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Tag Archives: Taxation

Checking misuse: FBR mulls restricting ST registration to ‘manufacturers’

sales-tax

ISLAMABAD: The Federal Board of Revenue will restrict sales tax registration to the category of ‘manufacturers’ in different sectors specifically poultry farms, dairy farms, pharmaceutical companies, rice traders/exporters along with vegetable/fruit traders/exporters. As per details, the FBR is likely to implement major policy decisions in the upcoming budget 2014-15 to check the misuse of sales tax registration within the category ... Read More »

Industry warns tax hike to flourish illicit cigarette business

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ISLAMABAD: The tobacco industry has urged the Ministry of Industries and Production against raising tax rate as it will help increase the business of illicit tobacco and non-certified cigarettes. The industry countered the idea of increasing the tax rate on cigarettes to 70 percent, saying it would make more businesses evade taxes as implementation in Pakistan is weak. According to ... Read More »

Zero tax exemption policy suggested

PCGA

LAHORE: Wholesale Chemist Council Punjab President Akhtar Butt has suggested introduction of zero tax exemption policy in the budget 2014-15. He said that government should expand the tax base and increase revenue through recovery of direct taxes. He said that government should eliminate indirect taxes pleading that it will address the problem of price hike. Pakistan Cotton Ginners Association (PCGA) ... Read More »

Govt likely to slap 17pc ST on non-export-oriented sectors

Gst

ISLAMABAD: The government is likely to charge a standard rate of 17 percent sales tax on the import of items by non-export-oriented sectors, and replace sales tax zero-rating on local supply of over 20 items, including finished dairy products and stationery goods, with sales tax exemption in budget (2014-15). As per details, the FBR has proposed a policy change for ... Read More »

DG vows to make KPRA a vibrant entity

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PESHAWAR: Director General (DG) Khyber Pakhtunkhwa Revenue Authority (KPRA) Sardar Aminullah Khan reiterated his pledged to an open door policy to assist and benefit the taxpayers. Addressed a meeting at Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) here, he expressed the resolve to transform the KP Revenue Authority into a model organisation. KPRA Directors – Ms Farida Amjad and ... Read More »

Huge revenue loss due to absence of tabulation in DTRE, Appendix-I form

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KARACHI: Federal Board of Revenue is facing huge revenue loss due to the absence of tabulation for determining the values in terms of customs duty, sales tax, income tax, federal excise duty and other taxes in the application form for Duty Taxes Remission on Export (DTRE), Appendix-I. Sources in FBR informed Customs Today that the non-appearance of said tabulation in ... Read More »

Rupee appreciation toughens revenue collection: Bajwa

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa informed the Senate Standing Committee on Finance that the board was having difficulty to achieve its target in the last quarter (April-June) of 2013-14 due to rupee appreciation. He, however, expressed his hope that the FBR was likely to collect Rs2270 billion to Rs 2275 billion by the end of current ... Read More »

FBR set for phasing out tax exemptions in 3 years, Bajwa tells senate

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ISLAMABAD: Federal Board of Revenue is all set for phasing out all the tax exemptions within three years as the total exemptions have reached to Rs. 480 billion. FBR Chairman Tariq Bajwa while briefing the Senate Standing Committee on Finance, Revenue, Economic Affairs, Statistics and Privatisation said that this step would help enhance over all tax collection. He said that ... Read More »

Punjab to tax big houses, luxury items in budget

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LAHORE: The Punjab government will impose a new tax on big houses and luxury items in the next fiscal year, and rates of route permit and fitness certificate of vehicles will be increased with aim to enhance revenue. Punjab Finance Minister Mujtaba Shujaur Rehman expressed these views while presiding over a resource mobilisation committee meeting. MPAs – Sheikh Allauddin, Dr ... Read More »

Deemed income of taxpayer: Tribunal rules out Section 111 interpretation

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LAHORE: The Appellate Tribunal Inland Revenue Lahore ruled out the tax department’s interpretation of Section 111 of the Income Tax Ordinance 2001 and termed that making addition to the income of a taxpayer by wrongly applying accounting principles and interpretation of fiscal laws was unjust. As per details, in a landmark verdict, the tribunal also overthrew the department’s applicability of ... Read More »

Boosting oil & gas sector: Cut in minimum turnover tax proposed

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ISLAMABAD: The Federal Board of Revenue (FBR) is mulling a budget proposal over, seeking reduction in minimum turnover tax in the upcoming budget for 2014-15 to boost the oil and gas sector. As per details, the Finance Division has forwarded the budget proposal of the Sub-Group of the Economic Advisory Council (EAC) on Energy to the FBR for consideration in ... Read More »

Import of solar equipment: Procedural hiccups hurdle tax exemption

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ISLAMABAD: Amendments to the procedure put in place for availing tax exemption on import of renewable energy equipment, around 80 shipments of solar equipment worth more than Rs400 million have stuck at ports since the past two months. As per details, the government had granted customs duty and sales tax exemption on the import of renewable energy equipment under serial ... Read More »

GST on security service: APSAA demands withdrawal of levy

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KARACHI: All-Pakistan Security Agencies Association (APSAA) Chairman Col (r) Tauqeerul Islam and Karachi Chamber of Commerce and Industry (KCCI) Senior Vice President Muffasar A Malik have urged Sindh Chief Minister Syed Qaim Ali Shah to withdraw GST imposed on security services in the last budget. Addressing a joint press conference at KCCI, they said that the tax was imposed in ... Read More »

Protecting taxpayers: Experts wants FED structure for cigarettes unchanged

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ISLAMABAD: Experts has suggested to the government not to change the federal excise duty (FED) structure on cigarettes under Federal Excise Act in the budget (2014-15) to avoid its negative implication on registered taxpaying industry. Experts pointed out that at this stage when the government was struggling to achieve revenue targets, illicit trade was on the rise, causing revenue loss ... Read More »

Direct taxes advocated: IPR proposes generation of Rs200b revenue

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KARACHI: A policy think-tank namely Institute for Policy Reforms (IPR) has put forwards budget proposals for the generation of additional revenue to the tune of Rs200 billion with almost 55 percent of the revenue to accrue through direct taxes. Highlighting the budget proposals, IPR MD Dr Hafiz Pasha said that the proposed revenue target for the FBR in 2014-15 is ... Read More »

FPCCI suggests a new shift in taxation regime

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KARACHI: Federation of Pakistan Chambers of Commerce and Industry President Zakaria Usman has suggested a new taxation regime in FPCCI’s shadow budget. He said that before describing the basis of taxation measures, it seems necessary to describe the present structure of taxation policies in Pakistan. It is noteworthy that inducement of private investment particularly foreign direct investment is the only ... Read More »

3G, 4G services: PRA asks cellular cos to pay 17pc ST on franchises

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ISLAMABAD: The Punjab government has directed the cellular service operators to deposit 17 percent sales tax on franchises being established in the aftermath of 3G and 4G spectrum auctions. After the federal government has imposed taxes on telecom sector by asking them to pay 10 percent Withholding Tax with immediate effect, now the provincial government has come forward by milking ... Read More »

Customs duty concession: FBR weighs up pros, cons of SROs

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ISLAMABAD: The Federal Board of Revenue (FBR) has completed review of a number of concessionary SROs for amendment and revision to withdraw concessions in customs duty at the import stage in the new budget 2014-15. The FBR has analysed the SROs on certain principles for review of customs concessions. The customs related SROs have been considered by FBR for simplification/phasing ... Read More »

Target time 3-year: FBR works out phasing out Rs500b tax exemptions: Shahid Hussain

ISLAMABAD: The government has worked out phasing out tax exemptions worth Rs500 billion being offered in the head of sales tax/excise duty, income tax and customs duty over the next three years. Federal Board of Revenue (FBR) official spokesperson and Member Inland Revenue Shahid Hussain Asad informed that certain exemptions would be done away with in the upcoming budget for ... Read More »

April 2014: MCC Appraisement-East records shortfall of Rs6.95b

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KARACHI: Model Customs Collectorate of Appraisement-East has lagged behind its revenue collection target set by the Federal Board of Revenue for the month of April, 2014. According to the sources, the FBR had set a revenue target of Rs 20,036.92 million for the month of April, 2014 for MCC Appraisement-East in share of customs duty, sales tax, withholding tax and ... Read More »