OICCI disturbed at FBR action against JAZZ – Negative for attracting FDI 

Karachi: Overseas Investors Chamber of Commerce and Industry (OICCI), the collective body of top 200 multinational companies in Pakistan, expressed its shock and dismay at the action of the FBR Large Tax Payer Unit (LTU) Islamabad yesterday in sealing the premises of the Pakistan Mobile Telecommunication Limited (PMCL), widely known… Continue reading

Large Taxpayers Unit Karachi posts 15% revenue collection growth

KARACHI: Large Taxpayers Unit (LTU), Karachi has been able to record growth at 15% in the seven months of current fiscal year (July-January 2019-20). LTU Karachi has collected Rs.796 billion for the period from July 2019 to January 2020 against Rs.690 billion for the corresponding period of last year recording… Continue reading

SHC decline petition challenging issuance of Show Cause Notice Petition by KE dismissed

KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Mahmood A Khan closed a door of un-necessary litigation as court dismissed petition filed by Karachi Electric (KE) challenging Show Cause Notice issued by Large Taxpayer Unit (LTU) of Inland Revenue. The petitioner… Continue reading

SHC decline petition challenging issuance of Show Cause Notice

KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Mahmood A Khan closed a door of un-necessary litigation as court dismissed petition filed by Karachi Electric (KE) challenging Show Cause Notice issued by Large Taxpayer Unit (LTU) of Inland Revenue. The petitioner… Continue reading

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 parent department i.e. Large Taxpayer Unit (LTU), Karachi. Adeel Ahmed Shah invited attention of Member Admin-FBR to the Board’s policy… Continue reading

Haroon Akhtar presides meeting of lawyers on Pakistan Custom’s panel

KARACHI: Advisor to Prime Minister on Revenue Affairs Haroon Akhtar Khan presided a meeting of lawyers on panel of Pakistan Customs and reviewed the cases involving huge money. About 22 lawyers on the panel belonging to almost all the formations and collectorates including East, West, Port Qasim, Large Taxpayers Unit… Continue reading

Explanation cannot be effective retrospectively, rules SHC

KARACHI: An Income Tax Appellate bench of High Court of Sindh headed by Justice Aqeel Ahmed Abbasi deciding two identical Income Tax Reference Applications (ITRA 272 & 273 of 2011) held that retrospective application of explanation is in violation of settled law. The ITRA’s were filed by the Commissioner, Inland… Continue reading

FBR notifies Inland Revenue Welfare Funds Rules, 2016

KARACHI: The Federal Board of Revenue (FBR) has notified Inland Revenue Welfare Funds Rules, 2016, which will apply to central inland revenue fund maintained at FBR headquarters and regional inland revenue welfare funds maintained at all inland revenue formations. The Central Inland Revenue Welfare Fund Board, comprising Member IR-Operations as… Continue reading

FBR’s incompetency affecting its cases in Courts and Tribunals Losing billions of rupee cases in Tribunal as it didn’t follow it properly

KARACHI: The Ministry of Finance through Federal Board of Revenue (FBR) spends millions of rupee for improving tax recovery system and appoints commissioners, assistant commissioners and tax specialist lawyers, but they do not defend its cases before the Commissioners or Tribunals which causes loss of cases worth millions of rupee… Continue reading

FBR advises I&I-IR to furnish details of politicians, doctors, sportsmen, fashion designers

KARACHI: The Federal Board of Revenue (FBR), accelerating the drive against big fishes, asked all directors of Intelligence & Investigation- In land Revenue (I&I-IR) to furnish the updated information of tax evasions by high net worth individuals. Sources informed Custom News that the FBR has issued a directives to all… Continue reading

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