FBR again misses the mark, revenue collection falls short by Rs90 billion
Due to missing the revised revenue collection target of Rs3.935 trillion, the budget deficit could likely surpass 7 percent, although the final figure for FY18 is yet to be finalized
Violating banking rules, FBR withdraws Rs2 billion from PRA’s bank accounts
The Punjab government is going to take the matter up with the State Bank of Pakistan (SBP) and the federal government
Response to tax amnesty scheme remains muted: Report
According to figures of the State Bank of Pakistan (SBP), initial estimates for April 10th to June 30th reveal Pakistani’s paid $290 million in taxes on nearly $6 billion of declared assets
FBR amassed Rs1.7 trillion from income taxes at import stage in FY18
Total collection for FY18 was 14.2 percent higher than previous FY17 and the country’s tax-to-gross domestic product marginally rose to 11.1 percent, which was lower than the target set
Internal strife in FBR threatens customs duty collection worth billions of rupees
Director general customs audit in a recently held meeting decried the forthcoming revenue loss and wanted hesitant collectors to act in 11 long unresolved audit cases translating to a revenue loss of Rs27.3 billion
FBR fails to meet revenue collection target for FY18, results in Rs135 billion shortfall
On Sunday, the government revised the Foreign Assets (Declaration and Repatriation) Act, 2018 and the Voluntary Declaration of Domestic Assets Act to extend the amnesty schemes for offshore and domestic assets till July 31st of this month
FBR includes foreign income under purview of the amnesty scheme
The FBR told for a resident Pakistani, the disclosure of income in Pakistan must include both within and foreign source
Separate wealth and income statements need to be filed under tax amnesty scheme
Till start of this week, the tax regulator had received Rs36 billion under the tax amnesty scheme for undeclared domestic and foreign assets
OCAC asks FBR to clear ambiguity regarding advanced tax on POL products
Whilst the prices of high-speed diesel were deregulated, ambiguity remains over the aforementioned section, as OCAC believes advance tax also needs to be collected from distributors, which doesn’t conform to features of the budget announced for FY19
Tax amnesty scheme not likely to fetch more than $700 million: Report
Sources revealed the tax regulator has fetched $46 million tax against the declaration of overseas assets under tax amnesty scheme till June 23rd
Will outsourcing help solve Pakistan’s tax problem?
PML-N’s Miftah Ismail suggests the government can raise a lot more revenue if it outsources many of the FBR’s functions. But is it the panacea or would it create more problems than it solves?
FBR hopeful of retrieving $3-4 billion under tax amnesty scheme
The FBR spokesman shared the response to the tax amnesty scheme had been overwhelming but said the last date of June 30th for declaring assets would not be extended
Pakistani’s sent an astounding $15.253 billion overseas in FY17: SC
The committee observed during FY17, a major amount of transfers were carried out from Pakistan via the illegal Hawala and Hundi mechanisms
FBR retrieves Rs970 million in pending tax amount from PIA
Tax officials shared PIA was a tax defaulter of Rs2.5 billion for two months under the category of federal excise duty (FED) collected from passengers on air tickets
CGT collection plunges 52 percent in July-May FY18
CGT amounted to Rs6.2 billion during July-May FY18 against Rs12.76 billion in the corresponding period of last financial year