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Tag Archives: Islamabad Region

117,000 potential taxpayers issued notices in FY2013-14

FBR

ISLAMABAD: The Federal Bureau of Revenue (FBR) has issued notices to 117,000 potential taxpayers to bring them into tax net during last financial year. However, out of the total persons only 14,182 have filed their returns up to May 2014. According to data issued by FBR, provisional assessments in cases where the person did not respond to notice have been ... Read More »

$200b: Finance secy, FBR chief reaching Switzerland on 26th

$200b

ISLAMABAD: The delegation to negotiate return of $200 billion of Pakistan stashed away in Swiss Banks will reach Switzerland on August 26, 2014. The delegation will consist of the Federal Finance secretary, the FBR chairman and other officials. According to reports, the Pakistani delegation will stay in Swiss capital for three to four days. It has been expected that it ... Read More »

Dar to present report on SECP statement of accounts to NA

secp

ISLAMABAD: The Finance Ministry has received the annual report on statement of accounts of the Securities and Exchange Commission of Pakistan SECP) for fiscal year 2012-13. “The annual report on SECP statement of accounts is certified by the auditors” a Finance Ministry official told Customs Today while seeking anonymity here. The official informed that Finance Minister Ishaq Dar would present ... Read More »

MQM resolution: Senate may prod govt into broadening tax net

Senate

ISLAMABAD: The Upper House of the Parliament, which is scheduled to meet on Monday, may press the government to take immediate steps to broaden tax base. Well placed sources revealed to Customs Today that MQM Senator Col (r) Tahir Hussain Mashhadi has submitted a resolution to the Senate Secretariat in this regard and the Senate is likely to adopt the ... Read More »

Azadi, Inqilab marches cause colossal loss to economy

Current Situation

ISLAMABAD: The uncertainty and turmoil caused by the Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) have adversely affected the economic activities and have caused colossal losses to the industry to the tune of billions of rupees. The prevailing political impasses has also shaken confidence of the foreign investors and brought the import/exports activities to ... Read More »

FBR extends tax filing date

FBR

SLAMABAD: The Federal Board of Revenue (FBR) extended the last date for filing of tax returns and payment of Sales Tax and Federal Excise duty for the month of July 2014 until August 22. The extension in returns will be applicable for all registered persons. Read More »

Ambitious targets: KPRA collection increased by 300pc

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PESHAWAR: The Khyber Pakhtunkhwa Revenue Authority (KPRA) is committed to executing the provincial government directives for broaden the base of sales tax on services in the province as the authority has already registered a 300 percent increase in the collection of Sales Tax on service in the last financial year. It is to be noted that the KPRA has been ... Read More »

Kamran Michel to inaugurate Chinese-donated buses for Gwadar schools

Kamran Michael

ISLAMABAD: Federal Minister for Ports and Shipping Kamran Michel will inaugurate Chinese-donated buses for schools of Gwadar here on August 18. Chinese Ambassador in Pakistan will be the chief guest at the ceremony while other prominent figures and dignitaries will participate in the ceremony scheduled to be held at Gwadar Port. According to an invitation extended by the Gwadar Port ... Read More »

Direct export to CARs: Commerce Ministry for removal of impediments

Exports

ISLAMABAD: The Ministry of Commerce is intended to press the government to hold talks with Afghanistan to resolve issues barring Pakistani exporters from direct exports to Central Asian Republics (CARs). Currently Pakistani exporters have to export their goods to Afghan importers who export these onwards to CARs. The Ministry wants the government to take up the issue with Afghan government ... Read More »

Vision 2025 envisages boosting exports to $150b, 25m jobs

Visioin 2025

ISLAMABAD: The government unveiled its Vision 2025, envisaging increase in exports volume from $25 billion to $150 billion by 2025 with special focus on the development of small and medium enterprises (SMEs) and water and power generation resources. At the launching ceremony of Vision 2025, Minister for Planning and Development Prof Ahsan Iqbal said that to achieve the target of ... Read More »

Plan to name ex-babu as TRC chief raises eyebrows

appointment

ISLAMABAD: Tax experts and legal wizards have expressed astonishment over the government proposed planned appointment of a retired bureaucrat as head of the Tax Reforms Commission (TRC) and described the move as the government’s backtracking from its commitment to revisit the tax policies. As per reports, the government is considering people for the job who are experts in public finance ... Read More »

LNG import likely by year end: Khaqan

LNG

ISLAMABAD: Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that import of Liquefied Natural Gas (LNG) is most likely to start by the end of current year to help cope with the worsening gas shortage. He declared that the LNG import would be carried out through a transparent process and at competitive prices, adding that work on ... Read More »

Tuesday July 29 -Monday August 11, 2014

Customs Today Newspaper

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Parleys for $200b stashed in Swiss banks in the offing

Dar

ISLAMABAD: Finance Minister Ishaq Dar said talks to bring back $200 billion “what he said” belonging to Pakistan and stashed in banks in Switzerland will begin in the current month. In a statement issued here, the federal minister pointed out that the talks would be held in several phases and it could take three to four years to bring the ... Read More »

Advance tax on air tickets: Foreign missions get exemption

airplan

ISLAMABAD – The Federal Board of Revenue (FBR) has exempted foreign diplomats/ missions in Pakistan from advance income tax on the purchase of air tickets, a budgetary measure introduced through Finance Bill 2014-15. Acting Federal Board of Revenue Chairman Shahid Hussain Asad confirmed that the foreign diplomats and diplomatic missions were exempted from the advance income tax on the purchase ... Read More »

Efforts, claims to broaden tax net fail to produce

Tax net

ISLAMABAD: The government, despite tall claims, failed to broaden tax base by bringing in wealthy non-taxpayers into the tax net as only 14 percent of the people have filed returns out of total notices issued during last financial year 2013-14. The government had planned roping in 100,000 wealthy non-taxpayers into tax net every year over the next five years. The ... Read More »

GSP status boosts textile exports to $13.74b

GSP Plus

ISLAMABAD – Textile exports surged to $13.74 billion during previous financial year 2013-2014 mainly because of the GSP Plus status granted to Pakistan by the European Union (EU). The country exported textile made commodities worth $13.74 billion during last fiscal year (July 2013 to June 2014) as compared to $13.05 billion of the preceding year (July 2012 to June 2013), ... Read More »

Dar keen to bring down potato prices

potatoes1

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that the government has taken all-out steps including allowed duty free import of potatoes to reduce its price in the country. During a briefing the Ministry of National Food Security, the finance minister was informed that the hoarders, speculators and middlemen were involved in artificially manipulation of prices of potato. It was ... Read More »

Tuesday July 22 – Monday July 28, 2014

Customs today News Paper

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Trade deficit eased to $19.98b in FY14

deficit

ISLAMABAD: The trade deficit remained at $19.98 billion during outgoing financial year 2013-14, as compared to $20.49 billion of a year ago, showing a decline of 2.48 percent. According to figures released by Pakistan Bureau of Statistics (PBS), exports slightly surpass the imports during last year that resulted in decline in trade deficit. The PBS data showed that exports have ... Read More »