ISLAMABAD: The government is planning to drop an inflation bomb on public, as taxes are expected to be increased in the upcoming budget. According to details, new taxes of Rs40 billion have been proposed in the next budget. Sources said that a recommendation to end Rs70 billion concession on different goods and imposition of new taxes […]

ISLAMABAD: Tax authorities have proposed the abolition of a distortive final income tax regime for both exporters and importers in a bid to capture their real income – a move, if proved successful, may help the government document the economy. There is also a proposal to cut the withholding tax on imported mobile phones, subject […]

KARACHI : Provincial Excise and Taxation department has initiated a road checking campaign to nab tax defaulting vehicles. Following the directives of Minister for Excise and Taxation Mukesh Kumar Chawla, a campaign has launched from today till March 31 to nab the tax defaulting vehicles across the province. For the purpose eleven teams consisting of officers […]

According to the Federal Board of Revenue, the share of withholding taxes in direct tax revenues touched 68pc in the first half of this fiscal year, emerging as the leading revenue spinner in the segment. The current PML-N government has imposed 20 new withholding taxes since June 2013, while increasing the existing withholding tax rates […]

ISLAMABAD: The Federal Board of Revenue (FBR) is facing a gigantic task to professionally audit over 93,000 tax cases in a span of six months, as it went ahead with its plan without first strengthening the highly understaffed audit wing. For the tax year 2015, the FBR on Thursday picked as many as 93,277 cases for […]

ISLAMABAD: The government may return less than one-fifth of the outstanding tax refunds worth Rs205 billion in the first phase by borrowing money at commercial terms, as its plan to retire refunds by obtaining loans has been met with resistance from various quarters. Finance Minister Ishaq Dar Saturday held consultations with top authorities over his plans […]

ISLAMABAD: Finance Minister Senator Ishaq Dar on Saturday left for Paris to sign Multilateral Convention on Mutual Administrative Assistance in Tax Matters with Organisation of Economic Cooperation and Development (OECD). Ishaq Dar would sign this historic agreement on behalf of the Government of Pakistan in Paris on September 14, sources added. The OECD has a […]

LAHORE: The Supreme Court (SC) on Friday expressed displeasure at lacklustre representation of the Federal Board of Revenue (FBR) in cases. A two-judge bench, led by senior puisne judge of the SC Justice Mian Saqib Nisar, held the proceedings on an appeal, filed by a housing society against verdict of the Lahore High Court at […]

The Federal Board of Revenue (FBR) will release Annual Tax Directories of parliamentarians and general public today. They contain the names of taxpayers for disclosing titles and tax payments of the income tax return filers. The directory includes names of members of parliament, corporations, Association of Persons (AoPs) and individuals. Finance Minister Ishaq Dar will […]

ISLAMABAD – Chairman FBR Nisar Khan yesterday refused to brief the National Assembly Standing Committee on Finance about the Panama papers saying this issue was not included in the agenda of the meeting. “I will give detailed briefing on the Panama papers revelations after the committee includes it in its agenda,” Nisar remarked. Secretary Finance […]