MCC Islamabad surpasses revenue collection targets
KARACHI: MCC Islamabad led by Collector Arslan Subuctageen has surpassed all revenue collection targets as the total collection for the year 2015-16 stood at Rs17.422 billion, which is 8.0 percent…
IRS officers promoted
KARACHI: The Departmental Promotion Committee (DPC) of Federal Board of Revenue (FBR) has recommended promotion of officers of Inland Revenue Service (IRS) from BS-17 to BS-18 subject to completion of…
FBR meets revenue collection target
KARACHI: The federal Board of Revenue (FBR) collected Rs3.104 trillion in taxes in fiscal year 2015/16, the finance ministry said on Friday, the first time it has met its tax…
FBR directs IRS/PCS officers to submit annual declaration of assets
KARACHI: The Federal Board of Revenue (FBR) has advised all the officers of Pakistan Customs Service (PCS) and Inland Revenue Service (IRS) to forward their annual declaration of assets for…
Chairman FBR congratulates Large Taxpayers Unit
KARACHI: Chairman Federal Board of Revenue (FBR) has lauded the performance of the officers of Large Taxpayers Unit (LTU) for crossing Rs1.0 trillion revenue collection mark. Addressing a press conference…
MCC Islamabad geared up to meet revenue collection target
KARACHI: Collector MCC Islamabad Dr. Arslan Subuctageen chaired a meeting on Friday regarding recovery of arrears outstanding against Pakistan International Airlines (PIA). PIA has been given notice for immediate deposit…
Sindh targets to collect Rs76 billion sales tax
KARACHI: Sindh envisages over 24 percent increase in its sales tax on services collection for the year 2016-17 to Rs76.012 billion, which the government intends to collect by streamlining tax…
SHC rejects urgency application by Additional Commissioner IR (RTO) against SSANGYONG Engineering
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Faisal Kamal Alam on Wednesday rejected an application for urgent hearing filed by…
FED on services withdrawn
KARACHI: The much awaited withdrawal of the federal excise duty (FED) on services, which are now subject to provincial sales tax, has been proposed in the Finance Bill 2016. In…
Government caps tax exempted import of raw material
KARACHI: The government has proposed to cap the tax exempted import of raw materials to 110 percent of the quantity imported and consumed in the last tax year. Presently, taxpayers…
New tax regime for Pakistan cricket board
KARACHI: The government has proposed to tax income of Pakistan Cricket Board (PCB) derived from sources outside Pakistan at the rate of 4.0 percent. According to Finance Bill 2016, PCB’s…
Tax increased on foreign receipts
KARACHI: The governments intends to introduce multi-fold increase in the tax rate applicable, gross receipts from services rendered and construction contracts executed outside Pakistan. Presently, gross receipts from services rendered…
Separate tax rates for filer, non-filer mutual fund investors
KARCHI: Through Finance Bill 2016, the rate of tax on dividends from mutual funds is proposed to include separate rates for filers and non-filers. According to the proposes structure, individual…
Avoidance of double taxation and prevention of fiscal evasions
KARACHI: The Finance Bill 2016 proposes to enable the Federal Government to enter into a tax treaty or tax information and exchange agreement or multilateral convention or inter government agreement…
Super tax extended for another year
KARACHI: Federal government, through the Finance Bill 2016, has extended Super tax as applicable for tax year 2015 to tax year 2016 also. Through Finance Act, 2015, Super tax was…
Federal Budget 2016 brings no policy change
KARACHI: The Federal Budget 2016 brings no major policy change in the taxation regime. Except for certain incentives for industrialization, most of the proposals relate to tax collection measures instead…
Fixed tax regime proposed for builders & developers
KARACHI: The Finance Bill 2016 seeks to introduce a unique non-income based Fixed Tax Regime for ‘Builders’ and ‘Developers’. Under this regime, tax liability for the builders and developers shall…
Ad-hoc relief of 50 per cent not merged into basic salary
ISLAMABAD: Although the federal budget for the financial year 2016-17 saw merger of two ad-hoc reliefs announced for the year 2013 and 2014 into basic salary of federal government employees,…
Non-filers to pay more CGT on securities
KARACHI: The federal government has increased the rate of capital gains tax (CGT) on disposable of securities for non-filers, while rates are kept intact for filers. Finance Bill 2016 proposes…
Federal government announces relief for government employees
ISLAMABAD: Federal government on Friday announced a major relief for government employees and the labour in the federal budget 2016-17. Fiance Minister Senator Ishaq Dar in his budget speech said…