Budget proposals 2014-2015: 25 percent corporate tax rate advocated
KARACHI: The private sector has demanded the government to reduce the corporate tax rate to 30 percent from existing 35 percent and further reduce it to 25 percent in next…
FPCCI proposes single digit sales tax with elimination of refunds claims/adjustment
KARACHI: Syed Mazhar Ali Nasir, Acting President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday demanded for reform in existing Sales tax regime. He emphasized…
Two FIRs lodged for mis-declaration through submission of fake Form-E
KARACHI: The Model Customs Collectorate of Exports has lodged two separate FIRs against two separate companies for committing mis-declaration through submission of fake Form-E fraudulently to avoid realization of foreign…
36.6 percent growth needed for tax collection to meet with revenue target: SBP report said
KARACHI: The State Bank of Pakistan (SBP) on Friday said that tax collection needs to grow by 36.6 percent in the second half of the FY14 to meet with targeted…
Extended banking hours announced for collection of duties and taxes on Saturday, Monday
KARACHI: The Federal Board of Revenue (FBR) on Thursday announced that authorized bank branches will remain open on Saturday March 29 and for extended hours on Monday March 31 for…
Customs detects misuse of SROs; remedies suggested on various imported goods
KARACHI: Pakistan Customs has detected misuse of Statutory Regulator Orders (SROs) by various importers of different sectors, sources to Customnews.pk According to an official note issued by Model Customs Collectorate…
Effective rate of duty collection on imports decline despite all efforts
KARACHI: All the efforts of the Customs and directives of the Supreme Court of Pakistan to discourage under-invoicing and mis-declaration have failed to make a significant impact as the effective…
FBR offices to remain open on Saturday, extending working hours on Monday for duty/tax collection
KARACHI: All offices of Inland Revenue and Pakistan Customs will observe Saturday, March 29 as normal working day for collection of duty and taxes to make maximum revenue, a circular…
Transfers/postings of IRS officer BS-19-20
KARACHI: The Federal Board of Revenue (FBR) has notified transfers/postings of Inland Revenue Services (IRS) officers BS-19-20 with immediate effect and until further orders, a notification said on Thursday. The…
Karachi Chamber hails finance ministry decision on sales tax refund
KARACHI: President of the Karachi Chamber of Commerce and Industry (KCCI), Abdullah Zaki has warmly welcomed the Federal Finance Ministry’s decision to settle sales tax refund claims of 26,000 cases…
FBR forms tax advisory council; trade bodies made ex-officio members
KARACHI: The Federal Board of Revenue (FBR) has announced the formation of Tax Advisory Council and its functions to evolve new tax measures for increasing the tax net, a circular…
FBR notifies transfers/postings of IRS officers BS-17-18
KARACHI: The Federal Board of Revenue (FBR) on Thursday issued a list of transfers and postings of Income Tax and Inland Revenue Services (IRS) Officers of BS-17-18 with immediate effects,…
FTO recommends Customs to decide issues after proper hearing, as per law
KARACHI: The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to direct the Collector of Customs, MCC Appraisement (East) to provide opportunity of hearing to the…
FBR officials informed about postings abroad as community welfare attaches
KARACHI: The Federal Board of Revenue (FBR) on Monday informed its officers of BS-17 to 19 about postings abroad as Community Welfare Attaches (CWAs) by Ministry of Overseas Pakistanis and…
Illegal release of blocked consignment detected; inquiry against importer, clearing agents, PICT recommended
KARACHI: An alarming situation and a criminal act has been observed at Pakistan International Containers Terminal (PICT) as despite blocking a consignment by Research and Development of Pakistan Customs, the…
Chairman FBR visiting Customs House, Karachi
KARACHI: Chairman Federal Board of Revenue (FBR) is visiting Customs House, Karachi on Monday and would held meetings with the senior officers of Pakistan Customs. Member Customs, Nisar Mohammad Khan…
Duty collection on import of oil products misses the target by 17 percent
KARACHI: The collection of revenue in terms of duty and taxes on the import of oil including petroleum and edible oil remained 17 percent short of the target during October…
FBR develops sales tax risk-based registration system ‘RegSys’ to facilitate taxpayer
KARACHI: To facilitate the taxpayer the Federal Board of Revenue (FBR) has developed a new automated, risk-based registration system “RegSys†to further speed up the sales tax registration procedure, a…
FBR selects IRS Officers for IJP
KARACHI: The four Inland Revenue Services (IRS) Officers have been selected for internal job postings (IJP) by the Federal Board Revenue (FBR) as on special pay position in form of…
FBR updates final inter-se-seniority list of IRS Officers for 38th CTP
KARACHI: The Federal Board of Revenue (FBR) has updated final inter-se-seniority list of 38th CTP officers of Inland Revenue Services (IRS), a notification issued on Wednesday. The following officers are…