Tag: Fbr

ISLAMABAD - The government has finally decided to resolve seniority issues which had triggered problems among customs and income tax group officers for the last few months. The government has constituted a departmental committee to submit recommendations within three weeks. A notification, issued by the Federal Board of Revenue on Thursday, said that the FBR chairman has constituted a committee to resolve issues of integration of the Inland Revenue Service.
Administration Member

ISLAMABAD - The Federal Board of Revenue (FBR) is likely to extend contract with M/S Agility, vendor of Pakistan Customs Computerised System (PACCS), the automated customs clearance software, which has already been declared security risk by the office of Auditor General of Pakistan (AGP) and the FBR itself. "The FBR has almost decided to extend the contract with M/S Agility and a notification in this regard will be issued within a few days," an official source revealed on Saturday.

ISLAMABAD - The International Monetary Fund (IMF) has expressed reservations over the government's claims that the Federal Board of Revenue (FBR) would manage collecting the targeted Rs 1,604 billion during the current fiscal year. An official source privy to technical level talks said the IMF team formed the opinion after the revenue collection data for the last eight months was presented to it. The IMF team was of the opinion that the target was not achievable without the imposition

ISLAMABAD - The government has decided to ponder over the seniority issues which were causing frustration among the customs and income tax group officers since last few months by constituting a departmental committee to get recommendations within three weeks.
A notification issued by the Federal Board of Revenue (FBR) on Thursday said that the FBR chairman had constituted a committee to resolve the issues of integration of the Inland Revenue Service. Administration Member Tahir

ISLAMABAD - The Supreme Court on Monday granted one month to the Federal Board of Revenue (FBR) to prepare a final report on the whopping losses of Rs 19 billion to Rs 36 billion caused to the national exchequer by the containers meant for supplies to ISAF forces in Afghanistan, which entered the Pakistani territory over the past four years in the name of Afghan Transit Trade (ATT) and pilfered causing the losses.
A three-member bench comprising Chief Justice Iftikhar Muhammad

LAHORE - The Federal Board of Revenue (FBR) Directorate of Intelligence and Investigation has unveiled a massive tax fraud of around Rs 118.60 million in multiple cases of tax evasion.
Data available with Pakistan Today shows that FBR Intelligence and Investigation Wing Faisalabad Directorate General uncovered a sales tax scam to the tune of Rs 109 million in the last 15 days.
Sources at FBR disclosed that a Gojra resident, Abrar Hussain, who was running an electrical

ISLAMABAD - The Federal Board of Revenue has extended the date for payment of taxes for the month of January. According to an FBR notification, the date has been extended till February 28 for payment of taxes /duties for January and filing of Sales Tax and FED returns under Section 74 of the Sales Tax Act, 1990 and Section 43 of the Federal Excise Act, 2005.

KARACHI - The Federal Board of Revenue (FBR) has chalked out a strategy with an aim that some 2000 companies file their tax returns. The FBR said steps would be taken by April 15 to ensure that top 1000 corporate non-filers and top 1000 short-filers of the sales tax submitted their returns for the period July-December 2010. The decision was made at a meeting of the FBR's Board-in-Council convened under the directive of Finance Minister Dr Abdul Hafeez Shaikh in Islamabad on

ISLAMABAD - The Federal Board of Revenue (FBR) Chairman Salman Siddique on Wednesday said the FBR had proposed a revenue generation plan of Rs 25 billion that included 15 percent flood surcharge on withholding and advance taxes and increasing 1.5 percent Special Excise Duty.
At a presentation to the Senate's Standing Committee on Finance and Revenue on revenue shortfall for the fiscal year 2010-11, Siddique said the proposed revenue measures would be brought through legislation

KARACHI - The Federal Board of Revenue (FBR) has agreed to amend rules and regulations pertaining to the filing of Capital Gains Tax (CGT) at the country's stock exchanges. According to sources, officials of FBR and the Taxation Committee of the Board of Karachi Stock Exchange (KSE) reached a consensus during a meeting held here at KSE on Monday.
FBR was led by Revenue Division Additional Secretary Asrar Raouf, while investors were represented by Taxation Committee Head Abdul

LAHORE - Directorate of Federal Board of Revenue (FBR) Training and Research (Inland Revenue) arranged a function, the other day, to bid farewell to its first Director General Abdul Wadood Khan.
Wadood Khan headed the Directorate of Training and Research for over a year and retired on February 02, 2011. He was replaced by another senior FBR officer Shahid Nasim. Speaking on this occasion, Abdul Wadood Khan said that his stay at DOT was immensely pleasant as he got a chance to be

ISLAMABAD - Federal Board of Revenue (FBR) Inland Revenue Member Khawar Khurshid Butt, on Friday, said that FBR has proposed new taxation measures to meet the revised revenue collection target of Rs 1630 billion for 2010-2011. Addressing a media briefing at the Large Taxpayer Unit (LTU), FBR IR member expressed dissatisfaction over the existing automation processes, saying that matching of data was not being carried out effectively.
Responding to various queries on revenue

ISLAMABAD - Federal Board of Revenue (FBR) and Security Exchange Commission of Pakistan (SECP) have agreed to work closely to exchange data for broadening the tax base, a press release issued Tuesday has stated. The agreement to create an interface of data between the two organisations was achieved at a recent meeting attended by FBR Inland Revenue Service (IRS) Member Khawar Khursheed Butt and SECP Chairman Muhammad Ali Ghulam Muhammad.

LAHORE - Federal Board of Revenue (FBR) has collected Rs 764.8 billion out of revised tax collection target of Rs 1,604 billion during the first seven-month of the current fiscal year, registers an increase of 10 percent when compared with the previous year.
This was disclosed by the FBR Member Inland Revenue Khawar Khurshed Butt, who was addressing media personnel at Regional Tax Office Lahore. He said the country was passing through a fiscal emergency and the FBR had to work on

LAHORE - Industry in Khyber Pakhtunkhwa (KP) is facing enormous problems to the apparently apathetic attitude of the Federal Bureau of Revenue (FBR), with billions of rupees in sales tax refunds not granted are giving headaches to industrialists.
Industrialists told Pakistan Today that Prime Minister Yousaf Raza Gilani during his visit to Peshawar, besides indicating other incentives, exempted 50 percent of sales tax on supplies to compensate for losses suffered by commerce and

ISLAMABAD - The Finance Ministry on Friday apprised the Senate of the fact that the officials at the State Bank of Pakistan and the Federal Board of Revenue cost Rs 24 million to the national exchequer on their visits abroad.
Ironically, these visits were meant to seek remedy against the financial crunch in which the Pakistani officials held talks with representatives of the International Monetary Fund (IMF) from October 2008 to November 2010. The Finance Ministry submitted

KARACHI - The Karachi Chamber of Commerce and Industry (KCCI) has approached the ministry of finance and chairman Federal Board of Revenue (FBR) against the perceived inappropriate behaviour of a FBR official towards the chamber.
Through a letter, KCCI/MSS (P)/1-8/57/2010-2011/3857-60 dated January 20, 2011, communicated to the ministry and the FBR chairman, KCCI has strongly protested the conduct of a FBR official in Karachi and his treatment of one of the KCCI's managing