Tag: Federal Board of Revenue
Federal board of revenue is an autonomous body that collects taxes from various organizations and sectors of country. It is the duty of FBR to monitor the accurate tax collection and if some organization is showing delay or the total tax revenues are less than expected; then it is the duty of FBR to take certain initiatives against it.
The Federal Board of Revenue (FBR) has started consulting stake holders in preparation of new budget. The Ministry of Finance has plans to present this fiscal year’s Federal Budget 2011-12 in the parliament on May 28.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has suggested measures to the government for generating Rs120 billion by imposing a fixed tax on cellular phone connections.
According to the FPCCI Budget Proposals 2011/12 document made available to The News on Thursday, the apex trade body said that there are an estimated 100 million cellular phone connections in the country and the government can levy Rs100 per phone on monthly basis.
Agility to proceed to the international court for settlement of dues if Federal Board of Revenue/Government of Pakistan be unsuccessful to recommence negotiations communicated to them before February 28, 2011, it is learned from sources. The present and logical demand of Agility is that a firm commitment for recommencing of negotiations be communicated otherwise the PaCCS project will be closed down without further notice.
The Federal Board of Revenue has been sent a letter by Agility asking to clarify FBR’s intentions on moving forward or not, at least with negotiations to continue PACCS. It is learned from sources that Agility seems getting tired of waiting for the Pakistan Government to pick pace and start taking its national interest matters seriously.
The Pakistan automated customs computerized system (PaCCS) enjoys awe-inspiring support of the trade community across the country. It is learned from reliable sources that Federal Board of Revenue (FBR) has agreed to talk to Agility during this week. Needless to mention that, Agility is Kuwait based Logistics Company and launched PaCCS in country in 2005.
The Federal Board of Revenue (FBR), the State Bank of Pakistan (SBP), and the commercial banks have successfully tested the ‘Electronic Payment and Refund System’ (EPARS), enabling the taxpayers to directly deposit tax payments from their bank accounts into the government treasury.
The World Bank mission led by Carlos Silvani visiting FBR till December 7, 2010 to review its Information Technology (IT) system and automated procedures. On the other hand, the taxpayers have raised serious concerns before the FBR that its web portal was not working properly.
The Federal Board of Revenue (FBR) would be empowered to conduct sales tax audit of telecommunication companies under the reformed GST even after levy of sales tax on such services by the provinces. Tax experts told Business Recorder here on Thursday that the Record Note on the implementation of the reformed GST has clearly specified that FBR would be the sole authority for carrying out sales tax audit of the telecom companies.
A leading mobile phone company has conveyed to the Federal Board of Revenue (FBR) that imposition of 17 percent provincial sales tax on telecommunication services by Punjab and Khyber Pukhtunkhwa would result in extraordinary burden on the cellular companies, as FBR is already charging 19.5 percent FED on telecom services. It has been learnt that [...]