The government sought help on Friday from the National Assembly’s Standing Committee on Finance for the imposition of the Reformed General Sales Tax (RGST) from the next fiscal year, with a plea…
The Federal Board of Revenue (FBR) has notified PSO (Pakistan State Oil) that the company’s bank accounts have been restored with immediate effect. The board had frozen the bank accounts of PSO…
ISLAMABAD – The Federal Board of Revenue (FBR) has extended the date for payment of taxes. According to a press release, the date was extended for the tax period March, 2011 and filing of Sales Tax/Federal Excise returns, up to April 20.
The decision has been taken by the FBR in exercise of powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, said a press release issued on Friday.
KARACHI – The government has revised the duty drawback rates for the towel sector allowing enhancement with effect from March 31, 2011, Towel Manufacturers Association (TMA) spokesman Muzammil Husain has said. It has permitted duty drawback rates on cotton or polyester blended towels bleached and towels partly or fully dyed or printed. As per the SRO, the FBR has allowed 0.71 per cent drawback on cotton towels (bleached) fully white instead of 0.44 per cent, 1.88 per cent on cotton
LAHORE – The Federal Board of Revenue’s (FBR) Directorate of Intelligence and Investigation, Lahore, has arrested two more accused in a recently unearthed huge tax fraud case of Rs 10 billion.
Sources from FBR disclosed that the directorate had arrested two accused, namely Abbad Muhammad Zuberi alias Shariq Zuberi and Muhammad Ejaz, involved in issuance of fake sales tax invoices for generating illegal input tax adjustment or refund. Both are residents of Dharmpura who were
ISLAMABAD – The Federal Board of Revenue (FBR) told the Supreme Court on Wednesday that the national exchequer suffered a loss of Rs 7 billion due to evasion of customs duty by ISAF containers at the Chaman crossing along the Pak-Afghan border.
Appearing on notice, FBR Chairman Salman Siddique told a three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Ghulam Rabbani that a total of 2,981 containers went missing, of which 408
KARACHI – The Sindh government and the Federal Board of Revenue (FBR) are at loggerheads over imposing Sales Tax and Federal Excise Duty on all coalfields, other than those in Thar, that are being exploited, Pakistan Today has reliably learnt.
The dispute has surfaced despite the cabinet’s Economic Coordination Committee (ECC) approving a fiscal incentive package for all coalfields in Sindh. “The FBR is insisting on bringing all of Sindh’s coalfields under the tax net, but
ISLAMABAD – With exports expected to reach $25 billion in this fiscal year, the government on Friday rescinded its decision to impose general sales tax at a rate of 17 percent on five major export oriented sectors and extended the facility of paying four percent or six percent sales tax, as specified in the conditions.
An official source revealed that the facility was re-granted, as the government was keen to maintain the momentum of $2.0 billion monthly exports. He said that
LAHORE – In pursuance of the FIR No. 04/2011 dated March 26, 2011, registered by the Directorate of FBR Intelligence and Investigation Lahore, in tax fraud amounting to Rs 10 billion, the directorate has arrested another two culprits, namely Muhammad Azam Qadri and Ikhlaq Ahmad, involved in issuance of fake sales tax invoices for generating illegal input tax adjustment/refund.
The court of Special Judge Customs, Taxation and Anti-Smuggling, Lahore, on April 1, 2011, on having
SIALKOT – Sialkot Chamber of Commerce and Industry President Ghulam Mustafa Chaudhry on Tuesday thanked FBR Chairman Salman Siddique for resolving all the issues concerning the export industry of the district.
In a press statement, Ghulam Mustafa said he led a delegation of the Sialkot chamber which met the FBR chairman on March 27th, 2011, in Islamabad to apprise him of the great unrest among the exporters caused by the issuance of SRO 231 under which zero rating on five major
LAHORE – A significant percentage of the economy remains undocumented and operates outside the tax net. Not only does this act as an impediment towards broadening the tax net, it discourages honest taxpayers. Mandatory documentation of all segments of the economy is therefore essential if the government intends to broaden the tax base and reduce burden on already taxed. These were part of the recommendations made by the Overseas Investors Chamber of Commerce and Industry (OICCI) for
ISLAMABAD – In a major development, the association of the textile mills has succeeded in convincing tax authorities to lower the general sales tax (GST) on sales of their products in the domestic market from April 1.
An industry source said a delegation of the All Pakistan Textile Mills Association (APTMA) held talks with the Federal Board of Revenue (FBR) on Saturday and per the agreement, trade between the registered sales tax units would remain zero rated for all export
LAHORE – Federal Board of Revenue (FBR) has rolled up his sleeves to boost the thin taxbase. FBR is planning to gain complete access to the existing national and provincial databases to tap the tax potential. Meeting minutes of a recent broadening tax base (BTB) exercise show that FBR is seeking complete access to provincial land and properties records and vehicle registration and transfer transactions.
FBR is planning to establish retrievable access to existing databases,
LAHORE – Federal Board of Revenue (FBR) has eliminated the tax refund system for textile sector earlier imposed in the previous tax regime making the sector more productive and competent. All Pakistan Textile Association (APTMA) Chairman Gohar Ejaz briefed textile sector stakeholders on Tuesday about the changes introduced by the FBR. According to the changes, there will be no tax on units, which produces material for exports and units producing for domestic consumption would be asked
ISLAMABAD – The Federal Board of Revenue (FBR), here on Monday, launched a countrywide drive against tax evaders and non-filers, sending out notices to at least 1,500 individuals. The FBR has instructed acquirement of national taxpayer numbers (NTNs) and a start to tax payment, a senior official of the FBR said.
“Yes, we have launched a drive from March 21 (Monday) against tax evaders and those individuals who were not registered with tax authorities and evading taxes”, Inland
KARACHI – The Federal Board of Revenue Chairman Salman Siddique has said that bringing the agriculture sector into tax net is on the cards of the government under which agricultural commodities and their bye-products would be taxed.
He was speaking on a function organised under the auspices of Korangi Association of Traders and Industry (KATI) on Saturday. He said that some 2.3 million people form the privileged class does not pay taxes and to bring them in tax net, notices
ISLAMABAD – The government on Friday took another step inline with the apex court’s order to terminate the contractual employment of the retired employees as it fired three low-ranked individuals. However, no step was taken to terminate the services of FIA Director General Waseem Ahmed and others. The Federal Board of Revenue (FBR) terminated the services of the three employees after Prime Minister Yousaf Raza Gilani issued directives to expedite the implementation process. The