01172017Tue
Last update: Tue, 17 Jan 2017 07am

Taxation

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The Federal Board of Revenue (FBR) is facing a major challenge to conduct audit of all late filers of income tax returns and high volume of cases (7.5 per cent) selected for audit through risk-based selection process.
The customs duty of citric acid monohydrate pharmaceutical grade has been increased to $1 per kilogramme. According to official details, the latest valuation of Citric Acid monohydrate pharmaceutical grade, issued by the Directorate General of Custom Valuation (DGCV), has been increased to $1 per kilogram.
The government is considering different names to fill the post of the new Chairman of the Federal Board of Revenue (FBR) as the incumbent Chairman Nisar Mohammad Khan will be retiring on January 18, 2017. Sources said name of the new FBR chairman is being finalised by Finance Minister Ishaq Dar with the approval of the Prime Minister. At present, there is no possibility of granting any extension in the tenure of existing FBR chairman.
Chairman FBR Nisar Muhammad Khan has praised the reforms introduced in SECP during the last two years, especially appreciating the sincere efforts of Zafar Hijazi for turning the organisation into a strong regulatory body.
The Federal Board of Revenue (FBR) has increased sales tax on motor spirit and high speed diesel oil from January 16, 2017. Explaining the SRO 21(I)/2016 issued by the FBR here on Sunday, sources said that the sales tax on motor spirit has been increased from 14.5 percent to standard rate of 17 percent. The motor spirit has been excluded from the table of petroleum products specified in the SRO 21(I)/2016. The exclusion of motor spirit from SRO 21(I)/2016 has brought this POL product under the standard rate of sales tax ie 17 percent.
A taxpayer's bank account attachment orders have been withdrawn voluntarily by the Federal Board of Revenue (FBR) officials, following timely intervention by the Federal Tax Ombudsman (FTO), before start of the first hearing of the case of mal-administration.
The United States on Friday indicted three former Takata executives, bringing the first criminal charges in a scandal over exploding airbags that caused the largest auto safety recall in US history. The individuals, who left the Japanese company in 2015, were charged with fraud for hiding the flaws in the airbags, according to documents filed in federal court in Michigan.