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Islamabad
Thursday, January 17, 2019
KARACHI: The Large Taxpayers Unit (LTU) Karachi has collected Rs587 billion during the first half (July–December) of the current fiscal year, amid flat growth in sales tax collection, sources said on Tuesday. The unit – the biggest revenue collecting arm of the Federal Board of Revenue (FBR) – posted only...
KARACHI:  The Pakistan Tehreek-e-Insaf (PTI) government’s second mini-budget, which will be announced on January 23, may bring many surprises as it is not yet known what it will offer to businesses and the overall economy. However, discussions with industry people and reports of research houses suggest the government is considering removing...
A four-member delegation of PAAPAM, comprising former chairmen PAAPAM Mumshad Ali, Iftikhar Ahmed, former senior vice chairman Saeed Iqbal, and MC member Salman Saleem, met with Secretary Azhar Ali Chaudhry at his office and briefed him about the overall down turn in auto industry with decline of 30 percent...
ISLAMABAD: The Overseas Investors Chamber of Commerce and Industries (OICCI) has urged the PTI government to grant autonomy to the Federal Board of Revenue (FBR) on the pattern of State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP), and Internal Revenue Service (IRS) of the US. The...
KARACHI: The withholding tax collection from non-cash banking transactions has posted 14 percent growth; following introduction of an amendment through the Finance Supplementary Act, 2018. The collection of withholding tax from non-cash transactions, which is applicable only on non-filers of income tax returns, increased to Rs1.128 billion in December 2018,...
ISLAMABAD:  In a bid to boost the weakening realty and automobile sectors, the government may lift a seven-month-old restriction on including names of those people in the Active Taxpayers List (ATL) who file income tax returns after the statutory deadline. The ban had been imposed to force people to file annual...
LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht stressed on the need of bringing strong third tier government system with the existing one in order to collect municipal taxes and third tier taxes from the urban population. Besides, the government is focusing on increasing the new revenue generation measures from...
KARACHI: The Federal Board of Revenue (FBR) has detected tax evasion of around Rs2 billion by sugar mills through suppressing sales, sources said on Wednesday. In its ongoing drive against tax concealment by sugar mills, the revenue authority recovered around Rs500 million from one sugar mill and issued another five...
KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear personally...
ISLAMABAD: The Senate Special Committee on Tobacco on Tuesday asked the Federal Board of Revenue (FBR) to revise the Statutory Regulatory Order (SRO) 1149 in order to encourage tobacco exports. The meeting was headed by Senator Kalsoom Parveen who directed the FBR to revisit the said SRO and its clauses...

Opinion

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Asad: between rock and a hard place

The beleaguered Finance Minister gets no respite. He is constantly in the line of fire; at times under friendly fire as well. He puts...