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Tax recovery, registration: DGI&I IR empowered to carry out assessment, audit
Date: May 09, 2014 The Federal Board of Revenue has empowered the Directorate General (Intelligence & Investigation), Inland Revenue (IR) to enforce filing of income tax returns, wealth statements and compulsory registration of new taxpayers, authorising the directorate to carry out assessment/provisional assessment and audit of the registered persons for recovery of taxes. The FBR […]
SECP undertakes strict monitoring & vigilance of corporate sector
Date: April 18, 2014 KARACHI: The Chairman Securities and Exchange Commission of Pakistan (SECP) Tahir Mahmood has said that the SECP has been remaking its Standard Operating Procedures (SOPS) and procedures to ease the regulatory compliance. He was addressing a joint press conference here on Friday to highlight the recent achievements and developments of the […]
Date: April 16, 2014 The Federal Board of Revenue Tuesday issued Annual Tax Directory containing the names of more than 800,000 taxpayers for (Tax Year 2013) disclosing titles and tax payments of the income tax return filers, corporations, Association of Persons (AOPs) and individuals. The tax directory has not disclosed the annual income of all […]
FBR not satisfied with RTOs” and LTUs” performance
Date: April 16, 2014 The Federal Board of Revenue has expressed dissatisfaction over the performance of the Chief Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in the collection of estimated revenue through budgetary measures introduced in Finance Act, 2013. Sources told Business Recorder here on Tuesday that the FBR has conveyed […]
SECP launches online payment facility for stakeholders
Date: April 11, 2014 ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is pleased to announce the launch of online payment facility for its stakeholders. An arrangement has been made with MCB Bank Limited whereby MCB customers can make payments to SECP through MCB’s internet banking facility. Now customers with accounts of MCB bank […]
Import of 993 items from Sri Lanka: FBR announces tariff concessions
Date: April 12, 2014 The Federal Board of Revenue (FBR) announces tariff concessions on the import of 993 items from Sri Lanka under Free Trade Agreement (FTA). In this regard, the FBR superseded SRO 570(I)/2005 dated June 6, 2005, through SRO 280(I)/2014 issued here on Friday. According to the notification, the Federal Government exempts import […]
July-March fiscal year 2014: FBR raises WHT demand of over Rs 32 billion
Date: April 04, 2014 The Federal Board of Revenue (FBR) has raised withholding tax demand of over Rs 32 billion during July-March 2013-14, which would result in substantial recovery of billions of rupees through effective monitoring and audit of withholding agents. Sources told Business Recorder here on Thursday that the Directorate General of Withholding Taxes […]
FBR’s erratic ARC a cause of problem for taxpayers
Automated Revenue Collection (ARC) is ‘Pain in the Neck’ Date: April 04, 2014 Federal Board of Revenue’s (FBR’s) automated revenue collection (ARC) is ‘pain in the neck’, creating hurdles instead of facilitating the tax payers. The existing system being implemented by the FBR in collaboration with Pakistan Revenue Automation Private Limited (PRAL) is not delivering […]
FBR Lobbies to Switch Back to ‘Old Circle System’ Date: April 04, 2014 ‘Imported’ administrative reforms implemented over the last 12 years in the Federal Board of Revenue (FBR) with the help of $149 million in external assistance could not work in Pakistan, believe top tax officials who have now started lobbying for reverting back […]
Two Foreign IT Firms’ Officials Held Date: April 04, 2014 The Directorate General of Intelligence and Investigation Inland Revenue (IR) on Thursday arrested two high-profile executives of an international IT giant in Karachi, selling computer products and accessories on alleged involvement in tax evasion. Sources told Business Recorder here on Thursday that it was the […]