Dec 12

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 Mrs. Anjum Shahnawaz

Intelligence discovery of around Rs1bn evasion raises question on customs collectorates performance

Dec 11

Pakistan Customs

Intelligence discovery of around Rs1bn evasion raises question on customs collectorates performance

KARACHI: Performance of customs officials in clearance of imported has become questionable following back to back detection of around Rs1 billion by intelligence wing. Directorate of Intelligence and Investigation (I&I) Customs pointed out tax avoidance of an amount of Rs221 million by Oil and Gas Development Company Limited (OGDCL) and recovered the same. In another […]

by Mrs. Anjum Shahnawaz

LTU Karachi detects mega tax evasion of Rs18 billion by a company

Dec 10

Taxation

LTU Karachi detects mega tax evasion of Rs18 billion by a company

KARACHI: Large Taxpayers Unit (LTU) Karachi has detected mega tax evasion to the tune of Rs18 billion by a company. The unit, which is the largest revenue contributor towards total Federal Board of Revenue (FBR)’s total collection, issued a statement on Monday saying that it had detected evasion of sales tax to the tune of […]

by Mrs. Anjum Shahnawaz

FBR to initiate criminal proceedings in tax evasion above Rs10 million

Nov 3

Taxation

FBR to initiate criminal proceedings in tax evasion above Rs10 million

ISLAMABAD: Federal Board of Revenue (FBR) will initiate criminal proceedings in those cases where tax evasion above Rs10 million is detected.

by Mrs. Anjum Shahnawaz

Finance Bill 2019: severe punishment proposed for offshore tax evasion

Jun 15

2019-2020, Budget

Finance Bill 2019: severe punishment proposed for offshore tax evasion

ISLAMABAD: The government has proposed severe punishment for tax evasion through Finance Bill 2019. According to commentary on Finance Bill, 2019 by EY Ford Rhodes Chartered Accountants, the country in the recent past had witnessed a lot of hue and cry in respect of undeclared assets / wealth accumulated and held abroad by resident of […]

by Mrs. Anjum Shahnawaz

Jun 6

Taxation

Taxation not widely considered as civic duty in Pakistan

ISLAMABAD: The taxation has not been widely considered as civic duty in Pakistan, the World Bank said in a report issued recently. The World Bank said that tax evasion is pervasive due to low tax morale and legal loopholes that enable high-value individuals to conceal their incomes. Few Pakistani citizens think of themselves as taxpayers, […]

by Faisal Shahnawaz

Monitoring of Withholding Tax: FBR launches mega operation against textile, sugar companies for tax evasion

May 29

Taxation

Monitoring of Withholding Tax: FBR launches mega operation against textile, sugar companies for tax evasion

ISLAMABAD: Federal Board of Revenue (FBR) has launched mega crackdown against textile and sugar sectors for suppressing sales and evading tax by issuing fake and flying invoices. Sources in FBR told PkRevenue.com on Wednesday that through monitoring of withholding taxes under Section 236G and 236H of Income Tax Ordinance, 2001 it had been observed that […]

by Faisal Shahnawaz

Amnesty Scheme 2019 unveiled; 4pc tax for documenting hidden assets; applicable till June 30

May 15

Taxation

Amnesty Scheme 2019 unveiled; 4pc tax for documenting hidden assets; applicable till June 30

ISLAMABAD: The federal government finally announced tax amnesty scheme 2019 for people having undisclosed assets to become part of documented economy. The scheme has been announced at four percent of tax to declared hidden assets other than immovable properties. The scheme is available for Pakistani citizens who have evaded taxes other than public office holders. […]

by Faisal Shahnawaz