Tax Updates News & Views

All resources to be utilized for revival of cotton crop: Razak Dawood
2019-05-03 15:25:59

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.

 

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SRB registers growth of 20.6pc in tax collection
2019-05-03 15:18:27

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.

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FBR Recovers Rs. 5.2 Billion in Drive Against Tax Defaulters
2019-03-28 14:46:31

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.

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FBR issued ATL for Tax Year 2018, Active taxpayers decline to 1.6 million
2019-03-04 17:10:22

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.

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SRO
2019-02-11 13:41:19

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

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Government of Pakistan to implement national import tariff by June 2019
2018-12-11 11:35:12

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.

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FBR agrees to a uniform rate of tax on industrial and commercial imports of raw material
2018-12-11 11:31:33

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.

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PM Imran Khan agrees to ease taxation on equity trading
2018-12-11 11:28:22

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

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SAPT management advised to facilitate Customs staff
2018-12-11 11:23:48

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.

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Overseas Pakistanis remit $9.02 billion
2018-12-11 11:17:30

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.

 

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Pakistan’s cement dispatches remain flat in November 2018
2018-12-11 11:15:32

  • 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.

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SHC reserves judgment in revision appeals of accused booked in mis-declaration case
2018-12-11 11:06:33

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

 

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FBR to track and trace cigarettes as revenue enhancement measure
2018-12-04 14:36:01

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.

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DISCLAIMER: All information has been given in good faith; however, the Readers must see actual text from Officials Websites of the Dept. and Libraries.