Jan 1

Incentives approved for exchange companies on dollar surrender

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved incentive program for exchange companies on surrendering dollars in interbank. Federal Minister for Finance and Revenue Shaukat Tarin, presided over Economic Coordination Committee (ECC) of the Cabinet. Finance Division tabled a summary on the proposal of SBP for incentives for exchange companies against […]

by Anjum Shah

Sales tax collection from textile sector jumps six-fold

Oct 4

Exclusive, Taxation

Sales tax collection from textile sector jumps six-fold

ISLAMABAD: The collection of sales tax from textile sector registered a six-fold increase in fiscal year 2019/2020 owing to elimination of zero-rated tax regime. According to official statistics released by Federal Board of Revenue (FBR) the sales tax collection from textile sectors sharply increased to Rs61.2 billion during fiscal year 2019/2020 as compared with Rs8.7 […]

by admin

Jan 12

Exclusive, Pakistan Customs

Pakistan Customs’ security, integrity at mercy of lappus

KARACHI: The sensitive data of Pakistan Customs and integrity of the department are totally at mercy of privately hired persons ‘lappus’ by Customs officers.

by Anjum Shah

FBR deploys IR officers at 20 sugar mills for monitoring of production, supplies

Dec 12

Exclusive, Taxation

FBR deploys IR officers at 20 sugar mills for monitoring of production, supplies

ISLAMABAD: Federal Board of Revenue (FBR) has deployed officers of Inland Revenue at 20 sugar mills to monitor production and supply for checking tax evasion. The IR officers have been deployed at the premises of sugar mills under Section 40B of Sales Tax Act, 1990 for the monitoring of stock, production and supply. Sources told […]

by Anjum Shah

Share of payment to Chinese imports increases 21.42pc

Nov 21

Exclusive, Finance

Share of payment to Chinese imports increases 21.42pc

KARACHI: The share of import payment to China has increased to 21.42 percent during first four months (July – October) 2019/2020 as compared with share of 18 percent in the corresponding period of the last fiscal year. The total payment for import from China was at $3.14 billion during first four months of current fiscal […]

by Anjum Shah

Tax collection witnesses negative growth after 51 years

Nov 16

Exclusive, Taxation

Tax collection witnesses negative growth after 51 years

ISLAMABAD: The revenue collection in 2018/2019 has witnessed negative growth after 51 years, according to year book released by Federal Board of Revenue (FBR). The historical revenue collection shows the tax collecting agency witnessed the negative growth in 1967/1968. Following is the historical revenue collection figures since 1948/1949: Rupees in million Year Total 1948-49 […]

by Anjum Shah

Income tax collection from doctors surges by 135pc; services sector contribution falls by 8.2pc

Nov 15

Exclusive, Taxation

Income tax collection from doctors surges by 135pc; services sector contribution falls by 8.2pc

ISLAMABAD: The income tax collection from doctors has witnessed unprecedented growth of 135 percent in fiscal year 2018/2019, according to official statistics of Federal Board of Revenue (FBR). The FBR revealed that the tax collection from doctors increased to Rs2.83 billion in fiscal year 2018/2019 as compared with Rs1.21 billion in the preceding fiscal year. […]

by Anjum Shah

Income tax return filing rises to record high of 2.66 million

Oct 28

Exclusive, Taxation

Income tax return filing rises to record high of 2.66 million

ISLAMABAD: The income tax return filing has increased to record high of 2.66 million for tax year 2018, according to returns filed up to October 27, 2019 for the said tax year. Officials of Federal Board of Revenue (FBR) attributed the record high to 100 percent higher withholding tax imposed on persons not appearing on […]

by Anjum Shah

Withholding tax collection on profit from bank deposits surges by 194pc

Oct 24

Exclusive, Taxation

Withholding tax collection on profit from bank deposits surges by 194pc

KARACHI: The collection of withholding tax from profit on bank deposits registered unprecedented growth of 194 percent during first quarter of first fiscal year as the tax rates increased by 100 percent for persons not on the Active Taxpayers List (ATL). Sources in Regional Tax Office (RTO) –II Karachi said that the withholding tax collection […]

by Anjum Shah

Post refund divisions to be set up at RTOs/LTUs to audit claims

Oct 23

Exclusive, Taxation

Post refund divisions to be set up at RTOs/LTUs to audit claims

ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs). According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division […]

by Anjum Shah