{"id":61925,"date":"2020-02-25T15:53:40","date_gmt":"2020-02-25T10:53:40","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61925"},"modified":"2020-02-25T15:53:41","modified_gmt":"2020-02-25T10:53:41","slug":"sindh-mineral-sector-may-offer-tax-potential-worth-pkr-84-bn-fbr","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sindh-mineral-sector-may-offer-tax-potential-worth-pkr-84-bn-fbr.html","title":{"rendered":"Sindh mineral sector may offer tax potential worth PKR 84 bn: FBR"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR)\u2019s Directorate General of Intelligence and Investigation (I&amp;I) in Karachi has determined that <a href=\"https:\/\/www.zameen.com\/news\/fbr-told-aggressive-pursuing-tax-net-expansion-efforts.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Sindh\u2019s mines and minerals sector may hold a tax potential (opens in a new tab)\">Sindh\u2019s mines and minerals sector may hold a tax potential<\/a> worth PKR 84 billion, according to news sources. <\/p>\n\n\n\n<p>The government authority uncovered this information during an examination of the records of mines\u2019 license holders. They looked at the sales and income tax amounts paid by these companies on the extraction of gravel, sand, silica, crushed stones, marble and other minerals. As per the estimates, the average rate of these minerals is PKR 6,000 per metric ton.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/kp-assembly-bill-lists-ex-fata-mines-minerals-as-govt-properties.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"KP Assembly bill lists ex-FATA mines, minerals as govt properties (opens in a new tab)\">KP Assembly bill lists ex-FATA mines, minerals as govt properties<\/a><\/p>\n\n\n\n<p>Additionally, it came to the authority\u2019s notice\nthat the\nlease holders of mines were\npredominantly non-filers. The purpose of this scrutiny is to register the mine holders in order to bring them into tax net.<\/p>\n\n\n\n<p>At the moment, Sindh has imposed a royalty of PKR 8 per metric ton on all minerals extracted or moved from the mines. By imposing a tax rate of 17% on sales of over 50 metric tons of minerals, is expected to help the FBR collect over PKR 52 billion in tax revenue.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/asad-umar-invites-investment-in-mineral-resource-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Asad Umar invites investment in mineral resource sector (opens in a new tab)\">Asad Umar invites investment in mineral resource sector<\/a><\/p>\n\n\n\n<p>The directorate has recommended several steps to\nthe FBR for the efficient implementation of sales tax laws that will lead to the registration of\nthe aforementioned mines\u2019 license\nholders. Moreover, sources within the board\nalso revealed that sales tax collection from the mineral sector in Balochistan,\nKhyber Pakhtunkhwa and Punjab has been\nequally negligible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR)\u2019s Directorate General of Intelligence and Investigation (I&amp;I) in Karachi has determined that Sindh\u2019s mines and minerals sector may hold a tax potential worth PKR 84 billion, according to news sources. The government authority uncovered this information during an examination of the records of mines\u2019 license holders. They looked at the sales and income tax amounts paid by these companies on the extraction of gravel, sand, silica, crushed stones, marble and other minerals. As per the estimates, the average rate of these minerals is PKR 6,000 per metric ton. Read: KP Assembly bill lists ex-FATA mines, minerals as govt properties Additionally, it came to the authority\u2019s notice that the lease holders of mines were predominantly non-filers. The purpose of this scrutiny is to register the mine holders in order to bring them into tax net. At the moment, Sindh has imposed a royalty of PKR 8 per metric ton on all minerals extracted or moved from the mines. By imposing a tax rate of 17% on sales of over 50 metric tons of minerals, is expected to help the FBR collect over PKR 52 billion in tax revenue. Read: Asad Umar invites investment in&hellip;<\/p>\n","protected":false},"author":77,"featured_media":60871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,1974,2036,2032],"persona":[],"class_list":{"0":"post-61925","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr","9":"tag-sindh-government","10":"tag-tax-evasion","11":"tag-taxation-2","12":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sindh&#039;s mineral sector may offer tax potential worth 84 bn - Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Board of Revenue (FBR)\u2019s Directorate General of Intelligence and Investigation (I&amp;I) in Karachi has determined that Sindh\u2019s mines and minerals sector may hold a tax potential worth PKR 84 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sindh-mineral-sector-may-offer-tax-potential-worth-pkr-84-bn-fbr.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sindh&#039;s mineral sector may offer tax potential worth 84 bn - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Federal Board of Revenue (FBR)\u2019s Directorate General of Intelligence and Investigation (I&amp;I) in Karachi has determined that Sindh\u2019s mines and minerals sector may hold a tax potential worth PKR 84 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sindh-mineral-sector-may-offer-tax-potential-worth-pkr-84-bn-fbr.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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