Tax regulator contemplating forensic audit of share transactions
The Federal Board of Revenue (FBR) officials deduced hiding of withholding taxes on share transactions since the brokerage commission on these transactions exhibited growth during FY18
FBR collected Rs23.8 billion from real estate sector in FY18
During FY18, the Federal Board of Revenue (FBR) amassed Rs5.2 billion in taxes on sale and transfer of properties, which was 14 percent higher than FY17
Fall in furnace oil demand, decrease in subsidies dented revenue collection in FY18: FBR
The report highlighted it made excessive refund adjustments during FY18, as the banking sector’s declining profits and fall in withholding tax on telecom sector were the primary reasons for the decline in revenue collection
FBR to dispatch tax notices to 600-700 people owning properties in UK
The identified individuals are said to be receiving rental income from owning expensive properties in the UK and failed to declare these assets under the tax amnesty scheme that lapsed on 31st July 2018
Pakistani nationals residing in UAE topped in availing foreign tax amnesty scheme
According to Chairperson Federal Board of Revenue (FBR), Rukhsana Yasmeen there were total declarations of 82,848 people of which 5353 were availed under foreign tax amnesty and 77,845 availed domestic amnesty
Tax amnesty scheme results in Rs115 billion tax collection
The FBR has fetched Rs97 billion from these declarants, of which Rs36 billion have been retrieved on overseas assets, Rs61 billion on domestic assets and $40 million has been repatriated
UK drafts legislation, compelling offshore entities to reveal real owners of properties
According to the legislation, individuals illegally profiting from properties they own in the UK would be jailed for five years
Declarations to whiten domestic, foreign assets gain momentum after elections
Since July 1, FBR has received more than 2,500 declarations until July 27. The number of declared assets was also not significant. The declarants have paid around Rs11 billion in taxes so far this month
Pakistanis working and buying assets in UAE out of tax amnesty scope
The scheme is only applicable only to Pakistani residents obliged to register under the country’s law and pay tax on the purchase of foreign assets
Attraction in tax amnesty scheme waning: Report
During July, the FBR has fetched around Rs3 billion in taxes under the tax amnesty scheme
OECD launches new programme to assist Pakistan in enacting global tax standards
The country is an active member of the Inclusive Framework on BEPS and the Global Forum on Transparency and Exchange of Information for Tax Purposes
FBR initiates tax evasion enquiry against stationery businesses
The stationery industry availed zero-rate sales as input on ending stocks by June 30th, which was subject to zero-rate sales tax on output for later supplies, said the official
Undeclared assets can hardly benefit people, says: Member FBR
Faheemul Haq admitted that FBR website was not easy to understand for common persons but added that it was being simplified and feedback from business and Industry was being taken into account
$300 million tax retrieved under amnesty scheme till now: Bajwa
The credit to the farming sector witnessed a 37 percent rise, reaching Rs964 billion and a considerable increase in credit to small industries was observed, said Bajwa
Affluent people seek declaration of foreign assets at 2 percent tax
By end of last month, over $6 billion of overseas assets had been declared by Pakistani nationals on which they paid $290 million in taxes and the amnesty scheme has been extended to the 31st of July earlier this month