Tag Archives: Revenue

Revenue collection targets – Incentives for achievers, punishment for the negligent and corrupt

KARACHI – Officers of the Revenue Department who achieve the government-fixed targets would be rewarded and given incentives and those found negligent and involved in corruption would be punished, Sindh Chief Minister Qaim Ali Shah said on Monday. The chief minister was presiding over a high-level meeting at Chief Minister’s House to review the progress on revenue collection and various taxes in the province. Directing the revenue and tax collection departments to pay full attention

‘American Idol’ king of TV advertising revenue

LOS ANGELES – “American Idol” is the darling of TV advertisers, dwarfing other TV shows by raking in an estimated $7.11 million every half hour last year for the Fox network, according to a Forbes.com survey. The singing contest topped Forbes.com’s list of TV’s biggest moneymakers in 2010, despite sliding ratings last year and generally lackluster talent. Far behind “Idol” was America’s most-watched TV comedy “Two and A Half Men”, with an estimated $2.89 million in advertising revenue

Govt eyes Rs 210bn through cuts, revenue measures

ISLAMABAD – Finance Minister Dr Abdul Hafeez Shaikh on Wednesday said that the government would get Rs 210 billion through its announced expenditure cuts and revenue measures during the remaining quarter of the current financial year.
Briefing the media about the government plans for fiscal consolidation, he said that the rationalisation of expenditure had the full backing of the president, prime minister, armed forces and government departments. “The surcharge on income tax is

IMF fears FBR won’t collect targeted revenue

ISLAMABAD – The International Monetary Fund (IMF) has expressed reservations over the government’s claims that the Federal Board of Revenue (FBR) would manage collecting the targeted Rs 1,604 billion during the current fiscal year. An official source privy to technical level talks said the IMF team formed the opinion after the revenue collection data for the last eight months was presented to it. The IMF team was of the opinion that the target was not achievable without the imposition

Silkbank’s revenue jumps to Rs 1.524b

KARACHI – Silkbank Board, in its meeting on March 02, 2010, approved the annual accounts for the year 2010. Silkbank made a remarkable turnaround by more than doubling its revenue numbers. Total revenue in 2010 increased from Rs 719 million to Rs 1.524 billion, a growth of 112 percent. This achievement was attributed to the launch of new products, increase in business volumes and growth in non-fund based income. Cost of funds recorded a reduction and the overall yield on earning

FBR proposes plan to generate Rs 25b revenue

ISLAMABAD – The Federal Board of Revenue (FBR) Chairman Salman Siddique on Wednesday said the FBR had proposed a revenue generation plan of Rs 25 billion that included 15 percent flood surcharge on withholding and advance taxes and increasing 1.5 percent Special Excise Duty.
At a presentation to the Senate’s Standing Committee on Finance and Revenue on revenue shortfall for the fiscal year 2010-11, Siddique said the proposed revenue measures would be brought through legislation

Punjab govt set to abolish top revenue posts

LAHORE – The Punjab government has started the process of abolishing top revenue posts in districts and tehsils across the province, Pakistan Today has learnt. According to details, there are a total of 36 executive district officers (EDO) revenue and DO (R) posts in all districts, while nearly 140 deputy district officers (DDO) (R) are working across all tehsils of Punjab.
The provincial government has already initiated the “downsizing” drive and slashed various posts in grades

Revenue shortfall attributed to tax imbalances

KARACHI: The corporate sector in Pakistan is paying the highest rate of income tax in comparison to its counterparts in the region. Corporations in Pakistan are paying income tax at the rate of 35 percent while the corporate sectors in regional countries are taxed by between 20 to 33.99 percent in the category.
Despite the imposition of such a relatively high corporate tax rate in Pakistan, the country’s tax-to-GDP ratio is one of the lowest in the world and is one of the reasons

Revenue & power sector reforms – GST exemptions, power subsidies set to go from 1st

ISLAMABAD – The government has decided to start implementing revenue and power sector reforms by doing away with all exemptions under the general sales tax and subsidies on power tariff and petroleum products from February 1.
Official sources said the political leadership made the decision after the economic team informed it in clear terms that the national exchequer was left with no fiscal space to continue bearing Rs 20 billion per month in power tariff differential subsidy and

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