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Tag Archives: Taxation

KP shrugs off PTI chief’s civil disobedience call

Imran

PESHAWAR: The people of Khyber Pakhtunkhwa (KP) are giving a deaf ear to PTI chief Imran Khan’s call for civil disobedience by filing tax returns, official sources said. “They are paying all kind of outstanding dues with regard to sales tax and federal excise duty,” they said. Despite PTI government in the province, as many as 700 registered tax payers, ... Read More »

Ginners demand withdrawal of 5pc tax on cotton seed cake

PCGA

MULTAN: The Pakistan Cotton Ginners Association (PCGA) demanded the government withdraw the SRO issued for the imposition of five percent tax on cotton seed cake. Addressing a press conference, PCGA President Mukhtar Baloch along with its members Haji Muhammad Akram, Shehzad Ali Khan demanded the government to provide relief to cotton industry. He regretted that cotton trade was confronted with ... Read More »

Withholding tax notices served on 400 individuals, concerns

Withholding-Tax

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-I has issued 400 withholding tax notices to various business concerns and individuals. Sources said that the RTO-1 issued one week notice to the withholding tax agents, including housing societies, contractors, doctors and textile mills for the financial year 2014-15. They informed that the withholding tax agents would produce their record ... Read More »

FBR asked to simplify e-filing of sales tax returns

KTBA

KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to remove certain flaws from the amended tax laws to make e-filing of sales tax returns hassle-free. Taxpayers failed to e-file their returns for July through FBR’s web-portal because of amendments in the Finance Act 2014. The tax bar pointed that it was because some ... Read More »

People urged to avail 5pc rebate on property tax

Property Tax

MULTAN: Multan Excise and Taxation (E&T) Director Ahmad Saeed has advised the people to avail five percent rebate on the payment of property tax until September 30. He said that the department was focusing on the property tax collections, claiming that the department registered 14 percent increase in collection of taxes in July 2014, against the corresponding month of last ... 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 »

Recovery of Rs12.6m: Appraisement (East) gets 2nd instalment today

recovery

KARACHI: The Research and Development (R&D) Section of Model Customs Collectorate (MCC) Appraisement (East) will receive another instalment of Rs4 million on Tuesday (today) from M/s Cosmos Enterprises in a Rs12.6 million tax evasion case. The tax was evaded in the clearance of consignments consisted of panaflex sheets and other miscellaneous goods. It is to be noted that the R&D ... Read More »

Tuesday August 19 -Monday August 25, 2014

Customs Today News Paper

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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 »

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 »

Tax period July-2014: Taxpayers suffer from lack of ST return forms

ST return form

KARACHI: The taxpayers have been facing great hardships in filing monthly Sales Tax Returns for the tax period of July-2014, due to unavailability Sales Tax Return forms on web portal of the Federal Board of Revenue, it has been learnt. The taxpayers while sharing their views with Customs Today said that they were facing great difficulties in filing their Sales ... Read More »

Tueday August 12 -Mon August 18, 2014

Customs Today News Paper

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Sindh stamp duty’s collection up; Target missed

srb_logo

KARACHI: The Sindh government collected Rs6 billion from stamp duty during the previous fiscal year against Rs4.6 billion last year. However, the collection was Rs500 million less against the set target of Rs6.5 billion for 2013-14. The data released by the Sindh Board of Revenue (SBR) shows that the highest amount of stamp duty, Rs872 million was recorded in January, ... 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 »