01202017Fri
Last update: Fri, 20 Jan 2017 04am

Taxation: Pakistan

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The Federal Board of Revenue (FBR) has not yet concluded that a leading Karachi-based cigarette manufacturing company is directly involved or connected with the illegal facility raided by FBR's agency in Chingley, Buner. Responding to different queries, Dr Muhammad Iqbal Member FBR official spokesperson told Business Recorder here on Friday that the investigation in the case is under way.

Pakistan and Iraq have decided to initiate negotiations on convention on Avoidance of Double Taxation and Prevention of Fiscal Evasion. Sources told Business Recorder here on Thursday that a delegation of Iraqi tax authorities will visit Pakistan once dates are finalised. So far, there is no convention on the Avoidance of Double Taxation and Prevention of Fiscal Evasion between Pakistan and Iraq. Both the sides have agreed to start negotiations on the said issue.
Regional Tax Office (RTO) Rawalpindi Thursday worked out a detailed strategy for combating illicit tobacco/cigarettes trade within its jurisdiction i.e. civil Districts Rawalpindi, Jhelum, Chakwal and Attock. According to sources, a major enforcement action at a renowned super store in Bahria town Rawalpindi resulted in recovery of huge stock of smuggled cigarettes by the regional office enforcement team of the said RTO.
Pakistan Taxation Club (PTC), Karachi on Thursday celebrated the posting of Dr Muhammad Irshad, Member Inland Revenue (Operations) as Acting Chairman Federal Board of Revenue (FBR). The cake cutting ceremony was held at Regional Tax Office-II, Karachi here. The President of the Pakistan Taxation Club and the Management Committee felicitated Dr Muhammad Irshad on his posting as Acting Chairman FBR and also lauded the initiative taken by the government to appoint him for the said post.
While commenting on the economic situation, here on Thursday, Chairman Pakistan Textile Exporters Association (PTEA) Ajmal Farooq and Vice Chairman Naeem lauded the steps taken by the finance team especially the outgoing Chairman FBR Nisar Muhammad Khan in economic uplift of the country and achieving macroeconomic stability by pursuing comprehensive reforms in a short period of time. Member IR, Dr Muhammad Irshad was also the key player of economic team and we are hopeful that the under his dynamic leadership pace of economic stability will grow further and the good work initiated by his predecessor would be carried forward, they said.
Over 6,000 vehicles were registered under Dealer Vehicle Registration System (DVRS), through as many as 23 registered dealers online in the districts of Lahore, DG Khan, Rawalpindi and Multan during the months of November and December 2016.
The Directorate General Customs Valuation (DGCV) on Wednesday revised the custom duty on imported dates. According to details, the DGCV has issued new valuation ruling for dates' imports after over four years. The earlier customs values of dates were determined vide valuation ruling no. 501 in 2012 and the MCC Quetta has recently determined the customs values of dates of Iran origin imported via land route.