FBR to engage services of foreign experts for tax audit
The commissioner has also been authorized to constitute a body of auditors for carrying out a specialized audit, including a forensic audit
FBR permits resale of duty exempted plants
FBR made it clear, the number of input goods for domestic sale couldn’t cross 10 percent of total imports per annum
Tax amnesty scheme’s success contingent on apex court decision
Till now, around Rs10 billion have been declared under the tax amnesty scheme announced early last month and Rs500 million has been collected as tax
Auto sales may decline, after barring non-tax filers from purchasing cars
An industry source said data of the filers would now be utilized to purchase cars which would contribute to the practice of premium or ‘own-money’ amount rising
Govt levies 12.5 percent tax on income of offshore companies
Also, the Federal Board of Revenue has taken back half of the recommendations for an increase in customs duties on import of cooking oil
Foreign entities stuck tax refunds rise to Rs58 billion
OICCI expressed worries over a 100 percent rise in customs duty and extension of regulatory duty recommended in next financial year's budget, stating this would increase manufacturing costs across the country
Legal limbo hampering FBR’s revenue collection drive
The stay granted by the super judiciary for these 583 duty and tax linked cases had crossed beyond six months
NA panel criticises government for not increasing cigarette prices
“It is unfortunate that recommendations were made by the committee and the state minister had assured to abolish the third tier on cigarettes – but it did not happen in the budget” PANAH Dr Wajid Ali said.
LCCI urges FBR to address injustice against business community
The LCCI office-bearers urged the Federal Finance Minister Miftah Ismail and FBR Chairman Tariq Mahmood Pasha to restore FTR for the commercial importers in the larger interest of the industry.
Senate panel approves taxing tech giants Google, Amazon and Facebook
Pakistan's laws now stand compliant with OECD rules and regulations
With FATF deadline looming, Pakistan faces challenges to curb money laundering: Report
A president of a private bank in Karachi believes if Pakistan got placed on the grey-list it would make it very difficult for the country to borrow on international markets
Govt holds-up in notifying anti-money laundering powers
The delays in notifying anti-money laundering powers could jeopardize Pakistan's efforts to elude inclusion from the FATF greylist
Senate panel approves questioning income sources of frequent travellers while refusing increase in sales tax
During a meeting of the committee which was chaired by Farooq H Naek, the committee approved seeking details about the frequent travellers (passengers) and staff of airlines. The committee also approved seeking additional details from a conveyance that is en-route to Pakistan for the provision of accurate and complete information of passengers in advance to thwart attempts of money laundering and currency smuggling.
Super-tax will continue being a drag on bank’s profits: Moody’s
Moody's says the extension of super-tax for banks is a credit negative move
Super-tax may erode 7 percent of bank earnings in 2018: Report
HBL and UBL could be severely impacted due to the recent upsurge in loan losses on their foreign books and lower coverage, said Taurus Securities