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View Archived News |
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January 2, 2009 |
FBR collects Rs 543.3b for July-December 2008 period; tax collections
for December 2008 touch Rs 114.2b |
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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January 2, 2009 |
FBR issues notices to corporate bodies on failure to file returns |
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Federal Board of Revenue (FBR) has issued notices to those corporate
entities that have failed to file income tax returns, says a press
release issued Friday.
According to the statement, the FBR has also decided to issue in the
next phase similar notices to non-corporate entities which have not
filed their income tax returns.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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January 1, 2009 |
FBR nets Rs 1.54b from tax investment scheme |
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Federal Board of Revenue (FBR) has
collected Rs 1.54 billion from the tax investment scheme announced in
July this year, says a press statement issued Thursday.
According to details, some 10,828 cases seeking to benefit from the
scheme were received by FBR until December 31, 2008, the last day of the
scheme, and were settled after netting Rs 1,542 million as tax equaling
two per cent of the fair market value of their assets.
The scheme was run by the 16 regional tax offices and large tax payers
units of the FBR and received a record 4,114 cases from the RTO Lahore
followed by 1,861 cases received in RTO Karachi. The break-up of the
collection is also attached for further details.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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January 1, 2009 |
No plans to slash tax exemptions on food, medicines, says FBR |
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Federal Board of Revenue (FBR) while
clarifying a news item appearing in a section of the press attributing a
statement to Chairman FBR in the context of tax exemptions has stated
that what the Chairman had mentioned six days earlier has been quoted
totally out of context.
In an official statement, FBR has clarified that the news item is
essentially based on an earlier news report published in a section of
the press on 26th December, 2008 on the issue in which the Chairman FBR
has been quoted as having said, “Exemptions as policy are not good for
the economy. Wherever exemptions are in vogue, the economy does not show
healthy trends in progress, administration and policy-enforcement.”
The Chairman’s statement even though quoted not accurately nowhere
implies that the Government intends to remove tax exemptions on food
items and medicines. Similarly, the fact that “as food and medicines”
has been bracketed in the latest news report clearly shows reporter’s
own inference and interpretation which cannot be attributed to the FBR
Chairman.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 26, 2008 |
No further extension of tax investment scheme after 31st, says FBR |
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Federal Board of Revenue (FBR) has
announced there will be no extension of period already given up to
December 31, 2008 for the filing of returns for investment tax scheme
announced in July this year.
In a statement issued on Friday, FBR's member Direct Taxes said the
board had decided not to extend the last date of December 31, 2008 for
those wanting to apply for the tax investment scheme whereby individuals
can declare their undeclared assets by paying only two per cent of the
fair market value of their assets.
Similarly, there would be no extension of date for the e-filing of
income tax returns for the corporate sector. He said the taxpayers
seeking to file their income tax returns in the corporate sector must
use e-filing mode and the last date for them to do so will not be
extended beyond December 31, 2008.
The member called for an early e-filing of returns by taxpayers to avoid
any punitive measures the board might consider taking against those
failing to benefit from the scheme. He said the FBR was in possession of
sufficient information and relevant data to trace up those who would not
avail of the tax amnesty facility offered by the FBR.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 24, 2008 |
FBR denies holding up duty drawbacks, sales tax refunds |
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Federal Board of Revenue (FBR) has refuted
a news item appearing in a section of the press claiming the board has
held up duty drawback and sales tax refunds payable to the exporters.
In an official statement issued on Wednesday, FBR has clarified that the
contents of the news item are not based on facts and there is no truth
in the suspension as reported by the press, of the processing or payment
of admissible drawback and refund claims.
The statement adds that in the first five months of the current
financial year, an amount of Rs 15.45 billion has already been paid to
the exporters as duty drawback and sales tax refunds, as against Rs
14.36 billion during the corresponding period of the previous year.
Similarly, inputs used in five major export oriented sectors have
already been zero rated for sales tax purpose. Sales Tax refunds
relating to exporters of these sectors have also declined accordingly.
The statement also adds that FBR's measure of universal e-filing of
sales tax returns will lead to further acceleration of processing of
refund claims. Furthermore, the board is already in the process of
devising automated system for expeditious disposal of refund claims
pertaining to packing material used in exports by zero rated sectors.
For boosting exports, FBR has often directed its field formations to
extend maximum facilitation to exporters, including a quick and
expeditious processing and payment of pending duty drawback and refund
claims.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 23, 2008 |
Customs houses to remain open on 25th,
28th for clearance of imports, exports |
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Federal Board of Revenue (FBR) has
directed all its customs houses and field formations to remain open on
December 25th and December 28th, 2008 for the purpose of clearance of
imports and exports, says an official statement issued on Tuesday.
According to the statement, chief collector (customs) North Lahore and
chief collector (customs) south Karachi have also been directed to
coordinate with the National Bank of Pakistan management and the port
authorities to ensure the clearance of imports and exports.
Meanwhile, Irfan Nadeem, member Direct Taxes, has made it clear there
would be no extension of date for the e-filing of income tax returns for
the corporate sector. He said the taxpayers seeking to file their income
tax returns in the corporate sector must use e-filing mode and the last
date for them to do so will not be extended beyond December 31, 2008.
Similarly, the board has decided not to extend the last date of December
31, 2008 for those wanting to apply for the tax investment scheme
whereby individuals can declare their undeclared assets by paying only
two per cent of the fair market value of their assets, added Mr. Nadeem.
He said already sufficient length of time had been given to people
wanting to benefit from
the tax investment scheme which would expire by the end of the current
month.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 16, 2008 |
FBR extends date for filing of ST, FE returns |
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Federal Board of Revenue (FBR) has extended the due date for the filing
of sales tax and federal excise return by the registered persons, for
the period of Novemeber 2008.
According to an official statement released on Tuesday, the board has
extended until December 25, 2008 the due date for filing of sales tax
and federal excise return of the tax period November 2008 for the
registered persons who had not been able to deposit payment by the
stipulated date. |
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 16, 2008 |
FBR's moot on 'tax policy options for Pakistan' starts tomorrow |
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For Urdu
Version Please Click Here |
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Federal Board of Revenue (FBR) is holding an international 'Conference
on Tax Policy Options for Pakistan' starting in Lahore tomorrow
(Wednesday) to identify and generate concrete implementable tax policy
options for achieving the broad micro and macroeconomic objectives.
The three-day conference being organised at a local hotel in the Punjab
metropolis will focus on various issues, including the overall
macroeconomic constraints, current revenue administration, assessment of
main taxes, sub-national taxation and political economy of
inter-governmental reforms.
The opening session of the conference will be chaired by Advisor to the
Prime Minister on Finance, Mr. Shaukat Tareen who will also deliver a
keynote address on the government's efforts to enhance domestic resource
mobilization as part of its stabilization and reform strategy to meet
the targets of sustainable growth in the medium term.
The morning session will also be addressed by FBR Chairman Mr. Ahmad
Waqar who is likely to speak on FBR's endeavours for the establishment
of a fair and efficient tax administration promoting investment and
production incentives and raising sufficient revenues for the
development and poverty reduction programmes of the government.
According to an official statement of the FBR, the conference to be
attended by leading national and international experts, aims at engaging
technical input and participation of the business community and
stakeholders in the policymaking process.
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Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 02, 2008 |
LTU Islamabad to hold workshop on withholding taxes |
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For Urdu
Version Please Click Here |
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The Large Taxpayers Unit (LTU) Islamabad
of the Federal Board of Revenue (FBR) will organise a one-day workshop
on 'Withholding taxes (WHT)' on Wednesday (tomorrow) at the Institute of
Chartered Accountants of Pakistan (ICAP).
The workshop to be attended by senior officers of the FBR, LTU Islamabad
as well as regional tax offices of the twin cities, will start at 2:00pm
at the ICAP located at Plot No 2, Mauve Area, G-10/4 Islamabad, and
discuss issues pertaining to the monitoring of withholding taxes.
The main feature of the workshop will be a keynote address to be
delivered by Muhammad Anwar Goraya, director general of Withholding
Taxes FBR, on 'collection and deduction of withholding tax at source'.
Khawar Khurshid Butt, director general of the LTU Islamabad, will chair
the workshop. |
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |
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December 02, 2008 |
FBR collects Rs 423b revenue for July-Nov 2008 |
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For Urdu
Version Please Click Here |
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Federal Board of Revenue (FBR) has
collected Rs 423 billion revenue during the first five months of the
current fiscal year, showing a corresponding increase of 24.4 per cent,
says a press release issued by the FBR on Tuesday.
According to the provisional figures, the FBR has collected Rs 68.73
billion for the month of November 2008, taking the overall collection
figures to Rs 423 billion as against Rs 340 billion collected during the
corresponding period last year.
Click here to see break-up of the tax collection figures. |
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |
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November 29, 2008 |
FBR assures help to taxpayers on ‘e-filing hiccups’ |
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For Urdu
Version Please Click Here |
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Federal Board of Revenue (FBR) has assured the large taxpayers against
any punitive measures for delays caused by a systemic failure.
“Clear instructions have been passed on to officers concerned to
consider genuine grievances of taxpayers and give them all possible help
and relief,” said Mr. Khawar Khurshid Butt, director general of Large
Taxpayers Unit Islamabad, in a keynote address to a one-day workshop
organized by the LTU to discuss issues pertaining to electronic filing
of various documents for efficient disposal of tax matters.
The DG said bigger players in the national economy had critical role to
play in setting examples of excellence in the business ethics. He said
FBR understood the value and benefits of interaction and sharing of
information to deepen the confidence level and evoke voluntary
compliance to promote corporate social responsibility.
Mr. Butt assured his sustained support to taxpayers in the process of
transformation from manual to electronic mode for the purpose of tax
matters. He said the workshop has been organized to provide on-hand
guidance to the representatives of various companies facing problems in
e-filing their annual or monthly withholding statements, copies of
audited accounts and other such annexure that under law are required by
the tax authorities.
Earlier, Mr. Imtiaz Ahmad Khan, general manager of Pakistan Revenue
Automation Limited (PRAL), gave a detailed presentation on the technical
aspects of e-filing and pointed out the causes of possible interruptions
during the processing of data uploading. He also answered the queries of
the representatives and consultants of large tax payers.
A large number of companies attended the event and appreciated the
initiative of LTU to facilitate the tax payers. Mr. Hafiz Idress of
Rawalpindi Tax Bar said such interfacing and guidance from the FBR is of
paramount importance for improving the compliance of tax payers under
the modernized system and to keep pace with the technological
advancement across the globe.
Mrs. Riffat Shaheen Qazi, commissioner Enforcement Division of LTU,
commended her team for organizing the workshop. Sardar Ali Khawja,
additional commissioner Enforcement, while moderating the workshop gave
an overview of FBR’s efforts to facilitate taxpayers by transforming the
system from manual to electronic.
During the question answer session, various representatives of companies
gave their valuable input that was noted down by the PRAL to improvise
the soft ware for better results and efficient delivery.
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407
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November 26, 2008 |
FBR denies plans to arrest taxpayers |
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For Urdu
Version Please Click Here |
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Federal Board of Revenue (FBR) has denied
contents of a news item appearing in a section of the press claiming the
FBR has plans to arrest, jail and take similar stern steps against those
guilty of holding black money even after the expiry of the tax
investment scheme launched by the FBR.
A spokesman of the FBR has clarified that sections of the report as it
has appeared in the media are misleading and contain attributions out of
context. "There is no truth in such reports and the FBR has yet to
decide about the measures to be taken against those failing to benefit
from the ongoing tax investment scheme," says the statement. |
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |
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November 25, 2008 |
Customs officials seize 372kgs drugs |
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For Urdu
Version Please Click Here |
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Customs officials have seized charas and
opium weighing 372 kgs and taken possession of a truck being used to
smuggle the drugs from Peshawar into Punjab, says a press statement
issued on Wednesday.
The raid was conducted by officials of the Directorate General
Intelligence and Investigation of the FBR following a tip-off about an
attempt to smuggle a massive quantity of drugs from Peshawar to Punjab
by truck No RIH-1396.
The officials set up a picket close to Ring Road Peshawar and tried to
intercept the truck when it approached them. However, the driver of the
truck sped away. The officials chased the truck and found it abandoned
on the GT Road with the driver having escaped. The officials searched
the truck and recovered 350 kgs of foreign origin charas and 22 kgs of
foreign origin opium.
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |
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November 25, 2008 |
FBR to guide large taxpayers on e-filing |
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For Urdu
Version Please Click Here |
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Federal Board of Revenue (FBR) will
organize tomorrow (Thursday) a workshop to provide assistance and
guidance to large taxpayers on filing their IT returns and withholding
statements through e-filing.
The one-day workshop is being organized by Large Taxpayers Unit (LTU)
Islamabad at the Directorate of Training (Direct Taxes) Huzaifa Centre,
I-8 Markaz, Islamabad. Noted IT experts from FBR and other organisations
will address the workshop on issues regarding different benefits and
processes of e-filing.
FBR has invited large taxpayers, especially those facing problems and
constraints with regard to e-filing of their returns and statements, to
attend the workshop to share their experiences with the IT experts with
a view to seeking their guidance. Those interested in attending the
workshop can give their suggestions and input on e-filing in advance to
Mr. Sardar Ali Khawaja, Additional Commissioner Enforcement, LTU,
Huzaifa Centre, I-8 Markaz, Islamabad on phone 051-9258562, fax
051-9258560 and email ltuisbenf@gmail.com.
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |
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November 24, 2008 |
Pakistan, Swiss Confederation ink treaty for avoidance of double
taxation |
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For Urdu
Version Please Click Here |
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Pakistan and the Swiss Confederation have
signed a treaty for the avoidance of double taxation previously payable
on the income of residents and businessmen of the countries. Tax
officials of both the countries Monday met here in Islamabad to exchange
the necessary Instrument of Intent to bring into force the revised
Convention for Avoidance of Double Taxation. The two sides were led by
Swiss Ambassador to Pakistan, Mr. Markus Peter, from the Swiss
Confederation and
Mr. Ahmad Waqar, Secretary Revenue Division and Chairman FBR, from
Pakistan.
Addressing a ceremony held at the FBR Headquarters for the exchange of
Instrument of Intent, Mr. Irfan Nadeem, Member Direct Taxes FBR,
welcomed the Swiss ambassador and explained the main features of the
revised Convention.
According to the revised Convention, dividend in case of companies
having 20 per cent share will be taxed at 10 per cent, and all other
cases will be taxed at 20 per cent in the source country. Similarly,
interest income may also be taxed in the contracting state in which it
arises at 10 per cent of the gross amount.
The Convention further stipulates royalty in the source country to be
taxed at 10 per cent; fee for technical services to be taxable at 10 per
cent in the source country; and grant of exemption to students on
remuneration from the employment which does not exceed 18,000 Swiss
francs or the equivalent thereof in Pakistan currency at the official
rate of exchange.
Speaking on the occasion, Mr. Ahmad Waqar, Secretary Revenue Division,
hailed the revised Convention as the necessary step towards providing
safeguards against double taxation on the income of the residents of
both the countries as well as promoting economic cooperation, investment
and bilateral economic relations between the contracting States.
He said the Convention will also provide adequate certainty in respect
of taxation rules applicable to cross-border business transactions,
dividends, interests, royalties and fee for technical services etc.
Taxpayers of both the countries will get relief from double taxation
resulting in boosting up the trading activities.
Swiss Ambassador Mr. Markus Peter thanked FBR officials for the warm
welcome and expressed hope that the new Convention will be a significant
step in improving the bilateral taxation relations between the two
countries. |
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Hamid Raza Wattoo
Secretary (PR)
Ph: 051-920 8407
Fax: 051-920 8407 |