Tuesday , September 17 2019
Breaking News
Home / Tag Archives: federal excise duty (FED)

Tag Archives: federal excise duty (FED)

FBR’s RTO-II Lahore to attain Rs 5,200 million target for Nov

revenue

LAHORE: The Federal Board of Revenue (FBR) Regional Tax office (RTO) II Lahore has achieved the target of October and has vowed to achieve the set target almost Rs 5,200 million during current month. The RTO II collected more than Rs 5 billion during the October of current fiscal year by crossing the set target of the month. The RTO ... Read More »

Cigarette top source of federal excise duty with 52 % share: FBR

FBR

ISLAMABAD: Cigarette topped as source of collection of federal excise duty (FED) with 52 percent share in 2013-14, according to the Year Book 2013-14 of FBR. Cigarette was followed by services (14.4 percent), beverages (9 percent), natural gas (8.7 percent), cement (8.1 percent) and edible oil (2.9 percent). Only six major spinners of FED contributed 95 percent of the total ... Read More »

Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

Indus

KARACHI: Indus Motor Company (IMC) has earned a net profit of Rs1.1 billion during first quarter of current fiscal year, showing a growth of 28 per cent from Rs0.9 billion it recorded during the same period last year. The company’s sales revenue from Completely Knocked Down (CKD), Completely Built Units (CBU) and spare parts business has increased by 21 per ... Read More »

FBR takes exception to misuse of SRO 77(I)2013 by sugar sector

Sugar

KARACHI: Taking strong exception to serious irregularities in collection of sales tax, Federal Excise Duty (FED) and income tax from sugar sector, the Federal Board of Revenue (FBR) has directed the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to act on the report of Directorate General Audit, Inland-Revenue (South), Karachi. According to reports, the sugar sector has committed ... Read More »

Hyderabad Customs collects Rs 382.51m in July

tax

KARACHI: The Model Customs of Collectorate (MCC) Hyderabad has collected an amount of Rs 382.51million in the month of July-2014 in share of Customs Duty (CD), Sales Tax, Federal Excise Duty (FED) and Withholding tax. According to details, the Hyderabad Collectorate has collected an amount of Rs 64.81 million in share of Customs Duty with the decrease of 56 per ... Read More »

MCC Preventive collects Rs7913.34m in July

revenue

KARACHI: The Model Customs Collectorate (MCC) of Preventive has collected a sum of Rs 7913.34 million in the month of July in share of Customs Duty (CD), sales tax, Federal Excise Duty (FED) and Withholding Tax (WHT). According to details, the MCC Preventive has collected an amount of Rs 867.58 million in share of customs duty in July with increase ... Read More »

FBR withdraws SRO 422 related to tax hike on cigarettes

cigarettes2

MULTAN: Federal Board of Revenue has withdrawn the Statutory Regulatory Order (SRO) 422 on increase of federal excise duty on cigarettes. FBR had increased the taxes on cigarettes to cover the revenue shortfall of the fiscal year 2013-2014. Federal Excise duty is now set the rate of tax under the Excise Act 2014. FBR has issued SRO 574 due to which, ... Read More »

FBR achieves its revenue collection target

Dar-and-Bajwa

ISLAMABAD: After tough struggle throughout the year, Federal Board of Revenue has reportedly achieved its revenue collection target for the fiscal year 2013-14. Finance Minister Ishaq Dar has congratulated FBR Chairman Tariq Bajwa and Members of the Board for achieving the target. After compilation of the latest data aggregate tax collection figures have so far come up to be Rs ... Read More »

MCC-Appraisement-West collects Rs20.8b against Rs30.3b in June

decline1

KARACHI: Model Customs Collectorate of Appraisement-West has collected an amount of Rs 20,776 million against the target of Rs 30,357 million, set by the Federal Board of Revenue for the month of June, 2014. The collectorate has fallen short of its target by Rs 9,581 million. MCC Appraisement-West has collected an amount of Rs 10,766 million in share of customs ... Read More »

June’14: MCC-Appraisement-East collects Rs16.1b against target of Rs28b

revenue3

KARACHI: Model Customs Collectorate of Appraisement-East has collected an amount of Rs 16,113.5 million against the target of Rs 28,037.7 million, set by the Federal Board of Revenue for the month of June, 2014. The collectorate has fallen short of its target by Rs 11,924.2 million. According to the statistics, MCC Appraisement-East has collected an amount of Rs 5,003.4 million ... Read More »

MCC Multan generates over Rs36.2b during FY 2013-14

revenue1

MULTAN: Model Customs Collectorate of Multan has generated revenue to the tune of Rs 36,233 million by the end of fiscal year 2013-14 showing ten per cent increase in tax collection over the previous fiscal year. MCC Multan has collected revenue of 10,705 million in share of customs duty during fiscal year 2013-2014. The collectorate collected sales tax of 24,912 ... Read More »

MCC Port Qasim collects Rs26.5b against Rs36.8b in June’14

Port_of_Salalah_Oman

KARACHI: Model Customs Collectorate of Port Muhammad Bin Qasim has collected revenue amounting Rs 26,480 million by the end of June, 2014 against its target of Rs 36,759 million set by the Federal Board of Revenue for the last month of the Fiscal Year 2013-14. MCC Port Qasim despite all out efforts in order to meet the revenue target for ... Read More »

CRPC stresses decrease in telecom taxes

telecom sector

KARACHI: The Consumer Rights Protection Council of Pakistan (CRPC) has urged the Finance Ministry to provide some relief to consumers by reducing the rate of taxation on telecom services as the masses are already overburdened with heavy taxation in all sectors. Addressing a press conference here CRPC President Shakeel Baig said that the low-income workforce – masons, plumbers, rickshaw drivers ... Read More »

FBR to collect over Rs130b in two weeks

revenue

ISLAMABAD: Despite dynamic efforts to achieve reduced revenue target after two revisions, Federal Board of Revenue appears to lag behind the mark as in the first sixteen days of June 2014, FBR has collected only Rs 91.676 billion. To meet the tax collection target, FBR is yet to generate over Rs 130 billion in two weeks. However, taking into consideration ... Read More »

Rs500m recovery: FBR issues deadline to Gepco

GEPCO logo

SIALKOT: Federal Board of Revenue has issued final notice to Gujranwala Electric Power Company (Gepco) warning of the last dead line of two weeks for clearing its outstanding arrears by June 30, 2014. According to senior FBR officials, Gepco is a major defaulter of Rs 500 million, as Gepco had collected Rs 250 million as sales tax and Rs 250 ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

Target chasing

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

Dar hopes budgetary measures to flourish tax culture

Dar4

ISLAMABAD: Finance Minister Ishaq Dar categorically declared that the government was committed to ending the culture of non-filing of income tax returns in the country for which tax rates have been enhanced for the non-compliant taxpayers and new scheme has been announced for retailers. Addressing a post-budget press conference, the Finance Minister said that major budgetary measure is to convince ... Read More »

Budget envisages Rs246.255b new measures

New measures

ISLAMABAD: The government has taken new taxation and administrative measures with the aim to fetch revenue to the tune of Rs246.255 billion in the fiscal year 2014-15 to be started from July 1. According to the budget documents, these measures include an increase for advance tax rates for non-compliant taxpayers, imposition of 5 percent sales tax on 35 to 40 ... Read More »

MCC Appraisement-East collects Rs14,863m against Rs21,584m target

decline1

KARACHI: Model Customs Collectorate of Appraisement-East has collected total revenue of Rs 14,863 million in the month of May, 2014 against its set target of Rs 21,584.6 million with a shortfall of Rs 6,721.5 million. MCC Appraisement-East has collected revenue of Rs 4,149.9 million in share of customs duty against the set target of Rs 6,871 million with a difference ... Read More »

MCC Appraisement-West collects Rs16,714m against target of Rs22,787m in May

growth lower

KARACHI: Model Customs Collectorate of Appraisement-West despite all out efforts has failed to achieve the revenue target set by the Federal Board of Revenue for the month of May, 2014. MCC Appraisement-West had a target of Rs 22,787 million in share of customs duty, sales tax, federal excise duty and income tax for the month of May, 2014. However, the ... Read More »