News Others May 9, 2014

Tax recovery, registration: DGI&I IR empowered to carry out assessment, audit

Date: May 09, 2014

The Federal Board of Revenue has empowered the Directorate General (Intelligence &
Investigation), Inland Revenue (IR) to enforce filing of income tax returns, wealth statements
and compulsory registration of new taxpayers, authorising the directorate to carry out
assessment/provisional assessment and audit of the registered persons for recovery of taxes.

The FBR has issued SRO.351(I)/2014 here on Thursday to considerably enhance the powers of
the agency to operate like a Regional Tax Office (RTO). Through SRO.351(I)/2014, the
Directorate General (Intelligence & Investigation), IR has become a parallel assessment
organisation in the presence of Large Taxpayer Units (LTUs) and Regional Tax Office (RTOs),
sources said.

This is a preview of Tax recovery, registration: DGI&I IR empowered to carry out assessment, audit. Read the full post (494 words, estimated 1:59 mins reading time)

News Others April 16, 2014

Tax directory unveiled

Date: April 16, 2014

The Federal Board of Revenue Tuesday issued Annual Tax Directory containing the names of
more than 800,000 taxpayers for (Tax Year 2013) disclosing titles and tax payments of the
income tax return filers, corporations, Association of Persons (AOPs) and individuals.

The tax directory has not disclosed the annual income of all taxpayers. Only National Tax
Numbers (NTNs) and tax paid for the Tax Year 2013 has been specified in the directory of all
taxpayers for the year ended June 2013. The directory has been tabulated from returns filed
manually and electronically (till April 14, 2014). Manually filed returns have been entered into
the system. There may be some discrepancies at the level of filing or data entry. Moreover, a
considerable number of manually filed returns could not be entered into the system despite best
efforts due to missing identifiers on the returns.

This is a preview of Tax directory unveiled. Read the full post (493 words, estimated 1:58 mins reading time)

News Others April 16, 2014

FBR not satisfied with RTOs” and LTUs” performance

Date: April 16, 2014

The Federal Board of Revenue has expressed dissatisfaction over the performance of the Chief
Commissioners of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in the
collection of estimated revenue through budgetary measures introduced in Finance Act, 2013.
Sources told Business Recorder here on Tuesday that the FBR has conveyed its concerns to the
Chief Commissioners at the conference held at the FBR House.

This is a preview of FBR not satisfied with RTOs” and LTUs” performance. Read the full post (370 words, estimated 1:29 mins reading time)

News Others April 14, 2014

Import of 993 items from Sri Lanka: FBR announces tariff concessions

Date: April 12, 2014

The Federal Board of Revenue (FBR) announces tariff concessions on the import of 993 items
from Sri Lanka under Free Trade Agreement (FTA). In this regard, the FBR superseded SRO
570(I)/2005 dated June 6, 2005, through SRO 280(I)/2014 issued here on Friday.

According to the notification, the Federal Government exempts import to Pakistan from Sri
Lanka, if made in conformity with the “rules of Determination of Origin of Goods under the Free
Trade Agreement between Pakistan and Sri Lanka (Pakistan-Sri Lanka FTA Rules of Origin)”
and the operating “Certification Procedure for the Rules of Origin”, notified by the Ministry of
Commerce. The goods falling under the respective Heading and sub-Heading numbers of the
First Schedule of the Customs Act has been exempted from so much of the customs-duty, as in
excess of the rates specified in the SRO.

This is a preview of Import of 993 items from Sri Lanka: FBR announces tariff concessions. Read the full post (351 words, estimated 1:24 mins reading time)

News Others April 4, 2014

FBR’s erratic ARC a cause of problem for taxpayers

Automated Revenue Collection (ARC) is ‘Pain in the Neck’

Date: April 04, 2014

Federal Board of Revenue’s (FBR’s) automated revenue collection (ARC) is ‘pain in the neck’,
creating hurdles instead of facilitating the tax payers. The existing system being implemented by
the FBR in collaboration with Pakistan Revenue Automation Private Limited (PRAL) is not
delivering the results as there are many discrepancies which the industrialists face every day.

In the case of adjustment of sales tax that importers and businessmen pay during the import
stage, they are showered with a lot of obstacles in its proceedings. The FBR had revised the
automated revenue collection system (PRAL) without any proper planning.

This is a preview of FBR’s erratic ARC a cause of problem for taxpayers. Read the full post (588 words, estimated 2:21 mins reading time)

News Others April 4, 2014

Tax Collection

FBR Lobbies to Switch Back to ‘Old Circle System’

Date: April 04, 2014

‘Imported’ administrative reforms implemented over the last 12 years in the Federal Board
of Revenue (FBR) with the help of $149 million in external assistance could not work in
Pakistan, believe top tax officials who have now started lobbying for reverting back to the
old ‘circle system’.

The sweeping reforms that started changing the face of the FBR from 2001-02 had been financed
by the World Bank and Department for International Development (DFID) of the United
Kingdom. In the old system, called circle, the country had been divided into over 700 small
circles for tax collection. The circles were present at the tehsil level.

This is a preview of Tax Collection. Read the full post (622 words, estimated 2:29 mins reading time)

News Others March 29, 2014

FBR Verifying Exemption Certificates

Date: March 29, 2014

The Federal Board of Revenue is verifying authenticity of thousands of exemption certificates
used for clearance of imported consignments without payment of withholding tax during July 1,
2013 – January 2014. The FBR issued instructions to field formations here on Friday. The FBR
has launched verification of exemption certificates on national level based on discrepancies
detected in the certificates issued by RTO Faisalabad.

This is a preview of FBR Verifying Exemption Certificates. Read the full post (453 words, estimated 1:49 mins reading time)

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Automated Revenue Collection (ARC) is ‘Pain in the Neck’

FBR Lobbies to Switch Back to ‘Old Circle System’

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