ISLAMABAD (September 08, 2010): The proposal to impose one-time 'flood tax' on urban property and agricultural land is not part of the flood surcharge proposals of the Federal Board of Revenue (FBR). A senior government official told Business Recorder here on Tuesday that imposition of 'flood tax' on owners of big size property may be challenged in the courts.

ISLAMABAD (September 08, 2010): The Federal Board of Revenue has allowed the retailers including jewellers, who have paid due amount of sales tax under 'special procedure for payment of sales tax by retailers' during the year 2007-08, to continue to operate under these rules till further orders. The FBR on Tuesday amended the 'special procedure for payment of sales tax by retailers' through a notification issued here on Tuesday.

ISLAMABAD (September 07, 2010): The Federal Board of Revenue (FBR) will be in a position to introduce 'reformed general sales tax' (RGST) from October 1, 2010 in case all four provinces agree on a uniform formula on sales tax collection from services sector. Official sources told Business Recorder here on Monday that the government has not yet decided to postpone the 'reformed GST' for another year, or so.

ISLAMABAD (September 07, 2010): The Federal Board of Revenue (FBR) has expressed displeasure over the failure of chartered accountant firms in completing composite audit of sales tax and income tax registered persons by August 31, 2010, and directed the CA firms to take strict penal action against companies which have not submitted tax record for audit.

ISLAMABAD (September 07, 2010): The Federal Board of Revenue (FBR) has provisionally collected Rs 97 billion in August 2010 as compared to Rs 102 billion collected in the corresponding period last fiscal, despite devastating floods damaging communication infrastructure across the country. The FBR has to collect Rs 143.4 billion in September 2010 to meet the target of Rs 335.9 billion during first quarter (July-September) of 2010-2011.

KARACHI (September 07, 2010): The Federal Board of Revenue (FBR) will investigate the total assets of the Pakistan cricketers, team officials and top-ranking paid officials of the Pakistan Cricket Board, a senior tax official said on Monday. Israr Rauf, who is a member and director of tax in the FBR, told Reuters that regional income tax offices had been told to file reports on the assets of the Pakistan players and officials.

PESHAWAR (September 07, 2010): A former KP finance minister and vice-president of ANP, Adeel, has supported President Zardari's proposal of levying one-time flood tax on urban land and rural agri land to generate indigenous resources for the rehabilitation of flood affectees.

KARACHI (September 07, 2010): The Domestic Operation South (DOS) of Federal Board of Revenue (FBR) has surpassed the revenue target of Rs 49.5 billion for the month of August, 2010. According to provisional statistics made available to Business Recorder here, the DOS has depicted significant increase in indirect tax collection as Rs 32.261 billion was collected against the target of Rs 27.700 billion during August, pushing forward to achieve the revenue collection target of Rs 49.500 billion successfully.

ISLAMABAD (September 06, 2010): A latest study of the Federal Board of Revenue (FBR) has strongly proposed restoration of wealth tax on expensive properties owned by the elite class of Pakistan. It is learnt that the FBR analysis supported restoration of wealth tax to discourage concentration of wealth along with generation of huge revenue from the rich people of the society.

ISLAMABAD (September 06, 2010): An emergency meeting of Inland Revenue Audit Officers Association (IRAOA) was held here on Sunday to devise a strategy to deal with the issue of prolonged delay in issuance of notification for the upgradation of Inland Revenue Audit Officers' posts.