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Home / Author Archives: Shahid Minhas

Author Archives: Shahid Minhas

DGTR conducts workshop on “Preparing of Budget and other Financial Statements”

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  ISLAMABAD: Federal Board of Revenue (FBR) wing of Directorate General of Training and Research Customs has conducted a workshop on the theme of ‘Preparing of Budget and other Financial Statements’ for the officers and officials of the FBR. The board has conducted the workshop before the upcoming budget 2019-2020 preparation. The trainer Director (Finance) at STI, Establishment Division Safdar ... Read More »

FBR to issue Fifth Tax Directory on February 22

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ISLAMABAD: Federal Board of Revenue (FBR) is all set to issue the Fifth Tax Directory of all taxpayers including tax details of parliamentarians for the Tax Year 2017 on February, 22. Official sources told Customs Today that the board after approval from federal cabinet has finalized the Fifth Tax Directory for the Tax Year 2017 where the Tax Directory is ... Read More »

Prize bonds business posts positive growth after stern action of FBR

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ISLAMABAD: After the stern action taken by the Federal Board of Revenue (FBR) against the tax evaders, the investment in prize bond business has been improved to whiten the black money. Sources told Customs Today that the board has observed that investment in the prize bond business has been increased in recent times after stern action against the big tax evaders while ... Read More »

FBR collects Rs1.5b from taxpayers through audit close facility

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ISLAMABAD: Federal Board of Revenue (FBR) collected Rs1.5 billion where at least 70,000 of taxpayers filed revised tax returns by availing the government announced audit close facility. Official sources told Customs Today that at least 70,000 of taxpayers filed revised tax returns by availing the opportunity for automatic closure of audit u/s 214E by paying the penalty or higher tax ... Read More »

FBR decides to induct doctors of twin cities in tax net

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ISLAMABAD: Federal Board of Revenue (FBR) has started probing the assets of doctors who are residents of Islamabad and Rawalpindi and decided to induct them in the tax net. Official sources told Customs Today that Directorate General Intelligence and Investigation Inland Revenue wing of FBR has issued notices to medical superintendents, chief executive officers, principals, senior doctors, professors and surgeons ... Read More »

FBR decides to close mobile registration counters at all airports

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ISLAMABAD: Federal Board of Revenue (FBR) has decided to close the mobile registration counters earlier established at all airports of the country at the end of February 2019. Official sources told Customs Today that after the decision taken by the government that the imported mobile phones will be registered at the mobile companies official offices and franchises at their home ... Read More »

FBR to take stern action against 9pc tax evaders

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ISLAMABAD: Federal Board of Revenue (FBR) started crackdown against tax dodgers where at least 9% of tax dodgers are identified on the taxpayers list of the board, it is learnt here. Official sources told Customs Today that FBR has formed strategy to dig out the tax dodgers who are present on the taxpayers list or those who are in the ... Read More »

FBR preparing mechanism to halt shifting of industries from tariff areas to non-tariff areas

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ISLAMABAD: Federal Board of Revenue (FBR) is preparing a comprehensive mechanism to halt shifting of industries from tariff areas to non-tariff areas of the country, it is learnt here. Official sources told Customs Today that FBR has observed a huge revenue loss during last few years due to industry shift from tariff areas of the country to non-tariff areas like ... Read More »

FBR launches end-to-end income tax declaration module

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ISLAMABAD: Federal Board of Revenue (FBR) launched a complete end-to-end mechanism for Inland Revenue Services department under highly configurable Income Tax declaration module, it is learnt here. Official sources told Customs Today that the board has implemented an end-to-end solution for the Inland Revenue department while also simplified the process of Universal Self-Assessment Order in such a way that taxpayer ... Read More »

FBR proposes to increase RD from 10pc to 20pc on import of used vehicles

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ISLAMABAD: Federal Board of Revenue (FBR) proposed to increase regulatory duty from 10pc to 20pc on import of used vehicles under personal baggage or transfer of residence scheme, it is learnt here. Official sources told Customs Today that FBR is reviewing the transfer of residence, personal baggage and gift schemes and proposed to increase regulatory duty on the import of ... Read More »

FBR preparing draft to withdraw dual taxes, curb tax evasion between China, Pakistan

tax evasion

ISLAMABAD: Federal Board of Revenue (FBR) is preparing the draft to withdraw the dual taxes and review coordination for curbing tax evasion between Pakistan and China. Official sources told Customs Today that Pakistan and China already signed an agreement for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income; however, now Chinese companies ... Read More »

Tax evasion: FBR starts probe against owners of flats located in Grand Hayat Tower

tax evasion

ISLAMABAD: Federal Board of Revenue (FBR) has started investigations against the tax defaulters who own flats in Grand Hayat Tower Islamabad but still not registered with FBR. Official sources told Customs Today that at least 40 flats owners who have invested in the expensive Grand Hayat Tower situated at Constitution Avenue-1; however, they are not paying taxes to FBR. Sources ... Read More »

Paragon Housing scam: FBR summons Kamran Kiyani & Nadeem Zia on January 21

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ISLAMABAD: Federal Board of Revenue (FBR) has issued final show cause notice to Kamran Kiyani, a brother of former army chief Gen (R) Ashfaq Pervez Kiyani and Director Nadeem Zia of M/s Paragon City Housing Society and directed them to appear before the board on January 21, 2019. According to official sources, the board has issued final show cause notices ... Read More »

FBR receives data of 50,000 people having bank accounts abroad

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ISLAMABAD: Federal Board of Revenue (FBR) has found data of at least 50,000 bank accounts opened abroad in Italy, Spain, France, Germany and other countries. According to details, this latest development came while investigating the data of tax evaders. More information regarding such people will be revealed soon, said FBR sources. The government began to receive the data through the ... Read More »

FBR seeks report from field formations about actions taken against WHT agents

withholding tax (WHT)

ISLAMABAD: Federal Board of Revenue (FBR) has asked field formations to provide the list of show cause notices issued to withholding tax agents and action taken against them during the tax year 2018-19, it is learnt here. Official sources told Customs Today that FBR earlier directed all field formations to take action against those withholding tax agents who are failed ... Read More »

Govt seeks advice from FBR to withdraw advance tax on shares in stock exchange

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ISLAMABAD: Government has asked Federal Board of Revenue (FBR) regarding the proposal to withdraw the 2pc advance tax imposed on sales/purchase of shares in stock exchange, it is learnt here. Official sources told Customs Today that government is going to withdraw the 2pc advance tax imposed on sales and purchase of shares, and review to allow stockbrokers to keep capital ... Read More »

FBR to fully implement whistleblower policy

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ISLAMABAD: Following government’s whistleblower policy, Federal Board of Revenue (FBR) has directed the field formations of inland revenue wing to give the reward to whistleblowers, it is learnt here. Official sources told Customs Today that the board has directed all the field formations of Inland Revenue department to implement vigorous monitoring drive against tax evaders to enhance tax collection. The ... Read More »

FBR seeks Finance Ministry approval for issuance of Rs80b bonds to clear refunds

tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) moved the summary for issuance of Rs80 billion bonds to exporters in the head of refunds to the Finance Ministry for approval, it is learnt here. According to sources, the board faced a tough time for issuing the refunds to the exporters due to revenue shortfall and for this purpose the board was in ... Read More »

FBR directs to recover advance tax from Airblue, Distribution Services (Pvt) Ltd & Mehran University

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ISLAMABAD: Federal Board of Revenue (FBR) has directed field formations to expedite the process of recovery of advance tax from 413 tax defaulters including Airblue, Distribution Services Private Limited and Mehran University of Engineering and Technology, Jamshoro. Official sources told Customs Today that FBR has to collect Rs1.821 billion from 413 taxpayers under the head of advance taxes; however, the ... Read More »

FBR to take action against taxpayers for evading Rs 45 billion

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ISLAMABAD: Federal Board of Revenue (FBR) has traced dozens of taxpayers involved in collectively Rs45 billions of tax evasion by violating Section 26 & 31 of Sales Tax Act 1990. Official sources told Customs Today that FBR has traced during Fiscal Year 2013-14 and Fiscal Year 2015-16 that at least two dozens of taxpayers submitted different sales details and figures while ... Read More »