Sales tax rationalized to increase government revenue
KARACHI: In order to arrest the declining revenue trends, the federal government has proposed to revise and raise incidence of sales tax on various imports and sectors. Steel sector is…
Federal Budget 2017-18 proposes several sales tax exemptions
KARACHI: Government of Pakistan through Federal Budget 2017-18 has reduced sales tax on fertilizers to replce subsidy. Due to complications in payment of subsidy to fertilizers manufacturers and importers, the…
Government announces relief and revenue measures in federal budget
KARACHI: Government of Pakistan through Federal Budget 2016-17 has announced several relief measures for local industry along with various revenue measures and tariff rationalization. The relief measures include reduction of…
Tax on mobile phone services reduced
KARACHI: Government of Pakistan has decided to reduce taxe on mobile phone service usage as a reduction of withholding tax and Federal Excise Duty on telecom services is proposed through…
IT companies, tech start-ups given three-year tax holiday
KARACHI: Government of Pakistan has announced a tax holiday for tech-start-up companies and software houses for a period of three years. Proposed budget for 2017-18 said that all IT exports…
Tax on smart phone import reduced
KARACHI: Government of Pakistan has reduced tax on imported smartphones. According to details, one category — for which import duty was Rs. 1,000 — the rate of duty has been…
Exemption of withholding tax for branchless banking agents
KARACHI: The government has given a relief to branchless banking sector through exemption of withholding tax on cash withdrawal for agents associated with branchless banking companies. Accordingly, agents could save…
Government continues super tax for another year
KARACHI: The government has decided to continue the super tax levied for another year, it was imposed in 2015-16 for the purpose of rehabilitating temporary displaced persons (TDP) affected by…
Stock market disappointed with federal budget 2017-18
KARACHI: The federal budget announcement for fiscal year 2017-18 came rather disappointing for the stock market as finance ministry igonred all its recommendations and instead raised the incidence of tax…
FBR empowered to sign agreements with foreign, international organizations
KARACHI: The Finance Bill 2017 has empowered Federal Board of Revenue (FBR) to enter into mutual legal assistance agreements on customs matters with other foreign and international organizations. The Bill…
Suspension of WeBOC user ID is appeal-able before Chief Collector
KARACHI: The Finance Bill 2017 has given unlimited power to the chief collector of annulling, modifying or confirming the order passed by the collector suspending user ID of an importer…
Declared value to be assess-able value
KARACHI: The value of an imported consignment declared in the goods declaration (GD) or the value mentioned on the invoice retrieved from the consignment will be assess able value if…
Salaries of government employees raised by 10 percent
KARACHI: Finance Minister Ishaq Dar has proposed an ad-hoc increase of 10 percent in salaries of government’s employees in the Federal Budget 2017-18. Unveiling the federal budget in the National…
FBR to remain open on Saturdays
KARACHI:Federal Board of Revenue (FBR) has notified that all offices will remain open on Saturdays till June 30, 2017 in order to meet revenue collection target of Rs3,621 billion for…
Appraisement South collectorates assigned revised revenue collection targets for last quarter
KARACHI: Chief Collector Appraisement South has revised upwards the revenue collection targets of all collectorates within the jurisdiction of Appraisement South for the last quarter of the current fiscal year…
MCC Preventive recommends cash reward for staff
KARACHI: MCC Preventive Karachi has forwarded a list of officers for two basic salaries as cash reward as the team had delivered remarkable performance surpassing all revenue collection targets. MCC…
Officials seek transfers as they were stuck at similar position for over eight years
KARACHI: Director Internal Audit Customs, Karachi Imtiaz Ahmed Shaikh has forwarded an application to Member Admin-FBR of Inland Revenue Audit Officer BS-18 Adeel Ahmed Shah seeking transfer back to his…
Pakistan Customs revenue collection surges by 5.4 percent
KARACHI: The overall revenue collection by Pakistan Customs in the fiscal year so far i.e. seven months (July-January 2016-17) stood at Rs639.056 billion, up 5.4 percent as against Rs606.16 billion…
Inland Revenue Inspectors promoted as Inland Revenue Officers
KARACHI: The Federal Board of Revenue (FBR) has notified promotion of 37 Inspectors Inland Revenue and Assistant Private Secretaries of BS-16 as Inland Revenue Officers in BS-16.
FBR shuffles newly appointed assistant commissioners
KARACHI: Federal Board of Revenue (FBR) has shuffled the newly appointed Assistant Commissioners of Inland Revenue Service (IRS) with immediate effect.