ISLAMABAD (September 06, 2010): A latest study of the Federal Board of Revenue (FBR) has strongly proposed restoration of wealth tax on expensive properties owned by the elite class of Pakistan. It is learnt that the FBR analysis supported restoration of wealth tax to discourage concentration of wealth along with generation of huge revenue from the rich people of the society.

ISLAMABAD (September 06, 2010): An emergency meeting of Inland Revenue Audit Officers Association (IRAOA) was held here on Sunday to devise a strategy to deal with the issue of prolonged delay in issuance of notification for the upgradation of Inland Revenue Audit Officers' posts.

ISLAMABAD (September 06, 2010): Leading distributors of Karachi and their associations have categorically informed the Federal Board of Revenue (FBR) that imposition of one percent turnover tax on the distributors, which is a high volume low profit business, would result in extraordinary tax burden of 70-200 percent on their net income.

ISLAMABAD (September 05, 2010): The Ministry of Foreign Affairs on Saturday issued a notification to all government departments including customs department and ports authorities to strictly implement the United Nations Security Council Resolution that provide for sanctions against entities and individuals involved in nuclear or ballistic missile activities of Iran.

ISLAMABAD (September 05, 2010): The value-added textile sector has urged the government to impose regulatory duty on yarn export to ensure yarn availability in the local market. Non-availability of cotton yarn has jeopardised the exporters' commitments to foreign buyers and they are gradually losing foreign orders, said Jawed Bilwani, co-ordinator of value-added textile forum in an exclusive talk with Business Recorder on Saturday.

ISLAMABAD (September 05, 2010): The taxpayers would not be allowed to use sales tax registration numbers (STRNs) as basic identifier, from October 1, 2010. Sources told Business Recorder here on Saturday that the taxpayers should be ready for using National Tax Numbers (NTNs) as unique identifier instead of STRNs. From October 1, taxpayers could not use both NTNs and STRNs as identifiers for sales tax and income tax departments.

ISLAMABAD (September 05, 2010): The World Bank (WB) technical assistance mission will meet members of the private sector including chambers of commerce, Karachi Customs Agents Association, importers/exporters and representatives of business and trade at Karachi for an update on customs clearance operations at ports.

ISLAMABAD (September 04, 2010): The Federal Board of Revenue (FBR) has informed the Pakistan Banks Association (PBA) Karachi that the online transfer of funds could not be termed as 'Cash Deposited in Bank Account' and advance tax is deductible at the time of transfer of any sum against cash through online transfer, telegraphic transfer, mail transfer or any other mode of electronic transfer.

ISLAMABAD (September 04, 2010): Taking into account recommendations received from various tax lawyers and consultants, the Federal Board of Revenue has introduced some major changes in the income tax return form for Association of Persons (AOPs) and individuals for the Tax Year 2010. Under the amended return form, some categories of distributors engaged in the business of cigarette and pharmaceutical products have to specify the receipts/values and tax chargeable etc as per Finance Act 2010.

KARACHI (September 04, 2010): The Auditor-General of Pakistan (AGP) has detected Rs 1.45 billion discrepancies in the figures of direct and indirect taxes reported by Divisional Account Officers (DAOs) in 2008-09. According to the management report on financial statement revenue receipts component for the year 2008-09, the AGP detected Rs 1.45 billion discrepancies in the figures of income tax, sales tax, federal excise duty and customs duty reported by DAOs.