Federal Board of Revenue-Press Releases

(FATE Wing-FBR)

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Federal Board of revenue (FBR) has collected over Rs 1150 billion revenue for the financial year 2008-9 so far with a substantial amount of revenues collected for the month of June still in the pipeline.

According to an official statement issued Thursday, several misleading reports have currently been published in some sections of the press depicting an unrealistic picture of the latest revenue collection for the current financial year.

The statement clarifies that a substantial amount of the revenues collected for the month of June 2009 is still in the pipeline and the final figures are likely to be settled by this weekend. Nevertheless, the provincial figures of total revenues worked out so far are over Rs 1150 billion as against Rs 1007-50 billion collected during the last financial year. The present provincial figures thus show an increase of over 14 per cent vis-à-vis the last year’s collection. However, the final figures are expected to be on the higher side.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Banks, FBR offices to remain open on 29th, 30th for tax collection

Authorised bank branches and income tax offices of Federal Board of Revenue (FBR) will remain open on June 29-30, 2009 to facilitate taxpayers and receive tax collections for the ongoing fiscal year, says a press release issued by FBR Saturday.

It says the authorised branches of State Bank of Pakistan and National Bank of Pakistan will remain open until 8:00pm on Monday and until 10:00pm the following day to facilitate taxpayers and receive tax collection. Similarly, income tax offices of the FBR have also been instructed to remain open till 10:00pm on Monday and till 12:00 midnight on Tuesday to facilitate taxpayers and receive tax collections. Steps have also been taken by the concerned bank branches and income tax offices to liaise with each other to ensure that all payments made in the month of June 2009 are effectively accounted for in the current fiscal year ending 30th June, 2009.

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Federal Board of Revenue (FBR) will mark the International Day Against Drug Abuse & Illicit Trafficking by organizing a function where Contraband/Confiscated Goods will be destroyed by Directorate of General Intelligence & Investigation. Mr. Sohail Ahmad, Chairman FBR will be the chief guest. The schedule of the event is as under.

           Venue     State Ware House Fateh Jang Road Tarnol, Islamabad (Location Map attached)

           Date        June 26, 2009 (Friday)

           Time        6:00 p.m.

2. You are requested to depute a team of reporter/camera man for the coverage of the said event at the given venue, date and time.

Looking forward to a kind response

-Sd-
(Mujeeb-ur-Rehman Talpur)
Second Secretary (PR)

Federal Board of Revenue (FBR) and Institute of Chartered Accountants of Pakistan (ICAP) have signed a memorandum of understanding (MoU) for the development of a tax audit framework for the FBR.

The MoU was signed Friday at a ceremony attended by Federal Revenue Secretary Mr. Salman Siddique, Member (Direct Taxes) FBR, Mr. Irfan Nadeem, ICAP President Mr. Asad Ali Shah and Syed Shabbar Zaidi, Council Member & Chairman Taxation Committee.

According to the MoU to be effective from July 1, 2009, the ICAP will prepare a comprehensive tax audit framework for the conduct of ‘tax audit’ function by the FBR. The institute will also advise FBR regularly on technical matters relating to tax audit and allied subject.

The MoU, to be applied for the time being to company cases only, also calls upon ICAP to work with its members and firms to participate and collaborate in conducting the audit function. Besides, ICAP will extend all possible help in devising audit strategy and mechanism for ‘non-company cases’ for the FBR.

The MoU also allows FBR to implement the tax audit framework in consultation with the Institute in a manner fitting the national interest and in line with policies and procedures as laid down by ICAP.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Federal Board of Revenue (FBR) collected Rs 989.09 billion of revenues during the first 11 months of the current fiscal year showing increase of 15.5 per cent over corresponding period of the last year.

According to the provisional figures, the FBR has collected Rs 89.88 billion during the month of May 2009. Aggregate collection up to May 2009 thus works out to Rs 989.09 billion as against Rs 856.20 billion collected during the corresponding period of the last year.

The break-up of the tax collection figures is attached for further details.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

The Federal Board of Revenue (FBR) has extended the warehousing period and waived off surcharge on overstayed goods lying un-cleared in the warehouses.
According to press statement issued Tuesday, the measure has been taken to facilitate the trade and industry and commercial importers who have not been able to clear their goods in time on payment of duty and taxes.
FBR has also issued notification No SRO 404(I)/2009 dated 25.05.2009 whereby penal surcharge on goods not cleared for more than prescribed period has been fully waived off. The facility will remain available until June 30, 2009.

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

A meeting of senior officials of Federal Board of Revenue (FBR) was held Sunday to discuss strategies for achieving the budgetary targets for the current financial year ending in June.

The meeting was chaired jointly by Mr Irfan Nadeem, Member Direct Taxes, and Mr Mumtaz Haider Rizvi, Member FR&S, and attended by director generals of the Large Taxpayers Units (LTUs) and Regional Tax Offices (RTOs).

The Member Direct Taxes reviewed the performance of field formations vis-a-viz the assigned targets and discussed the potential heads of income tax collection which needed to the explored forcefully by focusing all out efforts and resources. Instructions with regard to broadening of tax base, audit and implementation of new rules were also issued. The director generals vowed to make all out efforts to achieve the budgetary targets.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

A senior officer of Federal Board of Revenue (FBR) has been appointed member of the UN’s Committee of Experts on International Cooperation in Tax Matters.

Ms Farida Amjad, a BS-20 officer currently posted as chief International Taxes in the FBR House, has been appointed as member of the prestigious UN body by the Secretary General of the United Nations for a period of four years. Among other functions, the UN body also regularly reviews and updates the United Nations Model Tax Convention on Income and Capital.

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Click here to see Urdu Version

Federal Board of Revenue (FBR) collected Rs 898.64 billion of revenues during the first 10 months of the current fiscal year showing increase of 17.7 per cent over corresponding period of the last year.

According to the provisional figures, the FBR has collected Rs 83.53 billion during the month of April 2009. Aggregate collection up to April 2009 thus works out to Rs 898.64 billion as against Rs 763.59 billion collected during the corresponding period of the last year.

The break-up of the tax collection figures is attached for further details, Please Click Here
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Federal Board of revenue (FBR) has denied reports appearing in a section of the press regarding alleged misplacement of duty drawback cheques at Customs offices in Karachi.

In an official statement issued Friday, FBR has maintained that no duty drawback cheques pertaining to members of the Pakistan Tanners Association were ever stolen or misplaced as reported at the offices of the Customs Administrative Reforms (CARE) Directorate or Pakistan Customs Computerised System Collectorate (PACCS) and consequently there was no question of
issuing duplicate cheques.

The statement further said that a key reason behind non-receipt of duty drawback cheques by the exporters was their submission of non-operational/outdated account numbers. However the system was being streamlined to ensure a smooth issuance of duty drawback cheques to the exporters and as a facilitation measure the board had decided to issue fresh cheques to reputed manufacturers-cum-exporters on undertaking the amount involved in the fresh cheques would be deducted from their future duty drawback claims in case old cheques were found encashed. The cases of duty drawback pertaining to members of Pakistan Tanners Association were also being scrutinized on these lines and they would be issued fresh cheques soon upon fulfillment of the requisite precautions.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Federal Board of Revenue (FBR) has told the country’s steel industry withholding tax on electricity, gas and telephone bills and imports is  imposed through the Act of Parliament and the industry’s claim that it is being coerced to pay 3.5 per cent tax on their purchases is wrong.

In a press release issued on Tuesday, FBR has maintained that steel mills managed by Association of Persons (AOPs) have to withhold 3 per cent tax from payments owed to their suppliers and such withholding tax has nothing to do with the steel mills’ own liability. Steel industry has to discharge its obligations including withholding of tax from payments owed to their
suppliers, under the Income Tax Ordinance, 2001 like all other sectors. No other sector has agitated the withholding of tax on payments owed to suppliers so far.

FBR has also contended that tax withheld under section 235 of the Income Tax Ordinance 2001 constitutes discharge of final tax liability in the cases of suppliers doing business in the status of individuals and AOPs and is a measure to ensure that all supplies are brought into the tax net. Steel sector has agitated the withholding tax on suppliers without proper appreciation of legal provisions.

The FBR has further added that such issues have been discussed time and again with the representatives of steel industry and as such their demands are inadmissible under the law and cannot be accepted.

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Federal Board of Revenue (FBR) Chairman Mr Ahmad Waqar has said FBR is striving to provide a greater fiscal space to the government by improving the tax-to-GDP ratio and broadening the tax base.

Mr Waqar was addressing participants of the 90th National Management Course during their visit to the FBR House on Thursday. He said FBR had taken various steps in recent years as part of a reform process to change the image and perception of FBR, broaden tax base, rationalize tax/tariff rates, improve resource mobilization efforts, encourage voluntary compliance ,
simplify tax laws and procedures, facilitate businesses and improve efficiency, integrity and transparency.

Speaking on the occasion, Mr Irfan Nadeem, member Inland Revenue Service, said FBR was committed to enhancing the capability of the tax system to collect due taxes through application of modern techniques, providing taxpayer assistance and by creating a motivated, satisfied, dedicated and professional workforce.

He also briefed the participants on the functioning of FBR and highlighted the success of the ongoing reforms programme in achieving a greater autonomy and reorganization of FBR and its field offices on functional lines, integration of domestic taxes management, separate handling of large taxpayers, introduction of one-stop shop operation, improvement in physical infrastructure and compensation to employees.
 

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407

Click here to see Comparison

Federal Board of Revenue (FBR) collected Rs 810.32 billion of revenues during first nine months of the current fiscal year.

According to the provisional figures, the FBR has collected Rs 103.82 billion during the month of March 2009. Aggregate collection up to March 2009 thus works out to Rs 810.32 billion as against Rs 679.9 billion as were collected during the corresponding period of the last year.

The break-up of the tax collection figures is attached for further details.

Hamid Raza Wattoo
Secretary PR
Ph: 051-920 8407
Fax: 051-920 8407