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Total: 50 results found.

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1. Revenue collection up 27pc in Feb
(Highlights/Business News)
...  refunds of taxpayers in July-Feb. The FBR paid out an amount of Rs47bn during the period compared to Rs72bn a year earlier, reflecting a decline of Rs25bn. The refunds were mostly withheld unde ...
Saturday, 28 February 2015
2. FBR detects 40 fake firms
(Highlights/Business News)
... no business issue fake invoices. They then claim refunds for raw material from sales tax department, without having paid a single penny on the material. Other companies use flying invoices to claim ...
Monday, 24 March 2014
... AT mode be abandoned and at a flat 5% GST rate, the regime for adjustments and refunds should also be done away with, so as to liberate industrial enterprises from the burden of maintaining an e ...
Wednesday, 07 August 2013
4. Corruption in FBR to be checked
(Highlights/Business News)
Tuesday, 23 July 2013
... s tax) refunds will be collected from the FBR (Federal Board of Revenue) and a mechanism will be built to avoid future build-ups. The financial efficiency strategy is geared towards punishing private def ...
Tuesday, 23 July 2013
6. Slow trading on cotton market
(Highlights/Business News)
Friday, 28 June 2013
7. Salary tax slabs need correction in budget: ACCA
(Economic Updates/Pak Major Financial News)
... higher than their actual income tax liability. It is strongly recommended to withdraw this permanently for registered taxpayers. The decision would reduce the creation of unnecessary income tax refunds. ...
Saturday, 04 May 2013
... equently and avail the entitlement to tax input and refunds. He called for amendment in Sales Tax Act-1990 and a comprehensive amendment in Income Tax Ordinance 2005 to repeal the draconian laws  ...
Thursday, 02 May 2013
... management system for addressing the menace of illegal input adjustments and refunds; (iii) development and launching of risk management system; (iv) safeguarding government revenues by checking illegal ...
Saturday, 20 April 2013
...  The tax administration measures include operationalisation of risk-management system for minimising illegal input tax adjustments and inadmissible refunds. The emphasis would be action taken by tax officers ...
Friday, 19 April 2013
11. Unusual but major reshuffle in FBR
(Highlights/Business News)
... tax refunds. With the help of CREST, a software programme, the textile lobby was forced to pay Rs4 billion recently but now Mr Shafqat was sidelined apparently to please the textile lobby. Usually, such ...
Thursday, 18 April 2013
... ng the mechanism of red alerts to curb fake refunds. Through strict administrative control, the FBR can save Rs5 billion. With monitoring, tax authorities have found that over 90 percent revenues of ...
Wednesday, 17 April 2013
Monday, 15 April 2013
(Highlights/Business News)
... with formation of FTO the business community has benefited a lot. He said in 2012, refunds to the tune of Rs. 9.5 billion were paid to businessmen which is 45 percent more than the payment of 2011. Similarly, ...
Saturday, 06 April 2013
15. Govt asked to reduce tax collection target
(Highlights/Business News)
Friday, 05 April 2013
...  without the consent of taxpayer, revision requests for monthly/annual statements/returns, reporting of any person as employee of a taxpayer and refunds applications/management ...
Monday, 01 April 2013
LAHORE - While putting its weight behind Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) call for withdrawal of 2 per cent sales tax on export-oriented industry, the Lahore ...
Thursday, 28 March 2013
18. Fraudulent sales tax refunds
(Highlights/Business News)
... Finance Minister, Shaukat Tarin, this claim carries a measure of credibility. What is particularly disturbing about the recipients of refunds is the fact that many of these claimants were also on the ...
Wednesday, 27 March 2013
19. 95 fraudulent claimants get Rs 1.435 billion refunds
(Economic Updates/Pak Major Financial News)
Ninety-five fraudulent sales tax refund claimants successfully bypassed all electronic systems and checks of the Federal Board of Revenue (FBR) and obtained huge refunds of Rs 1.435 billion in 2011-2012 ...
Monday, 25 March 2013
... t the whole industry of the country is united against this SRO 154 and has unanimously declared that 2 per cent tax is unacceptable. He complained that even today outstanding refunds of Rs60 billi ...
Friday, 22 March 2013
21. FBR refuses to reduce Sales Tax on tractors
(Highlights/Business News)
Thursday, 21 March 2013
... availing refunds, adding that the rate of bribe for income tax refunds was 20 percent of the total claim, 10 percent for sales tax refunds, and five percent for customs rebate. Mehtab Chawla of Towel Manu ...
Thursday, 14 March 2013
23. FBR criticised for withdrawing zero-rated regime
(Economic Updates/Pak Major Financial News)
Friday, 01 March 2013
24. Shortfall in tax collections
(Weekly Updates/Editor's Pick)
... after filing of returns, eliminating exemptions in sales tax and strengthening enforcement and audit of sales tax as well as in withholding tax. Both are significant areas of tax leakage. Refunds and under-invoicing ...
Tuesday, 19 February 2013
... e R&D claims of exporters to the tune of Rs17 billion were stuck up with the government for the last two years and asked him to facilitate exporters in getting their refunds. Bilwani severely criticis ...
Friday, 08 February 2013
26. FTO recommends large-scale reforms in FBR
(Highlights/Business News)
Wednesday, 16 January 2013
27. Bill to facilitate tax dispute resolution
(Weekly Updates/Traders' Diary)
... ly to cases involving grievances regarding assessment of tax dues. The cases relating to claims of refunds and interpretation of law are excluded from the ADRC purview. The bulk of aggrieved taxpay ...
Monday, 24 December 2012
28. Time for introspection
(Economic Updates/Exclusive Articles)
... but far more through Pakistan's porous borders. In addition thereto is the tax revenue loss that is caused by over 3 million retailers who insist on staying out of the tax net. Tax refunds against 'flying' ...
Thursday, 20 December 2012
29. Tanners slam zero rating withdrawal plan
(Highlights/Business News)
... Agha Saiddain has said that unthoughtful decision would adversely affect exports at a time when huge amount of sales tax refunds are already stuck up with the FBR and exporters are facing liquidity crunch. ...
Saturday, 15 December 2012
30. FBR appoints two committees to probe scams
(Highlights/Business News)
... scams and the loss of up to Rs1,190 million in revenues, it is learnt. Chairman FBR Ali Arshad Hakeem has taken note of media reports regarding massive refunds scams and handed over a note written by ...
Tuesday, 11 December 2012

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