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Author Archives: M. Faizan

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 »

FBR recovers Rs6.5b after chasing 400 foreign bank accounts for five months

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ISLAMABAD: Chairman Federal Board of Revenue Jahanzeb Khan has informed the National Assembly Standing Committee on Finance that 152,518 number of bank accounts information of Pakistan tax residents have been received from foreign jurisdictions and received data has been analysed from taxation point of view and FBR was currently processing of overseas properties owned by Pakistanis in UAE and United ... Read More »

PM Imran forms committee to oversee sale process of 4600 acres of land owned by FBR

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ISLAMABAD: Prime Minister Imran Khan has constituted an Assets Management Committee (AMC) to oversee the sale process of 45,000 state owned properties including 4600 acres of land of Federal Board of Revenue. The committee comprises five ministers and Federal Minister for Maritime Affairs Ali Zaidi has been made the chairman of the committee. The other members of the committee include ... Read More »

Ministry of Finance directs SBP to take action against exporters using fake Form-Es

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ISLAMABAD: Federal Ministry of Finance has directed the State Bank of Pakistan (SBP) to take stern action against submission of fake Form-Es by the exporters and asked the banks to abide by the laws in letter and spirit and provide banking services to export processing zone authority (EPZA), Peshawar. According to the details, Ministry of Finance also directed the State ... Read More »

MoC & FBR refuse to provide basic information to AGP about FTAs

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ISLAMABAD: Ministry of Commerce (MoC), Federal Board of Revenue (FBR) and its customs field formation offices have refused to provide basic information relating to all free trade agreements and details of certificate of origin referred to respective embassies, to the Auditor General of Pakistan. Auditor General has recommended to the government that responsibility should be fixed against responsible persons for ... Read More »

AGP directs FBR & MoC to remove duplicate tariff lines from FTAs

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ISLAMABAD: Auditor-General of Pakistan (AGP) has recommended that Ministry of Commerce (MoC) and Federal Board of Revenue (FBR) to take measures for immediate removal of duplicate, triplicates, and quadruplicate tariff lines from the free trade agreements. Directorate finds that selection of tariff lines is not in line with strength of local industry and consumption habit of society, and Free Trade ... Read More »

FBR directs LTU to recover evaded revenue from six IPPs

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ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit (LTU) Islamabad to recover the government revenue of Rs 266.61 million along with penalty and default surcharge from six IPPs companies including M/s Foundation Power Company, M/s Hallmore Power Generation Company, M/s Rousch Pakistan Power Limited, M/s TNB Liberty Power Company, M/s Saba Power Company and M/s UCH-11 Power ... Read More »

FBR considering to rationalize exemptions to charitable organizations

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ISLAMABAD: Federal Board of Revenue (FBR) is considering rationalization of exemptions to charitable organizations and withdrawal of income tax exemptions (Second Schedule). Federal Board of Revenue is of the view that the tax exemptions and credits claimed by the taxpayers were contrary to the provisions of law and causing loss of government revenue. FBR sources told Customs Today that there is ... Read More »

FBR collects Rs2335b in eight months of FY2018-19

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ISLAMABAD: The Federal Board of Revenue has collected Rs2335 billion tax revenue in the first eight months of the current fiscal year. FBR would have to collect Rs2 trillion tax revenue in next four months to meet the target. According to provisional revenue figures of Federal Board of Revenue, the tax department has collected Rs270 billion in the month of ... Read More »

Filing of tax returns increases 32pc during seven months: Jahanzeb Khan

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Jahanzeb Khan has informed NA Finance Committee that tax returns have been increased by 32pc in the first seven months”. He said associations of persons as well as new companies filed 10,366 and 7,467 tax returns respectively. During the meeting, Dr Jahanzeb informed that revenue shortfall was recorded at Rs170 billion. “We have ... Read More »

Remittances enhance 12.2pc during first 7 months of FY18-19: Hammad Azhar

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ISLAMABAD: Minister of State for Revenue Hammad Azhar has informed the National Assembly Committee on Finance that inflation during the first seven months (July to January) current fiscal year increased up to 6.21 percent against 3.85 percent in the same period of last year and external account remained under pressure despite recovery in exports and remittances. The meeting of the ... Read More »

FBR instructs all collectorates to strictly verify exports to Afghanistan from EPZs

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ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all Customs Collectorates to strictly verify exports to Afghanistan and take appropriate action for determination of input output ratio units operating in Export Processing Zones. According to FBR sources, Federal Board of Revenue has directed to the field formations to ensure that duty and taxes are paid when input goods ... Read More »

Launching of tax directory will pave way for financial transparency: Hammad Azhar

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ISLAMABAD: Minister of State for Revenue Hammad Azhar launched the Taxpayers’ Directory 2017 for Parliamentarians and all taxpayers at the FBR Headquarters. Chairman FBR Jehanzeb Khan and Member FBR IT Mehmood Aslam Lillah accompanied the State Minister. Addressing the participants on the occasion, Minister of State for Revenue Hammad Azhar said that the object of launching the Tax Directory is ... Read More »

Finance Minsiter Asad Umar directs Hammad Azhar to ensure early payment of refunds up to Rs5m

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ISLAMABAD: On the demand of business community, Finance Minister Asad Umar has asked Minister of State for Revenue Hammad Azhar to ensure early payment of refunds up to Rs5 million. According to ministry of finance, business community has presented a set of joint proposals regarding Federal Budget 2019-20 to Finance Minister Asad Umar. The business community had chalked out the ... Read More »

FBR takes serious notice over RTO amount entry in arrears register

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ISLAMABAD: Federal Board of Revenue (FBR) has taken serious notice that Regional Tax Office Islamabad instead of recovering the amount of Rs15.367 million from four taxpayers put the recoverable amount into minus account and made its entry in arrears register. According to the details, FBR directed the RTO to take corrective action as per law and fix responsibility against the ... Read More »

FBR detects huge carry forward losses by taxpayers

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ISLAMABAD: Federal Board of Revenue has observed that some taxpayers and companies are irregularly carrying forward huge losses and setting-off against the income of following tax years involving potential tax effect. It is important to mention here that the adjustment of losses from one head against the income, profit or gains of any other head of income during the same ... Read More »