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Tag Archives: national exchequer

Rs50b/year loss to national exchequer: CDA approves 20% allowance for 14,000 employees

CDA

ISLAMABAD: The Capital Development Authority (CDA) board has finally approved a basic pay allowance of 20 percent for over 14,000 employees of authority. Former prime minister Raja Pervez Ashraf had approved the allowance for federal employees on his last day in office in 2013. The implementation was delayed as the previous CDA management maintained that the decision was not applicable ... Read More »

Customs to deposit amount equal to 23kg of gold in national exchequer

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ISLAMABAD: The Model Customs Collectorate has started process to submit the amount of 23 kg gold in national exchequer. The gold will be handed over to Pakistan Mint to reshape it in the form of gold bricks. The amount of the gold is Rs 100 million that will be submitted to national exchequer in the running month. MCCI has written ... Read More »

Rs10b loss: SC asked to declare 141 acres PR land lease to golf club invalid

Supreme Court

ISLAMABAD: The federal government has asked the Apex Court to declare 49-year lease of Pakistan Railways (PR) land to the Royal Palm Golf Club, causing a loss of over Rs10 billion to the national exchequer. A three-member bench headed by Justice Mian Saqib Nisar was hearing the case of allotment of Railways land for Royal Palm Golf Course, which was ... Read More »

FBR online Income Tax form creating problems for taxpayers: FTO told

Online IT form

ISLAMABAD: Another issue regarding online Income Tax Return form is creating problems not only for the taxpayers, but also for Federal Board of Revenue (FBR). According to tax lawyer Waheed Shazad Butt, the Income Tax Return form for Tax Year 2014, that has been uploaded on the FBR website having computerised formulas and taxpayer’s due tax liability, would cause a ... Read More »

NAB nabs 4 contractors over Rs102m damage to exchequer

Nab

PESHAWAR: The National Accountability Bureau (NAB) has nabbed four contractors for supplying 353 voltage stabilisers to different water supply schemes at inflated rates, causing a huge loss to the national exchequer. Sources said that Khyber Pakhtunkhwa NAB officials arrested the contractors of Public Health Engineering Department allegedly involved in supplying stabilisers at Rs102 million to water supply schemes through a ... Read More »

Sugar millers set to join hands with FBR to widen tax net

sugar-mill

LAHORE: The sugar industrialists have expressed their willingness to further boost tax-to-GDP ratio for the revival of economy in the country. Pakistan Sugar Mills Association (PSMA) Punjab zone Chairman Javed Kayani, while talking to media, said that announced that sugar industry was ready to work with Federal Board of Revenue (FBR) to enhance tax net. He said that despite restrictions ... Read More »

Delays in Nandipur power project cause over Rs113b loss

Nandipur power project1

ISLAMABAD: Delay in the 425MW Nandipur power project have caused a huge loss of more than Rs113 billion to the national exchequer. This was disclosed by Federal Minister for Water and Power Khawaja Asif in the National Assembly while replying to questions raised by Pakistan Muslim League-Nawaz’s Shaista Pervaiz. In a written reply, the minister said that a judicial commission, ... Read More »

Automobile assemblers urge FBR to collect tax on used vehicles

vehicles at Ports

KARACHI: The automobile assemblers have urged Federal Board of Revenue to collect withholding tax on used cars as the government had to bear loss of Rs100 million in first quarter of FY14 owing to non-collection of tax on used vehicles. Pakistan Automobile Assemblers Dealer Association (PAMADA) Chairman Iqbal Shah termed this ‘irresponsibility’ a serious blow to the national exchequer that ... Read More »

FBR Chief Bajwa urged to help control illegal import of cement

cement

LAHORE: The ‘smuggling’ of cement, tyres and tiles is at its peak and freely illegal import of these items into the country is damaging the local industry and causing huge loss to the national exchequer. Sources said that the local cement industry would be destroyed if this illicit practice was not stopped as the tyres and tiles industries had already ... Read More »

Dastgir says Imran, Qadri sit-ins cost economy Rs 800b

Dastgir2

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir has said that the economy of Pakistan has suffered Rs 800 billion losses until now due to the ongoing protests demonstrations and sit-ins in the federal capital. In a statement, Dastgir said that the current protests have paralyzed the economy as the direct losses have mounted to Rs 800 billion while the indirect ... Read More »

Imran, Qadri sit-ins: Traders demand compensation for losses

traders

ISLAMABAD: Traders and industrialists in the twin cities of Islamabad and Rawalpindi have decided to write a letter to the government to seek compensation for their losses due the Azadi and Inqilab marches. Islamabad Chamber of Commerce and Industry (ICCI) President Shaban Khalid, while talking to Customs Today, said that business community is in favour of electoral reforms and eradication of ... Read More »

Taxpayers, citizens unfazed by Imran’s call for disobedience

protest

ISLAMABAD: The taxpayers across the country paid no heed to Pakistan Tehreek-e-Insaf (PTI) Chief Imran Khan’s call for disobedience and non-payment of taxes as they contributed more than Rs 7 billion to the national exchequer under the heads of General Sale Tax, Central Excise Duty, Custom Duty and Withholding Tax, informed sources in the Federal Board of Revenue (FBR). The ... Read More »

Imran’s civil disobedience call: KSE drops 65 points

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KARACHI: Karachi Stock Exchange 100-index went sliding down by 65.60 points (-0.23 per cent)  to stand at 28852.15 points after the call of civil disobedience from Pakistan Tehreek-e-Insaf Chairman Imran Khan. After its closure on weekend KSE 100-index has lost 211 points in first forty minutes trading touching bottom line of 28681.31 points, however, it gains 250 points in next two hours ... Read More »

Azadi march ‘mania’ hampering foreign investment: Dastgir

Dastgir 4

ISLAMABAD: Federal Minister of Commerce Engineer Khurram Dastgir has warned the politicians that unconstitutional acts like long march may hampered foreign direct investment in country which will cost billions of loss to national exchequer. In a statement issued, he said that if trade representatives and investors who had invested in 16,000 MW power projects withdrew their investment ahead of political ... Read More »

Long marches, political upheavals demolish FBR’s efforts: Shahid Asad

LAHORE: Acting Chairman of Federal Board of Revenue (FBR) Shahid Hussain Asad has expressed his grave concern over long marches and political upheaval ahead of FBR’s efforts to broadening the tax net for strengthening the economy. He said that these impediments could cause huge loss to the national exchequer as local business across the country shut down in result. Acting ... Read More »

Mis-declaration: Nadeem Enterprises, Unity Freight Int’l, 3 others served ONOs

poppy-seeds-bag-14364576

KARACHI: The Additional Collector of Customs and Collectorate of Customs Adjudication-II have issued Order-in-Originals (ONOs) to M/s Rustam Towel (Pvt) Ltd, M/s Friend Export (Pvt) Ltd, M/s Nadeem Enterprises, M/s Unity Freight International and M/s Virani Traders on mis-declaration, fiscal fraud and smuggling of poppy seeds under cover of polyester fabrics export. According to details, the exporters attempted to export ... Read More »

Discount facility ended on car token tax

Punjab govt logo

Multan: The discount facility on the token tax of motor cars by Excise and Taxation Department has ended during Eid holidays and now motor car owners have to pay double fee of token tax as fine. The token tax of motor vehicles has been an important source of levy collection for Tax and Excise Department. It brings considerable revenue and ... Read More »

Chief Collector Nazim Saleem to hold meetings at Quetta today

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KARACHI: Chief Collector Enforcement-South Muhammad Nazim Saleem left for Quetta for holding meetings with officers of Quetta Collectorate. As per details, the Chief Collector Enforcement-South will also visit the check-posts of Pakistan Customs established at the entry and exit points of the Quetta city. A source from FBR told Customs Today that the Chief Collector Enforcement-South will hold meetings regarding ... Read More »

Eid holidays: Exchequer likely to suffer Rs25-30b loss

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ISLAMABAD: National exchequer may suffer Rs25-30 billion loss due to long holidays of Eid-ul-Fitr. Due to which revenue target of the first month of FY2014-15 could not be achieved. Acting FBR Chairman Shahid Hussain Asad told Customs Today that closure of businesses during Eid holidays will certainly affect the revenue collection. “At least Rs 6 billion revenue is being collected ... Read More »

Multan Customs I&I seizes cloth worth Rs9.3m

Cloths

Multan: Customs Intelligence and Investigation (I&I) seized imported cloth of worth Rs9.3 Million on misdeclaration. As per detail, Customs I&I Multan raided a container on a tip of informer. The seized cloth was declared as imported from Europe but it found as imported from China in invoices. Deputy Director Custom’s intelligence and investigation (I&I) Nisar Ahmad has instructed all officials ... Read More »