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Tag Archives: income tax

PCA detects Rs6m tax evasion by M/s Alam Fayyaz & Sons & Landhi

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KARACHI: The Directorate of Customs Post Clearance Audit (PCA) on Thursday detected duties and tax evasion of Rs 6 million by M/s Alam Fayyaz and Sons, Landhi, Karachi and sent report of concern to adjudication, it is learnt here. Sources told Customs Today that M/s Alam Fayyaz and Sons, Landhi, Karachi imported two consignments of imported dinner sets, included fancy dinner ... Read More »

Russian demands relaxation in income tax for foreign citizens

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MOSCOW: Under Russian law, foreigners living in Russia must pay a 30 percent flat income tax compared to the 13 percent that Russian citizens or residents pay. Russia’s businessmen would like President Vladimir Putin to cut taxes for foreign citizens and firms in order to improve the investment climate, news agency TASS reported, citing a report presented to Putin on ... Read More »

Compulsory income tax on Christians drives 400,000 Germans away from Protestant and Catholic churches

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BERLIN: Up to 400,000 Germans officially filed declarations to leave the Protestant and Catholic Church after a decision to extend the 8 or 9 per cent charge to capital gains income Hundreds of thousands of German Christians are formally renouncing their faith and leaving the church in order to escape a controversial change in the tax laws. Up to 200,000 ... Read More »

Income Tax department files 121 cases against HSBC Geneva account holders

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BRUSSELS: The Income Tax department has filed 121 cases of prosecution against those entities whose names have appeared in the HSBC Geneva bank list, Finance Minister Arun Jaitley said. “If I understand correctly, the assessment of 100 of those cases has been completed and 121 prosecutions have been filed by the tax department against those who were caught with the ... Read More »

Australia corporate income tax rates of 30% harm foreign investment

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CANBERRA: Australia has failed to keep pace with other nations on corporate tax rates. Mr Frydenberg said Australia’s corporate tax rate of 30 per cent was harming foreign investment here. “Australia’s corporate tax rate at 30 per cent is high compared to many of the countries we compete with for investment,” he said. “Corporate income tax rates have fallen worldwide ... Read More »

France to end 75% tax rate on high incomes as year ends

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PARIS: France’s President Francois Hollande is quietly letting his nation’s 75% tax rate on high incomes expire as the year ends. The measure raised very little revenue, but aptly expressed the envy and hatred for the rich that animates many on the left. In fact, Hollande campaigned on the measure to punish the successful. Hannah Murphy and Mark John of ... Read More »

Denmark comes third with 38.9 percent in Highest Income Tax Rates Index

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COPENHAGEN: Denmark comes in third with 38.9 percent in countries those have highest tax rates, said OECD. Varying hugely among countries depended highly on other factors like earnings, marital status and so on. A single person on an average salary without children will have the highest income tax rate in Belgium some 42.8 percent of his or her earnings at ... Read More »

South African finance minister hikes income tax to 41% with fuel & electricity levies

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CAPE TOWN: In his first full Budget speech since taking office last year, South African Finance Minister Nhlanhla Nene of the ruling African National Congress (ANC) raised the top personal income tax rate by one percentage point, to 41 percent, together with fuel and electricity levies. South Africans earning above R181,900 (US$15,634) a year are affected by the income tax ... Read More »

Indian tax dept imposes $1.6 billion tax demand on British Cairn Energy

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LONDON: Contrary to Finance Minister Arun Jaitley’s promise that India will not levy any tax with retrospective effect, the Income Tax department imposed a Rs.10,247 crore ($1.6 billion) tax demand on British major Cairn Energy. The tax demand, which the company said it would contest, relates to an alleged Rs.24,500 crore capital gains it made in 2006 when it transferred ... Read More »

Britain’s 300,000 taxpayers contribute equivalent of £45.9  billion in income tax

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LONDON: Britain highest earners pay more than a quarter of the country’s entire income tax bill, more than when the Coalition came to power. Nearly 300,000 taxpayers are forecast to contribute the equivalent of £45.9 billion in income tax between them by the end of this year, equivalent to £150,000 each. The amount they have paid has risen from 25 per ... Read More »

Britain’s 300,000 taxpayers contribute equivalent of £45.9  billion in income tax

income tax

LONDON: Britain highest earners pay more than a quarter of the country’s entire income tax bill, more than when the Coalition came to power. Nearly 300,000 taxpayers are forecast to contribute the equivalent of £45.9 billion in income tax between them by the end of this year, equivalent to £150,000 each. The amount they have paid has risen from 25 per ... Read More »

Appraisement-East fails to achieve set target of Rs18.99b in Jan

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KARACHI: The Model Customs Collectorate MCC Appraisement-East has collected Rs 17.88 billion in January, 2015 under different heads, including customs duty, sales tax, income tax and federal excise duty against the set target of Rs 18.99 billion. According to revenue statistics, the MCC Appraisement-East has collected Rs 5918.71 million in share of Customs Duty against the set target of Rs ... Read More »

Tax Reforms Commission to meet officials of Large Taxpayer Unit Lahore on Jan 17

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LAHORE: The Tax Reforms Commission will hold a meeting with officials of Large Taxpayer Unit Lahore here on January 17 regarding the policy change. The matters related to sales tax, income tax, withholding tax and federal excise duty will be discussed in the meeting. An official said that the purpose of TRC is to increase the tax to GDP ratio. ... Read More »

Rs4,300b revenue could be generated thru wealth, agri taxes, FBR Union tells TRC

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LAHORE: The Federal Board of Revenue (FBR) Union has sent some proposals to the Tax Reform Commission (TRC), in which it said that the Board can generate revenue equal to the total volume of federal budget i.e. Rs4,300 billion through imposition of wealth tax and implementation of agri tax. FBR Union President Mian Abdul Qayyum, in the letter, said that ... Read More »

UK Customs team to visit Pakistan for FBR’s capacity-building  

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ISLAMABAD: A delegation of Her Majesty Revenue and Customs (HMRC) will visit Pakistan next week for further discussion on extending financial assistance to the Federal Board of Revenue (FBR) in capacity building of different departments, Customs Today reliably learnt on Thursday. HRMC is the UK’s tax authority and is responsible for making sure that the money is available to fund the ... Read More »

Rs4,300b revenue could be generated thru wealth, agri taxes, FBR Union tells TRC

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LAHORE: The Federal Board of Revenue (FBR) Union has sent some proposals to the Tax Reform Commission (TRC), in which it said that the Board can generate revenue equal to the total volume of federal budget i.e. Rs4,300 billion through imposition of wealth tax and implementation of agri tax. FBR Union President Mian Abdul Qayyum, in the letter, said that ... Read More »

Customs Appraisement-West surpasses target by Rs 2.8 billion

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KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West has collected revenue of Rs 17.92 billion in October under different heads, including Custom Duty (CD), Sales Tax (ST), Federal Excise Duty (FED) and Income Tax (IT). According to details, the MCC Appraisement-West has collected Rs 17.92 billion in October against Rs 15.11 billion target, surpassing the revenue target by Rs 2.8 ... Read More »

Port Qasim surpasses revenue target by Rs1027m, customs duty by Rs681m

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KARACHI: The Model Customs Collectorate Port Qasim has collected revenue of Rs 21837.29 million in the month of October 2014 in share of different heads including Customs Duty (CD), Sales Tax (ST), Federal Excise Duty (FED) and Income Tax (IT). According to details, MCC Port Qasim has collected revenue of Rs 21837.29 million in the month of October 2014 against ... Read More »

FBR spokesman Shahid Asad refuses to withdraw SRO-608

ISLAMABAD: The Federal Board of Revenue (FBR) spokesman and Inland Revenue Member Shahid Asad said that SRO-608 would not be withdrawn. He said it has been shaped after deliberations with stakeholders. “Retailers should take taxes as their national responsibility. Their behaviour is non-cooperative. This is not in the country’s favour.” He suggested that a certificate should be issued for every ... Read More »

FBR to take action against blacklisted companies

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ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch action against the sales tax registered companies and traders who have obtained refund running in millions of rupees on the basis of fake receipts of blacklisted companies. FBR has issued directives to inland revenue authorities to issue sales tax notices to registered companies and traders who have filed sales tax, ... Read More »