Banks have potential to contribute more tax revenue by expanding services: FBR research

KARACHI: Federal Board of Revenue (FBR) said that Pakistan’s financial system has potential to generate more revenue by expanding services. The banking system is making huge profit and bringing more customers the revenue for national exchequer will increase accordingly. In a research conducted by FBR officials on banking system in… Continue reading

FBR web-portal malfunctioned, taxpayers unable to file returns online

KARACHI: Karachi Tax Bar has demanded the Federal Board of Revenue (FBR) to allow filing of income tax returns as its members were unable to filer returns due to slow functioning of the web portal, frequent disappearance of data fed on return/wealth forms at the e-web portal and sudden logout… Continue reading

Preventive makes recovery of goods worth Rs35.57 million in anti-smuggling drive

KARACHI: Model Customs Collectorate (MCC) of Preventive, Karachi has seized goods worth Rs35.57 million during first week of November 2013 in the ongoing anti-smuggling drive. The Preventive Collectorate launched the drive on the directives of Tariq Bajwa, Chairman, Federal Board of Revenue (FBR) and Nisar Muhammad Khan, Member Customs to… Continue reading

New tax laws on immovable property must be enforced for huge revenue generation: FBR report

Karachi: The real state sector has tremendous potential for revenue generation by incorporating capital gains on immovable property through the enactment of new tax laws with proper documentation and registration of sales/purchase of property and a dire need to reactivate the enforcement wing of Inland Revenue Service (IRS). Many individuals… Continue reading

Repairs/maintenance of Govt. vehicles; Measures notified to check misappropriation of funds

KARACHI: In order to check improper maintenance of repairs records and alleged misappropriation of public money, the Model Customs Collectorate (MCC) of Appraisement-West has directed all concerned to maintain movement registers and log books of government operational vehicles. All official vehicles are to be operated and maintained as prescribed vide… Continue reading

Customs agents successful strike ends without demand acceptance

KARACHI: Clearing agents have ended the successful strike – launched for an indefinite period – on the second day without approval of their demand as customs authorities threatened them of opening of past fraudulent cases and lodging of FIRs. The sources said that the customs agents on Wednesday held talks… Continue reading

FBR requested to allow setting up customs check posts along entry points of Karachi

KARACHI: The Chief Collector of Model Customs Collectorate (MCC) Preventive has requested the Federal Board of Revenue (FBR) to allow two check posts to create deterrence against entry of smuggled goods into Karachi. Sources told that the collector preventive in August sent a letter to FBR chairman for preventing… Continue reading

Finance Minister, Chairman FBR to visit Custom House

KARACHI: Chairman Federal Board of Revenue (FBR) is scheduled to visit Custom House Karachi on Monday ahead of the visit of Federal Minister for Finance, Ishaq Dar. Ishaq Dar would be visiting the Customs House on Tuesday. Officials said that since the revenue of Customs Collectorate (South) had drastically declined… Continue reading

Directorate of Customs Valuation revises customs values of old, used machinery

KARACHI: The Directorate General of Customs Valuation has revised the customs values for the import of old and second hand machinery vide Valuation Ruling No. 571/2013. According to details, a representation was made by the All Pakistan Power Looms Association before the Honorable Tax Ombudsman for determination of customs values… Continue reading

FBR warns officers approaching international organizations directly for employment

KARACHI: The Federal Board of Revenue (FBR) has warned all the officers/officials of the Division to seek prior NOC/approval from the Establishment Division before applying for employment with international organizations. The FBR forwarded the directives of Cabinet Secretariat of Establishment Division that read that it has been noted with concern… Continue reading