Monthly Archives: November 2017

Filing date for tax return, wealth statement extended up to Dec 15

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing income tax returns and wealth statement (tax year 2017) by salaried persons and business individuals up to December 15, 2017.

FBR collects Rs1,302bn in five months; receives 991,187 returns

ISLAMABAD: The revenue collected by Federal Board of Revenue (FBR) has increased by 19.55 percent to Rs1,302 billion during first five months (July – November) of current fiscal year as compared with Rs1,089 billion in the same months of the last fiscal year, a statement said on Thursday.

FBR re-instates two suspended customs officials

KARACHI: Federal Board of Revenue (FBR) has re-instated two customs officials with immediate effect. The officials were suspended since February 08, 2017.

PTBA wants return filing date extension up to Dec 20

KARACHI: Pakistan Tax Bar Association (PTBA) has urged the Federal Board of Revenue (FBR) to extend the last date for filing income tax returns up to December 20 as taxpayers are facing difficulties in filing their returns due various reasons and will not able to comply by existing last date of November 30.

SECP issues draft Sharia regulations for IFI auditing

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has notified for public consultation three Shariah Standards of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); Shariah Standard No 17 – Investment Sukuk, Shariah Standard No 18- Possession (Qabd) and Shariah Standard No 23 – Agency and the Act of an un-commissioned agent (Fodooli)

LTUs, RTOs to observe extended working hours on Nov 30

ISLAMABAD: Federal Board of Revenue (FBR) has directed all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs) to observe extended working hours on November 30, 2017 to facilitate taxpayers in paying their duty and taxes.

FBR notifies transfer/postings of IRS officers BS-19-20

ISLAMABAD: Federal Board of Revenue (FBR) has issued transfer/postings of Inland Revenue Officers (IRS) of BS-19-20 with immediate effect till further orders, notification issued on Wednesday.

Cell phone companies not paying taxes worth Rs400 billion annually

ISLAMABAD: National Accountability Bureau (NAB) has observed that mobile phone companies are allegedly evading taxes worth Rs400 billion every year.

KTBA urges FBR to extend return filing date up to Dec 31

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday urged Federal Board of Revenue (FBR) to extend the last date for filing income tax return up to December 31 as many taxpayers will not be able to file their returns by November 30 – the latest last date – due to slowdown on FBR’s portal and loss of working hours due to Dharna (sit-in) in the country.

Fiscal deficit in first quarter narrows to 1.2pc of GDP

ISLAMABAD: The overall fiscal deficit for the period July – September 2017 has been contracted to 1.2 percent of the GDP as against 1.3 percent of the GDP during the same period of the last year, the spokesman of the Finance Division said Tuesday.