Sunday , September 22 2019
Breaking News
Home / Author Archives: Shahid Minhas (page 3)

Author Archives: Shahid Minhas

FBR sends summary to Finance Ministry to increase tax rate on non-filers

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has prepared the amended Finance Bill and sent the draft to the Finance Ministry, proposing to increase the tax rate on non-filers and increase General Sales Tax (GST) from 17pc to 20 pc. Official sources told Customs Today that the board has also proposed to increase the tax from 2 percent to 3 percent ... Read More »

FBR to register case against Uzair Ahmed involved in money laundering

money-laundering

ISLAMABAD: Directorate General Intelligence and Investigation, Inland Revenue wing of Federal Board of Revenue (FBR) has decided to register money laundering case against the accused Uzair Ahmed who is involved in dubious transaction of Rs 2 billion from three different accounts. Official sources told customs Today that Directorate General Intelligence and Investigation has traced the dubious transaction of Rs 2 ... Read More »

Customs I&I detects tax evasion of Rs486.5m by M/s Baig Brothers

Customs I&I detects tax evasion of Rs486 5m by Ms Baig Brothers copy

ISLAMABAD: A special team of Customs Intelligence and Investigation detected a case involving evasion of duty/taxes by M/S Baig Enterprises & Engineering, Islamabad and M/s Baig Brothers, Rawalpindi on violation of import restriction on imported transit mixers, subsequently unlawfully converted into trucks. Sources told Customs Today that I&I team observed that the companies had previously imported 851 used concrete transits ... Read More »

FBR imposes ban on 470 used household electronic appliances & accessories

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has imposed complete ban on the import of at least 470 used household electronic appliances and its accessories including LCDs, LEDs, Digital Quran, bluetooth, vehicle tracking systems, CCTV cameras, cordless headsets, memory cards, headphones, hairdryers and microwave oven; however, used computers and its parts can be imported. Official sources told Customs Today that 3 to ... Read More »

FBR to review rate of turnover tax imposed on seed supply companies

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has decided to review the rate of turnover tax imposed on seed supply companies, it is learnt here. Sources told Customs Today that it is expected that turnover tax imposed on seed supply companies to farmers to be reduced, however, the board also planned to review the tax rate and make some rationalization, sources confirmed. ... Read More »

ATIR bars FBR from recovery of dues from Punjab Excise & Taxation

customs court adjournes case

ISLAMABAD: Appellate Tribunal Inland Revenue (ATIR) issued stay order and stopped Federal Board of Revenue (FBR) from the recovery of outstanding dues from Punjab Excise and Taxation Department. Official sources told Customs Today that Punjab Excise and Taxation department did not outstanding dues of Rs394 million under the head of withholding taxes (WHT) for the Fiscal Year 2015-16. The board had ... Read More »

FBR issues audit notices to Sikdander Bosan, Shehzad Maqbool Bhutta & Waleed Warriach

audit

ISLAMABAD: Federal Board of Revenue (FBR) has issued audit notices to former federal minister, e-MPA and PTI leader for not timely filing income tax returns. Official sources told Customs Today that FBR has issued audit notices to former federal minister Sikandar Bosan, former member Punjab Assembly Shehzad Maqbol Bhutta and PTI leader Khalid Waleed Warriach for not timely filing income ... Read More »

FBR I&I nabs owner of M/s Panwar Rama Electric involved in tax evasion

tax evasion

ISLAMABAD: Federal Board of Revenue’s (FBR) Directorate General Intelligence and Investigation-Inland Revenue (IR) has arrested Shiekh Owais Ashraf, owner of M/s Panwar Rama Electric, allegedly involved in sales tax evasion. Official sources told Customs Today that Shiekh Owais Ashraf and his partner Iqbal Ashraf were involved in sales tax evasion while the accused also used the code number of income tax ... Read More »

FTO summons FBR chairman, secretary revenue on Jan 2

FTO Mushtaq Ahmed Sukhera

ISLAMABAD: Federal Tax Ombudsman (FTO) has called Federal Board of Revenue (FBR) Chairman Jahanzeb Khan and secretary revenue division to appear on January 2, 2019 with complete record, it is learnt here. Official sources told Customs Today that the Pakistan Revenue Automation (Private) Limited (PRAL) is involved in malpractices in Active Taxpayers List where non-filers are facilitated as filers to ... Read More »

FBR seeks report about actions against goods, currency smugglers

fbr

ISLAMABAD:  Federal Board of Revenue (FBR) directed Chief Commissioners, Regional Tax Office, Peshawar and Chief Commissioner Regional Tax Office, Islamabad to submit a detailed report on actions taken against smugglers involved in goods and currency smuggling, it is learnt here. According to official sources, the board expressed displeasure on the open sale of smuggled goods across the country, especially in ... Read More »

Finance ministry seeks proposals for another tax amnesty scheme

no-to-tax-amnesty-scheme-ef77df2003ce36f8fde8a8323403ad66

ISLAMABAD: Federal Finance ministry has asked Federal Board of Revenue (FBR) to propose suggestions and recommendations for a tax amnesty scheme as the government is planning to announce another amnesty scheme in the next budget, it is learnt here. Sources told Customs Today that finance ministry has started working on a tax amnesty scheme and directed FBR to forward suggestions and recommendations ... Read More »

FBR directs field formations to take stern action against 167 tax evaders

taxevasion

ISLAMABAD:  Federal Board of Revenue (FBR) has dig out 167 tax evaders and directed the concerned field formations to take action against them, it is learnt here. Official sources told Customs Today that the board has tighten noose against the tax evaders and dig out more than 167 tax evaders which belonged to Islamabad, Faisalabad, Gujranwala, Abbottabad, Karachi and Lahore. ... Read More »

FBR announces zero rate sales tax on electricity supply to three textile units

iran-electricity-grid

ISLAMABAD: Federal Board of Revenue (FBR) announced zero rate sales tax on electricity supply to three textile units, sources told Customs Today. Official sources said that the board has issued different Sales Tax General Orders (STGOs) which allowed sales tax zero rate on supply of electricity to textile units including M/s Farhan Weaving Factory under jurisdiction of Regional Tax Office ... Read More »

FBR prepares first draft for three-year development strategic plan

fbr

ISLAMABAD: Federal Board of Revenue (FBR) prepared first draft for three years development strategic plan which is expected to be moved for final approval next week, it is learnt here. According to official sources, the FBR chairman has earlier established four important working groups for suggestions and recommendations on the three years development strategic plan which is being prepared with ... Read More »

FBR decides to establish vigilant wing to eradicate corruption

corruption

ISLAMABAD: Federal Board of Revenue (FBR) has decided to establish Vigilant Wing to eradicate corruption within the board, it is learnt here. According to official sources, the vigilant wing of FBR will investigate and inquire against the employees and official of FBR who are involved in corruption or have some complaints of corruption. Sources added that the vigilant wing will ... Read More »

FBR trying hard to bring undocumented economy into tax net

fbr

ISLAMABAD: Around half of the country’s economy is undocumented and Federal Board of Revenue (FBR) is trying hard to document that economy and bring it into the tax net, it is learnt here. Official sources told Customs Today that FBR is focusing on the undocumented economy and bringing this economy into the tax net will increase the direct tax revenue ... Read More »

KCCI, USAID to jointly organize SME Activity on Dec 19

KCCI-SMIU

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda will be presiding over Small & Medium Enterprises Activity (SMEA) on December 19, 2019 Wednesday (Tomorrow) being organized jointly KCCI and United States Agency for International Development (USAID). According to a statement issued, USAID SMEA is a five-year project that is supporting Pakistan in SME-led economic growth to ... Read More »

Only 35,000 out of 83,000 registered companies file tax returns

final notice

ISLAMABAD:  Federal Board of Revenue (FBR) has taken notice of companies which are not filling yearly income tax returns despite being registered with Securities and Exchange Commission of Pakistan (SECP), it is learnt here. Official sources told Customs Today that at least 83,000 of companies are registered with Securities and Exchange Commission of Pakistan (SECP) where only 35,000 of companies ... Read More »

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 »