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Author Archives: M. Faizan

FBR directs six field formations to recover Rs7357.74m

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ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit II and Corporate Regional Tax Office Karachi, Rawalpindi, Sukkur, Hydarabad and Quetta Regional Tax offices to recover amount of Rs7,357.74 million from 13 taxpayers. According to a report, six field formations of FBR assessed 13 taxpayers at loss. These losses were either assessed incorrectly or carried forward erroneously and ... Read More »

FBR directs LTU to recover Rs183.94m from M/s Nishat Chunian Power Ltd & Pakistan Generation Power

FBR directs LTU to recover Rs183 94m from Ms Nishat Chunian Power Ltd & Pakistan Generation Power copy

ISLAMABAD: Federal Board of Revenue (FBR) directed Large Taxpayers Unit (LTU) to recover evaded amount of Rs183.94 million from two power generation companies which illegally claimed exemptions and caused national exchequer a loss of Rs183.94 million. According to the details, Federal Board of Revenue directed the Large Taxpayer Unit (LTU) Lahore to fix responsibility and take stern action against the ... Read More »

Sukkur I&I superintendent auctions 200 mobile sets without approval of PTA

MOBILE SHIPMENTS

ISLAMABAD: Federal Board of Revenue (FBR) took serious notice of  irregular auction of 200 mobile sets without obtaining Type Approval Certificate (PTC) from Pakistan Telecommunication Authority by the superintendent Intelligence and Investigation, Sukkur. FBR directed the directorate of Intelligence & Investigation concerned to take action and submit the comprehensive reply. It is important to mention here that according to Federal ... Read More »

KPT invested Rs27b in national saving schemes without approval of govt

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ISLAMABAD: Karachi Port Trust (KPT) has invested more than Rs 27 billion from pension and provident funds of the employees of the KPT in national saving schemes without the prior permission of the Government of Pakistan. Auditor General of Pakistan said that investments made with the national savings in violation of the government instructions. According to the report, the management ... Read More »

Finance division imposes ban on entertainment & gifts funds

BANNED

ISLAMABAD: Ministry of Finance Budget Wing imposed ban in federal budget on the expenditure under the head of “Entertainment & Gifts” for all federal ministries, divisions and related departments and ordered to surrender the remaining balance. The governors of provinces will also show compliance on the orders of finance division as a federal representative. Deputy Secretary Finance Division Budget Wing Sajjad Azhar ... Read More »

FBR takes strict notice of non-compliance of auction rules by field formations

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has taken strict notice of non-compliance of auction rules by Lahore, Peshawar, Islamabad and Faisalabad field formations. Sources told Customs Today that it has been revealed in a report that field offices of Federal Board of Revenue at Lahore, Peshawar, Islamabad, and Faisalabad did not record National Tax Numbers of successful bidders and take copy ... Read More »

Benami law likely to become operational this week: FBR Member Hamid Attiq Sarwar

Photo of FBR Member Tax Policy Hamid and Member IR Seema Shakil

ISLAMABAD: Federal Board of Revenue (FBR) Member Tax Policy, Hamid Attiq Sarwar has said that benami law is likely to become operational during current week, allowing the government to take strict actions against the real owners of benami asset holders and confiscate the benami properties in the favor of government. Addressing a press briefing with Member Inland Revenue Operations Seema ... Read More »

FBR will achieve revenue collection target of current FY: Hammad Azhar

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ISLAMABAD: Minister of State for Revenue Hammad Azhar hoped that Federal Board of Revenue (FBR) will achieve the tax revenue targets set by Rs 5400 billion for Fiscal Year 2018-19. At least Rs 1946 billion were set aside for paying interest on loans. Talking with Customs Today he said the circular debt rose from Rs400 billion to Rs1400 billion during ... Read More »

FBR directs LTU to recover evaded amount of Rs669.486 from four textile mills

FBR directs LTU to recover evaded amount of Rs669 486 from four textile mills copy

ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit (L:TU) Karachi to recover the sales tax amounting to Rs669.486 million from four textile mills including M/s Al Karam Textile NTN (069806-3), M/s Gul Ahmed Textile NTN (0698283-2), M/s Tata Textile Mills NTN (0698400-2) and M/s Dewan Textile NTN (0698400-2). According to the details, it was revealed in the ... Read More »

FBR directs to enhance vigilance at Export Processing Zone

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ISLAMABAD: Federal Board of Revenue (FBR) directed the officers and officials dealing with the Export Processing Zones (EPZs) to keep monitoring and take timely action where they find irregularities which may cause a huge loss to government. According to the sources, Federal Board of Revenue has issued instructions that customs authorities should strengthen internal controls from import of input goods ... Read More »

FBR detects 2 cases of irregular claims of Rs114.73m by M/s Fatima Residency & M/s Capital Assets Leasing Corporation

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ISLAMABAD: Federal Board of Revenue (FBR) detected two cases of irregular claims of losses amounting to Rs114.73 million by M/s Fatima Residency and M/s Capital Assets Leasing Corporation. According to details, M/s Fatima Golf Residency (NTN 3921232) under the jurisdiction of Regional Tax Office-III, Karachi declared net income amounting to Rs3.172 million; however due to claiming of unadjusted business loss of ... Read More »

PM Imran directs FBR to catch tax evaders & broaden tax net

Prime Minister Imran Khan chairs meeting on FBR Reforms at PM's Office Islamabad on 30th January, 2019

ISLAMABAD: Prime Minister Imran Khan directed Federal Board of Revenue(FBR) to focus on recovery from tax evaders and to broaden the tax net. He was chairing a meeting in Islamabad on Wednesday to introduce reforms in Federal Board of Revenue. Prime Minister Imran Khan also advised Offshore Taxation Commissionerates to solve cases pertaining to offshore assets at the earliest. He ... Read More »

FBR seeks reply from Customs Exports over escaping of seized vehicles from EPZ

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ISLAMABAD: Federal Board of Revenue has ordered Customs Collectorate Exports, Port Mohammad Bin Qasim to inquire that how two vehicles, including one seized vehicle loaded with the cigarette paper (5,620) kg belonged to M/s Sun Gravure, were managed to escape in the presence of Custom Preventive staff from the main gate of Export Processing Zone Karachi. Sources told Customs Today that ... Read More »

FBR directs RTO Hyderabad to recover Rs1.709m from M/s Mast Qalander Cotton Ginners

FBR directs RTO Hyderabad to recover Rs1 709m from Ms Mast Qalander Cotton Ginners copy

ISLAMABAD: Federal Board of Revenue (FBR) directed Regional Tax Office Hyderabad to recover government dues amounting to Rs1.709 million from M/s Mast Qalander Cotton Ginners (National Tax Number 4012115-1). Sources told Customs Today, M/s Mast Qalander Cotton Ginners made taxable supply of Rs10.679 million to the M/s Al-Muqeet Textile (Pvt) Ltd NTN 1858071-8 (Aative) at zero rate, and it was ... Read More »

FBR takes serious notice of filing cases without approval of legal wing

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ISLAMABAD: Federal Board of Revenue took serious notice that Customs Collectorates Peshawar, Islamabad and Lahore (Appraisement & Preventive) filed appeals and customs references before the high court after approval of the legal committee constituted by the concerned collector instead of referring the matters to legal wing for seeking guidance for future action. Sources told Customs Today that majority of the ... Read More »

Three different taxes on cell phones clubbed into one: Hammad Azhar

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ISLAMABAD: Three different taxes on cell phones have been clubbed into one. A combined tax will be imposed on import of mobile phone sets,” State Minister for Revenue Hammad Azhar along with Member Customs Awais Jawwad said in a press briefing regarding imposition of taxes under the third finance bill. Hammad Azahar said Rs400 tax will be imposed on cell ... Read More »

Clearance of goods imported from China against CoO bearing unverifiable signatures

Mexico iron ore imports doubled in July

ISLAMABAD: It has been revealed that the Customs Collectorate of Preventive Karachi cleared ten consignments by granting the benefit of China Pakistan Free Trade Agreement (CPFTA) wherein the specimen signatures of the authorized Chinese officials were not tallied with those put on the Certificate of Origin (CoO). According to FBR sources, the government has sustained the loss of Rs82.74 million ... Read More »

FBR gets actionable tax information of 150,000 cases from 28 jurisdictions: Hammad Azhar

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ISLAMABAD: State Minister for Revenue Hammad Azhar has disclosed that Pakistan has obtained actionable tax information of approximately 150,000 cases from 28 jurisdictions. Talking with Customs Today at the Parliament House, he said the data obtained is being examined and cross matched against the existing tax payers. He said it is hoped that the substantial number of non-filers and under ... Read More »

FBR launches drive to identify high risk plazas, shopping malls & chain of luxury apartments

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has launched countrywide exercise wherein high risk plazas, shopping malls, residential towers and chain of luxury apartments are being identified. According to FBR sources, thousands of unregistered cases have been identified and likewise massive concealment in the cases of existing taxpayers has been unearthed. Sources said that actions are also underway in respect of ... Read More »

FBR starts crackdown against high net worth tax evaders

FBR starts crackdown against high net worth tax evaders copy

ISLAMABAD: Federal Board of Revenue (FBR) has launched a crackdown on high net worth tax evaders. The certain parameters are set to identify high net worth tax evaders having properties above Rs 20 million, vehicles above 1800CC and annual rental income above Rs10 million. FBR sources told Customs Today that under the crackdown against high net worth tax evaders, 3,121 notices ... Read More »