 (5) of the Income Tax Ordinance,2001 against M/s Habib Construction Services Private Limited (NTN 3237053) for concealment of income and causing loss of Rs855.30 million to public exchequer According to details, M/s Habib Construction Services who falls under ... Read More »

FBR directs four companies to pay evaded amount of Rs230m on priority basis

revenue

ISLAMABAD: Federal Board of Revenue (FBR) issued notices to four companies to pay Rs230 million in the head of sales tax and ordered the related RTOs for legal proceeding in case of non-compliance of FBR notices. According to details FBR issued notice to M/s Pesco (NTN 2228080) registered with RTO Peshawar made payments to suppliers but did not withheld 1/5th ... Read More »

Ministry directs KPT to recover Rs128.137m from M/s Grand Leisure Corp Pvt Ltd

revenue

ISLAMABAD: Ministry of Maritime, Port & Shipping ordered Karachi Port Trust (KPT) to recover the outstanding royalty and delay charges amounting to Rs128.137 million from food court contractor. Sources told Customs Today that the contract was signed on 29th November 2004 between M/s Grand Leisure Corporation Private Limited Karachi and Karachi Port Trust to set up food court on BOT ... Read More »

FBR orders field formations to recover evaded ST amount of Rs1120.98m

FBR orders field formations to recover evaded ST amount of Rs1120 98m copy

ISLAMABAD: Federal Board of Revenue (FBR) ordered to 16 field formation including Karachi, Peshawar and Faisalabad to expedite efforts for recovery of Rs1120.98 million under the head of sales tax from 905 tax payers acting as withholding agents. Sources told Customs Today that Federal Board of Revenue received credible information that dozens of registered companies and non-registered persons are not ... Read More »

No pressure or political interference will be applied on FBR: Asad Umar

Asad Umar Pic

ISLAMABAD: Future Finance Minister Asad Umar has said that PTI government will facilitate exporters, industrialist and business community to promote the economy and create employment in the country. He expressed these views while talking with Customs Today. He said there is no emergency plan to go to the IMF for new agreement. All the policies related to Pakistan economy will ... Read More »

Current Tax Amnesty Scheme is last chance for tax evaders, black money holders: Additional Commissioner IR Ali Adnan

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ISLAMABAD: Additional Commissioner (Inland Revenue) Large Taxpayers Unit Ali Adnan said that under the automatic exchange of information program of OECD, the foreign assets and bank accounts details of Pakistanis in 104 countries including UK, USA and Switzerland will be transmitted to the Federal Board of Revenue. He expressed these views during an exclusive interview with Customs Today. He warned ... Read More »

Pakistanis must take advantage of Tax Amnesty Scheme: Ghulam Mustafa Hassan

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ISLAMABAD: Chief Commissioner Large Taxpayer Unit FBR Ghulam Mustafa Hassan has said that present amnesty scheme is the most successful scheme in the history of Federal Board of Revenue. He said no imposition of penalty and prosecution would be made under any law in future against amnesty scheme holders, therefore, it is golden opportunity and Pakistanis must take the advantages ... Read More »

Senate Standing Committee seeks report over closure of power loom units in Faisalabad

SENATOR SYED SHIBLI FARAZ, CHAIRMAN SENATE STANDING COMMITTEE ON COMMERCE AND TEXTILE INDUSTRY PRESIDING OVER A MEETING OF THE COMMITTEE AT PARLIAMENT HOUSE ISLAMABAD ON JULY 19, 2018.

ISLAMABAD: Senate Standing Committee on Commerce and Textile in its meeting discussed the matter of collapse of power loom sector in Faisalabad in connection with a point of public importance raised by Senator Mian Muhammad Ateeq Sheikh in the House that was subsequently referred to the committee. The standing committee meeting was held under the chairmanship of Senator Syed Shibli ... Read More »

22 projects of CPEC worth $28.6b are under implementation: Dr Shamshad

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ISLAMABAD: Minister for Finance, Planning, Development & Reforms Dr Shamshad Akhtar said that substantive growth has been made in China-Pakistan Economic Corridor (CPEC) projects during last five years, wherein a total of 22 projects worth around $28.6 billion in CPEC portfolio are under implementation. She expressed these views while addressing 55th CPEC Progress Review Meeting, which was attended by Chinese ... Read More »

Concessions to people of FATA/PATA & Malakand division are still in place: Dr Iqbal

Member Dr Iqbal

ISLAMABAD: The meeting of Senate Standing Committee on Finance, Revenue and Economic Affairs was held under the chairmanship of Senator Farooq H. Naek.  The meeting was attended by Senator Mian Muhammad Ateeq Shaikh, Senator Mohsin Aziz, Senator Dilawar Khan, Senator Khanzada Khan, Senator Anwarul Haq Kakar and senior officers from the Federal Board of Revenue (FBR), Ministry of Finance and ... Read More »

FBR will fully implement directions of Supreme Court on misuse of green channel facility: FBR Spokesperson Dr. Iqbal

Photo MP FBR Dr Iqbal 3

ISLAMABAD: Federal Board of Revenue Member Inland Revenue (Policy) and Spokesperson Dr. Muhammad Iqbal said that if any officers and staff members of customs service are found involved in misuse of green channel facility, FBR will take stern action against them. During an interview with Customs Today, he said that FBR ordered Secretary Enforcement to investigate the matter and use ... Read More »

Islamabad Customs collects Rs6,892m CD during FY17-18

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ISLAMABAD: Customs Collectorate achieved the revenue collection target two days before the end of current fiscal year 2017-18. Collector Zulfiqar Ali Chaudhary extended felicitations to entire team of Customs department for achieving target. Sources told Customs Today that Federal Board of Revenue (FBR) had assigned Rs6,845 million revenue collection target under the head of customs duty (CD) for fiscal year 2017-18. ... Read More »

OECD to extend technical assistance to Pakistan for tax reforms

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ISLAMABAD: Pakistan and Organization for Economic Cooperation and Development (OECD) would further strengthen their cooperation in various areas including tax-related matters and sharing of experiences in social and economic development. The OECD will extend technical assistance to Pakistan in its efforts for undertaking broad-based tax reforms. These views were expressed during the bilateral meeting between Finance Minister Dr Shamshad Akhtar ... Read More »

FBR chairman Pasha briefs Dr. Shamshad over revenue collection measures

Dr Shamshad Akhtar

ISLAMABAD:  Minister for Finance, Revenue, Economic Affairs, Statistics and Planning Dr. Shamshad Akhtar , chaired a meeting to review the performance of the Federal Board of Revenue in the current financial Year (2017-2018). Chairman FBR, Tariq Mehmood Pasha, felicitated the minister on assuming her new responsibilities and gave a detailed presentation on the measures so far being taken by the ... Read More »

Rawalpindi I&I seizes NDP goods worth Rs554.67m in 11 months: Shahid Jan

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ISLAMABAD: Directorate of Customs Intelligence and Investigation Additional Director Shahid Jan has said that Rawalpindi directorate showed tremendous performance during eleven month of the current fiscal year 2017-18. “We have seized smuggled goods and non-duty paid vehicles having total value of Rs554.67 million while last year during the same period the directorate could seize smuggled goods worth Rs491.61 million,” he said during ... Read More »

FBR to serve notices on 1 million wealthy tax evaders from July 1: Tariq Pasha

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: Federal Board of Revenue Chairman Tariq Mehmood Pasha has warned the tax evaders and non-filers belonging to rich community that if they will not take the advantages of amnesty scheme then they should be ready to face the law. He has stated this during a meeting with parliamentarians at Parliament House. “We have travel history, bank transactions record, property details, ... Read More »