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tax collection

Policy-level talks: IMF presses for higher tax collection in Pakistan

ISLAMABAD: As the policy-level discussion kicks off for a possible bailout package, the International Monetary Fund (IMF) appeared discontended with the current state of tax collection in Pakistan.  A team representing the body, led by Harald Finger, stressed that the country's ongoing financial crunch requires effective measures and a need to increase tax collection. The Pakistani delegation included secretary finance, chairman federal board of revenue (FBR) and State Bank of Pakistan (SBP) Governor Tariq Bajwa among…

Tax collection in July, August 13% greater than last fiscal year : FBR

ISLAMABAD: With the onset of new fiscal year, the tax collection in first two months has reached up to 510 billion rupees.  It seems promising according to the Federal Board of Revenue's (FBR) sources that the total tax collection from merely the months of July and August is 13 percent higher than the last fiscal year 2017-2018. The tax collection in July and August was increased by 61 billion rupees, with 255 billion rupees in the months of July and August each, according to FBR. As per the FBR, these numbers are…

Tax collection grows 11.4% to Rs3.751 trillion in 2017-18: FBR

ISLAMABAD: The net revenue collections by the Federal Board of Revenue (FBR) recorded increase of 11.4 percent during Fiscal year 2017-18 as compared to the corresponding period of last year, however the board fell short of collection target during the fiscal year. The Federal Board of Revenue collected revenues of Rs3751 billion during fiscal year 2017-18 against the collection of Rs3368 billion during FY 2016-17, according to provisional figures released by the board here on Monday. The collection excludes the…

Tax collection- Banks to observe extended working hours on June 29, 30

ISLAMABAD: All banks  are directed to keep the counters open conducting government banking until 8pm on June 29, 2018 in order to receive government payments including taxes. All field offices of the Federal Board of Revenue (FBR) will remain open and observe extended working hours till 8:00pm on June 29 (Friday) and till 10:00pm on June 30 (Saturday) for collection of duties and taxes. The Chief Collectors of Customs will liaise with the State Bank of Pakistan, National Bank of Pakistan and other scheduled commercial…

Target set to collect maximum tax before next budget, says PM’s adviser

ISLAMABAD: Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Miftah Ismail has said the present government had set targets to collect maximum tax before announcing the next fiscal year budget. Talking to a private news channel, he appreciated the prime minister’s announcement for introducing an economic reforms package for expanding the tax network. He said increasing exports would help reduce the current account deficit being faced by the country. The amnesty scheme would have positive impact on…

Sindh govt decides to devolve property tax collection to DMCs

KARACHI: The Sindh government in collaboration with the World Bank has decided to devolve property tax collection to the local bodies' district municipal corporations (DMCs) for which a proper data base and capacity building of concerned local bodies staff would be undertaken shortly. This decision was taken by Sindh Chief Minister Syed Murad Ali Shah in a meeting with a World Bank team led by Senior Economist Ms Yoonhee Kim and included Urban Development Specialist Shoaib Athar, Public Sector Specialist Irum Touqeer,…

Dar urges FBR to meet tax collection targets

ISLAMABAD: Finance Minister Ishaq Dar has urged the Federal Board of Revenue to take all necessary measures to meet the tax collection target for the current fiscal year. The finance minister, chairing a meeting on Sunday on matter related to the FBR, said that the prudent policies of the government and the efforts of FBR had resulted in 60 percent growth in tax revenue collection between FY 2012-2013 and FY 2015-2016. Chairman FBR updated the Finance Minister on the latest status of tax collection during FY 2016-17…

FBR launches digital directory to monitor tax collection

ISLAMABAD: Federal Board of Revenue (FBR) has launched a digital directory across the country for the withholding agents. The directory would serve as a management information system (MIS) to monitor real-time tax collection received under various sections of withholding tax. The system has the capability to analyse current withholding data with historical withholding collections. It enables FBR to broaden the withholding tax regime by enforcing the withholding agents to comply with tax laws. FBR can benefit from…