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Finance

Special Excise Duty Adjustment: FBR to Remove Confusion

ISLAMABAD (February 27 2008): The Federal Board of Revenue (FBR) will remove the confusion about the issuance of invoices by certain importers for claiming adjustment of one percent special excise duty (SED), which is inadmissible under the Sales Tax Act, 1990. Sources told reporters on Tuesday that the board has issued instructions to the FBR Sales Tax Wing to thoroughly ...

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Commercial importers to file goods declarations through clearing agents

ISLAMABAD (February 24 2008): The Federal Board of Revenue (FBR) has decided to abolish the condition of bachelor degree (BA) for customs agents to obtain license and drastically reduced licensing fee from Rs 500,000 to Rs 100,000 under the revised rules. It has also been decided that the commercial importers would file goods declarations (GDs) through the clearing agents and ...

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Non-filers of Sales tax Returns to be De-registered

ISLAMABAD (February 25 2008): The Federal Board of Revenue (FBR) has decided to cancel the sales tax registration of all habitual non-filers of sales tax returns through strict enforcement of the law. At present, a registered person not filing sales tax returns for six months past is liable to de-registration, but the law is not being practically enforced. Now, amended ...

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FBR seeks cash withdrawal data to increase WHT collection from SBP

ISLAMABAD (February 13 2008): To increase withholding tax collection, the Federal Board of Revenue (FBR) has approached the State Bank of Pakistan (SBP) to furnish data on cash withdrawals from banks, payments made on prize bonds and total profit on debt paid by the banks during 2007-08. THE BOARD IS READY TO AMEND THE INCOME TAX ORDINANCE 2001 TO REMOVE ...

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FBR Empowers Customs Collectors to Block Import Consignments

ISLAMABAD (February 29 2008): The collectors of customs have been empowered to block import consignments where the businessman is unable to clear tax arrears. Sources told reporter on Thursday that the FBR has issued instructions to Collectors of Customs (Appraisement) not to clear containers of importers who failed to submit pending dues (taxes/duties). According to the instructions, the collectors shall ...

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Foreign investors seek 'advance ruling' on income tax

ISLAMABAD (September 15 2007): Top foreign investors, including an international hotel chain and a beverage company, have approached the Federal Board of Revenue (FBR) for obtaining 'advance rulings' for assessment of income tax on the investment being to be made by these companies/joint ventures under Income Tax Ordinance 2001. Sources told reporters on Friday that Kingdom Lusaka Hotel (Netherlands) has ...

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Advance payments against L/Cs: SBP liberalises foreign exchange regime

KARACHI (September 14 2007): The State Bank of Pakistan (SBP) on Thursday allowed advance payments against letters of credit (L/Cs) and firm registered contracts up to 100 percent of the FOB or CFR value of the imported goods to further liberalise foreign exchange regime and to facilitate the importers. The SBP said that advance payments against the letters of credit ...

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SECP seeking power to freeze bank accounts: banks to remain under SBP

ISLAMABAD (September 05 2007): The Securities and Exchange Commission of Pakistan has clarified that there are no plans for shifting the supervisory/regulatory control over scheduled banks from the State Bank of Pakistan to SECP. However, it is seeking power to freeze bank accounts of 'persons' under investigation for a limited period. Reacting to a newspaper report on Monday, a spokesperson ...

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SECP won't allow firms' takeover if law violated

ISLAMABAD (September 03 2007): The Securities and Exchange Commission (SECP) will not allow takeover of companies in violation of proposed takeover draft law, which has been sent to different stakeholders for their comments. “No person shall make or pursue a takeover offer except under and in accordance with the regulations made by the Commission,” said the draft takeover law, a ...

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FBR can't de-register unit unilaterally: Trade Ombudsman

ISLAMABAD (September 03 2007): The Federal Tax Ombudsman (FTO), former Justice Munir A Sheikh has ruled that the Federal Board of Revenue (FBR) could not de-register a unit/concern/factory unilaterally without hearing the other party. He gave this ruling on a complaint of M/s Lion Box Factory, Karachi, registered as manufacturer with the Sales Tax Department about two decades ago. The ...

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