KARACHI: Towel Manufacturers Association (TMA) fully endorsed the positive efforts of the govt. to remove impediments in the way of country export enhancement. The biggest challenge for the leadership of the entire ruling party was how to save the export oriented industry from the shocks of post Covid-19. We as an Association congratulate the government for taking positive timely steps to save the export industry from total collapse i.e. refunding stuck-up amounts of Sales Tax and duty drawback, provided concessionary traffic rate, reducing the rate to long term financing facility (LTFF) & level playing field for the entire industry and frequently taking on board the business community for betterment of the economy and flourishing of the all sectors of the country. The end result is very much fruitful for the country’s economy and achievement of 29.89 percent growth in Towel Sector for the month of September 2020 as compared with last year in spite of the tumult of Covid-19 in current fiscal year.
ISLAMABAD: The Federal Board of Revenue (FBR) has imposed a ban on the Inland Revenue’s field formation for creating new field formations for creating new field for creating new filed units and ranges in different cities of the country. In the regard, the FBR has issued a circular to the chief commissioners in the field formation, here on Wednesday.
According to the FBR, a meeting of IR-Operations and Admin Wings of the FBR took place, wherein, the various requirements of IR field formations were discussed. During the meeting, it was observed that field formations had increased the number of units and ranges without taking into consideration the notified sanctioned strength of the field offices.
Pakistan’s production of edible ghee and cooking oil surged to record 4.5 million, which stands at a whopping level of Rs. 900 billion per annum due to local demand and consumption, said the newly elected Chairman of Pakistan Vanaspati Manufacturers Association (PVMA) for the year 2020-21, Sheikh Abdul Waheed.
Federal Board of Revenue (FBR) made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to provide information about transactions made through credit/debit cards and details of persons making a profit on debt through banking deposits.
Federal Board of Revenue (FBR) has intensified action against irregularity, corruption, and inefficiency and suspended ten more officers. The suspended Customs officers included seven Inspectors, two Superintendents, and one Appraising Officer. Since July, so far 36 officers and 19 officials have been suspended whereas three employees have been dismissed from service.
A meeting was held in the Federal Board of Revenue, Islamabad to take stock of the issuance of refunds under the Inland Revenue Courts i.e. Income Tax, Sales Tax, and Federal Excise. Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh presided over the meeting. Muhammad Hammad Azhar, Federal Minister of Industries and Production, Muhammad Azam Khan Swati, Minister of Parliamentary Affairs, Abdul Razak Dawood, Adviser for Commerce, Textile and Investment, Naveed Kamran Baloch, Faizullah Kamoka, Secretary Finance, and Chairman FBR Muhammad Javed Ghani were also present in the meeting. Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR made a presentation on the issue of refunds. The meeting was informed that a total of Rs. 142 billion of Sales Tax refunds were pending and Rs. 90 billion of Income Tax refunds were due for payment.
Raids are being conducted on dumping places used for storage of smuggled items and intelligence-based operations are being conducted in all major cities including Quetta, Peshawar, Karachi, Lahore, and Multan to root out the network of smugglers.
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.
Federal Tax Ombudsman (FTO) has decided a suo motu case against irregularities of Federal Board of Revenue's (FBR) field formations in making seizure of smuggled non-customs paid (NCP) vehicles, determination of assessable value and conduction of auction of the seized vehicles.
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.
Federal Government has launched first trade facilitation program of its kind under the name and banner of “Authorised Economic Operators”. The program has been chalked out in line with best international practices and in accordance with WCO security standards. Under the said program, Government will certify trustworthy business entities which could demonstrate that they are credible, secure and have a clean history of compliance with national laws and, in return, a policy of maximum facilitation will be adopted by all government departments toward such trusted entities so that they could concentrate on the growth of their businesses.
Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring Member FATE Mustafa Sajjad Hassan in the Board-in –Council Meeting. All the members of FBR attended the meeting and paid tribute to the services of retiring officer. Chairman FBR Syed Muhammad Shabbar Zaidi presented a shield to Mr. Mustafa sajjad Hassan on this occasion.
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.
Federal Board of Revenue (FBR) has issued directions to all officers and officials of FBR Headquarters and its Field Formations not to contact with any taxpayer or businessman in any form i.e. physical visit, telephonic/mobile calls, SMS or email etc, except when legally authorized to do so.
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.
Guard Agricultural Research & Services Limited (GUARD) is likely to export 300 metric tons of hybrid rice to Philippines this year. It is the second year in row that the Pakistani company will be exporting hybrid rice seed as last year it in collaboration with its Chinese counterpart Yuan Longping High-Tech Agriculture first time ever in country's history exported 50 metric tons of rice seed. Last export was on experimental basis to the same country and continuous export will open new window of earning foreign exchange for Pakistan.
KARACHI: The Customs Court issued non bail-able warrants against absconding suspects Muhammad Waqar, proprietor of M/s Qaari Traders Karachi, Farasat Ali, proprietor of M/s Impex International, Imran Khan, director of M/s Saif-ur-rehman, Nisar Ahmed and Nasir Khan who were allegedly involved in mega mis-declaration scam.
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.
Textile exporters Tuesday termed escrow account as the only solution to timely payment of exporters' GST refunds. Addressing a joint press conference, Pakistan Bedwear Exporters Association (PBEA) Chairman Shabbir Ahmad and Towel Manufacturers Association of Pakistan (TMA) Chairman Farrukh Maqbool, both representing the value added textile export sector of the country maintained that creation of dedicated head (escrow account) will guarantee the timely release of refunds for the specific export-oriented sectors, adding that it will also restrict the refund amount of exporters to be used for any other purpose.
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.
A five member delegation of Saudi Customs Authority visited Federal Board of Revenue, to discuss various matters of mutual interest and assistance. The Saudi Customs delegation was headed by Mr. Muhammad AlNuaim, Deputy Governor of Security Affairs. Pakistani side was headed by Mr. Shabbar Raza Zaidi, Chairman, Federal Board of Revenue. Mr. Muhammad Javed Ghani, Member (Customs-Policy), Mr. Jawwad Uwais Agha (Member-Operations) and other senior officers of Pakistan customs also participated in the meeting. Both sides shared their experiences in law enforcement domain and further explored avenues of future cooperation in following areas of mutual interest;
The first payment through FASTER module, against the refund claims for the tax period July, 2019, has been made on 2nd September, 2019, and the State Bank of Pakistan has confirmed the credit of the refund amount in the bank account of the claimant. It is highlighted that only 9 refund claims of five exporter-oriented sectors were received by Friday, the 30th August, 2019, and the payment has been made against the claim that was cleared by the risk management system of FASTER module. It is added that the number of refund claims received is not significant. FBR encourages the exporters to submit their claims in form Annex-H at the earliest so that their claims can be processed and paid.
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.
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.
Chinese foreign ministry’s spokesperson, Geng Shuang, said that China Pakistan Economic Corridor (CPEC) is a symbol of practical cooperation. He remarked that China would like to work with Pakistan to boost and enhance the CPEC endeavour for high-quality growth of people in both countries and neighbouring region. Shuang expressed that Hub Power Plant will suffice the energy demands of millions of Pakistani families. CPHGC Power plant is strategically significant as it is part of China’s early harvest energy projects under the CPEC plan.
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.
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.
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.
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.
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.
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.
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.
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:
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.”
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.
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: 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.