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Tag Archives: Federal Board of Revenue

Nearly 2,000 new declarations made since extension in tax amnesty scheme

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ISLAMABAD: Nearly 2,000 new declarations have been made until July 19 since the extension in the deadline of the tax amnesty scheme on July 1. Sources said that nearly 55,000 people had declared their more than Rs1,770 billion worth of domestic and foreign assets under the tax amnesty scheme until June 30 this year and paid around Rs99 billion in ... Read More »

Zero-rating of sales tax granted on textile machinery import

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ISLAMABAD: The Federal Board of Revenue has granted zero-rating of sales tax on import of textile machinery. The FBR allowed zero-rating on textile machinery (not manufactured locally and imported by the unit registered with Ministry of Textile Industry as specified in Part IV of the Fifth Schedule to the Customs Act, 1969, subject to same conditions as specified therein)  through ... Read More »

FBR obtains details of Pakistanis having properties in Dubai

Dubai

ISLAMABAD: The Federal Board of Revenue has claimed to obtain details of Pakistani nationals who have undeclared properties in Dubai. According to a senior FBR official, the data includes quantum of rental income earned from these properties. The data was received from Dubai tax authorities, the tax official said. Meanwhile, the FBR is also intensifying its awareness campaign around the ... Read More »

FBR still updating final figures of amnesty scheme beneficiaries

tax amnesty

FAISALABAD: The tax amnesty scheme has received 10 times more response as compared to the previous scheme and Federal Board of Revenue (FBR) is still updating final figures of its beneficiaries and tax collected under this scheme. Addressing a third awareness session on Tax Amnesty Scheme-2018, Withholding Tax Director General Mehmood Aslam Lillah said that placing Pakistan in grey list ... Read More »

FBR issues procedure for adjustment of ST by steel melters at import stage

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ISLAMABAD: The Federal Board of Revenue has issued procedure for adjustment of sales tax by steel melters paid at import stage on the specified categories of remeltable iron and steel scrap with effect from July 1, 2018. The FBR, in supersession of Sales Tax General Order No. 119 of 2017 dated 2nd August, 2017, and in exercise of the power ... Read More »

Customs Appellate Tribunal directs to conclude arguments on case filed by M/s Indus Laboratory

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ISLAMABAD: A single bench of Customs Appellate Tribunal directed counsels to concluded hearing of arguments in a customs matter submitted by M/s Indus Laboratory against field office of Federal Board of Revenue (FBR) on Thursday. Muhammad Nasir Khan, Member Technical of Customs Appellate Tribunal, reserved the decision. The bench on last hearing had directed parties to submit cases record before ... Read More »

IHC seeks record of four cases filed against ATIR, Customs Appellate Tribunal

IHC

ISLAMABAD: Islamabad High Court on Thursday directed parties to submit record of the cases while hearing four customs matters filed against Customs Appellate Tribunal and Appellate Tribunal Inland Revenue. A citizen, M Anwar Khan, had filed four customs references against Customs Appellate Tribunal and Appellate Tribunal Inland Revenue. IHC division bench, comprising Justice Aamer Farooq and Justice Mohsin Akhtar Kiyani, ... Read More »

A Thousand Avenfields

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Member FBR says undeclared assets can hardly benefit people

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MULTAN: Federal Board of Revenue’s (FBR) Member Accounting Faheemul Haq has said that experience and observation showed that assets that were kept hidden or undeclared or benami property could hardly benefit the people. The FBR Member said this while giving a briefing on tax amnesty scheme and responding questions raised by representatives of Chamber of Small Traders and Industry, Tax ... Read More »

FBR expects additional Rs50b through new taxes for revised Rs2691b target

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ISLAMABAD: Federal Board of Revenue has been expecting to collect additional Rs50b revenue through new tax measures to achieve the revised tax collection target of Rs2691 billion for fiscal year 2014-15. The FBR will collect Rs5 billion revenues through imposition of Regulatory Duty (RD) on furnace oil, during the remaining period (Feb-June) of the current fiscal year. The WHT rate ... Read More »

6-month collection: FBR revenue up by 14pc to Rs1,171,868m

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ISLAMABAD: The FBR’s revenue collection has increased 14 percent to Rs1,171,868 million during the first six months of current financial year 2014-15, against Rs1,081,937 million in corresponding period of last year. According to the Federal Board of Revenue report, the board realized a gross collection of Rs1,230,376m and at the same time issued refunds of Rs58,508 million during the first ... Read More »

Two Customs inspectors dismissed over inefficiency, misconduct

FBR inquiry

LAHORE: Federal Board of Revenue has dismissed two Inspectors of Model Customs Collectorate (MCC) each of Appraisement and Preventive Lahore over inefficiency and misconduct. As per details, Collectorate of Customs (Adjudication) Additional Collector Saira Agha has been appointed as Inquiry Officer to conduct inquiry on account of various acts of omission and commission committed by the accused officers including Muhammad ... Read More »

Rs65-70b/annum loss after POL prices cut: Govt may impose more taxes, reduce development budget

Ishaq dar

ISLAMABAD: The federal government may impose new taxes or reduce development budget at it has to face Rs65-70 billion per annum loss in revenue after declining trend in prices of petroleum products. Official sources said that defence expenditures and debt servicing could not be halted, so the deficit or loss could be overcome by slashing development budget or imposing new ... Read More »

Rs65-70b/annum loss after POL prices cut: Govt may impose more taxes, reduce development budget

Ishaq dar

ISLAMABAD: The federal government may impose new taxes or reduce development budget at it has to face Rs65-70 billion per annum loss in revenue after declining trend in prices of petroleum products. Official sources said that defence expenditures and debt servicing could not be halted, so the deficit or loss could be overcome by slashing development budget or imposing new ... Read More »

Tuesday December 16 – Monday December 22, 2014

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Amir Khan Marwat relinquishes charge of DG Post Clearance Audit

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ISLAMABAD: Amir Muhammad Khan Marwat, BS-22 officer of Pakistan Customs Service has relinquished the charge of the post of Director General, Directorate General of Post Clearance Audit, Islamabad. The officer, in pursuance of the notification of Federal Board of Revenue’s Establishment Division, relinquished the charge of the said post. Meanwhile, Mumtaz Ahmad, an officer of Inland Revenue Service, on promotion ... Read More »

FBR collects Rs900b against Rs973b target in 5 months of 2014-15 , faces Rs73b shortfall

FBR

ISLAMABAD: The Federal Board of Revenue faced a shortfall of Rs73 billion in revenue collection during the first five months (July-Nov) of this fiscal year 2014-15. The collection stood at Rs900bn against the target of Rs973bn. However, it recorded a marginal growth of 14 per cent over the last year’s collection of Rs789bn. The growth in revenue collection was the ... Read More »

Deputy Chemical Examiner of Customs retired

Customs House

ISLAMABAD: Mashkoor Ali Khan, Deputy Chemical Examiner (BS-18), Model Customs Collectorate of Exports, Custom House, on attaining the age of superannuation, will be retired from Government Service on December 09, 2014. Meanwhile, Imran Khan (IRS/BS-17) has assumed the charge of the post of Second Secretary, Accounting Wing, Federal Board of Revenue (HQ), Islamabad. He relinquished the charge of the post of ... Read More »

FBR Member Admin Shahid to appear in SHC

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ISLAMABAD: Federal Board of Revenue Member Administration Shahid Hussain Jatoi has left for Karachi to represent the FBR in a case filed in the Sindh High Court. He is expected to come back on Monday. Read More »

Rs22b rebate: OICCI urges FBR to return foreign investors’ tax refunds

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ISLAMABAD: Overseas Investors Chamber of Commerce and Industry (OICCI) Chief Executive Abdul Aleem has criticised Federal Board of Revenue (FBR) over withholding Rs22 billion of the foreign investors as tax refund. Abdul Aleem, while talking to media, said that the tax refunds were the major hurdle in ease of doing business in Pakistan. The OICCI perception survey 2013 had revealed ... Read More »