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M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP

DrMiftahIsmail BOI

ISLAMABAD:  A new collusion has been exposed between Federal Board of Revenue (FBR) and M/s Ismail Industry Limited of billions of tax evasion and money laundering. According to details, Transparency International Pakistan has sent a letter to Federal Tax Ombudsman highlighting the tax evasion and money laundering committed by M/s Ismail Industry Limited in collaboration with FBR. The company is ... Read More »

A Thousand Avenfields

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Misuse of green channel: Used solar panels being cleared through IDP as new panels

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ISLAMABAD: The Islamabad Dry Port is misusing green channel for clearing used solar panels as new panels, which can be health hazardous and must be cleared after physically checking through red channel. Sources in Customs Department said that green channel is mostly used for those items that proved trust worthy and have ‘good repute’. Sources added that under the Free Trade ... Read More »

FBR to devise mechanism for non-deduction of WHT from mobile users

withholding tax (WHT)

ISLAMABAD:  Federal Board of Revenue (FBR) to devise a mechanism for non-deduction of withholding tax from mobile users, it is learnt here. Sources told Customs Today that the basic reason to form a mechanism is to exclude those mobile users who do not fall under the tax net. Sources said that around 99.3 percent people do not fall in the ... Read More »

NAB recommends names of Secretary Health Ali Jan, others for placement on ECL

NAB chairman Justice Javed Iqbal

ISLAMABAD: The National Accountability Bureau (NAB) has recommended and forwarded names of several important personalities for placement on Exit Control List (ECL). Those persons include Secretary Primary & Secondary Health Ali Jan Khan s/o Riaz Hussain, CEO OASPL Najam Shah, CFO OASPL Rashid Majeed, CEO PPDCL Syed Farrukh Ali Shah, Haroon Ashraf s/o M. Ashraf from Gujranwala Waste Management Company, ... Read More »

Rukhsana replaces Tariq Pasha as FBR chairman after CJP, Chairman NAB notice of Rs1000b green channel mega scam

RTO-II chief  Commissioner Rukhsana Yaseem

ISLAMABAD: Caretaker Prime Minister Nasirul Mulk has appointed Rukhsana Yasmeen, a BS-22 officer, as the new chairman of Federal Board of Revenue (FBR) with effect from July 1. The current FBR chairman, Tariq Mahmood Pasha, has been transferred and posted as Secretary Statistics. Rukhsana Yasmeen belongs to 11th Common Course. She joined government service as Customs officer then she moved to Inland ... Read More »

Tax Amnesty Scheme 2018 is last to legalize undeclared assets: Chairman FBR Pasha

WhatsApp Image 2018-06-26 at 1.54.55 PM

LAHORE: Chairman Federal Board of Revenue Tariq Mahmood Pasha has said Tax Amnesty Scheme 2018 is last chance to legalize undeclared assets therefore it must be availed by the business community. He was speaking at the Lahore Chamber of Commerce & Industry. The LCCI President Malik Tahir Javaid, Vice President Zeshan Khalil, Provincial Finance Minister Syed Zia Haider Rizvi, former ... Read More »

Philippine president slammed by bishop for calling God ‘stupid’

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MANILA: The Philippine president, notorious for having insulted the pope and former US President Barack Obama, has sparked outrage for calling God “stupid” in Asia’s bastion of Catholicism. Opposition Sen. Antonio Trillanes IV shot back by describing President Rodrigo Duterte as “one evil man” and his remarks as “very much consistent with the deceitfulness, heartlessness and ruthlessness of his policies.” ... Read More »

Collector Adjudication-I Asif Marghoob serves final notice to M/s GS Enterprises

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KARACHI: Collector Customs Adjudication-I Asif Marghoob Siddiqui has served a final notice on a defaulter company i.e. M/s GS Enterprises, Karachi and recovered Rs6.45 million from M/s Glamour Tiles and Export, located in Landhi, Karachi. Sources told Customs Today M/s GS Enterprises, Karachi was allegedly involved in tax evasion. The company imported different types of kids garments, curtain fabrics, fancy plastic ... Read More »

Exploring the ins and outs of the PSX

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: In theory at least, the rise and fall of stock prices should be based on the underlying fundamentals of companies that they represent; which is usually the case. A high growth, dividend yielding company with bright prospects and run by reputed individuals is able to seize the interest of foreigners, institutional investors and high net worth individuals. Stocks of ... Read More »

Huawei denies being locked out of bidding to help build 5G network

huawei

China: The Chinese telecommunications company Huawei has said it is still talking to the Turnbull government about participating in the 5G wireless network and might not have to register on the proposed foreign influence transparency register. Huawei’s Australian chairman John Lord told the ABC on Thursday he had not been advised of any government decision to block the company’s participation ... Read More »

CJP communicates displeasure to FBR on open sale of smuggled goods, orders green channel report by 11th

Chief Justice Saqib Nisar

LAHORE: Chief Justice of Pakistan Mian Saqib Nisar rebuffed the FBR authorities on open sale of smuggled goods in major markets and misuse of green channel facility at ports and ordered the high-ups to submit the report on 11th June, 2018. The tax authorities decided in a meeting held at the FBR House to ensure compliance with the directives of ... Read More »

FBR chairman Pasha briefs Dr. Shamshad over revenue collection measures

Dr Shamshad Akhtar

ISLAMABAD:  Minister for Finance, Revenue, Economic Affairs, Statistics and Planning Dr. Shamshad Akhtar , chaired a meeting to review the performance of the Federal Board of Revenue in the current financial Year (2017-2018). Chairman FBR, Tariq Mehmood Pasha, felicitated the minister on assuming her new responsibilities and gave a detailed presentation on the measures so far being taken by the ... Read More »

Faisalabad Appraisement collects Rs12193.718m up to May

revenue

FAISALABAD: The Customs Appraisement has collected Rs 12193.718 million up to May 31 2018 against the assigned target of Rs 12310.94 million. Sources told Customs Today that Customs Appraisement collected revenue of Rs 3437.580 million under the head of customs duty till May 31 against the set target of Rs 3490.59 million. Furthermore, under the head of sales tax Appraisement ... Read More »

Tuesday June 05 — Monday June 11, 2018

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Multan RTO posts shortfall of Rs500m during May

Multan RTO collects Rs6 24b during the month of April copy

MULTAN: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) Multan suffered revenue shortfall of Rs.500 million during the month of May. According to details, Federal Board of Revenue assigned Rs.8 billion revenue collection target to Regional Tax Office Multan for the month of March 2017-18. The Regional Tax Office  was able to collect Rs.7.50 billion under the head ... Read More »

FBR facilitated officers , taxpayers

fbr

LAHORE: Federal Board of Revenue (FBR) in order to facilitate the field officers as well as taxpayers to minimize the time required for CPRs correction (ST & IT), authority to make such corrections have been disseminated at field office level. For the purpose, a module to make correction in CPRs has been developed and deployed at each field office level. ... Read More »

Collector Adjudication issues SCN to suspects involved in attack of ASO squad

court adjourned - case adjournes

ISLAMABAD: The Collector Adjudication Seema Raza Bokhari served a show cause notice to owner of smuggled goods who attacked on the Customs raiding party after tearing their government uniformed, took their wallets, cell phones and also fired on Customs ASO staff of MCC Peshawar where three customs staffers got serious injuries as well as the official vehicles of staff also ... Read More »

SC suspends tax deduction on pre-paid mobile phone cards

Mian saqib

  LAHORE: Chief Justice of Pakistan Justice Saqib Nisar has suspended the taxes on mobile cards. Supreme Court also suspended the notice issued by the Federal Board of Revenue (FBR). Chief Justice of Pakistan gave two days deadline for the removal of all taxes by the government on the mobile cards. On Monday, three members bench of Supreme Court of ... Read More »

FTO to hear tax refund appeal filed by M/s Techno Tech against CRTO

FTO

LAHORE: Federal Tax Ombudsman (FTO) on Monday accepted the appeal for hearing filed by M/s Techno Tech against the Corporate Regional Tax Office (CRTO). During the proceedings of case, the counsel for the appellant argued that the RTO-II had failed to release the sales tax refund to the appellant since last two years. He said the RTO-II collected excessive taxes ... Read More »