16.3 C
Islamabad
Thursday, November 21, 2019
KARACHI: A revenue collecting arm of the Federal Board of Revenue (FBR) posted more than 31 percent growth in tax collection during the first four months of the current fiscal year, but it fell short of the target, sources said on Monday. The revenue collection by Regional Tax Office (RTO)-II...
KARACHI: The country's corporate sector has been found involved in at least Rs100 billion of tax evasion and avoidance during the last four months, senior tax officials revealed on Wednesday. Large Taxpayers Unit (LTU) Karachi, the biggest revenue collecting arm of the Federal Board of Revenue (FBR), unearthed Rs100 billion...
ISLAMABAD: Laying emphasis that revenue and tax collection were the key drivers for economic stability, Prime Minister Imran Khan urged the Federal Board of Revenue (FBR) to introduce reforms which would restore people’s confidence in the tax machinery. Addressing the officials of FBR at his office on Wednesday, the premier said...
KARACHI: Tax collectors are expecting information of financial transactions from banks on real-time basis with the start of next year to net untaxed economy, as the prime minister directed the authorities to do the needful amendments into the banking laws, sources said on Tuesday. FBR The sources said the Federal...
KARACHI: Large Taxpayers Unit (LTU) Karachi has registered a 16 percent increase in revenue collection during the first four months of the current fiscal year of 2019/20 despite contraction in large scale manufacturing and slowdown in economic activities, official data showed on Thursday. The unit collected Rs402.16 billion during the...
KARACHI: The collection of sales tax on import stage increased by 18.5 percent to Rs267.45 billion during July-October of current fiscal year due to abolishment of zero-rate scheme. Sources in Large Taxpayers Unit (LTU), which has jurisdiction over collection of sales tax and federal excise duty (FED) on import stage,...
ISLAMABAD: Prime Minister Imran Khan and top military brass have approved an ambitious tax reforms plan including launching of nation-wide tax assessment and documentation drive as well as survey of immoveable property all over the country. Both these nationwide surveys are aimed at identifying millions of potential tax evaders...
ISLAMABAD:  The Inland Revenue Service Officers Association (IRSOA) – the representative body of top taxmen in Pakistan – on Wednesday described Prime Minister Imran Khan’s tax machinery restructuring plan as ill-conceived and flawed, and alleged that it was designed by “vested interests”. The IRSOA issued a strong-worded press note in the...
KARACHI: Stuck sales tax refunds have piled up to Rs100 billion since the government withdrew zero-rated tax regime four months back, creating adverse financial crisis for textile exporters, a trade body chief said on Tuesday. Pakistan Apparel Forum Chairman Jawed Bilwani said more than 40 units have been closed, as...
ISLAMABAD:  Federal Board of Revenue (FBR) Chairman Shabbar Zaidi agreed on Tuesday to set up the Pakistan Revenue Authority only after taking input from all stakeholders after all top taxmen of the country cautioned him about adverse implications of putting the cart before the horse. Zaidi showed flexibility after he could...

Opinion

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Current account update

That the current account is in surplus after four long years is welcome news, of course, but the government must also understand just why...