Category Archives: Exclusive

Committee recommends amnesty for undeclared foreign assets in three slabs at tax rate of up to 10pc


KARACHI: A committee constituted by Supreme Court of Pakistan (SCP) has recommended an amnesty for undisclosed foreign assets in three slabs at 2 to 10 percent of income tax rates.

Vested interests ruin FPCCI credibility: Dr Mehar


KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) as a national chamber has lost its credibility to represent business community and resolve their problems as individuals are using the apex for their vested interests.

FBR rejects relief to non-filers in automation selection of audit


KARACHI: Federal Board of Revenue (FBR) has rejected to give any relief to non-filers of income tax returns for tax year 2017 regarding automatic selection of audit.

Non-filers can avoid automatic selection of audit by paying 25pc higher tax than preceding year


ISLAMABAD: The taxpayers, who have failed to file income tax returns by December 15, 2017, can avoid automatic selection for audit by paying 25 percent higher tax as compared to paid in preceding year, within 90 days of expiry of last date.

2.4 million taxpayers automatically selected for audit


ISLAMABAD: About 2.4 million taxpayers have been selected for audit, who have obtained National Tax Number (NTN) but failed to file income tax return for tax year 2017.

FBR invites services for monitoring tobacco production


ISLAMABAD: Federal Board of Revenue (FBR) has started procedure to install Electronic Monitoring of Production (Track & Trace) of tobacco products in order to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of Federal Excise Duty (FED) and Sales Tax.

FBR compiles commercial importers’ data for audit


KARACHI: Federal Board of Revenue (FBR) is compiling data of commercial importers for conducting audit of their imports and sales into the local markets.

Rice exports shrink by 63 percent after implementation of E-Form


KARACHI: The implementation of export form – a joint initiative of Pakistan Customs and State Bank of Pakistan (SBP) – has curtailed exports of rice by 63 percent since November 2015 to August 2016.

FBR files 253 cases for tax crimes


ISLAMABAD: The Federal Board of Revenue (FBR) has filed 253 cases regarding prosecution for tax crimes during July 01, 2015 to June 30, 2016, according to official documents.

FBR examines proposals for revising downward immovable property valuation tables


ISLAMABAD: Federal Board of Revenue (FBR) is examining the proposals of revising downward the valuation tables of immovable properties for industrial land, sources said on Saturday.