05062016Fri
Last update: Fri, 06 May 2016 02pm

Taxation: Pakistan

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Model Customs Collectorate (MCC), Gwadar on Thursday claimed to have collected Rs 3.51 billion customs duty, which is 348 percent higher than the target, during 10 months of current fiscal. According to the official statistics, the customs duty target of MCC Gwadar from July 2015 to April 2016 was Rs 1.008 billion while the collection against the said target stood at Rs 3.510 billion.
The Directorate General of Customs Valuation Karachi has revised customs values on the import of mineral grease from China, India, Korea, UAE and Iran. According to the valuation ruling number 830 of 2016 issued here on Thursday, the customs values of mineral grease were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No, 331/2011 dated 02-06-2011. Since the said ruling was considerably old and needed updating to reflect current international prices, the same was taken up for fresh determination.
Amid opposition from stakeholders, Water and Power Development Authority (Wapda) on Thursday appealed to National Electric Power Regulatory Authority (Nepra) to increase hydel tariff by Rs 1.50 per unit to recover Rs 51 billion from power consumers to make payment to Khyber Pakhtunkhwa (KPK) on account of the Net Hydropower Profit (NHP) settlement. The power regulator conducted a public hearing regarding a supplementary tariff petition filed by Wapda to raise power tariff. It was revealed that Wapda had sought an increase in supplementary tariff from the regulator following the directions of Council of Common Interests (CCI). Nepra reserved its judgement.
Large Taxpayers Unit (LTU), Islamabad, has frozen the bank accounts of Oil and Gas Development Company Limited (OGDCL) to recover outstanding sales tax demand worth more than Rs 2.5 billion. The Large Taxpayers Unit, Islamabad, detected various purported discrepancies in the sales tax declaration by the OGDCL and levied tax worth more than Rs 2.5 billions in February, 2016. The enforcement action taken by the Large Taxpayers Unit, Islamabad, was also upheld in an appeal filed by the OGDCL.
Directorate of Intelligence & Investigation Inland Revenue (IR) Faisalabad has unearthed the non-payment of duties/taxes to the tune of Rs 5 million imposed on the huge stocks of non-duty-paid cigarettes that they seized from premises/godown of cigarettes. The revenue officials received information that a tobacco manufacturer was involved in sale of non-duty-paid cigarettes.
A tug of war between Federal Board of Revenue (FBR) and provincial revenue authorities over collection of tax on services is putting excessive financial burden of double taxation on banking, aviation and other service sectors; it was learnt on Thursday. According to sources, FBR is collecting Federal Excise Duty (FED) on the services of banking, aviation, franchise, shipping and other service sectors. However, taxpayers from aforesaid sectors are also forced by the provincial revenue authorities to pay sales tax on services.
The Federal Board of Revenue (FBR) has decided to launch a modified automated system, from July 2016, for filing of sales tax and federal excise returns to facilitate the taxpayers and resolve issues arising out of post-return cross-matching of declarations. According to an announcement of the FBR here on Thursday, the new system can be rolled out for load testing from July 2016. If approved, system shall be functional from July, 2016 Paid August, 2016 sales tax returns.