January 07, 2020

The newly established Model Customs Collectorate at Jinnah International Airport, Karachi, has collected customs duty amounting to Rs 10.836 billion as against the target of Rs 10.254 billion, depicting over 6 percent growth during the first six months of the current financial year.

KARACHI: Higher inflation has jacked up the revenue collection for Federal Board of Revenue (FBR) besides other factors including increase in tax rates and reinstatement of tax on telecom services, State Bank of Pakistan (SBP) said on Monday.

On the instructions of Syed Shabbar Zaidi, Chairman FBR, Customs Wing has issued instructions to all its field formations to verify the genuineness of all seized conveyances being used to transport smuggled goods through verification from Forensic Science Laboratory, Registration Database of Excise & Taxation Department and Customs Clearance documents. 

Chairman Federal Board of Revenue (FBR) Syed Muhammad Shabbar Zaidi has issued a letter to the Heads of all banks wherein reference to the earlier sent letter dated October 1, 2019 has been given and it has been stated that bank’s role is to act as a trustee/ custodian on behalf of the various customers for the acquisition of T-Bills, PIBs etc. No information in this respect has been received so far. This reminder letter is being written for the reason that FBR is obliged to ensure in order to comply with various regulatory requirements including those inducted by FATF that there is proper compliance of various regulatory environments.

MULTAN: Collectorate of Customs team foiled a bid to smuggle foreign currency and arrested a couple at Multan International Airport during joint operation with Anti-Narcotics force.

KARACHI: The Sindh High Court (SHC) directed customs department and deputy attorney general to file their comprehensive para wise comments on a constitutional petition filed by M/s Dua Industries and M/s Maya Corporation against detention of imported consignments of polyester filament yarn.

The All Pakistan Textile Mills Association (APTMA) Punjab Chairman Adil Bashir has said that the textile industry is ready for adopting renewable (solar hybrid) energy solutions to deal with sustainability and competitiveness issues.

LAHORE: Federal Board of Revenue (FBR) has assured that General Sales Tax (GST) will not be levied on jewellers having a shop smaller than 100 square feet and a notification in this regard will be issued during next week.

KARACHI: M/s Pak Telecom Mobile Limited approached the Sindh High Court against detention of a consignment comprising “directional, antenna with accessorize and “RRU with Huawei International PTE Ltd seized by customs officials due alleging mis-declaration.

Federal Board of Revenue (FBR) has stated that in order to provide liquidity support to the business and to promote economic activities in the country,  Government of Pakistan has decided to issue verified Sales Tax Refund of Rs. 22 Billion for all the years. Further, verified Income Tax Refund of Rs. 1.7 Billion (every case upto Rs. 1 lac)

Chairman Federal Board of Revenue Syed Muhammad Shabbar Zaidi has inaugurated a new software called Centralized Sales Tax & FED Assessment & Processing (CSTAP) to effectively monitor the sales tax returns. This software is inaugurated at FBR Headquarters which is developed by IR-Operations Wing of FBR.

KARACHI: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Wednesday said that the time has come for us now to stand on our feet, according to private media.

Pakistan has successfully launched two auxiliary corridors to CPEC by engaging Saudi Arabia and Russia to leverage its geostrategic location ultimately opening Moscow’s access to the Indian Ocean and Riyadh’s reach to Euro-Asian markets potentially circumventing long route of Suez Canal for Gulf Cooperation Council (GCC) giant.

RAWALPINDI – Due to the water reservoirs and soil erosion controlling structures over 45,000 acres land was made cultivable in Potohar and other arid areas of Rawalpindi region said Director General Agriculture (Field) Punjab Malik Ghulam Akbar.

ISLAMABAD: The production of tractors in the country during the last fiscal year (FY19) dropped by 30.59pc as compared the production in the corresponding period of last year.

ISLAMABAD: Commerce Adviser Abdul Razak Dawood said the government is focusing on boosting exports through tariff rationalisation to attract investment.

KARACHI/ISLAMABAD: Amid continuous declines at the stock market, a team of officials from the Securities and Exchange Commission of Pakistan (SECP) led by chairman Aamir Khan paid a visit to the brokers of Karachi.

ISLAMABAD: Federal Board of Revenue (FBR) and US. Agency for International Development (USAID) through its Pakistan Regional Economic Integration Activity (PREIA), jointly organized a one-day Stakeholders’ workshop on Pakistan Single Window (PSW) for managing Pakistan’s external trade at a local hotel in Islamabad.

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SLAMABAD: The WCO trainers provided training to BS-17-18 officers of Pakistan Customs Service and Pakistan Revenue Automation (Pvt) Limited about National Customs Enforcement Network System developed by WCO.

MULTAN: Collectorate of Customs relocated 13 employees including seven inspectors, three clerks and three sepoys to different locations.

KARACHI: The Sindh High Court (SHC) directed customs officials and deputy attorney general to file comments on a constitutional petition filed by M/s Perfect Craft (SMC-Pvt) Ltd against seizure of imported consignment of electro galvanized steel sheets in coils of secondary quality.

Persistent buying of fine cotton, helped the rates to maintain present levels on the cotton market on Tuesday, dealers said. The official spot rate did not move any side at Rs 7800, they added. In ready session, over 11000 bales of cotton changed hands between Rs 7550 and Rs 8225, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3000-3400,

Prime Minister Imran Khan while chairing a high-level meeting of federal cabinet ordered to establish CPEC Authority. CPEC Authority will be created to ensure nonstop progress. It will also provide coordination to all associated departments. PM Khan termed CPEC a strategic partnership between China and Pakistan which will ultimately benefit the whole region. PM Khan affirmed that timely completion of CPEC projects is the top priority of the government. He said PM Khan was briefed on the progress of many CPEC projects. He approved Pilot Project for PTV’s digitalization with Chinese assistance.

ISLAMABAD: Directorate of Intelligence and Investigation (Customs), Federal Board of Revenue (FBR), Peshawar has announced auction of confiscated vehicles on August 20, 2019.

KARACHI: The liquid foreign exchange reserves of the country fell by $41 million to $15.02 billion by week ended August 02, 2019 as compared with $15.061 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves held by the SBP fell by $38 million to $7.729 billion by week ended under review as compared with $7.767 billion by week ended July 26, 2019.

ISLAMABAD: The government has directed all federal ministries and institutions and the governments of four provinces, Azad Kashmir and Gilgit-Baltistan to submit by Sept 1 the declarations of assets held and acquired by their employees during the fiscal year ending June 30, 2019.

ISLAMABAD: Making a slow beginning, the government has disbursed only Rs15.4 billion to the country’s development programme in the first month of the current fiscal year, down 32 per cent from the comparable period last year.

The government’s battle against bloated trade deficit is bearing fruits as it shrank by 29 per cent in the first month of this fiscal year, driven largely by a decline in non-essential luxury items.

Clarification about Sales Tax Registration Number (STRN).

FBR issue the Circular for the Explanation of Residents of Pakistan. For the ease of fling of Income Tax Return.

It's a another Opportunity for TaxPayers which is grant by FBR to submit your Income Tax Returns and Declare all your assets by just paying the minimum tax on these benami accounts and benami properties. Don't Miss this opportunity.

Chairman Federal Board of Revenue Syed Muhammad Shabbar Zaidi has sent the draft Memorandum of Understanding (MoU) on cooperation between FBR and China’s State Administration of Taxation.

Royalty chargeable to 15pc tax: FBR

Pakistan Post expecting up to $1.5 billion FDI on public-private partnership model: Murad Saeed

Number of taxpayers increases by 700,000: FBR

The number of taxpayers in Pakistan has increased by 700,000 over the last one year, according to a private media outlet.

"FBR seeks income details of Karachi doctors"

The Federal Board of Revenue (FBR) has issued notices to renowned medical centres across Karachi, seeking income details of physicians and surgeons.

IFC to invest $2.5m to support tech startups in Pakistan

ISLAMABAD: The International Finance Corporation (IFC), a member of the World Bank Group, will invest $2.5 million in Sarmayacar, one of the first early-stage venture capital funds supporting tech-driven startups in Pakistan, to help boost entrepreneurship and spur economic growth.

Asad Umar warns of peak inflation in next four months.

Former finance minister Asad Umar said late Tuesday that according to his assessment inflation rates would peak in the next two to four months.

In an interview with a private news channel, Umar said that after the two to four months, the inflation rate would slowly start going down.

August 01, 2019--FBR collects Rs277 billion n revenue in July 2019.

The Federal Cabinet has decided that Finance Bill for the next fiscal year will include measures to prevent illicit trade of tobacco and impose 'Health Tax' on tobacco and carbonated drinks. Sources said that the decision to this effect was taken by a meeting of the federal cabinet on May 28, 2019.

The employees including salaried class must take tax adjustment from their employers instead of waiting for refunds from the Federal Board of Revenue (FBR). Imtiaz Ahmad Khan, IT Expert and former general manager of Pakistan Revenue Automation Limited (PRAL)-FBR explained that the employees should avail the benefits already available to them under Income Tax Ordinance 2001. The employees can easily get their adjustments from their employers and no need for waiting for refunds. The employees are entitled to tax adjustments from their employers under the law.

Finance Bill (2019-20) will introduce key tax reforms for facilitation of taxpayers and promote transparency within the tax machinery of the Federal Board of Revenue (FBR). Budget makers are seriously considering different facilitation proposals in coming budget and approved proposals would be made part of the Finance Bill 2019-20. This requires legal and procedural changes in the federal tax laws in the upcoming budget. Among other proposals, key tax reforms for facilitation of taxpayers and to promote transparency are:

Following immense pressure from various quarters, the Federal Board of Revenue (FBR) is planning to abolish advance tax on tobacco in the budget (2019-20) through Finance Bill 2019.

ISLAMABAD: Adviser to Prime Minister on Commerce, Textile, Industry and Production Abdul Razak Dawood has said that all possible resources would be utilized for revival of cotton crop.

KARACHI: The Sindh Revenue Board during the month of November collected revenue of Rs 7.986 billion as compared to the revenue of Rs 6.652 billion collected during November last year registering a growth of 20.06pc.

The Federal Board of Revenue (FBR) has recovered Rs. 5.2 billion from its ongoing crackdown against tax defaulters and non-compliant wealthy individuals.

The board has also taken action against 4,512 bank accounts, vehicles, and properties while arresting nine defaulters. The FBR has released official data regarding the outcome of the ongoing drive against tax evaders.

The revenue authority said that the crackdown on tax defaulters in all major cities of the country “would continue in coming months especially against the tax defaulters and the persons out-of-the-tax-net.”

Focus Areas

In a written statement, the FBR stated that the drive particularly focuses on three important areas.

“The areas are enforcement action under section 175 of Income Tax Ordinance 2001 as well as sections 38 and 40B of the Sales Tax Act 1990, which give tax officials the power to enter and search premises as well as post inspection officers on the premises to monitor sales and inventory position,” reads the statement.

Exercising these powers, the authority has taken action against 424 cases that concerned Rs. 8.27 billion in revenue out of which Rs. 3.282 billion was recovered.

Federal Board of Revenue (FBR) on Friday launched new Active Taxpayers List (ATL) for Tax Year 2018, which is showing around 1.6 million taxpayers filed their income tax returns by respective due dates.

SRO 107(I)/2019 withdrawal of Customs Duty of Cotton.

KARACHI: Government of Pakistan will implement a comprehensive import tariff next year under the National Tariff Policy, which would be announced by June 2019, Advisor of Prime Minister on Commerce and Industry Abdul Razzak Dawood said.

KARACHI: On persistent persuasion of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), the Federal Board of Revenue (FBR) has agreed to do away with the discrimination in taxes between industrial and commercial importers of raw material and to levy a uniform rate on raw material for both type of importers.

KARACHI: Prime Minister Imran Khan has assured stock brokers to rationalize taxation regime on stock market and equity trading.

KARACHI: The Directorate of Transit Trade Karachi has advised the management of South Asia Pakistan Terminals (SAPT) to provide equipment and facilities to the Customs staff at the hall of transit trade.

KARACHI: Overseas Pakistani workers remitted $9.028 billion in the first five months (July to November) of FY19, showing a growth of 12.56 percent compared with $8.021 billion received during the same period in the preceding year.

• KARACHI: As per the data released by All Pakistan Cement Manufacturers Association (APCMA), total cement dispatches for the month of November 2018 arrived at 3.90mn tons versus 3.94mn tons registered during the same month last year, down by a meager 1.0 percent.

KARACHI: A bench of Sindh High Court on Monday reserved judgment in two separate but identical criminal revision applications after hearing arguments in detail.

KARACHI: The Federal Board of Revenue (FBR) plans to track and trace each cigarette pack, as the revenue body expects to increase its revenue from sale of cigarettes in Pakistan.

A sector specialist is required as technical assistance to FBR for Track and Trace Study for e-stamping of tobacco products.