Tax

Massive tax leakages found in sugar industry, ECC told

Massive tax leakages found in sugar industry, ECC told

ISLAMABAD: The government of Pakistan Tehreek-e-Insaf (PTI) has unearthed massive tax evasion by the sugar industry and is in the process of adding molasses to the list of goods that cannot be sold to unregistered persons in order to plug tax leakages.Sources told The Express Tribune that it was brought to the notice of Economic Coordination […]

Finance minister dissatisfied with FBR’s tax widening drive

Finance minister dissatisfied with FBR’s tax widening drive

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government is failing in its two key goals – broadening a narrow tax base and enhancing revenue collection, which has started displeasing Finance Minister Asad Umar who on Thursday sought an explanation for apparent breakdown of the tax machinery.Umar expressed dissatisfaction over the Federal Board of Revenue’s (FBR) performance in the […]

Price disparity: Tax cut on LPG imports turns locally produced gas expensive

Price disparity: Tax cut on LPG imports turns locally produced gas expensive

KARACHI: The government’s decision on reducing taxes on the import of liquefied petroleum gas (LPG) has liberalised imports and made the locally produced gas very expensive.The reduction in taxes has made imported gas cheaper by up to Rs21 per kilogramme to Rs95 for the distributors compared to the one locally produced and sold at Rs116 per […]

SC suspends service charge tax on mobile services

SC suspends service charge tax on mobile services

ISLAMABAD : The Supreme Court of Pakistan on Tuesday suspended the service charge tax collected by cell phone companies on post-paid mobile services.Chief Justice Saqib Nisar presided over the hearing pertaining to additional taxes charged by mobile phone companies. Top court suspends ‘exorbitant’ tax on prepaid mobile bills “Punjab is incurring a loss of Rs2 billion the due […]

Govt hints at partially restoring curbs on non-filers of tax returns

Govt hints at partially restoring curbs on non-filers of tax returns

ISLAMABAD: The government on Monday hinted at partially restoring the ban on purchase of new cars and property by non-filers of tax returns as it struggled hard to convince opposition that its mini-budget would not throw Pakistan back into an era of low growth and high inflation.On the first day of scrutiny of the mini-budget, the […]

After London, now Dubai properties also in tax spotlight

After London, now Dubai properties also in tax spotlight

ISLAMABAD: A day after announcing receipt of all property related data in London, the Federal Board of Revenue claimed on Tuesday that it has received particulars of Pakistani nationals who have undeclared properties in Dubai. A senior official of the FBR said the data includes quantum of rental income earned from these properties. The data […]

Suspension of tax deductions on cellphone top-up cards will remain till next orders: CJP

Suspension of tax deductions on cellphone top-up cards will remain till next orders: CJP

Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday said that the Supreme Court’s directives barring the deduction of taxes imposed on the top-up of prepaid cards has not expired and that it will continue to hold until the court delivers a second order in the case, DawnNewsTV reported. On June 11, the apex court had restrained the […]

Mobile card tax suspension to cost national exchequer Rs123 bn

Mobile card tax suspension to cost national exchequer Rs123 bn

ISLAMABAD ;Supreme Court’s order pertaining to suspension of tax charges on mobile card will be applicable from today (Thursday) as users will be able to charge full amount on mobile top-up. According to sources of telecom industry, tax exemption for the mobile users will be applicable on all phone calls including prepaid, postpaid cards and […]

FBR suspends Shell Pakistan registration over tax evasion

FBR suspends Shell Pakistan registration over tax evasion

Karachi: Federal Board of Revenue’s (FBR) larger tax unit on Thursday suspended registration of Shell Pakistan for tax evasion of Rs 3 billion, After the cancellation of the registration, Shell Pakistan cannot do any business in the country. Shell Pakistan committed Rs 3 billion tax fraud to evade tax. According to FBR, Shell Pakistan was […]

FBR hands over Sharifs, Dar’s 20-year tax data to NAB

FBR hands over Sharifs, Dar’s 20-year tax data to NAB

News Desk The Federal Board of Revenue (FBR) has submitted former PM Nawaz Sharif, his family and Finance Minister Ishaq Dar’s last 20 years’ tax return data to the National Accountability Bureau (NAB). The graft watchdog has also acquired the details of bank accounts of the Sharif family from the State Bank of Pakistan and […]

Pakistan, OECD sign Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Pakistan, OECD sign Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Paris, September 14, 2016: Pakistan became a signatory today to the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Senator Mohammad Ishaq Dar, Minister for Finance, Revenue and Economic Affairs signed the Convention along with Mr. Angel Gurria, Secretary General of the Organization for Economic Cooperation and Development (OECD) in a dignified ceremony […]