ISLAMABAD: The Federal Bureau of Revenue (FBR) has issued notices to 117,000 potential taxpayers to bring them into tax net during last financial year. However, out of the total persons only 14,182 have filed their returns up to May 2014.
According to data issued by FBR, provisional assessments in cases where the person did not respond to notice have been framed in more than 22,296 cases. A tax demand of Rs8,222 million has been raised in such cases, the FBR said and added tax of Rs139 million have been paid with return and Rs110 million have been collected out of demand created. The FBR has launched an initiative to rope in potential taxpayers into the net and for the purpose data is being collected regarding persons purchasing real estate property in posh areas, expensive vehicles, incurring heavy utility bills and school fees or engaged in taxable business activities.
PHC declares levy of excise duty on hand-stemmed tobacco illegal
PESHAWAR: Peshawar High Court has declared that Federal Excise Duty (FED) couldn’t be imposed on green leaf and hand-stemmed tobacco...
