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All e-filers are liable to file wealth statement; FBR withdraws Rs1 million threshold

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KARACHI: Each individual filing income tax return for tax year 2015 is required to file wealth statement as well. This condition has become mandatory after the withdrawal of threshold of Rs 1 million that was available in the past years. After this mandatory requirement salaried persons drawing annual income above Rs400,000 and Individual business persons having income Rs300,000 per year will file wealth statement along with income tax returns for tax year 2015. According to instructions of Federal Board of Revenue (FBR) the following persons are required to furnish a return of income for a tax year: (a) Every company; (b) Every person (other than a company) whose taxable income for the year exceeds PKR 400,000; (c) Every non-profit organization as defined in clause (36) of section 2; (d) Every welfare institution approved under clause (58) of Part I of the Second Schedule; (e) Every person who has been charged to tax in respect of any of the two preceding tax years; (f) Every pers
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e-Filing of Tax Return by M. Zeeshan Merchant on Geo Tv

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Part 2: Part 3: Part 4: A program on how to e-Register, e-Prepare and e-File your Income Tax Return and Wealth Statement alongwith Wealth Reconciliation Statement by M. Zeeshan Merchant on Geo Tv in program 1 sey 2 with Shuja Qureshi (Dated - 2010)
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FBR taking measures to treat CNIC number as NTN

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ISLAMABAD: The Federal Board of Revenue (FBR) has started a project to develop a database in order to make possible the utilization of the Computerized National Identity Card (CNIC) number as the national tax number (NTN) and it would be completed in December this year. Official sources said that the FBR was working on this project with the coordination of the Nadra and other departments concerned. After the completion of the database, the FBR will be able to keep an eye on every business-related activity as the CNIC is used everywhere from bank transactions to foreign tours and sale and purchase of property. This database would also help the FBR in scrutinising the data of tax return filers, especially those who are filing returns through self-introductory system but are paying no taxes It is important to mention here that it was announced in Finance Bill 2015-16 that CNIC number will be treated as NTN but it was not elaborated in depth. Source: Custom Today pk
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FBR initiates drive to ensure tax return filing by vehicle owners

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KARACHI: The Federal Board of Revenue (FBR) has initiated a drive to identify income sources of luxurious vehicles’ owners to ensure their tax return filings, confiscating vehicles on non-compliance, official sources said on Thursday. The sources said tax officials are obtaining data of registered motor vehicles above 1,000cc to determine the sources of income of their owners to increase filings of tax returns. They told The News that Inland Revenue asked local car assemblers and customs authorities to share the last five-year data of purchased vehicles with the tax department. “We are comparing this with the data provided by the provincial motor vehicle registration authorities,” said a source. The sources said the FBR has started issuing notices to the owners of vehicles and around 422 vehicles have been seized on non-compliance. Motor vehicle registration authorities of various cities have so far shared data of 821,000 registered vehicles abov
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FBR unable to issue user ID, password

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Taxpayers are in a state of obscurity as Federal Board of Revenue (FBR) remains unable to issue User ID, Password and Pin Code after lapse of three months. Although the board has announced to launch new 'Registration Module' from July 1, 2015, the same has so far not been introduced, putting the taxpayers in uncertain state.  In this regard, the Karachi Tax Bar Association (KTBA) has raised the issue with the member IT Raana Ahmed, expressing grave concerns over long delay in tax registration and issuance of User ID, Password and Pin Code, etc. Read full story  
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Pakistan’s Japanese-dominated car market poised for new entrants

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ISLAMABAD: Pakistan’s car market has been dominated by Japanese automakers for decades, but a mini-economic revival looks set to attract new players from Europe and Korea into the mix. Despite heavy taxation on imported vehicles, enthusiasm for owning a car in Pakistan has remained undented — thanks in part to underdeveloped public transport in the country’s sprawling cities, but also the social status it brings. Toyota, Suzuki and Honda car assembly plants already work around the clock in the southern port city of Karachi and eastern Lahore — yet customers can still wait for up to four months for new vehicles to be delivered. Now demand for cars in the South Asian giant of 200 million people is accelerating even more quickly, as economic growth has reached its fastest pace since 2008 while renewed investor confidence and easing inflation have spurred consumer spending. Keen to cash in, a delegation from German auto giant Volkswagen visited the country in
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Sale of spurious, unregistered drugs on the rise

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ISLAMABAD: The sale of spurious and unregistered drugs is on rise in Federal Capital owing to the shortage of drug inspectors.  According to the sources, there is only one drug inspector in the federal capital to keep an eye on over 700 medical stores located in both urban and rural areas of the city and check the sale of spurious and unregistered drugs. Along with the seven hundred medical stores, the drug inspector is also duty bound to monitor the city nine big government and private hospitals and check the sale and spurious and unregistered drugs. The sources have been revealed that the finance division had turndown the request of health ministry of appointment of five more drug inspectors. It stated that presently only one drug inspector is active in Federal Capital to keep eye more than 700 medial stores and 9 hospitals. For this he has to travel 1165.5km distance for checking the sale and spurious and unregistered drugs of different medical stores loc
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