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Author Archives: Shahid Minhas

Customs I&I recovers three more Qatari luxury vehicles from farmhouse of Saifur Rehman

MemberLegalShaukatAli

ISLAMABAD: Directorate of Customs Intelligence and Investigations officials Monday recovered three more Qatari luxury vehicles from a farmhouse belonging to former senator Saifur Rehman. Sources told Customs Today that the recovered vehicles were brought to the country under diplomatic immunity, officials said as they relocated the vehicles to Customs Headquarters. As many as 26 Qatari luxury vehicles have been recovered ... Read More »

Finance Ministry seeks detailed report about beneficiaries of Tax Amnesty Scheme 2018

Asad Umar Pic - Copy

ISLAMABAD: Finance Ministry asked Federal Board of Revenue (FBR) to submit detailed report of beneficiary of Tax Amnesty Scheme 2018, it is learnt here. Official sources told Customs Today that Finance Ministry has directed FBR to submit separate details of national and international beneficiaries of Tax Amnesty Scheme 2018. Meanwhile, it is also directed regarding how much of concessional tax ... Read More »

FBR collects Rs210b tax revenue till Oct 22

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) collected Rs210 billion of revenue till October 22 against the assigned target of Rs300 billion for October 2018, it is learnt here. Official sources told Customs Today that FBR collected at least Rs90 billion within 8 days of October to achieve the assigned target. However, FBR failed to achieve its first quarter target and ... Read More »

FBR reduces cost of revenue collection from 0.74pc to 0.71pc

Tax Revenue

ISLAMABAD: Federal Board of Revenue (FBR) successfully reduced cost of the revenue collection from 0.74% to 0.71% by managing healthy growth in the tax collection, it is learnt here. Official sources told Customs Today that in Pakistan, the cost of collection in year 2007-08 was 0.89% where it was reduced to 0.83% in years 2008-09 while cost of collection in ... Read More »

FBR inducts 6,484 companies through One-Window Facility

fbr

ISLAMABAD: Federal Board of Revenue (FBR) inducted at least 6,484 companies through the introduction of One-Window Facility launched earlier this year, it is learnt here. According to official source, the facility launched in March, 2018 by the FBR in collaboration with Security Exchange Commission of Pakistan (SECP) to provide ease of doing business and enabling the companies to be incorporated ... Read More »

Govt considering to establish three new Directorates of IR Wing of FBR

fbr

ISLAMABAD: Government is planning to establish three new Directorates under Inland Revenue Wing of Federal Board of Revenue which will directly report to Member Inland Revenue (Member operations), it is learnt here. Official sources told Customs Today that the government during the process of restructuring of Federal Board of Revenue is reviewing a suggestion to establish three new Directorates which ... Read More »

FBR Chairman Jahanzeb seeks proposals for institutional reforms & tax policy

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Jahanzeb Khan has directed all the Members and Chief Commissioners to submit their suggestions and recommendations pertaining to institutional reforms and improvement in tax policy, it is learnt here. Official sources told Customs Today that the FBR chairman presided over a meeting soon after the first visit of Finance Minister Asad Umar, which was ... Read More »

IHC upholds life jail term of Raja Iram involved in murder of Deputy Superintendent Raja Ibrar

ihc

ISLAMABAD: Islamabad High Court (IHC) has upheld the life imprisonment sentence of accused Raja Iram Kiani who is involved in murder of Customs Deputy Superintendent Raja Ibrar. Justice Muhsin Akhtar Kiani of Islamabad High Court heard the case and rejected the appeal filed by accused Raja Iram Kiani against the verdict of lower court and disposed off the appeal. Deputy ... Read More »

Asad Umar directs FBR to use all legal resources to achieve revenue collection target

Asad Umar

ISLAMABAD: Finance Minister Asad Umar has directed Federal Board of Revenue (FBR) to leave no stone unturned and use all legal resources for achieving the revenue target set for the current fiscal year 2018-19. “I want to see the FBR as one of the top institutions of Pakistan in 2023”, the federal minister said during his visit to FBR headquarters. Official ... Read More »

FBR issues notice to Mansha Bomb for hiding Rs10m assets

fbr

ISLAMABAD: Alleged notorious land grabber Mansha Bomb, involved in over 80 cases of land grabbing, has also defrauded the Federal Board of Revenue (FBR) and paid Rs800 as income tax for Year 2017-18, it is learnt here. Official sources said that Mansha Bomb has showed yearly income of Rs440,000 in the income tax returns of FY2017-18 and declared only Rs1.84 ... Read More »

FBR forwards summary for ‘Fiscal Policy Board’ approval to finance ministry

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has sent the summary of an autonomous body “Fiscal Policy Board” to Finance Ministry for approval, it is learnt here. According to official sources, FBR has proposed in its summary that “Fiscal Policy Board” will elaborate the mechanism and procedures for the establishment and hiring of foreign consultants, while FBR will remain only to ... Read More »

Govt should take stern action against Maersk Line due to violation of SRO 1220 (I)/2015: Naima Ansari

Naima Ansari

ISLAMABAD: Violation of government laws is a serious crime and the present government should take serious action against Maersk Line and its subsidiary in Pakistan Maersk Pakistan (Pvt) Ltd due to  violation of SRO 1220(I)/ 2015 and for harassing and blackmailing importers to get additional demurrage and detention charges. This was stated by ex-Vice President of Federation of Pakistan Chamber ... Read More »

Govt bars FBR from seeking details of suspicious transactions from banks

banking system

ISLAMABAD: The federal government restricted the Federal Board of Revenue (FBR) from seeking suspicious transactions and written-off loans reports from banks, in the recently-approved mini-budget. The condition has been abolished through an amendment into the Income Tax Ordinance 2001, an official said on condition of anonymity. Earlier this week, the State Bank of Pakistan asked the financial institutions to ensure ... Read More »

FBR to introduce one-page simple IT return form to facilitate taxpayers

tax returns

ISLAMABAD: Federal Board of Revenue (FBR) is planning to introduce one-page simple income tax return form for facilitation of taxpayers while first draft is being prepared, it is learnt here. According sources in FBR, the draft is being prepared and expected to be issued in next two weeks after consultation with high-up in the board. Sources also added that after ... Read More »

FBR imposes 5pc advance tax on non-filers of minerals

tax8

ISLAMABAD: Federal Board of Revenue (FBR) has imposed 5% of advance tax on the non-filers of 48 types of minerals including barite, basalt, coal, clay and granite; however, filers are exempted from the above-mentioned advance tax. According to the details, the value of minerals was also specified through amending Sub-Section (4) of Section 236V of the Income Tax Ordinance, 2001. ... Read More »

FBR completes working on Asaan Mobile Account (AMA) Scheme

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ISLAMABAD: Federal Board of Revenue (FBR) has completed its working on Asaan Mobile Account (AMA) Scheme; however, formula for sharing of revenue among the stockholders is yet to be finalized, it is learnt here. Official sources told Customs Today that the board has proposed that transaction limit shall not be exceeded to Rs30,000 and it is expected that 50% of ... Read More »

Ex-FBR officials still using official vehicles after retirement

carsale

ISLAMABAD: The federal government has failed to bar bureaucracy from misuse of official vehicles and drivers, it is learnt here. According to official sources, it has been revealed that some Federal Board of Revenue’s (FBR) retired and on-service officials are illegally using vehicles, drivers and other staff assigned to field offices. Sources told Customs Today that these vehicles which are being ... Read More »

FBR decides to establish new Customs & IR check posts to curb smuggling

checkpost

ISLAMABAD: Federal Board of Revenue (FBR) has decided to establish new check points of customs and Inland Revenue departments in order to curb smuggling from Azad Jammu and Kashmir (AJK), it is learnt here. Official sources told Customs Today, FBR has taken the decision during a meeting between Customs officials and Inland Revenue officials regarding smuggling from AJ&K. The meeting ... Read More »

FTO asks FBR to amend relevant section of Customs Act, 1969

Chief Collector Sarwat Tahira

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue (FBR) to consider amending relevant section of Customs Act, 1969 for inclusion of a specific period for deciding refund applications, it is learnt here. According to sources, FTO has written to FBR that Section 19-A of Customs Act, 1969 does not prescribe certificate by chartered accountants. It is evident ... Read More »

FBR finalises plan to achieve assigned revenue collection target of FY18-19

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has finalised a plan to achieve the assigned target of Rs4,398 billion for the current fiscal year (2018-19) in the chief commissioners’ moot held here at FBR headquarter, it is learnt here. Federal Board of Revenue Chairman Jahanzeb Khan presided over the conference. This was the first chief commissioners’ conference after the establishment of PTI government ... Read More »