Tag: FBR

  • Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Nawaz’s assets jumped from Rs2.7 million to Rs1.8 billion in 20 years of politics: report

    Ousted prime minister (PM) Nawaz Sharif’s assets jumped from Rs2.7 million to Rs1.82 billion in twenty years of his political career from 1993 to 2013, media reports have revealed.

    As per the details, Nawaz owned assets worth Rs 261.6 million in 2012, but that saw a six-fold increase and reached Rs 1.82 billion in 2013 — the first year of his third stint as the country’s chief executive, making him a declared billionaire for the first time.

    His assets in 2014 crossed the Rs2 billion-mark, but in 2015 declined slightly to Rs1.96 billion. Earlier in 2011, he owned assets worth Rs166m.

    According to the statements of assets of lawmakers, released by the Election Commission of Pakistan (ECP) in 2017, the value of his assets further declined to Rs1.72 billion in the year that ended on June 30, 2016.

    The former premier, however, only owned assets worth Rs2.7 million by the year 1993, media reports said.

    Citing the details submitted to the National Accountability Bureau (NAB) by the Federal Board of Revenue (FBR) in the assets beyond known sources of income and money laundering cases against the Sharif family, a private media outlet claimed that Nawaz’s total assets in 1986 stood at a bit over Rs0.13 million.

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    The assets kept on increasing over the years, the report said, adding that Nawaz’s assets rose by only Rs23,319 in 1986. “According to FBR records, the same swelled by Rs98,588 in 1987.”

    These assets also included those owned by his children, the report claimed.

  • FBR serves ARY tax evasion notice, demands Rs992 million

    The Federal Board of Revenue (FBR) has served a notice to ARY News, demanding Rs992 million which the channel owes to the tax body, The News has reported.

    The entity has evaded millions of rupees in taxes through misrepresentation, concealment and misuse of exemptions, causing a substantial loss to the national exchequer, reports quoted FBR as saying.

    The body also claimed that in a bid to escape the fresh tax demand, the media house allegedly tampered with previously-submitted official agreement documents — which was discovered by the authorities.

    The investigation from FBR states that “an offshore related party (co-owned) entity ARY FZLLC undertook transactions with the other two companies, ARY COMM and ARY Films and TV Productions Pvt, which by, virtue of section 85 of the Income Tax Ordinance, 2001, were its associates”.

    The investigation further revealed that the tripartite agreement was used to allow the three companies to settle their receivables and payables in Pakistan on behalf of ARY FZLLC.

    The media group’s tax assessment showed that it obtained exemptions by claiming to export locally-produced content to the offshore entity in order to evade local taxes.

    However, ARY Communications has accused the FBR of conducting a fishing expedition and also added that the proceedings were “based on whims, assumptions, and guesswork”.

    Reports further revealed that FBR served the tax notice to the channel despite facing a lot of pressure from influential quarters to withdraw any such demand.

  • Govt goes after parents paying Rs200,000 or more as kids’ annual school fee

    Govt goes after parents paying Rs200,000 or more as kids’ annual school fee

    Continuing to desperately look for potential taxpayers, the Federal Board of Revenue (FBR) has dispatched letters to parents paying Rs200,000 or more as their children’s annual school fee, The Express Tribune reported.

    Aggressively digging the records of citizens who, at some stage, have come under prominent sections of the Income Tax Ordinance, the FBR has asked the parents to declare their hidden assets and become tax return filers.

    “Data available with the FBR reveals that advance tax under Section 2361 of the Income Tax Ordinance 2001 has been collected from you and deposited in the government treasury, meaning thereby that you are paying an annual fee exceeding Rs200,000 per child (student) to educational institutions,” said the letter sent by the FBR’s Corporate Regional Tax Office (RTO) in Lahore.

    According to Section 2361, every educational institution is required to collect advance income tax at the rate of 5% on the fee paid. The person responsible for preparing monthly, bimonthly or quarterly fee vouchers shall also charge withholding tax in case the fee exceeds Rs200,000 annually.

    “Please note that the FBR intends to register all those persons who are earning taxable income and are liable to file returns under the Income Tax Ordinance 2001, but have failed to do so,” it stated, adding the registration drive also included the persons who were liable to be registered under the Sales Tax Act 1990 or Federal Excise Act 2005.