KARACHI:  The transformation of tax culture will significantly boost tax collection, hence, the newly appointed Federal Board of Revenue (FBR) chairman should revamp the tax system, suggested Overseas Investors Chamber of Commerce and Industry (OICCI) President Shazia Syed. Commenting on the appointment of Shabbar Zaidi as the FBR chief, she pointed...
KARACHI: The Federal Board of Revenue (FBR) is facing a daunting challenge to net around Rs1.4 trillion in the last two months of the current fiscal year to attain the annual revenue target as the government relaxed recovery from defaulters, but the new tax amnesty is likely to underpin...
ISLAMABAD: The newly-appointed chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi, has asked tax officers to seek his prior approval before the suspension of sales tax registration of taxpayers. After taking charge as FBR chairman on Friday, this is the second major directive of Mr Zaidi to all...
LAHORE: Pakistan is fighting an uphill battle to curb smuggling, which has become a huge challenge for the Federal Board of Revenue (FBR). Despite assurances to the Financial Action Task Force (FATF), the formation of a customs border force has still not materialised. Despite suffering losses estimated at almost Rs450...
ISLAMABAD: The government of Pakistan Tehreek-e-Insaf (PTI) has planned to end the third slab of federal excise duty (FED) for the cigarette industry in the upcoming budget for fiscal year 2019-20. The Senate special committee on the decline in revenues from the tobacco industry, in its report submitted to the Senate,...
ISLAMABAD: Pakistan has requested Turkey to provide data of people and companies involved in tax evasion, however, Turkey has excused from providing this on the pretext that the information provided to them was incomplete. Turkey has asked the Federal Board of Revenue (FBR) for more information, including verification of FBR DG...
LAHORE: Railways Minister Sheikh Rashid Ahmed said on Sunday that the tax amnesty scheme, that has remained the focus of discussion at the highest level in the federal government, would be introduced on Monday (today) as the cabinet has given its final nod to it. Speaking at a press conference...
High number of taxes hit possibilities of economic development, foreign and local investments. There is a dire need to adopt better tax policies and to lower the tax rates in Pakistan while no strict conditions should be accepted against borrowing from IMF. LCCI President Almas Hyder said that as compared...
LAHORE: Association of Chartered Certified Accountants (ACCA) on Thursday suggested the budget 2019-20 should be based on low-tax-rate and tax-base-broadening philosophy, aiming for a gross domestic product (GDP) growth rate of 7 percent. The ACCA, in its budget proposals, also advised the government to work on improving Pakistan’s ranking...
ISLAMABAD: The newly appointed FBR Chairman Shabbar Zaidi on Thursday outlined his priorities areas including restoring confidence of demoralised workforce within the fold of the FBR and said that they would go against those who were filing much below tax amount than their real potential. “If someone is paying Rs80...

Opinion

crisis bank financing

Financing of external payments

The outstanding external debt of Pakistan crossed the century mark early this year. It stands as of the end of March 2019 at $105.8...