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Tag Archives: Income Tax Ordinance 2001

Commerce Ministry fails in recovering income tax rebates from NTC officials

Khurram Dastgir1

ISLAMABAD: The Commerce Ministry has failed in complying with directions of the Auditor General of Pakistan (AGP) regarding recovery of Rs 1.807 million from the National Tariff Commission (NTC) officials. A ministry source told Customs Today that the ministry was conveyed about the said directions in January 2014, but no development has been made in this regard. The source revealed ... Read More »

FBR issues 2,800 final notices of demand to tax avoiders

FBR

LAHORE: The Federal Board of Revenue (FBR)’s Broadening of Tax Base (BTB) Lahore issued 2,800 notices of demand to potential taxpayers whose income is taxable but avoiding filing Income tax returns despite several notices issued to them. The BTB has issued 4,000 show cause notices to the potential taxpayers in September. However, only 1,200 filed them. The BTB has sent ... Read More »

FBR raises large taxpayer unit’s target by 30pc

revenue

LAHORE: The Large Taxpayer Unit (LTU) of the Federal Board of Revenue (FBR) has been assigned 30 percent more revenue target for September this year than the last year’s collections of Rs 15.03 billion during the same period. Sources told Customs today that the FBR has assigned Rs 19.497 billion tax collection target to LTU for September this year, which ... Read More »

FBR to devolve powers to act against ‘black sheep’

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ISLAMABAD: The Board in Council of the Federal Board of Revenue (FBR), on suggestion of Member Customs Nisar Muhammad Khan, has decided to give authority of institutional punitive measures to field formations, chief collectors and chief commissioners. After the said decision, heads of the field formations will be authorised to take action against corrupt officers on mismanagement and corruption. The ... Read More »

Bajwa directs tax officers to recover Rs 70 billion from SM Foods

Bajwa

MULTAN: The Federal Board of Revenue Chairman Tariq Bajwa has directed the subordinates to present the comprehensive report on Rs 70 billion tax evasion by a famous businessman of Multan City. As per details, FBR chairman asked regional tax officers of Multan to recover Rs 70 billion rupees tax from a businessman evaded in last two years. The accused Saim ... Read More »

FBR officials arrest factory owner for evading Rs 280 million tax

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LAHORE: Federal Board of Revenue Lahore Deputy Commissioner Inland Revenue Raza Ashfaq Sheikh has arrested a factory owner for allegedly evading Rs 280 million tax. As per details, the deputy commissioner raided a house in Shahdman, Lahore, and arrested Nasir Tariq Butt, owner of Munir Foundry situated on Shiekhpura Road. Butt had not been paying his tax dues since 2009. ... Read More »

Member Admin Shahid Jatoi takes action against corrupt officers

Member Admin

ISLAMABAD: Federal Board of Revenue (FBR) Member Admin Shahid Hussain Jatoi has learnt that most of his instructions regarding corrupt officers were being ignored by lower management staff. As per details, Jatoi has sought the records of personal hearings against corrupt officers, from his appointment to date, on reports of mismanagement in these cases. It is learnt that the Member ... Read More »

PRA seeks audited copy of accounts from taxpayers

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LAHORE: The Punjab Revenue Authority (PRA) has asked the registered persons and businesses in corporate sector to submit a copy of annual audited accounts along with tax payments’ propriety certificate from auditors. The authority said that the main provisions relating to maintenance and production of records for the purpose of Punjab sales tax are available under sections 31 and 32 ... Read More »

India to frame law to protect Pakistani investors

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ISLAMABAD: The Ministry of Commerce, in a report, sent to the government stated that the Indian Parliament is planning legislation to provide financial and non-financial protection to those Pakistani investors who are interested to invest in India. “Therefore, Pakistani government must also take such an initiative to attract more investment from foreign investors and legislate to protect the foreign investors,” ... Read More »

FBR Chairman Bajwa chairs board-in-council meeting today

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ISLAMABAD: The Federal Board of Revenue (FBR) has changed the time for board-in-council meeting to 2:30pm which was scheduled at 11am on Wednesday. As per details, FBR Chairman Tariq Bajwa will preside the meeting in which policy decisions about audit policy will be taken. FBR Member Inland Revenue Policy Shahid Asad, Member Inland Revenue Muhammad Ashraf Khan, Member Admin Shahid Hussain Jatoi, ... Read More »

ANF seizes tons of contrabands in Khyber Pakhtunkhwa

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ISLAMABAD: The Regional Directorate Anti-narcotics Force (ANF) Khyber Pakhtunkhwa recovered smuggled drugs worth billions of rupees in August, which were several times more than the quantity of drugs recovered during July. According to the available data, the ANF seized 27.6kg heroin, 460kg hashish, 50,400kg sulfuric acid and 2.5kg amphetamine in August. Statistics revealed that ANF arrested 20 accused for their alleged involvement ... Read More »

Islamabad-Geneva sign treaty on avoidance of double taxation

Pak-Switzerland

ISLAMABAD: Three days visit of the Pakistani delegation to Switzerland ended in signing a revised treaty on avoidance of double taxation. The treaty will also help Islamabad seek information about the money deposited by Pakistani nationals in Swiss banks for tax purposes. The documents were inked at the conclusion of talks held in Geneva to renegotiate the July 2005 Convention ... Read More »

TDAP to organize ‘Alishan Pakistan’ exhibition in New Delhi

TDAP

ISLAMABAD: Despite strong opposition by an Indian Hindu fundamentalist organisation, preparations are in full swing to make the upcoming event ‘Aalishan Pakistan’ lifestyle exhibition in New Delhi a big success. The event is being organised by Trade Development Authority of Pakistan (TDAP). The Hindu Janajagruti Samiti (HJS), working for establishment of Hindu society, has demanded the Indian government stop the ... Read More »

Bajwa lauds Virk for detecting TCS, Telenor cases

Lutfullah Virk

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa visited Directorate General of Customs Intelligence and Investigation on Friday. Director General I&I Lutfullah Virk briefed the chairman on the performance of the department during the chairman’s first visit to directorate general after the appointment of Lutfullah as DG I&I. The FBR chairman lauded the efforts of DG I&I Lutfullah on his ... Read More »

FBR sets Rs 252 billion revenue target for September

FBR Sept Target

ISLAMABAD: The Federal Board of Revenue (FBR) has set an ambitious target of Rs 252 billion for September, sources said. According to official sources, the tax collection target for the first quarter (July and September) of the ongoing fiscal year is Rs 569 billion. Sources said that the FBR has achieved the tax collection targets of the first two months, ... Read More »

Importer penalised for tax fraud involving LC

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KARACHI: The Collectorate of Customs Adjudication has issued Order-in-Original (ONO) against an importer, UBC Convertec (Private) Limited, for its alleged involvement in mis-declaration of goods, value and description. According to details, the importer electronically filed goods declaration — KAPE-HC-54462 dated 24-12-2013 declared to contain Acrylic Polymer in primary form “PC WBGS 1240 A”, 10500Kg (net weight) under HS Code 3906.9090 ... Read More »

Potential taxpayers served show-cause notices in Lahore

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LAHORE: The Lahore Broadening of Tax Base (LBTB) has issued 1,500 show-cause notices to the potential taxpayers and enterprises Under Section 122C of the Income Tax Ordinance 2001. The notices have also been served on such individual and enterprises which were declared as potential taxpayers on the bases of the assessment of their properties or they had conducted taxable transactions. ... Read More »

Up country dry ports vital for interregional trade: Ishaq

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SIALKOT: All Pakistan Dry Ports Association Chairman Muhammad Ishaq Butt said that the role of up country dry ports will become vital in the future with the growth of inter-regional trade, especially due to improving trade relations among Saarc countries and predictable peace in the region. Talking to Customs Today here, he said that all issues related to the up ... Read More »

Youths: From assets to liability

youth

Pakistan is blessed with intelligent brains and myriad of hardworking workforce, but how much is its utility in this land of pure is a million dollar question. When the skilled workforce is put to work, it is an asset and when it is not, it is a liability. In the same manner, more population means more businesses and more jobs, ... Read More »

Imran, Qadri sit-ins: A mixed week for KSE 100-index

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KARACHI: A war of nerve between bulls and bears had been continuing at the Karachi Stock Exchange for the entire previous week as the KSE 100-index jolted many a time owing to Azadi and Inqilab marches led by Imran Khan, the chief of Pakistani Tehreek-e-Insaf (PT) and Dr Tahirul Qadri, the chief of Pakistan Awami Tehreek (PAT) in the federal ... Read More »