Pkrevenue.com

Category: Taxation

Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.

  • Peshawar customs announces auction of confiscated mobile phones on Sept 27

    Peshawar customs announces auction of confiscated mobile phones on Sept 27

    ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced public auction of confiscated mobile phones to be held on September 27, 2019 at State Warehouse.

    Following mobile phones will be offered for the auction:

    01. 55 pieces of SAMSUNG GALAXY CORE 2 DUOS (22 pieces) and SAMSUNG GALAXY J1 (33 pieces)

    02. 53 pieces SAMSUNG GALAXY J1 (23pieces) and SAMSUNG GALAXY CORE 2 DUOS (30 pieces).

    03. 1987 pieces of Q 3310 Mini Mobile Phones.

    04. 8 pieces of Q Mobile D4 Phone.

    05. 45 pieces of SAMSUNG MOBILE PHONE (J56SM-J510-F/DS).

    06. 800 pieces of Voice Mobile Phone V-105 (580 pieces), V-840 (60 pieces) and V-2426 (160 pieces).

    07. Total 04 pieces of NOKIA (107) Mobile Phone (02 pieces), G Five (Model 1226)=01-No & Q Mobile (H50) =01-No.

    08. Total 174 pieces of Q MOBILE (L9)

    09. 14 pieces of Q MOBILE Phone (L7).

    10. 06 pieces of Q MOBILE Phone XL3000 =01-No & Q Mbile E2000 PARTY=05-Nos.

    11. Total 481 pieces of Nokia 1134 Mobile Phones =119-Nos, 1110 116-Nos, 1035 80-Nos, 944 45-Nos, 1136 62-Nos & 1133 59-Nos.

    12. 05 pieces of Samsung Galaxy Alpha Mobile Phones =04-Nos and IPhone GSM=01-No.

    13. 05 pieces of Q Mobile K-180.

    14. 22 pieces of Samsung G570F =18-Nos, Samsung G610F 01-No, Samsung G313 01-No Motorolla XT1030 01-No & HTC X200 01-No.

    15. 02 pieces of Samsung Galaxy Alpha SM-G580 F Mobile Phones.

    16. Total 117 pieces of Samsung Galaxy Core 2 Duos SM-G355H =112-Nos, Samsung Galaxy Note 4 01-No, Samsung Iphone =01 No, Samsung Galaxy Tab 5 02-Nos & Tab 4 01-No.

    17. 99 pieces of Q Mobile Commando 1.

    18. 64 pieces of Samsung Galaxy J5 23-Nos Galaxy J2 25-Nos & Samsung A3 (6) 16-Nos.

    19. 26 pieces of Nokia N1 616 Mobile Phone =01-No, Nokia N106 21-Nos, Nokia N1280 01-No & Nokia N1202 03-Nos.

  • Inland Revenue offices to remain open till midnight on Sept 30 for tax collection

    Inland Revenue offices to remain open till midnight on Sept 30 for tax collection

    ISLAMABAD: All the offices of Inland Revenue will remain open till 12:00 midnight on September 30, 2019 for the collection of duty and taxes and facilitate income tax return filing.

    The Federal Board of Revenue (FBR) on Thursday issued an office order directing all the chief commissioners of Large Taxpayers Units (LTUs)/Regional Tax Offices (RTOs) and Corporate RTOs to observe extended working hours till 12:00 midnight on Monday September 30, 2019 to facilitate the taxpayers in payment of duties and taxes and filing of income tax returns and statements.

    The chief commissioners have also been asked to establish liaison with State Bank of Pakistan (SBP) and authorized branches of National Bank of Pakistan to ensure transfer of tax collection by these branches on September 30, 2019 to the respective branches of SBP on the same date.

  • FBR urges taxpayers for return filing by due date to get ATL status

    FBR urges taxpayers for return filing by due date to get ATL status

    KARACHI: Federal Board of Revenue (FBR) on Thursday urged individuals/companies to file their annual returns by due date in order to get their names into Active Taxpayers List (ATL).

    (more…)
  • Transfer of funds through misdeclaration included into punishable offences

    Transfer of funds through misdeclaration included into punishable offences

    KARACHI: Federal Board of Revenue (FBR) has included illegal transfer of funds through mis-declaration into the list of punishable offences.

    The FBR issued Customs Act, 1969 updated June 30, 2019 incorporating changes brought through Finance Act, 2019.

    The customs officials said that a new section 32C was introduced to Customs Act, 1969 through Finance Act, 2019 for including misdeclaration of value for illegal transfer of funds into or out of Pakistan as punishable offence under the customs law.

    Section 32C: Mis-declaration of Value for illegal transfer of funds into or out of Pakistan.

    (1) Without prejudice to any action that may be taken under this Act or any other law for the time being in force, if any person overstates the value of imported goods or understates the value of exported goods or vice versa, or using other means including short-shipment, over-shipment, with a view to illegally transferring funds into or out of Pakistan, such person shall be served with a notice to show cause within a period of two years from the date of detection of such mis-declaration as to why penal action shall not be initiated:

    Provided that if goods have not been cleared from customs, such goods shall also be liable to be seized:

    Provided further that a team consisting of Additional Collector, duly assisted by an expert in the relevant field and an officer of State Bank of Pakistan (SBP) as specified, shall submit a report in writing with evidence for the Chief Collector. The said report shall also be furnished to the SBP for action, if any, under the law regulated by SBP.

    (2) Any proceedings under this section, shall not be initiated, without the explicit approval of Board.

    The customs officials said that if any person commits offence under this section then such person shall be liable to penalty not exceeding two hundred thousand rupees or three times the value of goods in respect of which such offence is committed whichever is greater; and such goods shall be liable to confiscation.

    Further, upon conviction by a special judge the offender shall be liable to imprisonment for a term not exceeding five years and to a fine which may extend up to one million rupees.

  • Resident having foreign income above $10,000 required to file return, wealth statement

    Resident having foreign income above $10,000 required to file return, wealth statement

    KARACHI: A resident person having foreign income of above $10,000 is required to income tax return and wealth statement from tax year 2019 and onwards.

    According to officials of Federal Board of Revenue (FBR) the income tax return and wealth statement filing had been made mandatory for a Pakistani individual having foreign income above $10,000 or having foreign assets above $100,000.

    The officials said that the law was introduced through Finance Act, 2018 and from tax year 2019 such persons are required to file their income tax returns.

    Through Finance Act, 2018, Section 116A was inserted to Income Tax Ordinance, 2001, which stated:

    Section 116A: Foreign income and assets statement.

    (1) Every resident taxpayer being an individual having foreign income of not less than ten thousand United States dollars or having foreign assets with a value of not less than one hundred thousand United States dollars shall furnish a statement, hereinafter referred to as the foreign income and assets statement, in the prescribed form and verified in the prescribed manner giving particulars of—

    (a) the person’s total foreign assets and liabilities as on the last day of the tax year;

    (b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and

    (c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.

    (2) The Commissioner may by a notice in writing require any person being an individual who, in the opinion of the Commissioner on the basis of reasons to be recorded in writing, was required to furnish a foreign income and assets statement under sub-section (1) but who has failed to do so to furnish the foreign income and assets statement on the date specified in the notice.

    Related Stories

    FBR launches simplified wizard for income tax return filing

  • FATC Cell established at FBR Chairman office

    FATC Cell established at FBR Chairman office

    ISLAMABAD: A cell of Financial Action Task Force (FATF) has been established at the office of Chairman, Federal Board of Revenue (FBR) Headquarter, Islamabad to ensure timely completion of FATF related issues, a notification said on Wednesday.

    The FATF CELL will serve as focal point for all activities related to FBR’s compliance to FATF issues.

    The FATF Cell shall:

    i. Make periodical reports/papers/briefs for discussion in the FATF related meetings.

    ii. Coordinate with FATF Cell at Intelligence and Investigation (I&I) FBR, Islamabad and all other agencies related to FATF action plan.

    iii. Conduct research and compile reports for effective improvement of the FATF Cell working in FBR HQ.

    iv. Any other task assigned from time to time.

    The FBR further said that the following officers have been transferred / posted at FATF Cell with immediate effect and until further orders:

    01. Syed Asad Raza Rizvi, Pakistan Customs Service (PCS) BS-20 has been transferred to Chief, FATF Cell, FBR Headquarters, Islamabad from the post of Director, Directorate of Intelligence and Investigation-FBR, Multan.

    02. Muhammad Waqas Hanif, Inland Revenue IRS/BS-19 has been transferred and posted as Secretary, FATF Cell, FBR, HQ, Islamabad from the post of Additional Director, Directorate General of I&I, IR, Islamabad.

    03. Muhammad Asif (PCS/BS-19) has been transferred and posted as Secretary, FATF Cell, FBR, HQ, Islamabad from the post of Additional Director, FATF Cell, Directorate General of Intelligence and Investigation, FBR, Islamabd.

  • Customs Preventive announces auction of used cars on September 26

    Customs Preventive announces auction of used cars on September 26

    KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of used vehicles on September 26, 2019 to be held at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi.

    Following used vehicles to be presented for auction:

    01. Toyota Lexus Car, Reg No. US-868, Model 2006, Chassis No. JTHBG963905034702

    02. Toyota Harrier Jeep 2999CC, Reg. No. JAA-454, Model 1998, Chassis No. MCU-10-0013510

    03. Toyota Mark-II Saloon Car 1800HP/ Reg. No. BBL-708, Model 2000, Chassis No. JZX110-6000922

    04. Toyota AXIO-X Car 1496CC, Reg. NO. BFE-068, Model 2007, Chassis No. NZE-141-6028039

    05. Toyota Land Cruiser Jeep 3400CC, Reg. No. BG1131, Model 1989, Chassis No. BJ60-023765

    06. Mercedes Benz Saloon Car, Reg No. BFF-014, Model 2007, Chassis No. WDD2193222A117436

    07. Toyota Land Crusier Jeep 4663 CC, Reg. No. BF-2237 ( Sindh), Model 1999, Chassis No. UZJ100-0081129

    08. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF2237 (Sindh), Model 1999, Chassis No. VZJ95-0070909

    09. Toyota Surf Jeep, Reg. No. BF-9252, Model 1998, Chassis No. RZN185-9019896

    10. Toyota Hilux Surf Jeep 2446CC, Reg. No. CJ-4242 (Sindh), Model 1990, Chassis No. LN130-0026273

    11. Nissan-X Trail 5 Door Jeep, Reg. No. GR-621, Model 2005, Chassis No. NT30-100374

    12. Toyota Mark-X Car 2499CC, Reg. No. BFB-837, Model 2005, Chassis No. GRX 120-3007142

    13. Toyota Land Cruiser Jeep 4476CC, Reg. No. BF-5933, Model 1995, Chassis No. FZJ 80-0109507

    14. Honda Civic Hybrid Car 1339CC, Reg. No. AND-312, Model 2008, Chassis No. FD 3-1203642

    15. Toyota PASSO Car 996CC, Reg. No. GS-6996, Model 2010, Chassis No. KGC 30-0044392

    16. Toyota AIXO Car 1496CC, Reg. No. KCH-434, Model 2006, Chassis No. NZE141-6003694

    17. Toyota Mark-X Car 2499CC, Reg. No. QG-966, Model 2005, Chassis No. GRZ120-1004220

    18. Toyota Land Cruiser PRADO 3378CC, Reg. No. BF-8507, Model 1998, Chassis No. VZJ90-0003998

  • Provinces collect Rs7.03 billion as property tax

    Provinces collect Rs7.03 billion as property tax

    ISLAMABAD: The province have collected Rs7.03 billion as property tax during fiscal year 2018/2019 as compared with Rs5.55 billion in the preceding fiscal year, showing growth of 26.57 percent, according to details issued by the federal finance ministry.

    The collection of property tax is provincial jurisdiction and the provinces collected the tax on rental of immovable property. The sources said that the increase in tax revenue under this head was due to revision in valuation of rents on immovable properties by the provinces.

    The break-up shows that the province of Punjab collected Rs2.816 billion as property tax during fiscal year 2018/2019, which is 23.6 percent higher when compared with Rs2.278 billion in the preceding fiscal year.

    Sindh collected Rs2.85 billion as property tax during the last fiscal year, showing 41.2 percent growth when compared with collection of Rs2.016 billion in the preceding fiscal year.

    Khyber Pakhtunkhwa also collected Rs1.15 billion during the fiscal year 2018/2019 as compared with Rs1.13 billion in the preceding fiscal year.

    Baluchistan collected property tax to the tune of Rs213 million in the last fiscal year as compared with Rs122 million in the preceding fiscal year.

  • FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

    FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

    ISLAMABAD: Federal Board of Revenue (FBR) has launched monitoring of sales tax and federal excise duty following huge gap detected in indirect revenue collection.

    “There appear to be a big gap between actual collection of sales tax / federal excise and its true potential,” the FBR said in a communication sent to all Chief Commissioners of Inland Revenue.

    The FBR said that in order to bridge the gap numerous amendments were made in Sales Tax Act, 1990 and Federal Excise Act, 2005 through Finance Act, 2019.

    Now administrative measures are required to be strengthened / implement the policy corrections/

    The FBR directed the field formations to adopt the following steps in addition to their regular actions:

    01. Immediate action on non-files of July and August 2019, especially where the registered persons have filed their sales tax returns for the tax periods of May and June 2019. In addition, desk audit of the registered persons who filed returns for the month of July and August 2019 to be conducted especially those who were previously included in five reduced / zero rated sectors.

    02. Monitoring of registered persons paying sales tax under Eighth Schedule of the Sales Tax Act, 1990 especially in those cases where registered persons are supplying at reduced rate.

    03. Sectoral analysis/reports must be made by the field formations having jurisdiction over a specific sector, and these reports should be shared with the FBR as well as other field formations having jurisdiction over same sectors. Any success stories be identified.

    04. The registered persons dealing in third schedule items should be specifically monitored to ensure the sales tax is being paid on the retail price.

    05. Printing of retail price has to be ensured and price lists of all such products have to be obtained from the manufactured/importers filing in Third Schedule to compared with the printed prices of products supplied in market.

    06. Monitoring of stock position as on June 30, 2019 filed by the manufacturers/importers of goods which have been included in Third Schedule to ensure that supply is made and tax is charged on retail price.

    07. Timely filing of sales tax/federal excise returns along with all the annexure should be ensured. It has been observed that the registered persons do intentionally skip some annexures while filing the returns.

    08. Analysis of Annexure J showing the sale, production and stock must be at regular basis.

    09. Special focus should be made on those cases which have piled up massive carry forward and are only paying sales tax under Section 8B of the Sales Tax Act, 1990.

    10. FBR instructions / SOP for revision of the Sales Tax Returns should be followed in letter and spirit.

  • SRB suspends sales tax registration of Wateen Telecom

    SRB suspends sales tax registration of Wateen Telecom

    The Sindh Revenue Board (SRB) has suspended the sales tax registration of Wateen Telecom Limited due to the company’s failure to remit collected sales tax to the provincial treasury. The decision came after an audit revealed significant lapses in tax payments by the telecom provider.

    (more…)