Tag: Federal Board of Revenue

SC appoints two chartered accountants as amicus curiae in Pakistanis' foreign bank accounts case   ISLAMABAD: Chief Justice of Pakistan (CJP) Saqib Nisar on Wednesday expressed dissatisfaction over...

ISLAMABAD: Diplomatic missions based in Pakistan have found involved in providing fake exemption certificates to Customs department for clearing of diplomatic consignments. Customs Wing of...

ISLAMABAD: The Federal Board of Revenue (FBR) has used data of Withholding Taxes on account of transferring of properties, registration of vehicles, electricity connections...

KHANPUR: The Federal Board of Revenue (FBR) has taken notice of the incident that occurred at a wedding ceremony in Khanpur in which the...

Taking cue from Paradise Paper Leaks, the Federal Board of Revenue (FBR) began investigating 31 Pakistanis over possession of wealth in foreign countries. An FBR...

ISLAMABAD: The accountability court on Wednesday dismissed Finance Minister Ishaq Dar’s plea seeking exemption from personal appearance and ordered his guarantor to appear in person...

The Federal Minister for Finance Senator Mohammad Ishaq Dar on Sunday chaired a meeting to review the revenue collection targets and other matters related...

    The much-awaited Annual Tax Directory for the year 2016 which contains details of all the country’s taxpayers is going to be published soon, Pakistan...

    The Federal Board of Revenue (FBR) collected more than Rs 3.130 trillion in the tax year 2015-16 as per figures consolidated and reconciled by...

Finance Minister Senator Ishaq Dar has claimed that Pakistan doesn’t need support from International Monetary Fund (IMF) anymore. “Pakistan will soon stop looking towards IMF...

    The Karachi Tax Bar Association (KBA) has requested the Federal Board of Revenue (FBR) chairman to extend the deadline for filing the monthly withholding...

Large Tax-Payer Units to collect Rs 1.243 trn in 2016-17 The Federal Board of Revenue (FBR) has been given a new tax collection target of...

Reserves cross $23 billion for the first time After withholding all the tax refunds during the last fiscal year and forcing companies to pay advance...

    The Federal Board of Revenue (FBR) has announced that sales tax deduction will be made through an automated system from July 1. A spokesman for...

    A Federal Board of Revenue (FBR) team will leave for Switzerland on Thursday to hold talks with the Swiss authorities for reaching an agreement...

  The government is likely to introduce new property evaluation method from the next financial year to stop the massive tax evasion in the property...

The Federal Board of Revenue (FBR) has put the file in cold storage after financially facilitating a private bank and has also lost the case against the bank due to its non-pursuance. A news agency claimed that the FBR had decided to determine the total assets and taxes of Prudential Bank. In this regard, the FBR commissioner income tax (CIT) Sukkur filed a case in 2000 in Balochistan High Court (BHC), which remained sub judice for a decade. FBR lost the case owing to non-pursuance. The FBR challenged the verdict of the BHC in Supreme Court of Pakistan. The former chief justice of Pakistan (CJP) ordered to conduct a high level inquiry into the case to determine who was responsible and to identify the root causes of non-pursuance. The apex court ordered to constitute a two-member inquiry committee and nominated officials of FBR, a grade 21 officer Syed Ejaz Hussain Shah and Haroon M Shireen. The committee nominated 25 persons as being responsible for non-pursuance of the case and submitted the report in the court. The news agency claimed to be in possession of documents that say that former FBR chairman Tariq Bajwa, member admin Shahid Jatoi and Chief Management IR Tanveer Akhter Malik used their influence and rescued about 23 blue-eyed officials and held two innocent officers Anwer Zeb and Javed Iqbal responsible for this negligence while the actual persons responsible were saved. Former FBR chairman Tariq Bajwa issued a charge-sheet against these two officials and also submitted a report in the court about the mishandling of the whole affair. The court, however, rejected this report and ordered to submit the real report. The report reveals that 25 officials have been held responsible for non-pursuance of the case, sweeping it under the carpet and financially facilitating Prudential Investment Bank Limited with millions of rupees. These 25 persons include Commissioner Muhammad Fayaz, Commissioner Muhammad Ishaq Memon, Additional Commissioner Muhammad Qamaruddin, Additional Commissioner Akbar Bugti, Additional Commissioner Dr Fazal Mehmood, Parshotam Das Whiswani, Saeed Ahmed, Chief Commissioner Aaqil Usman, Chief Commissioner Muhammad Younis Khan, Commissioner Legal Aziz Ahmed Bilour, Noshad Ali, Altaf Ahmed Khan, Aftab Ahmed Khan, Dr Muhammad Irshad, Sarfraz Ahmed, Shehrbano Vila Jee, Fatima Hussian, Aisha Khalid, Javed Iqbal, Anwar Zaib, Muhammad Nisar Ahmed, Ameen Qureshi, Inamul Haq, Naveed Muhkhtar, Shamur Rehman, Member Legal Mumtaz Ahmed, Javed Iqbal Mirza, Muhammad Irshad, Majid Qureshi, Rozli Khan Burki and Malik Muhammad Azam. The report has been submitted in the apex court which is set to start the hearing of the case against these officials in the next judicial week. The court observed that former FBR chairman Tariq Bajwa, former member admin Shahid Jatoi and Tanveer Akhter Malik did not disclose facts before the court and held two officials responsible, who were declared innocent by inquiry officer Bashirulllah Khan, and gave a clean chit to top officials of the FBR who were actually responsible for the debacle. The apex court directed to take action against the actual accused and also directed to take action against Tariq Bajwa, Shahid Jatoi and Tanveer Akhtar Malik for misrepresenting the facts before the court.