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Home / Author Archives: Shahid Minhas

Author Archives: Shahid Minhas

FBR seeks details of steel mills, re-rollers involved in sales tax adjustment

sales tax

ISLAMABAD: Federal Board of Revenue (FBR) has sought details from all the field formations of those steel mills and steel re-rollers which are involved in sales tax adjustments, it is learnt here. Sources told Customs Today the board has detected that some steel manufacturers are involved in malfunctioning of sales tax adjustments on which the board has taken notice and ... Read More »

FBR to take stern action against NGOs, NPOs involved in tax evasion

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has directed all the field formations to review tax rolls case-to-case and take stern action against those organizations which do not pursue the tax rolls, it is learnt here. According to official sources, the board has directed Chief Commissioners of Islamabad, Lahore, Karachi, Hyderabad, Multan, Faisalabad and Peshawar to monitor Non-Government Organizations (NGOs) and ... Read More »

Govt mulling to introduce another tax amnesty scheme

no-to-tax-amnesty-scheme-ef77df2003ce36f8fde8a8323403ad66

ISLAMABAD: The federal government is considering to introduce another tax amnesty Scheme. The Federal Board of Revenue (FBR) has started work on new amnesty scheme in which the tax payment percentage is likely to be made easy. Sources told Customs Today that the scheme would also give a chance to those who had not benefited from the amnesty scheme launched ... Read More »

FBR directs PRAL to revise automatic audit selection system on priority basis

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has directed Pakistan Revenue Automation Limited (PRAL) to revise the automatic audit selection system, it is learnt here. Official sources told Customs Today that the board has informed by its Inland Revenue Policy Wing that taxpayers are facing problems due to some faults in the software built by PRAL for the taxpayers audit selection. ... Read More »

FBR seeks details of pending wealth tax cases

fbr

ISLAMABAD: Federal Board of Revenue (FBR) asked Large Taxpayers Units (LTU) and Regional Taxpayers Office (RTO) Islamabad to provide all details of pending cases related to wealth taxes and tax cases involving more than Rs100 million of revenue, it is learnt here. Official sources told Customs Today that the board has sent letters to LTU and RTO Islamabad and directed ... Read More »

FBR decides to issue bonds worth Rs110b to clear refunds of exporters

refund

ISLAMABAD: Federal Board of Revenue (FBR) has decided to issue bonds of Rs110 billion in order to pay the exporters in the head of refunds, it is learnt here. Official sources told Customs Today that the board will issue Rs30 billion worth of bonds in the first phase while summary has been prepared in this regard. At least Rs140 billions ... Read More »

FTO striving to settle complaints in reasonable time

FTO

ISLAMABAD: Federal Tax Ombudsman (FTO) is striving hard to dispose of complaints in a reasonable period of time; however, time taken by the FBR and its field offices in filing comments, or dealing with complainants for filing a rejoinder and referring the rejoinder for further comments are the main reasons of delay in disposing of the complaints, it is learnt ... Read More »

Govt to impose sin tax on regular smokers

tax1

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government has announced to impose sin tax on smokers. According to details, the sin tax will be imposed on smokers who are the frequent buyers of cigarettes while the amount collected from sin tax will be spent on health sector. Moreover, the prices of cigarettes are expected to rise in view of the government’s decision. ... Read More »

FBR recovers Rs1.47b from power companies after freezing bank accounts

recovery

ISLAMABAD: Federal Board of Revenue (FBR) has attached bank accounts of power companies and recovered at least Rs1.47 billion collectively in order to balance its revenue shortfall. According to official sources, the board has attached the bank accounts of Central Power Purchasing Agency (CPPA) and recovered at least Rs80 million while also attached the account of Islamabad Electric Supply Company (IESCO) and recovered at ... Read More »

FBR declares provision of PT evidence mandatory for importers during clearance procedure

FBR chairman Jahanzeb

ISLAMABAD:  Federal Board of Revenue (FBR) made it mandatory for the importers to provide Payment Transaction (PT) evidence during clearing of consignments, it is learnt here. Official sources told Customs Today that FBR has directed all field formations to stringent the monitoring of clearance of consignments on dry ports and airports across the country in order to curb money laundering, ... Read More »

FBR collects Rs274b in Nov against assigned target of Rs313b

FBR collects Rs274b in Nov against assigned target of Rs313b copy

ISLAMABAD: Federal Board of Revenue (FBR) collected Rs274 billion taxes during the month of November 2018 against the assigned target of Rs313 billion, recording revenue shortfall of Rs39 billion, it is learnt here. Official sources told Customs Today that the board is facing tough time while achieving the assigned targets where the board has recorded at least Rs99 billion of ... Read More »

Fake E-Forms: FTO summons FBR officials on Dec 6

FTO

ISLAMABAD:  Federal Tax Ombudsman (FTO) summoned Federal Board of Revenue (FBR) officials on December 6, 2018 in tax evasion and money laundering case, it is learnt here. Official sources told Customs Today that at least 300 fake E-Forms were submitted by gold and jewelry traders. FBR has already submitted report in this case; however, FTO has fixed the hearing of case on ... Read More »

FBR decides to appoint focal person for tax heaven countries

FBR chairman Jahanzeb

ISLAMABAD:  Federal Board of Revenue (FBR) has decided to appoint focal person for tax heaven countries pertaining to customs-related mutual cooperation and data sharing, it is learnt here. According to official sources, the board has already established a high-level cell to monitor the implementations of action plan suggested by Financial Action Task Force (FATF) under the supervision of FBR Chairman ... Read More »

FBR Chairman Jahanzaib shows dissatisfaction over IR Operations performance

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Jahanzib Khan has shown dissatisfaction over the performance of Inland Revenue Operations wing and directed the high-ups of the wing to achieve the revised target with the implementation of the approved strategy, it is learnt here. According to official sources, on the direction of FBR Chairman Jahanzaib Khan, Member Inland Revenue Operations Habib Ullah ... Read More »

FBR finalises 234,167 tax cases through enforcement of returns

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) adopted a comprehensive strategy for broaden tax base and finalized 234,167 cases by mode of enforcement of returns, it is learnt here. According to official sources the board under Section 122C of the Income Tax Ordinance 2001 has finalized 234,167 cases by way of enforcement of returns and finalization of proceedings while 50 % ... Read More »

FBR issues notices to 1.22m taxpayers facing audit cases

audit

ISLAMABAD: Federal Board of Revenue (FBR) issued notices to at least 1.22 million taxpayers whose audit cases are pending with FBR under Section 214-D of the Income Tax Ordinance, 2001, FBR sources told Customs Today. According to official sources, the board has issued notices to 0.3 million of taxpayers whose audit cases are pending since tax year 2015, 0.4 million ... Read More »

FBR receives data of 748,541 tax evaders from different departments

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) received data of non-taxpayers across the country which will be used to broaden the tax net, it is learnt here. Official sources told Customs Today that the board has received detail of at least 748,541 of non-taxpayers from the motor vehicle branches across the country. They are non-taxpayers registered with vehicle above 1300CC while ... Read More »

PRAL starts three new projects to broaden tax net, curb tax evasion

pral

ISLAMABAD: Pakistan Revenue Automation (Pvt) Limited (PRAL) wing of Federal Board of Revenue (FBR) has started three new projects in order to curb revenue leakage, broaden the tax net and smooth selection of taxpayers for audit, it is learnt here. Official sources told Customs Today that these projects were approved during the last Board of Directors (BoD) meeting of Pakistan ... Read More »

FBR directs field formations to use all available resources to recover Rs60b revenue shortfall

revenue

ISLAMABAD: Federal Board of Revenue (FBR) has directed all field formations to utilize all available resources to recover Rs60 billions of shortfall faced during the current fiscal in the next months, it is learnt here. Official sources told Customs Today that FBR has reiterated the strict implementation of monthly revenue strategy and directed the field formations to take steps under ... Read More »

Hearings in ADR can be adjourned on request of applicant

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has clarified that the day of proceedings could be altered or adjourned in the Alternative Dispute Resolution (ADR) on the request of the applicant, it is learnt here According to official sources, the board has stated that Alternative Dispute Resolution mechanism in simple and common parlance. The committee may, at its discretion, change the ... Read More »