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pAkIStAN’S FIRSt INDeptH NewSpApeR ON cUStOMS
vol 2 Issue No. 25
weekly
karachi, tue July 08 - Mon July 14, 2014
Regd. No, Mc-1381
Price Rs. 50.00
eRADIcAtINg DRUgS
ANF is truly a strategic institution, striving hard to eradicate drugs business entirely to save future of the country, says ANF Punjab Commander Brigadier Syed Mehmoodul Hassan. | See pAge 06 | RevIewINg peRFORMANce
Chief Collector Nazim Saleem reviews measures taken regarding various anti-smuggling activities and revenue generation in a meeting with Preventive high ups. | See pAge 10 | ASSURINg expORteRS
ISLAMABAD
MUHAMMAD FAIZAN www.customstoday.com
MCC Sialkot Collector Qurban Ali Khan assures Sialkot exporters about clearance of pending rebate claims cases in the first month of FY 2014-15. | See pAge 05 | cARtOONS SpecIAl
| See pAge 11 |
A
fter tough struggle throughout the year, the Federal Board of Revenue has reportedly achieved its revenue collection target for the Jiscal year 2013-14, Jirst time in the history of Pakistan. On this landmark achievement, Finance Minister Ishaq Dar has congratulated FBR Chairman Tariq Bajwa and Members of the Board for their consistent efforts. After compilation of the latest data aggregate, tax collection Jigures have so far come up to be Rs2,371 billion out of which Rs101.707 billion are owed in the form of refunds and rebates. The net tax collection reached almost Rs 2270 billion against a collection of Rs 1946 billion in 2012-13. Although, the FBR has not yet released any ofJicial Jigures but its highups are sharing information that they are almost touching Rs 2270 billion mark. Within next few days the FBR’s collection Jigures would be Jinalized
FBRlANDMARkAcHIeveMeNt
Dar pats Bajwa, team on the back
It is the commitment, dedication and hard work of the FBR team that not only led to the achievement of the revenue target but also recorded over 16 percent increase in tax collection after clearance of cheques by State Bank of Pakistan as well as Auditor General of Pakistan. In the month of June, FBR provisionally collected record revenue of more than Rs306,713 million, registering the revenue collection growth in Jiscal year 2013-14 at 16 percent. FBR collected Rs240.994 billion in share of customs duty in the Jiscal year 2013-14 which was 0.6 per cent more as compared to previous year’s
customs duty collection. Direct taxes (income tax) of Rs877 billion were collected in Jiscal year 2013-14. Rs1,002 billion were collected under the head of sales tax. Sales tax collection at import stage recorded at Rs 495 billion. Domestic sales tax collection amounted to Rs506 billion. Collection of federal excise duty amassed to Rs 9.592 billion on import stage. Domestic collection of federal excise duty registered at Rs
129.492 billion. Finance Minister Senator Ishaq Dar has showered FBR Chairman Tariq Bajwa and his entire team with praise for achieving revenue collection target set for Jiscal year 2013-14. Dar lauded that it was the commitment, dedication and hard work of the FBR team that not only led to the achievement of the revenue target but also recorded over 16 percent increase in tax collection, which, he termed, unprecedented in the history of Pakistan. The Finance Minister said that targets were always set on the higher end and efforts are made to reach closer to it, adding that the FBR would devise a strategy to achieve the target of Rs2,810b set for the next Jiscal year 2014-15. He directed the FBR Chairman to work for simplifying the procedures involved in Jiling returns and incentives should be given to the return Jilers as compared to the non-Jilers. He added that the taxpayers should be facilitated by simplifying tax reporting so that people prefer to paying taxes rather than evading tax. He further said that serious efforts would be made for the documentation of the economy.