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Author Archives: M. Faizan

PM Imran forms high-powered body to assist Hafeez Sheikh

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ISLAMABAD: The prime minister has constituted a high-powered economic team to assist and support newly appointed adviser to Prime Minister on Finance, Revenue and Economic Affairs Hafeez Sheikh in addressing the current economic challenges facing by the country. As per details, the economic team included PTI stalwart Jahangir Tareen, renowned economist and former finance minister Shoukat Tareen, former State Bank ... Read More »

FBR proposes three to four rates for tax amnesty scheme

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ISLAMABAD: Federal Board of Revenue (FBR) has proposed three to four different rates for legalization of undisclosed assets, held domestically and abroad and unexplained income and expenditure under the proposed Assets Declaration and Amnesty Scheme-2019. Sources told Customs Today that the FBR has proposed three to four options in terms of conditions and rates for the tax amnesty scheme and ... Read More »

FBR directs to recover sales tax worth Rs992.69m from five ship breaking companies

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ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit II (LTU) Karachi to recover Rs992.69 million from five ship breaking companies in the head of sales tax and fix the responsibility against the persons at fault. According to the details, five ship breakers including Al Hamza Commodities STRN 1750730002346, Imran Ship Breaking Company STRN 601720401437, M/s Usman Enterprises ... Read More »

FBR detects non-levy of super tax worth Rs49.845m on M/s A.F. Ferguson & Co

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ISLAMABAD: Federal Board of Revenue (FBR) detected non-levy of super tax worth Rs49.845 million on M/s A.F. Ferguson and Company by the Regional Tax office III, Karachi and took stern action of poor monitoring of the field formation and ordered to the department to fix the responsibility against officials at fault and expedite the recovery of government revenue. According to ... Read More »

FBR detects case of short deduction of tax worth Rs1293.228m by 2 telecom companies

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ISLAMABAD: Federal Board of Revenue detected a case of short deduction of tax worth Rs1293.228 million by the telecom companies under the jurisdiction of Large Taxpayer Unit Islamabad. Sources told Customs Today that FBR high-ups took serious notice of this lapse by the Large Taxpayer Unit. Federal Board of Revenue has directed Large Taxpayer Unit to hold inquiry and fix ... Read More »

FBR takes serious notice of non-examination of goods at Port Qasim

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ISLAMABAD: Federal Board of Revenue (FBR) took serious notice of non-examination and weighing of outgoing and incoming subcontracting goods by the Customs Collectorate Export Port Qasim Karachi and directed the Collectorate to take action against the responsible for the lapse. According to standing order No. 2/87 (P), the outgoing and incoming subcontracting goods should be examined and verified by the ... Read More »

FBR detects 992 non-registered industrial gas connections under sales tax act

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ISLAMABAD: Federal Board of Revenue (FBR) detected 992 non-registered industrial and commercial gas connection holders liable to be compulsory registered under the tax laws. Sources told Customs Today that FBR has directed its field formations to register the industrial and commercial gas consumers and initiate legal action for recovery of government dues. Sources told that examination of industrial and commercial ... Read More »

Port Qasim claims irregular losses worth Rs761.109m

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ISLAMABAD: Port Qasim Authority has claimed irregular losses of Rs761.109 million during previous fiscal year. According to details, Port Qasim Karachi, irregularly claimed previous years loses on the basis of returns. However, it was observed in audit report of Auditor-General of Pakistan (AGP) that either previous years losses were not available or the same were reduced or converted into income ... Read More »

Anomalies in sales tax software will be removed soon: Hammad Azhar

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ISLAMABAD: State Minister for Revenue Hammad Azhar has taken the notice of the show-cause notices issued to the commercial importers by the inland revenue division of Federal Board of Revenue. He assured that the anomalies in the sales tax software would be removed soon. He expressed these views during a meeting with a joint delegation of Pakistan Chemicals and Dyes ... Read More »

Senate Chairman Sadiq Sanjarani case selected for audit in FBR balloting

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ISLAMABAD: The Federal Board of Revenue (FBR) has selected 14,154 audit cases of income tax, sales tax and federal excise duty (FED) for the tax year 2018, through electronic balloting. According to sources, Senate Chairman Muhammad Sadiq Sanjrani, Senator Chaudhry Tanveer Khan, PTI MNA Arbab Amir Yaqoob, PPP MPA Ali Nawaz Khan Mahar, former GDA MNA Ahmad Gohar Khan Mahar, ... Read More »

Govt to start crackdown on non-filers from May: Hammad Azhar

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ISLAMABAD: State Minister for Revenue Hammad Azhar has said that the Pakistan Tehreek-e-Insaf (PTI) government would initiate a crackdown on non-filers in May. As per details, Hammad Azhar has tweeted that government has received information about four to five million non-filers in the country. The minister asserted that the tax evaders would have to face action as the department concerned ... Read More »

FATF expresses satisfaction over SBP & SECP measures regarding money laundering

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ISLAMABAD: Financial Action Task Force (FATF) has acknowledged that Pakistan has managed to stop funds transfer to the terrorists through banks and expressed satisfaction over the new rules. Pakistan Financial Action Task Force group internal discussions have been revealed by reliable sources. The three-day talks between Pakistan and the Financial Action Task Force (FATF) ended on Thursday and sources revealed ... Read More »

FBR recovers Rs8.2b from tax evaders during ongoing drive

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ISLAMABAD: The Federal Board of Revenue has tightened the noose around tax evaders and non-filers and issued 3000 notices and recovered Rs8.2 billion. Sources told Customs Today that Federal Board of Revenue recovered Rs8.2 billion from the tax evaders in ongoing recovery drive and crackdown. Sources said that the FBR has intensified its operations against the tax evaders. Sources said, ... Read More »

Pakistan will soon share record of transactions of non-profit entities with FATF

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ISLAMABAD: Pakistan would soon share the record of transactions of non-profit entities with the Financial Action Task Force. The Pakistani authorities on Tuesday briefed the Financial Action Task Force (FATF) assessment team on laws against money laundering and its regulations. The visiting team was also informed about loans taken by Pakistan from monetary institutions. The meetings between Pakistan officials and ... Read More »

Shipping policy being revised with new outlook & incentives: Ali Haider Zaidi

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ISLAMABAD: The National Assembly Standing Committee on Maritime Affairs was told by the Minister for Maritime Affairs Syed Ali Haider Zaidi that the shipping policy is being revised with a new outlook and incentives. The Meeting of the Standing Committee on Maritime Affairs was presided over by MNA Mir Amer Ali Khan Magi. The agenda of the meeting was to given comprehensive ... Read More »

FBR will now focus only on tax collection instead of policy making: PM Imran

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ISLAMABAD: Prime Minister Imran Khan has said that the government had taken away policy-making from FBR and the board will now focus only on tax collection. FBR policy making and decision making were not in the favor of industry. Speaking to a select group of journalists at PM’s House, he said that Pakistan’s economy consists of the black market, adding ... Read More »

Gwadar Port generates Rs358.151m revenue during last three years: Ali Haider Zaidi

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ISLAMABAD: Minister for Maritime Affairs Syed Ali Haider Zaidi has said that revenue generated from Gwadar Port will not be allocated to federal or provincial governments. He informed the Senate that during last three years, total gross revenue of Rs358.151 million has been generated from Gawadar Port, out of which share of Gwadar Port Authority was Rs32.324 million. Replying to ... Read More »

Govt plans to bring independent BoDs for Pakistan Steel Mills, Printing Corp of Pakistan: Asad Umar

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ISLAMABAD: Federal Finance Minister Asad Umar has informed the parliamentarians that the Government of Pakistan plans to bring professional management and independent Boards of Directors to run Pakistan Steel Mill and Printing Corporation of Pakistan (PCP) on self-sustained basis. No bailout package has been approved during current fiscal year. In a written reply query by Senator Javed Abbasi, he said ... Read More »

Ministry of Shipping directs KPT to initiate probe against unjustified execution of repair work at Manora Dry Dock

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ISLAMABAD: Ministry of Shipping & Maritime Affairs has directed the Karachi Port Trust management to initiate inquiry against unjustified execution of repair work and rehabilitation of work at Manora Dry Dock involving Rs179.578 million and purchase of spare parts for repair of vessels through M/s Karachi Ship Yard worth Rs373.693 million. Sources told Customs Today that KPT made agreement with ... Read More »

Pakistan trying to improve trade & economic ties with different countries: Asad Umar

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ISLAMABAD: Finance Minister Asad Umar has said Pakistan is trying to improve trade and economic relations with different countries in order to exploit its full potential and opening up to the world with improved security situation in the country. He was addressing the graduation ceremony of 27th Advanced Diplomatic Course organized by Foreign Service Academy for Foreign Diplomats on Friday. ... Read More »