ISLAMABAD (March 11, 2010): The Federal Board of Revenue (FBR) has unearthed a unique method of withholding tax evasion by unscrupulous elements having saving accounts in the Central Directorate of National Savings (CDNS) where different accounts were opened up to exemption limit to avoid tax payment.

KARACHI (March 11, 2010): The Federal Board of Revenue (FBR) has directed the customs officials not to clear any consignment, even marked as 'diplomatic bags', without exemption certificate of the ministry of foreign affairs. Sources told Business Recorder on Wednesday that the ministry of foreign affairs has revised the rules regarding diplomatic bags and access to tarmac by diplomatic courier after discussion in inter-ministerial meeting on December 31 2009.

ISLAMABAD (March 11, 2010): The Federal Board of Revenue (FBR) is fully determined to install electronic cash registers at retail/wholesale outlets under value added tax (VAT) regime, which would simplify the accounting procedure and keep an update on stock position in electronic format.

KARACHI (March 11, 2010): A mega sales tax refund fraud involving millions of rupees has been unearthed by the Regional Tax Office (RTO), Karachi on Wednesday. Sources told Business Recorder the action was taken by Imtiaz Ahmad Barakzai, chief commissioner, RTO, Karachi following information communicated by the chairman, the Federal Board of Revenue (FBR), which revealed that Enforcement and Collection (DIV-I) has issued inadmissible sales tax refunds cheques to the M/s Grace Exports in January 2010 and February 2010, providing Rs 5.2 million losses to the national kitty.

LAHORE (March 11, 2010): The Federal Board of Revenue (FBR) is evolving a concrete and foolproof strategy to get rid of menace of under-invoicing and smuggling through the Afghan Transit Trade (ATT) once for all, as both these malpractice's are hitting the country's economy badly.

KARACHI (March 11, 2010): Large Taxpayers Unit (LTU), Karachi held a meeting with the representatives of banks, financial institutions and corporate taxpayers to discuss issues related to 16 percent Federal Excise Duty (FED) on services. The representatives were welcomed by Nasir Butt, commissioner (Audit-II), LTU at the meeting, which was held the other day under the instructions of Chief Commissioner, Yasmin Saud.

ISLAMABAD (March 11, 2010): The Federal Board of Revenue on Wednesday announced sales tax/federal excise relief package for the businessmen and investors operating in war-affected areas of NWFP and Federally Administered Tribal Areas (Fata) including sales tax exemption on supply of electricity to the manufacturing units in these areas.

ISLAMABAD (March 11, 2010): The Federal Board of Revenue (FBR) has introduced a harsh provision of forensic audit in the proposed Federal Value Added Tax Act (VAT) 2010, which would give unlimited powers to the officers of Inland Revenue to go to any extent for carrying out investigation against a registered unit.

ISLAMABAD (March 10, 2010): The Federal Board of Revenue (FBR) has unearthed massive leakage of revenue at the import stage, including wrong application of withholding tax, inadmissible allowance of withholding tax exemption, application of invalid notifications and applicability of customs duty at reduced rates.

KARACHI (March 10, 2010): The Federal Board of Revenue has directed Regional Tax Offices (RTOs) to launch compulsory sales tax registration campaign against cable operators. Sources in RTO, Karachi told Business Recorder on Tuesday that the tax department had earlier issued notices to the cable operators for sales tax registration but to no avail.