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Topic: Tax
khyber tax
June 18, 2013

Khyber Pakhtunkhwa makes it tax-free

PESHAWAR - PTI-led Khyber Pakhtunkhwa government has presented a balanced, tax-free budget for the fiscal year 2013-14.Finance Minister Sirajul Haq presented on Monday Rs344 billion budget in the provincial assembly session, which began with Speaker Asad Qaisar in the chair.The total resources ...

britain moves tax dodges summit
June 17, 2013

Britain moves on tax dodges ahead of G8 summit

LONDON : Britain turned up the pressure on other rich economies to clamp down on secretive money flows at a summit next week by pressing its overseas tax havens into a transparency deal and announcing new disclosure rules for UK firms. Cameron for progress on closing global tax loopholes when he ...

tax evasion bank secrecy talks
June 17, 2013

Tax evasion, bank secrecy: G8 talks tough, seeks teeth

PARIS : Tax evasion and banking secrecy, hot topics and top targets because of the financial crises and austerity, could be the focus of strong statements at the G8 meeting this week. The UK govt, organising the meeting in N Ireland, has promised big developments on the basis of substantial ...

messi father accused tax fraud
June 13, 2013

Messi and father accused of tax fraud

MADRID - Barcelona's Argentina forward Lionel Messi and his father have been accused by Spanish tax authorities of defrauding the state of more than four million euros ($5.3 million). The World Player of the Year and his father Jorge allegedly filed fraudulent tax returns for the years 2006, 2007, ...

exemptions tax govt
June 12, 2013

Govt gives Rs239.5b tax exemptions

Islamabad- The government has given tax exemptions worth Rs 239.535 billion to different sectors during outgoing financial year 2012-13 against Rs 205.920 billion during previous fiscal year 2011-12, revealed the Economic Survey on TuesdayAccording to Economic Survey 2012-13, the cost of ...

tax gdp ratio real bane economy
June 09, 2013

Low tax-to-GDP ratio is the real bane of economy: Dar

ISLAMABAD - Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation, Mohammad Ishaq Dar Saturday said his main principles would be transparency in the working, adherence to law and rules, austerity, out-of-the-box thinking, good governance and zero tolerance for ...

hold survey property tax
June 02, 2013

E&T to hold survey regarding property tax

RAWALPINDI : Excise and Taxation (E&T) department has decided to hold a general survey regarding property tax in the province. The E&T department officials said that the survey will be done to include new units in the tax net and the department will earn millions of rupees revenue in terms ...

bigger tax
June 01, 2013

Get a bigger tax net

Every developed nation heavily depends on its taxes for development and government funds. Pakistan is the most amazing nation, well maybe there are many more of which I don’t know, which does not pay tax. I asked a friend who has a large garment factory if he paid tax, he burst out laughing ...

tax returns filed dead people names
May 27, 2013

122 tax returns filed in dead people’s names

BUFFALO (UPI): - A 42-year-old New York state man has admitted trying to scam the Internal Revenue Service out of $217,520 in refunds he sought in the names of 122 dead people. The US attorney’s office said in a release John M Berry Jr of Dunkirk, pleaded guilty in US District Court in ...

ireland reform corporate tax
May 27, 2013

Ireland considering reform of corporate tax system

DUBLIN - The Irish government is examining options to close a loophole in its tax system that has allowed multinational companies to significantly reduce taxes they pay on profits, the Sunday Business Post newspaper reported.Ireland has been criticized by British and U.S. legislators in recent ...

China slams EU for telecom probe, solar panel tax

GENEVA - China’s Premier Li Keqiang has slammed the European Union for plans to probe the country’s telecom products and impose taxes on its solar panels, Chinese state media reported on Saturday.Cited by the Xinhua news agency, Li said the planned measures would “not only cause ...

Li criticises EU for telecom probe, solar panel tax

Geneva - China’s Premier Li Keqiang has slammed the European Union for plans to probe the country’s telecom products and impose taxes on its solar panels, Chinese state media reported on Saturday.Cited by the Xinhua news agency, Li said the planned measures would “not only cause ...

Car prices to go up if new tax imposed, warn assemblers

Lahore- The recently proposed 5 per cent withholding tax on automobile industry will not only shoot up the prices of different models of cars by thousands of rupees but also cause further decline in the sales of automobiles, warned the automobile assemblers representatives’ body.Director ...

spanish king daughter tax probe
May 25, 2013

Spanish king's daughter faces tax probe

MADRID : A Spanish judge Friday ordered an investigation into the tax affairs of King Juan Carlos's youngest daughter, Princess Cristina, adding to the woes of the scandal-hit royal family.A judge in Palma de Mallorca demanded the tax authorities provide him with a report on Cristina's property and ...

gcci rejects wealth tax
May 25, 2013

GCCI rejects plan to impose wealth tax

GUJRANWALA The Gujranwala Chamber of Commerce and Industry (GCCI) rejected the caretaker government’s plan to impose wealth tax and increase rate of sales tax while PML-N’s Ishaq also quashed reports about the new tax. The GCCI office-bearers opposed the plan during a meeting here ...

tax ombudsman appointment
May 24, 2013

Tax Ombudsman appointment

LAHORE  : Pakistan Tax Bar Association and Lahore Tax Bar Association have demanded of the government to appoint a capable person on the important post of Federal Tax Ombudsman otherwise it would be impossible to yield desired results.  These views were expressed by President Pakistan Tax ...

LTBA rejects ‘non-technical’ tax ombudsman

LAHORE - Lahore Tax Bar Association (LTBA) has rejected the caretaker government’s decision of appointing a bureaucrat Khwaja Siddique Akbar as Federal Tax Ombudsman (FTO) as reported in a section of press on Wednesday.The incumbent Ombudsman Shuaib Suddle, a retired PSP officer, is scheduled ...

lennon lyrics donated tax relief
May 23, 2013

Lennon lyrics donated for tax relief

LONDON: Beatles biographer Hunter Davies has donated letters and lyrics by John Lennon to the British Library as part of a new tax relief scheme. His collection, which includes handwritten lyrics to Strawberry Fields Forever, is the first donation through the new Cultural Gifts Scheme. The ...

unite tax fraud at moscow forum
May 19, 2013

World states unite against tax fraud at Moscow forum

MOSCO 0 Tax administrators from 45 countries urged their govts to combat tax fraud and avoidance by boosting coordination and transparency, vowing to find tax evaders anywhere they might hide. Meeting for a summit, heads of tax administrations of the FTA reaffirmed their commitment to fight against ...

china accept carbon tax eu flights
May 19, 2013

China ‘will not accept’ carbon tax on EU flights

BEIJING - China will not pay for CO2 emissions by its airlines on flights within Europe, a top civil aviation official reportedly said after the European Commission warned eight Chinese firms face fines for nonpayment.The world’s second largest economy “will not accept any unilateral ...

FBR chief for broadening tax net for achieving targets

LAHORE - FBR Chairman Ansar Javaid on Saturday directed all tax collectors to broaden the tax net and make all-out efforts to achieve the revenue targets.While chairing two separate high level meetings of all tax collectors based in Punjab province, the FBR chief reviewed thoroughly their targets ...

raise property tax rate irks lcci
May 18, 2013

Raise in Property Tax rate irks LCCI

lahore - At a time when the business community is striving to accelerate economic activity in the country, the bureaucracy is all out to decelerate it and a Punjab Local Government notification dated April 5, 2013 is a classic example to this regard.The LCCI President Farooq Iftikhar said that an ...

t claims tax collection
May 14, 2013

E&T claims Rs320m tax collection

LAHORE – Excise and Taxation property tax department on Monday claimed to have collected Rs320 million property tax by April, 2013 from July 2012, said spokesman of E&T. He said that said collected revenue was 83 percent of the tax target set by Punjab government. He said that department ...

EU ministers to thrash out tax clampdown

BRUSSELS - As tens of millions languish on the dole with EU austerity blamed for deepening recession, finance ministers will switch their focus Tuesday from bailout negotiations to the pursuit of a trillion-euro annual tax-fraud bounty.European Union governments are looking to ready a package that ...

Budget proposals: Importers for broadening tax base

lahore - The importers as well as dealers have emphasized the government to broaden the tax base rather than increase sales tax ratio by 2-3 per cent. Under the present circumstances when country’s economy has been crippled due to severe energy crises, law and order situation, high inflation ...

tax mistake
May 09, 2013

29m-euro tax bill by mistake

VIENNA - A 22-year-old Austrian had the shock of his life when he received a tax bill for more than 29 million euros ($38 million), a newspaper reported Wednesday.Agadir B. told the Heute daily he got the bill after filing his tax return for 2008, when he earned around 600 euros a month as a ...

FBR head discusses tax issues with NMC participants

ISLAMABAD  -  A group of sixty-nine senior civil servants participating in the 98th National Management Course (NMC) and faculty of National School of Public Policy (NSPP) visited Federal Board of Revenue (FBR) house.Member Facilitation & Taxpayers’ Education (FATE) Riffat ...

lauryn jailed tax evasion
May 08, 2013

Lauryn jailed for tax evasion

NEWARK: A US magistrate judge sentenced Grammy-winning hip hop artist Lauryn Hill to three months in prison, three months in home confinement and a $60,000 fine for tax evasion. Hill pleaded guilty last year to three counts of failing to file tax returns on more than $1.8m of income between 2005 ...

punjab exempts circus tax
May 08, 2013

Punjab exempts circus from tax

LAHORE - The Punjab cabinet on Tuesday finalised a number of matters. They include arrangements and security plan for free, transparent, impartial and peaceful conduct of general elections in the province, up-gradation of Fatima Jinnah Medical College to Fatima Jinnah Medical University, reduction ...

tax forced
May 07, 2013

How the tax man was forced out

ROB CRILLYIn a country where almost no-one pays income tax, including more than two thirds of MPs, it only took seven months for Ali Arshad Hakeem to become a hated man.As Pakistan’s newly-minted chief taxman, he built a database designed to monitor the spending habits of millions of people, ...

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