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INDUSTRIAL POLICY SOON: DAWOOD

26 December 2018

ISLAMABAD: Amid focus on austerity measures to achieve revenue and fiscal deficit targets, the government announced on Tuesday that a comprehensive industrial policy is on the cards which will create an enabling environment for broad-based industrialisation and encourage innovation in a wide...

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FBR ALLOWS POS REGISTRATION UP TO 21ST

26 December 2018

KARACHI: The Federal Board of Revenue (FBR) has allowed retailers of textile and leather sectors to register their point of sales (POS) by December 21 to avail reduced rate of sales tax. The FBR in a notification on Tuesday said the registration of POS was closed by November 27, 2018. “However...

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MANAGEMENT OF TAX COLLECTION: FBR DECIDES TO IMPLEMENT NEW PROCEDURE FROM JANUARY, 2019

26 December 2018

The Federal Board of Revenue (FBR) has decided to implement a new procedure from January 2019 for its field formations for management of tax collection, reconciliation of revenue receipts with Accountant General of Pakistan, and automated issuance/verifications of tax credits, covering all taxes...

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‘MINI-BUDGET’ PLANNED AS IMF, GOVT STILL DIFFER: GOVERNMENT TO PRESENT ‘MINI-BUDGET’ NEXT MONTH

26 December 2018

The government will present a 'mini-budget' through 'money bill' next month - third in a financial year - to impose/increase taxes to bridge over Rs 100 billion revenue shortfall of the Federal Board of Revenue (FBR) during the first five months of the current fiscal year. Finance Minister Asad...

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POWER COST REVISION TO BENEFIT CONSUMERS

06 February 2018

ISLAMABAD: The power tariff for all distribution companies, except K-Electric, is estimated to come down by about Rs2.78 per unit for a month due to lower than assumed fuel costs in December despite low contribution from cheap hydropower. The Central Power Purchasing Agency-Guarantee (CPPA-G) has...

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PANAMA PAPERS SCANDAL: TAX AMNESTIES BRING HUGE WINDFALLS AFTER INTER-COUNTRY INFO SHARING PACT

06 February 2018

KARACHI: Equipped with international tools for transparency, an increasing number of countries have launched or are weighing bringing in innovative tax amnesty schemes to net dodgers, repatriate assets from tax havens and build and document their economies, a Jang-The News study shows. About 25...

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GOVT BEGINS ON-GROUND SURVEY TO FIND TAX EVADERS ISLAMABAD

06 February 2018

Amid its failure in increasing the narrow tax base, the government has now begun surveys of commercial and high-rise residential buildings across the country to scout people who have bought properties in plazas but do not feature in the tax net. This will be the first comprehensive on-ground...

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BTB INITIATIVE: FBR ISSUES 33,000 NOTICES TO HIGH VALUE INDIVIDUALS

06 February 2018

The Federal Board of Revenue (FBR) has issued 33,000 notices to high value unregistered individuals to bring them in the tax net for broadening of tax base (BTB). This was stated by the director general broadening of tax base wing of FBR while briefing a meeting of the Senate Standing Committee...

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CCP IMPOSES RS2.7MN PENALTY ON 9 COMPANIES FOR DECEPTIVE MARKTING PRACTICES ISLAMABAD

06 February 2018

The Competition Commission of Pakistan (CCP) has imposed Rs. 2.7 million penalty on nine companies for deceiving consumers by fraudulently using the trademark of another company. Bahawalpur-based Al-Rehman Oil Mills complained to the CCP against the companies namely Niaz Corporation, Hamza...

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