FBR timings in Ramadan
KARACHI: The Federal Board of Revenue (FBR) has notified the office timings for all the formations of Inland Revenue Service (IRS) and Customs during Ramadan. Working hours on 5-day a…
New fully automated sales tax return filing system from July 01
KARACHI: Secretary Policy FBR Raja Vishnu Qavi has said a new fully automated sales tax system is being implemented from July 01, 2016, which would reduce post-filing discrepancies. “We expect…
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…
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…
Gwadar Port gets 40-year sales tax, excise duty holiday
KARACHI: Federal government through the Finance Bill 2016 has granted 40-year exemption from sales tax and federal excise duty on imports and supplies to concession holder of Gwadar Port Authority…
FBR committed to strong trade related IPR enforcement
KARACHI: The Federal Board of Revenue (FBR) has its focus on Intellectual Property Rights (IPR) enforcement, and Directorate General of IPR is setting up Enforcement Directorate in Lahore, which would…
Trade Related Intellectual Property Rights Enforcement Rules set to be notified in June
KARACHI: The Federal Board of Revenue (FBR) is all set to notify the Trade Related Intellectual Property Rights (Import and Export Goods) Enforcement Rules in June 2016. The Rules will…
WeBOC users to obtain unique user identifier
KARACHI: Since there is no mechanism for verification of persons on whose names WeBOC unique user IDs have been issued, FBR is likely to make it mandatory for all WeBOC…
FBR is set to implement electronic data exchange (EDE) with China Customs
KARACHI: The Federal Board of Revenue (FBR) is all set to implement electronic data exchange (EDE) between Customs administration of China and Pakistan under Pak China Free Trade Agreement, which…
Import of over 5-year old specialized vehicle-mounted machinery, transport equipment prohibited
KARACHI: The Government of Pakistan has tightened the provisions of Import Policy pertaining to the import of used machinery and vehicles by construction, mining, oil & gas companies to avoid…
TP replacement to become non bail-able offence punishable with life imprisonment
KARACHI: The government is likely to make pilferage/replacement of transshipment cargo a non-bail-able offence punishable with imprisonment for a term not exceeding fourteen years and fine not exceeding ten times…
Skimmed milk importer penalized for availing inadmissible concessions
KARACHI: Additional Collector Customs Adjudication Syed Mahmood Hassan has penalized the skimmed milk importer M/s Irfan Brothers for claiming inadmissible concessions through mis-declartion. According to the details, Directorate General of…
Inland Revenue focuses on CREST to generate additional revenue to meet target
KARACHI: The Federal Board of Revenue (FBR) has initiated a campaign to make up for the losses caused by lower oil prices in the estimated targets of sales tax collection.…
Customs Adjudication slaps penalty on M/s M.M Marine Services
KARACHI: Collector Abdul Basit Chaudry has imposed a penalty of Rs10,000 on shipping agent M/s M.M Marine Services Pvt Ltd for non-intimating non-arrival of vessel as per schedule within 24…
Malaysia delegation visits Regional Tax Office Karachi
KARACHI: Counsel General of Malaysia Ismail Mohammad Bkri along with his delegation visited Regional Tax Office, Karachi. Delegation included Mazlan Harun Consul (Trade), Fairus Hidzir Consul (Science), Shahid Abu Bakar…
MCC Islamabad makes another seizure of smuggled goods
KARACHI: In continuation of the ongoing special crackdown against smuggling under directions of FBR, MCC Islamabad has made another seizure of smuggled goods worth Rs70 million. On information received from…
FBR withdraws zero rating
KARACHI: The Federal Board of Revenue (FBR) has withdrawn zero-rated sales tax on supply of electricity granted to four export oriented companies. The facility available to Rana Weaving, Mushtaq &…
Apex Court orders FBR to furnish details regarding loss of revenue due to negligence of officials
KARACHI: The Supreme Court of Pakistan has expressed dissatisfaction over the report presented by Federal Board of Revenue (FBR) regarding details of cases Board lost due to negligence of officers/officials.…
FBR issues active taxpayers list for tax year 2015
KARACHI: Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) for the Tax Year 2015. The ATL 2015 contains CNICs/names of individuals/NTNs of companies & Association of Persons…
FBR likely to notify up-gradation of Senior Auditors as Audit Officers, BPS 18
KARACHI: About 325 Senior Auditors (BPS 16) of Inland Revenue (IR) are poised to be notified as Audit Officers (BPS 18) as Supreme Court upholds a LHC order in an…