FBR to Address Issues Faced by Exporters Before Unified Export Promotion Scheme
The Federal Board of Revenue (FBR) on Thursday agreed to address all key issues of exporters before issuance of a ‘unified export promotion scheme’ in the next budget (2021-22).
Sources told Propakistani that the assurance has been given by the top FBR officials during a meeting with the exporters’ delegation from Faisalabad. The meeting was held at the FBR Headquarters.
Exporters raised legal and technical issues in the draft scheme and requested to amend the draft. “Every scheme has its own procedure and clubbing all schemes into a single export scheme would have legal complications”, exporters informed FBR Member Customs (Policy).
National
May 25, 2021
ISLAMABAD: The government is contemplating upon different options to provide relief to the country’s giant multinational companies including slashing down turnover tax from the existing rate of 1.5 per cent to 0.5 per cent in the upcoming budget.
On a unanimous charter of demands presented by three chambers including Overseas International Chambers of Commerce and Industries (OICCI), Pakistan Business Council (PBC) and American Business Council (ABC) during their virtual meeting with Federal Minister for Finance Shaukat Tarin on Monday, they tabled 10 major demands and reduction in the turnover tax at the existing rate of 1.5 per cent was described as a matter of their survival so they demanded reducing it to 0.5 per cent in the upcoming budget. The FBR high-ups were also present in the meeting.
Top Story
May 25, 2021
ISLAMABAD: As the opposition members strongly criticised the Pakistan Tehreek-e-Insaf (PTI) government’s Kashmir policy, Parliamentary Secretary for Foreign Affairs Andleeb Abbas told the National Assembly that the Pakistan government, military leadership and the federal cabinet were on one page on Kashmir and Palestine issues.
She was responding to a calling attention, raised by the Pakistan Muslim League-N (PML-N) parliamentarians, pertaining to any action taken by Pakistan to stop Indian atrocities in Indian Illegally Occupied Jammu and Kashmir (IIOJ&K). PML-N leaders including Ahsan Iqbal, Khurram Dastgir Khan, Marriyum Aurangzeb and Chaudhry Birjees Tahir criticised the government inaction on IIOJ&K and Palestine. Khurram Dastgir, while raising a question, said there were reports that Pakistan military leadership told some journalists that they were going to start talks with India by December 2021. He said the media persons were also told that the Na
ISLAMABAD: The Directorate of Intelligence and Investigation (Lahore) of the Federal Board of Revenue has unearthed sales tax evasion of Rs4.27 billion including default surcharge.
According to the assessment order released on Monday, the directorate has also imposed 100 per cent penalty for tax fraud on the registered person M/s Innovative Biscuits (Pvt) Limited.
An official announcement said the directorate carried out action against the taxpayer on receipt of credible information related to sales tax fraud under Section 38 read with Section 40 of the Sales Tax Act, 1990.
Accordingly, an accused Sheikh Munir Hussain one of the Directors of M/s Innovative Biscuits (Pvt.) Limited was arrested. Meanwhile, the Special Judge also rejected two bail applications of the accused.
National
May 25, 2021
ISLAMABAD: The government is contemplating upon different options to provide relief to the country’s giant multinational companies including slashing down turnover tax from the existing rate of 1.5 per cent to 0.5 per cent in the upcoming budget.
On a unanimous charter of demands presented by three chambers including Overseas International Chambers of Commerce and Industries (OICCI), Pakistan Business Council (PBC) and American Business Council (ABC) during their virtual meeting with Federal Minister for Finance Shaukat Tarin on Monday, they tabled 10 major demands and reduction in the turnover tax at the existing rate of 1.5 per cent was described as a matter of their survival so they demanded reducing it to 0.5 per cent in the upcoming budget. The FBR high-ups were also present in the meeting. All three chambers were unanimous in their demand that this turnover tax should be imposed on the basis of profits instead of turnover, but the government indicate