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Tag Archives: Taxation

Wide range of tax reforms proposed: Reorientation of customs duty role sought to boost industry

tax-reform

ISLAMABAD: Federal Board of Revenue (FBR) Tax Advisory Council Member Dr Manzoor Ahmed has proposed that the primary role of customs duties should not be to raise revenues as high customs duties make Pakistan’s industry non-competitive, hampering the country’s way to become part of the global supply chain. In the first meeting of the FBR Tax Advisory Council, Dr Manzoor ... Read More »

No remedy in sight: Tyre smuggling depriving national kitty of Rs15b annually

Tyres, rims

KARACHI: The smuggling of an estimated 2.5 million new and used tyres into Pakistan has been causing a revenue to the tune of round Rs15 billion annually to the national exchequer, dealing a huge blow to local tyre industry, the government and consumers alike. Ironically despite the fact, except for the cement industry which is allowed to use tyres as ... Read More »

Broadening tax net: FBR collects Rs100m from unregistered persons

Tax net

ISLAMABAD: The Federal Board of Revenue has collected approximately Rs100 million from over 25,000 unregistered persons who received notices under the broadening tax base (BTB) exercise. The FBR issued over 81,000 notices to undocumented persons under the BTB exercise with only 25,000 actually received by the taxpayers’ actually resident in the available residential/business addresses. The remaining are under process of ... Read More »

Body set up to probe tax non-payment by MPs

Assembly

ISLAMABAD: National Assembly Speaker Sardar Ayaz Sadiq has constituted a 10-member special committee to investigate the non-payment of taxes by members. The special committee has been tasked with investigating allegations of non-payment of taxes by the members and submit its report to the House within 90 days. The speaker has constituted the special committee under rule 244(B), Rules of Procedure ... Read More »

PBA demands withdrawal of SRO 561(1)/2012

Withdrawal

KARACHI: Pakistan Banks Association (PBA) has proposed the Federal Board of Revenue (FBR) to restore original provision of Advance Income Tax for banks through which the banks can file lower estimates of tax liability. In its budget proposals for the 2014-15, the PBA has proposed that the FBR in June 2012 issued SRO 561(1)/2012 whereby the right of the banks ... Read More »

17pc sales tax: Low tax-to-GDP ratio may not allow ST rate slash

Sales tax25

ISLAMABAD: Low tax-to-GDP ratio has left the government with no option but to keep the sales tax rate, the major source of revenue collection, at the current 17 percent. The Federal Board of Revenue (FBR) has reportedly conveyed to the parliamentarians in writing that in view of existing tax-to-GDP ratio, no decrease in the sales tax rate could be made ... Read More »

Serious financial anomalies: FBR creates Rs400m tax demand against 16 sugar mills

Sugar

KARACHI: With detection of serious anomalies in financial ledgers, the Federal Board of Revenue (FBR) has created a tax demand of Rs400 million against 16 sugar mills which are involved in stocking 770,538MT sugar worth Rs33.7 billion to suppress its sales. The FBR has also posted its officers at sugar mills across Sindh to monitor sugar production under section 40-B ... Read More »

Wizards fail to woo MPs: Senate body rejects ST Amend Bill

Senate

ISLAMABAD: Sensing violation of the Supreme Courts orders, the Senate Standing Committee on Finance rejected Sales Tax (Amendment) Bill 2014, saying that it will put additional sales tax burden on consumers through CNG stations. The committee chaired by Senator Nasreen Jalil decided not to recommend tabling of the Sales Tax (Amendment) Bill 2014 in the National Assembly. The committee members ... Read More »

New-elected office bearers sworn in: New KTBA body spells priorities

KTBA

KARACHI: The oath-taking ceremony of newly-elected officer bearers of Karachi Tax Bar Association (KTBA) was held at Bar Chamber, KTBA Building at Regional Tax Office. On the occasion, the newly elected KTBA President Syed Waseemuddin Hashmi, Vice President Muhammad Zubair, General Secretary Muhammad Aleem, Joint Secretary Arshad Ali Siddiqui, Librarian Noor Muhammad Dawood and members Executive Committee (EC) including Arshad ... Read More »

Anti-Money Laundering Act: FBR urged to compile list of tax offences

AML

ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) to provide a list of serious tax crimes related to sales tax, income tax and FED to be declared as predicate offences under Anti-Money Laundering Act, 2010. In this regard, the Finance Division will convene a meeting of the working group to decide about serious Inland Revenue and ... Read More »

MCCI keen to boost revenue: Chambers consent to end SRO culture, reform tax system

MCCI Logo

MULTAN: All the chambers of commerce and industry are unanimous to bring an end to harassment and SRO culture, simplify taxation system and broaden the tax net to increase revenue. The businessmen are also agreed conditionally to facilitate the Federal Board of Revenue in tax collection. According to Multan Chamber of Commerce & Industry (MCCI) President Khawaja Muhammad Usman, the ... Read More »

ST on packing materials, chemicals: Bajwa assures textile exporters to revise refund benchmark

IMG_2293

  ISLAMABAD: The Federal Board of Revenue has assured the textile exporters of revising the benchmark for issuance of sales tax refund on packing materials, chemicals such caustic soda and other accessories used in processing of exportable goods. FBR Chairman Tariq Bajwa made the assurance to the exporters during a meeting with members of Pakistan Textile Exporters Association (PTEA) here. ... Read More »

PTC paid Rs17b: Collection from Cigarette manufacturers rises by 21pc

Cigarette_Tax_x

ISLAMABAD: The Federal Board of Revenue received over Rs17 billion FED, sales tax and income tax from a leading cigarette manufacturer during January-March 2014, showing an increase of 21 percent as compared to last year. According to quarterly results announced by Pakistan Tobacco Company for the first quarter ended on March 31, 2014, the company contributed more than Rs17 billion ... Read More »

100,000 taxpayers to be brought into net within current FY

net

ISLAMABAD: Federal Board of Revenue has planned to bring one hundred thousand individuals and businesses in the tax net before the end of the current fiscal year. According to sources within FBR it has been decided to ensure that the tax collections are equal to at least 12 per cent of the GDP at the end of the current fiscal year. ... Read More »

SRB bids to up revenue: Payment of outstanding dues exempted from penalty, surcharge

srb_logo

KARACHI: The Sindh Revenue Board (SRB) has notified exemption from penalty amount and 95 percent of default surcharge amount payable on the principal amount of outstanding tax arrears in a bid to enhance revenue. According to a notification issued here, under Section 45 of Sindh Sales Tax on Services Act, 2011, the SRB is pleased to exempt whole of the ... Read More »

Edible oil import: RTO seeks exemption certificate to avoid WHT

Edible oil

KARACHI: The Regional Tax Office-II (RTO) Karachi has issued notices to ghee and cooking oil units for submission of certificates to avoid recovery of withholding tax on the import of edible oil under Section 148 of the Income Tax Ordinance, 2001. As per details, under SRO 140(1)/2013 dated February 26, 2013, wherein clause (9A) of Part-II, Second Schedule of Income ... Read More »

Duty on cotton yarn import returns: ECC lifts ban from gold import

gold

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet decided withdrawal of SRO 15(I)/2010 to restore 5 percent customs duty on the import of cotton yarn and lifted the ban on the import of gold. The ECC meeting held here with Finance Minister Ishaq Dar in the chair decided to withdraw customs duty exemption from the cotton yarn import to ... Read More »

MCC Appraisement-West clears 5,520 imported vehicles in Q3

Car head lamp

KARACHI: Model Customs Collectorate (MCC) of Appraisement-West has cleared 5,520 imported vehicles in the 3rd quarter of the current fiscal year i.e. the period from January to March, 2014, it is learnt here. Sources in MCC Appraisement-West informed Customs Today that the collectorate has collected total revenue of Rs 3,522.43 million on import of vehicles in share of customs duty, ... Read More »

Directory reveals tax paid by top finance officials

taxation

ISLAMABAD: The tax directory of 791,621 income tax return filers has been published by FBR, which has already unveiled the tax directory of parliamentarians. It has also revealed the amount of income tax paid by important officials. According to the tax directory, for the fiscal year ending June 30, 2013, Federal Board of Revenue Chairman Tariq Bajwa paid Rs 183,734 ... Read More »

FBR produces Tax Directory for Tax Year 2013

Tax directory

ISLAMABAD: Federal Board of Revenue has issued Annual Tax Directory containing the names of more than 791,621 taxpayers for Tax Year 2013. The directory reveals names/titles, National Tax Numbers (NTNs) and amount of payment of income tax by return filers including individuals, corporations and Associations of Persons. The tax directory has not revealed the annual income of all taxpayers. The directory ... Read More »