Tag: Tax

Obama seeks tax deal, Republicans warn of ‘ruin’

WASHINGTON: President Barack Obama on Saturday assured angry US voters who routed his Democratic allies this week that he got their message and urged jubilant Republicans to work with him on a tax-cut deal.
"Your message was clear," the president told Americans in his weekly radio address. "You're rightly frustrated with the pace of our economic recovery. So am I.
You're fed up with partisan politics and want results. I do too."
Obama vowed to target stubbornly high

FBR defaults on tax refunds

The Federal Board of Revenue (FBR) has defaulted on at least Rs 47 billion of sales tax refunds claimed by the exporters, Pakistan Today has learnt from reliable sources.
Exporters are irked at 'illegal' audit notices issued by the audit division of the FBR which has also asked for the submission of sales tax record records from the previous five years.
The notices, mostly issued this month through the Regional Tax Office, asked exporters to submit additional

Legal issues keep Musharraf’s tax returns from public

ISLAMABAD: The tax returns of former president Pervez Musharraf could not go public on Wednesday due to the legal controversy over handing and taking over of the record between the officials of Federal Board of Revenue and the Auditor General at the Public Accounts Committee meeting.
The legal row between FBR and AGP high-ups enraged PAC member Khawaja Asif who walked out of the meeting, saying the former president was calling shots from London and the officials of FBR and AGP

Rs 100 billion tax cases pending in courts

ISLAMABAD: Tax recovery cases worth Rs 100 billion are pending in courts of law, Federal Board of Revenue Chairman Sohail Ahmed informed the Public Accounts Committee on Tuesday.
"Of the Rs 100 billion, disputed tax recovery cases of Rs 37 billion are sub judice in the Supreme Court," he said, adding that the cases were pending since long. He said he had forwarded a request to the chief justice of Pakistan to constitute a special bench on the said cases, so that the FBR could

Hafeez Shaikh urges equitable tax system

ISLAMABAD: Minister for Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh expressed that the government's chief objective is to form a fair, equitable and a corruption-free tax system. The minister said this while he was chairing a day long meeting of the tax Reform Coordination Group (RCG) on Sunday.
The RCG, which is divided into three sub-groups namely Sales Tax and Federal Excise, Income tax and Customs was formed by the Finance Minister in July 2010 to assist on

Indonesia to raise tax on tobacco

JAKARTA: Indonesia plans to raise its tobacco excise tax by five percent next year to help meet state revenue targets, a senior official said Wednesday.
The country has one of the highest smoking rates in the world, as 60 percent of the men are estimated to smoke along with a "disturbing" number of children, according to the Asia Pacific Association for the Control of Tobacco (APACT).
Finance ministry official, Agus Supriyanto told Dow Jones Newswires that the excise tax