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Tag Archives: Taxation

South Africa issues revised tax guide for foreigners

tax guide

CAPE TOWN: South Africa revenue department issues revised tax guide for foreigners.”Guide on the Taxation of Foreigners Working in South Africa 2014/15″ deals mainly with employment income. Under the country’s income tax system, only amounts received by or accrued to non-residents from a source within South Africa are subject to South African income tax. In other word, subject to the ... Read More »

Excise seals 164 buildings in Rawalpindi over non-payment of property tax

Excise will seal property

RAWALPINDI: The Excise and Taxation Department has sealed 164 commercial and residential properties during the last two days over non-payment of property tax. According to a spokesman for the Excise and Taxation Department, the city has been divided into four sectors and special squads comprising 23 inspectors under the supervision of Excise and Taxation Officer (ETO) Riaz Qureshi are conducting ... Read More »

Excise completes computerization of tax record in five districts of Punjab

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LAHORE: Excise and Taxation Department Punjab has completed computerization of tax record in five districts of Punjab including Lahore. Punjab Excise started a project of computerization of tax record with the help of Punjab government and World Bank to avoid corruption. Manual and register system were hurdles in making the department corruption free. Due to increase in corruption government decided ... Read More »

Provinces not to support raise in withholding tax on vehicles

vehicle transport

KARACHI: Provinces have informed federation about the drawbacks of amendment to tax laws for transfer, registration and transportation of motor vehicles without consensus with them. The alteration in withholding tax for vehicles from the federation is increasing problems and decreasing the revenue collection of Excise, Taxation and Anti Narcotics department. People will be reluctant in transferring their vehicles and will ... Read More »

Excise and Taxation director’s conference ends today

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LAHORE: Directors conference of Excise and Taxation Department to evaluate six months performance ended on Tuesday at Director General Office Shadman. Two day assessment of performance was held in which all directors of Punjab along with Excise and Taxation officers participated to present their performances.  Director General Excise and Taxation Ahmed Aziz Tarar supervised the conference, He ordered the ETO’s ... Read More »

Two tax fraud accused flee from court after judge disposes of bail plea

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LAHORE: Two people accused of millions of rupees tax fraud fled from the Customs, Taxation and Anti-Smuggling Court after a judge disposed of their bail pleas. Saeed Bhatti and Ihtishamul Haq appeared in the court of Justice Tanveer Akbar to confirm their interim bail, but the judge disposed of the plea. After which the accused fled from the court. According ... Read More »

Computerization of 632,000 property tax units record kicks off

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LAHORE: The Excise and Taxation Department has started computerization of property tax record. It will help to eliminate corruption and irregularities by the staff. In first phase computerization of property tax record has been started in region B. After the completion it will be started in other regions as well. According to excise and taxation officials, Region B has 382,000 ... Read More »

FBR collects Rs63b ‘more’ revenue in July-Sept

revenue target

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent. However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion. Sources said that despite the ongoing political turmoil, ... Read More »

Achievable tax target

revenue

Taxes are considered the major source of income in developed economies where most of the citizens voluntarily pay taxes as a national obligation. The money collected through taxes is used to run the official machinery and development projects, but in Pakistan, tax culture has not been fully introduced and citizens are also skeptical of the tax system as a whole. ... Read More »

5pc ST on oil-cake: FBR seeks substitute proposals from PCGA

PCGA

MULTAN: Pakistan Cotton Ginners Association (PCGA) Vice Chairman Asim Saeed Sheikh claimed that the Federal Board of Revenue (FBR) had sought substitute proposals in case of non-imposition of five percent sales tax on oil-cake (Khal). According to a PCGA release, a delegation of the association led by its VC Asim Saeed Shiekh met Chief Commissioner RTO In-Land Revenue Mohammad Jameel ... 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 »

PTBA cries foul at glitches in ST registration

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ISLAMABAD: The Pakistan Tax Bar Association (PTBA) has written in to the FBR chairman complaining about difficult and time-consuming procedure for sale tax registration. In a letter to FBR Chairman Tariq Bajwa, the PTBA pointed out that the current system for ST registration was time-consuming as it required two to three months to get a manufacturing unit registered for sales ... Read More »

Karachi Tax Bar seeks removal of flaws in IT return form

KTBA

KARACHI: The Karachi Tax Bar Association (KTBA) has written to the Federal Board of Revenue (FBR), asking it to remove flaws in new income tax return form for tax year 2014. In its letter, the KTBA pointed out that the board has uploaded the income tax returns along with allied annexure and wealth statement on its web portal without the ... 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 »

Strategy to promote tax culture in the offing

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MULTAN: New strategy will be applied for collection of taxes and list of active taxpayers will be updated twice a month to promote tax culture. The Federal Board of Revenue has decided to issue active list of taxpayers to promote tax culture which will not only be a tribute to the current taxpayers but also motivate others to pay their ... Read More »

E&T unearths embezzlement of Rs15m

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Bahawalpur: Two officers of the Excise and Taxation Department embezzled more than Rs15 million of motor registration fees and other provincial taxes while the department has registered a case against the accused. According to details, Excise and Taxation Officer (ETO) Muhammad Ahmad Khan, during inspection of the Motor Vehicle Branch, found embezzlement to the tune of more than Rs15 million ... Read More »

Civil disobedience call: Gujranwala RTO exceeds tax target by Rs60m

increasing-results

SIALKOT: The Regional Tax Directorate Gujranwala has achieved its recovery target fixed for the month of August 2014 and has collected Rs800 million despite PTI Chairman Imran Khan’s call of civil disobedience, in the region’s all six Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala districts. Senior officials of the directorate claimed that Rs60 million had been collected more than ... Read More »

FBR to publish biweekly list of active taxpayers

FBR

ISLAMABAD: The Federal Board of Revenue (FBR) will publish a list of active taxpayers on a fortnightly basis to promote the culture of documentation. In the budget 2014-15, the government had introduced higher tax rates for non-filers and the FBR published a directory in April this year to reveal the names of tax defaulters. The board will publish the list ... Read More »

Increase in revenue linked to broadening tax base

KTBA

KARACHI: The government wants to generate more revenue, but it avoids widening tax base that is said to barely cover 0.30 per cent of the population, said former Karachi Tax Bar Association (KTBA) president Anwar Kashif Mumtaz. He was addressing a seminar by the KTBA on “Finance Act 2014” and attended by tax practitioners and consultants in great number. He ... Read More »

Tuesday August 26 Monday September 01, 2014

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