Daily Tax News

The business community severely criticized the performance of Federal Board of Revenue (FBR) and urged the government to expand the tax net instead of increasing more burdens on taxpayers. They also urged the government to make the businessmen and industrialists part of economic policy making process. They said that government should hold quarterly meeting with them to materialize economic policy. They said that the government should give representation to business community for implementation on the economic policy and hold quarterly meeting with them.The business community expressed these views in a conference on "Government and Private Sectors Partners in Growth and Development" held in the Ministry of Planning, Development and Reforms on Monday. Businessmen, industrialists and presidents of all chambers of commerce and industries participated in the conference. A singing ceremony was also held in the conference in which business community become the partner of M...

Dr Muhammad Irshad, Secretary Revenue Division/ Chairman Federal Board of Revenue (FBR), Wednesday directed chief collectors and collectors of customs to play their due role in generating revenue to the tune of Rs200 billion to Rs300 billion in the remaining period of 2016-17. Sources told that during the videoconferencing of the chairman FBR with the customs officials in the field formations, chief collectors and collectors of Customs highly appreciated the government’s decision to appoint chairman FBR within the tax machinery. The chief collectors and collectors of Customs collectively termed the decision as a motivation for the entire customs workforce to work with full zeal and zest. The chief collectors and collectors of Customs also showed their commitment to work under the leadership of Dr Muhammad Irshad. They also assured the tax authorities that they would cross the assigned revenue collection targets for the Model Customs Collectorates (MCCs) set for 2016-17. ...

Federal Board of Revenue (FBR) has impounded the biggest ever haul of illegal processed tobacco for the manufacturing of non-tax paid cigarettes. According to details Regional Tax Office (RTO) Rawalpindi on Wednesday unearthed and sealed 4 big Godowns at Chakwal -Rawalpindi Road. Over 3000 bales of processed tobacco ready for manufacturing of non-tax paid cigarettes were impounded. This is enough to manufacture over 400 million sticks entailing revenue of around RS.700 million. Perhaps the biggest ever haul of illegal processed tobacco.