ISLAMABAD (September 02, 2010): The Large Taxpayer Unit (LTU) at Lahore has detected short/non-payment of sales tax by several sugar mills of Punjab, causing huge loss to the national kitty. Sources told Business Recorder here on Tuesday that the audit teams of the tax department have framed Audit Observations against certain sugar mills falling in the jurisdiction of Lahore LTU.

ISLAMABAD (September 02, 2010): The Federal Board of Revenue (FBR) will get nothing in the form of sales tax despite sizeable escalation in the price of sugar in the open market as the prevailing method of sales tax calculation is based on assessable value of the commodity. Sources told Business Recorder here on Tuesday that the method of sales tax calculation on the basis of fixed assessable value of the commodity allows the manufacturers to pay sales tax at the nominal price.

KARACHI (September 02, 2010): The Kuwait-based software supplier, 'Agility' is prepared to sell Pakistan Automated Customs Computerised System (PaCCS) to the Federal Board of Revenue (FBR), it is learnt. Even trade sector has offered to put up money for buying the system as it has been an 'anti-corruption' system and has facilitated the trade throughout.

KARACHI (September 02, 2010): Ghulam Ali Shah Pasha, senior member, Board of Revenue, Sindh on Wednesday assumed the charge of acting Chief Secretary of Sindh vice Fazl-ur-Rehman, who retired on Tuesday (August 31).

KARACHI (September 02, 2010): The row between Revenue Receipt Audit (RRA) and Karachi Large Taxpayers Unit (LTU) over the issue of granting additional tax and penalty exemption to Pakistan International Airlines Corporation (PIAC) has come to an end, Business Recorder learnt on Wednesday.

ISLAMABAD (September 02, 2010): The Federal Board of Revenue (FBR) has informed the 'Reform Co-ordination Group' (RCG) that sales tax exemption regime covers most important sectors including essential food commodities, agriculture sector, health/pharmaceutical/medical and education where exemptions had benefited the general masses.

ISLAMABAD (September 01, 2010): The new income tax rules for capital gains tax (CGT) on stock exchanges would clarify that trading period of less than one day would be considered for calculation of the ''holding period'' to impose the CGT on stock exchanges. The FBR would particularly clarify the concepts of "wash trade" and the "cross trading" under the new rules on ''computation of capital gain''.

ISLAMABAD (September 01, 2010): The Federal Board of Revenue (FBR) would be forced to downward revise the sales tax collection target in the second quarter (October-December) of 2010-11, in case the 'reformed general sales tax' (GST) is not implemented from October 1, 2010.

ISLAMABAD (September 01, 2010): The Federal Board of Revenue (FBR) has extended the date for filing income statements/returns for the year 2010 up to September 30, 2010. According to SRO (I)2010, issued here on Tuesday, to facilitate the taxpayers for filing income statements/returns for 2010, under the circumstances resulting from massive floods in the country, FBR has extended the deadlines for filing of returns of income/statements.

PESHAWAR (September 01, 2010): More than 3000 customs rebate cases, valuing Rs 430 million, are pending with the Collectorate of Customs, Peshawar, for last eight months. A delegation of a business community comprising FPCCI member executive, and chairman of KP Chamber of Commerce & Industry (KPCCI) standing committee on railway & dry port, Zia-ul-Haq Sarhadi, chairman of Pak-Afghan transit trade standing committee Abdul Hameed Gurwara called on Member, Customs, Federal Board of Revenue (FBR), Munir Qureshi and other senior officials of the board.