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July 6, 2018 12:00 AM FBR imposes 2pc duty on cotton imports

KARACHI: The Federal Board of Revenue (FBR) on Thursday imposed two percent customs duty on imports of cotton and yarn to encourage use of the local crop and save foreign exchange reserves. The FBR, in a statement, said the additional customs duty of two percent will be effective from July 15. The FBR imposed the duty on all the imports, except various

July 6, 2018 12:00 AM Non-filers await FBR nod to own vehicles below 1,000cc

KARACHI: Punjab Excise and Taxation department is awaiting a written confirmation from the authorities to register new or imported vehicles below 1,000cc on the name of non-filers of tax returns, The News learnt on Thursday. The Commissioner of Income Tax, Regional Tax Office-II, Lahore, in a recent meeting with the officials of Directorate of Excise

June 30, 2018 12:00 AM NAB has no political agenda: chairman

ISLAMABAD: The National Accountability Bureau (NAB) Chairman Justice (retd) Javed Iqbal on Friday maintained that it has no political agenda and is working under the law of the land that empowers him to investigate the cases on merit. He has already stated that there will be no injustice done with anyone, but those who involved in corruption and corrupt 2

June 29, 2018 12:00 AM Amnesty beneficiaries to file returns for declared assets for tax year 2018

KARACHI: Taxpayers availing tax amnesty scheme are required to separately file income and wealth statements for undisclosed foreign and domestic assets for the tax year 2018, officials said on Thursday. Tax officials said the returns filed under amnesty are only to declare concealed assets of the past years. “This will not be treated as annual return 1

June 28, 2018 12:00 AM Petroleum products goldmine for govt

ISLAMABAD: The government is collecting a major chunk of its spending through taxes on petroleum products as they pay hefty amount of Rs34.95 extra on per litre of diesel in form of taxes and other heads whereas the ex-refinery cost of diesel stands at Rs70.30 per litre. POL products are one of the 10 top revenue spinners as 45 percent of total sales 3

June 27, 2018 12:00 AM Major reshuffle in federal bureaucracy ahead of polls

ISLAMABAD: With less than one month left to the general elections, the government has made a major reshuffle in the senior bureaucracy against key posts. Following the reshuffle, which also enjoys a nod of the Election Commission of Pakistan (ECP), Federal Secretary Interior Arshad Mirza has been appointed as Secretary Information, while Secretary Energy

June 24, 2018 12:00 AM Measures proposed to reduce pending audit cases

KARACHI: Federal Board of Revenue (FBR) was urged to speed up settlement of audit cases that piled up to more than one million. Pakistan Tax Bar Association (PTBA), in a letter to FBR Chairman Tariq Mahmood Pasha, stressed the need for disposal of cases automatically selected for audit under Section 214D of the Income Tax Ordinance 2001 for tax years 2

June 24, 2018 12:00 AM FBR says ‘bulk of declarations’ under tax amnesty received from Dubai

KARACHI: Dubai is the offshore destination of choice for Pakistanis to park untaxed money as bulk of funds against declaration of foreign assets under the amnesty scheme were received from the Emirates, a top tax official said on Saturday. “We will disclose more details regarding declarations of foreign assets on June 30,” Tariq Mahmood Pasha, chairman 1

June 21, 2018 12:00 AM Over 2,700 candidates facing multiple charges

ISLAMABAD: In Pakistan’s democracy, corruption, money laundering, rape, murder and criminal charges really can pay. Yes, because around 2,715 out of around 21,482 candidates running for 1,070 seats in the Provincial Assemblies (PAs) as well as the National Assembly (NA) elections face corruption, criminal, rape, dual nationality, money laundering, extortion 3

June 16, 2018 12:00 AM FBR extends tax deadline

KARACHI: The Federal Board of Revenue (FBR) has extended the last date for filing statement of income tax and sales tax for the month of May up to June 22, 2018. In two different notifications of sales tax and income tax issued late Thursday evening, the Federal Board of Revenue considered the requests of taxpayers and tax practitioners for extending 5