02122016Fri
Last update: Fri, 12 Feb 2016 10am

Taxation

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The prime minister''s special assistant on revenue Thursday warned that the withholding tax on banking transactions will revert to 0.6 percent for non-filers once the time to opt for the Voluntary Tax Compliance Scheme introduced by the government is over. The stern warning by special assistant Haroon Akhtar Khan came as he addressed a seminar arranged at the Regional Tax Office (RTO) Lahore and attended by tax lawyers, traders and officers of the Federal Board of Revenue (FBR) here.
Federal Board of Revenue (FBR) is all set to grant immunity from income tax audit for the tax year 2014 to the taxpayers, who will pay 25 percent more income tax on the declared tax for the tax year 2013, it was learnt here on Thursday. According to sources, Vishno Raja Qavi, chief Income Tax policy II, during a recent visit to Karachi hinted that the board was considering the proposal of Karachi Tax Bar Association (KTBA) for granting immunity from income tax audit for the tax year 2014 to the taxpayers, who would pay 25 percent more income tax on the declared tax for the tax year 2013.
The Punjab Revenue Authority (PRA) has started working in small cities to expand its tax net to tap existing potential. After opening a three-day IT exhibition arranged by Lahore Chamber of Commerce and Industry and Zong on Thursday, Punjab Excise and Taxation Minister Mian Mujtaba Shuja ur Rehman revealed this while talking to media persons.
The federal government is told to explain its position by March 15 in connection with two identical petitions challenging levy of sales tax on petroleum products up to 55 percent and the standard mechanism for setting the prices in international market.
To implement a key recommendation issued by the Federal Tax Ombudsman (FTO) Abdur Rauf Chaudhry, the Federal Board of Revenue (FBR) has ordered to send the Inland Revenue Audit Officer (IRAO) for compulsory training in the Directorate of Training (DOT), Lahore.
Around 3,000 Polish grocers on Thursday gathered before the Polish parliament to protest against a turnover tax planned by the new conservative government, which could see smaller domestic retailers taxed the same as large foreign supermarkets chains. The Warsaw protesters carried banners with slogans like, "The government is stabbing traditional Polish retailers in the back" and "This is the death of Polish retailers". franchises".
Model Customs Collectorate, Peshawar has decided to evolve new strategy for prevention of smuggling from FATA. Under the new anti-smuggling strategy, Pakistan Customs will seek the assistance of Frontier Corps (FC), Frontier Constabulary, political administration, Federal Investigation Agency (FIA), Anti-Narcotics Force (ANF) and Motorway and a meeting in this connection will be held in Federal Board of Revenue (FBR), Islamabad.