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Tag Archives: Taxation

FBR Union warns to go on strike for indefinite period

fbr

LAHORE: The Federal Revenue Alliance Employees Union in its emergent meetings held simultaneously at Regional Tax Offices (RTO) in different cities including Sialkot, Sukkhar and Faisalabad vehemently opposed the dismissal of FBR Union central president. They also threatened to go on strike for unlimited period if the government did not withdraw the decision. The FBR Union executive bodies of several ... Read More »

Shahbaz for removal of flaws in tax collection system

Shahbaz-Sharif

LAHORE: Punjab Chief Minister Shahbaz Sharif said that the Punjab government would take all possible steps to increase provincial revenue so that maximum funds could be available for public welfare schemes. He said that there was a need for removing flaws in tax collection system. The Punjab CM was talking to a representative delegation of Mckinsey which called on him ... Read More »

Trade deficit eased to $19.98b in FY14

deficit

ISLAMABAD: The trade deficit remained at $19.98 billion during outgoing financial year 2013-14, as compared to $20.49 billion of a year ago, showing a decline of 2.48 percent. According to figures released by Pakistan Bureau of Statistics (PBS), exports slightly surpass the imports during last year that resulted in decline in trade deficit. The PBS data showed that exports have ... Read More »

Forex reserves fall to $14.5b

Forex

KARACHI: Pakistan’s foreign exchange reserves decreased to $14.513 billion, from $14.637 billion the previous week, said State Bank of Pakistan (SBP). According to the SBP report, the reserves held by the SBP stood at $9.486 billion from $9.602 billion the previous week, a decrease of $116 million. During the week, the State Bank received $22 million from multilateral and bilateral ... Read More »

New beginning at RTO-I: Chief Commissioner woos ‘angry’ staff union

fbr

LAHORE: In a bid to end the longstanding impasse, the Federal Board of Revenue (FBR) regional chief commissioner met FBR Employees Revenue Alliance President Mian Abdul Qayyum and assured him of resolution to all legitimate issues of the employees. “We need to work together for the development of the regional tax office and welfare of the employees and taxpayers,” sources ... Read More »

Rs770m tax evasion: Qadri’s plea for time extension turned down

Tahirul Qadri

ISLAMABAD: The Federal Board of Revenue (FBR) has rejected Pakistan Awami Tehrik (PAT) Chairman Dr Tahirul Qadri’s request for a one month extension to respond to the board’s notices and submit wealth statements. The FBR has informed Mr Qadri that he must respond within seven days otherwise he would have face penalty proceedings under section 182 of the Income Tax ... Read More »

Mansha family shines on top 100 taxpayers list

MCB

LAHORE: Four members of the Mansha Family were recognised by the government at a special ceremony held to honour the top taxpayers for 2013. The function was presided over by the Prime Minister and attended among others by Minister for Finance Ishaq Dar. Those listed among the top 100 taxpayers in the “Individual Category”, include Hasan Mansha at 4th, Umer ... Read More »

Auto makers fail to cash in on dwindling used cars import

assemblers

KARACHI: Local vehicle assemblers, despite hectic lobbying, failed to take advantage of the sharp drop in the sale of used cars year-on-year during 2013-14. As per the relevant data, the import of used vehicles (from 660cc to above 3,000cc including 4×4 jeeps) plunged to 22,185 units in 2013-2014 as compared to 44,767 in 2012-13. The government collected around Rs9 billion ... Read More »

SCCI for early payment of drawback, ST refund claims

SCCI-1

SIALKOT: The inordinate delay in the payments of thousands of the duty drawback, sales tax and income tax refund claims of Sialkot exporters has resulted in severe liquidity crunch for exporters and has badly affected industrial and export activities in Sialkot. Sialkot Chamber of Commerce and Industry (SCCI) President Dr Sarfraz Bashir stated this while talking Customs Today here. He ... Read More »

PTA fears duty on hides to cut leather exports further

Hide and skin

LAHORE: The Pakistan Tanners Association (PTA) has said that despite downturn in the economy since past couple of years, the government imposed duty on the import of hides and skins, which will further affect the already fragile leather exports. In a statement issued here, Pakistan Tanners Association (PTA) Central Chairman Sheikh Saqib Masood termed the unfriendly policies of the government ... Read More »

Dar, Misbah meeting ends cricketers’ tax issue

Dar-and-Misbah

ISLAMABAD: After finding themselves in hot waters for their tax filings, the members of Pakistan cricket team have requested the finance minister to direct the Federal Board of Revenue (FBR) to collect outstanding taxes of cricketers at a flat rate of 10 per cent. National team captain Misbahul Haq along with Test cricketer Azhar Ali met with Finance Minister Ishaq ... Read More »

Kitty caused Rs3b loss: Customs seizes electronic appliances worth billions

Appliances

ISLAMABAD: The anti-smuggling unit of Rawalpindi Directorate General of Customs Intelligence and Investigation (I & I) raided a warehouse in Fazayia Colony near Islamabad Airport and seized non-custom paid electronic items including air-conditions, refrigerators, washing machines, microwave ovens and LCD televisions worth billion rupees. The consignment was imported under cloak of Afghan transit trade and later smuggled into Pakistan illegally. ... Read More »

Dar sanguine about OGDCL disinvestment by Sept

Dar5

ISLAMABAD: Minister of State for Privatisation Mohammad Zubair informed the Cabinet Committee on Privatisation (CCoP) that work on OGDCL transaction was being carried out on fast-track which is likely to be completed by September. The cabinet body at its meeting, chaired by Finance Minister Ishaq Dar, took stock of the progress made by the Privatisation Com­mission in the disinvestment of ... Read More »

Schedule for advance tax collection on cars booking issued

used-cars-for-sale1

KARACHI: The authorised car dealers have issued schedule for collection of advance income tax, declaring different amounts for both the filers and non-filers of income tax, at the time of booking of cars and jeeps. Dealers will collect the advance income tax on behalf of their assemblers as per decision taken in the federal budget 2014-2015. The assemblers will then ... Read More »

FBR striving to increase return filers, tax net remains stagnant

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ISLAMABAD: Federal Board of Revenue has achieved the revenue target for fiscal year that has recently ended. However, there hasn’t been any tangible breakthrough regarding the addition of taxable persons and entities into the tax ambit. Attempts are being made to show increase in filing of tax returns by government officials on a larger scale in order to obtain IMF’s ... Read More »

FBR withdraws SRO 422 related to tax hike on cigarettes

cigarettes2

MULTAN: Federal Board of Revenue has withdrawn the Statutory Regulatory Order (SRO) 422 on increase of federal excise duty on cigarettes. FBR had increased the taxes on cigarettes to cover the revenue shortfall of the fiscal year 2013-2014. Federal Excise duty is now set the rate of tax under the Excise Act 2014. FBR has issued SRO 574 due to which, ... Read More »

Dar concedes cartels operating in several sectors

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ISLAMABAD: Finance Minister Ishaq Dar informed the National Assembly that many industries and sectors in the country have formed cartels with the view to obtain undue economic advantage “at the cost of their consumers.” Ishaq Dar was responding to a question put up by PTI’s Dr Shireen Mazari on the floor of the National Assembly. Dr Mazari asked if it ... Read More »

FBR achieves its revenue collection target

Dar-and-Bajwa

ISLAMABAD: After tough struggle throughout the year, Federal Board of Revenue has reportedly achieved its revenue collection target for the fiscal year 2013-14. Finance Minister Ishaq Dar has congratulated FBR Chairman Tariq Bajwa and Members of the Board for achieving the target. After compilation of the latest data aggregate tax collection figures have so far come up to be Rs ... Read More »

Punjab E&T department announces 10pc discount on token tax till July 31

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MULTAN: Excise and Taxation Department is providing the facility of 10 per cent discount on token tax of the motor vehicles till July 31, 2014. Motor Vehicles are an important source of levy of taxation. It brings considerable revenue and is one of the major sources of income to the provincial exchequer. Director General Excise and Taxation Punjab has announced ... Read More »

Oil, ghee industries seek withdrawal of taxes on local sale, purchase

oil1

MULTAN: The oil and ghee industry has showed concerns over tax notices issued on local sale and purchase. Owners of banaspati ghee and oil mills industry have demanded Federal board of revenue to withdraw tax notices issued recently by the Directorate General of Intelligence and Investigations-Customs regarding sale and purchase at country level. Oil Mills and banaspati Association have demanded that the ... Read More »