Business Recorder

Loading Stock data...

Taxation: Pakistan

Archive: 

Directorate General of Intelligence and Investigation Inland Revenue (IR) Federal Board of Revenue (FBR) is probing cases against the two multinational cigarette manufacturing companies to verify their sales tax and federal excise duty payments in line with the applicable tax laws.

The federal government has dropped a major budgetary proposal of the Federal Board of Revenue that seeks to reduce standard rate of 16 percent sales tax to 5 percent on the import of raw materials and inputs in the upcoming budget (2012-13).
Despite repeated promises, the Federal Finance Ministry has not transferred Rs 1.5 billion to Sindh government collected by the Federal Board of Revenue (FBR) in the head of Federal Excise Duty (FED) from the province. Well-placed sources in Sindh Revenue Board (SRB) told this scribe that the FBR officials during a meeting held in Islamabad a few weeks ago had agreed to transfer the amount of services taxes collected from Sindh to Sindh government.
The Federal Board of Revenue (FBR) has provided relief to the business community by extending the warehousing period and waiving off the penal surcharge on overstayed goods, lying un-cleared in the customs bonded warehouses. In this connection, the FBR has issued SRO 522(l)/2012 here on Tuesday.
"It seems that the FBR has lot of time to waste which is evident from the notices for requisition of the record under Section 25 of the Sales Tax Act 1990 demanding such records from our member exporters despite the fact that audits of our member exporters have been completed up to the period 30-6-2011 by the Audit Officer Inland Revenue - Regional Tax Office, Karachi.
Frontier Works Organisation (FWO) will continue occupation of 31 toll plazas on motorways following the demand of government to pay $5000 as tariff per Nato/Isaf truck. Cash starved Ministry of Communication has intensified its efforts to get vacated 31 toll plazas in various localities on motorway from FWO.
The World Bank has proposed to the Federal Board of Revenue to rationalise the number of staff and employees to improve efficiency of the tax administration under reforms. Sources told Business Recorder here on Friday that the WB mission has submitted a report to the FBR on the ''lessons learned from the Tax Administration Reform Project of the FBR''.

Energy Challenges Review

China Wholesale

brindex
10398.66   Arrow 25.81
+

Budget 2011-12



Disclaimer | Privacy Policy | Terms of Use | Contact Us | Careers | Help | Site Map Aaj TVAaj TV Urdu Stock News | Play TV