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Author Archives: M Arshad

Federal Budget 2018-19: Immense relief measures proposed in taxes, FED

ISLAMABAD: The Federal Government, Friday, announced a large number of relief measures in sales tax, federal excise duty, income tax and others in the federal budget for the fiscal year 2018-19.  Majority of proposed relief measures pertained to Sales Tax and Federal Excise laws. In order to provide concession to printers/publishers of Holy Quran, it is proposed that exemption from ... Read More »

Pakistani economy grows at highest rate of 5.8pc in 13 years

ISLAMABAD: A day ahead of laying the federal budget for the upcoming fiscal year in the parliament, the government, claimed that due to successful implementation of a comprehensive program of economic revival aimed at higher economic growth and macro-economic stability, Pakistan had seen a visible economic turnaround over the last five years,. The Economic Survey for the outgoing fiscal year ... Read More »

Exports remain 13.1 higher in first 9 months the outgoing year

ISLAMABAD: The Economic Survey of Pakistan for the outgoing fiscal year 2017-18 has also noted 13.1% increases in exports in last three quarters of the year. Exports are on the increase and the negative effect started bottoming out. Exports during July-March FY2018 reached to $ 17.1 billion as compared to $ 15.1 billion in July- March FY2017 Similarly, imports were ... Read More »

FBR gets PSDP allocations of Rs2558.950m for 32 development projects for FY 2018-19

ISLAMABAD: The Federal Board of Revenue (FBR) managed to get all times record high allocation at Rs.2558.950 million for 32 development projects in Public Sector Development Program (PSDP) of the budget allocations for the fiscal year 2018-19. Some ten years back, for the fiscal year 2007-08, FBR’s PSDP allocations were the highest Rs 2526.774 million for 69 development projects. A ... Read More »

Preparatory meeting on final draft of Budget 2018-19 to be held at FBR today

ISLAMABAD: The preparatory meeting on final draft of the budget for the upcoming fiscal year is going to be held today evening at Federal Board of Revenue (FBR) here. The meeting is meant to give the budget final shape for the presentation before the both the houses of the parliament. Entry of visitors will be restricted; however, guests/visitors of chairman, ... Read More »

Pakistan Economic Survey 2017-18 being launched today

ISLAMABAD: Pakistan Economic Survey 2017-18 is going to be launched today here at Finance Ministry. Most likely, Minister of State for Finance and Revenue Rana Muhammad Afzal Khan to launch the Economic Survey of Pakistan. In this regard, a launching ceremony of Pakistan Economic Survey (2017-18) will be held here as the document shall provide an overview of the national ... Read More »

Overseas Pakistanis should bring back their assets under tax amnesty scheme: FBR Chairman Pasha

ISLAMABAD: The tax amnesty scheme has been launched to provide an opportunity to the overseas Pakistanis to bring their assets back to Pakistan and come into the tax net, Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said. As per agreement with Organization for Economic Cooperation and Development (OECD), exchange of information about the financial bank transactions are going ... Read More »

Rs 80 billion relief offered to taxpayers through tax amnesty scheme: Rana Afzal

ISLAMABAD: Minister of State for Finance and Revenue Rana Muhammad Afzal Khan, has said that a relief of some 80 billion had been granted to the taxpayers of poor class of society through the tax amnesty scheme. This relief is meant for a taxpayers with monthly income up to Rs 100,000 per month and this relief will enable taxpayers belonging ... Read More »

No substantial change in tax/duties rates for FY 2018-19: Dr  Iqbal

ISLAMABAD: Member Inland Revenue Federal Board of Revenue (FBR) Dr. Iqbal, said that there would be no substantial change in the rates of taxes and customs and regulatory duties for the upcoming fiscal year 2018-19. In this regard, internal discussions are underway at relevant wings and quarters of FBR and no final decision has yet been made. While briefing the National ... Read More »

Finance Ministry to set 13pc higher revenue collection target for FY 2018-19

ISLAMABAD: Minister of State for Finance and Revenue Rana Muhammad Afzal Khan has said that Finance Ministry is planning to fix at least 13 percent increase in the revenue collection target for the Federal Board of Revenue (FBR) for the upcoming fiscal year 2018-19. “As we have doubled the revenue collection from Rs 2,000 billion to Rs 4,000 billion in ... Read More »

FBR to defend tax amnesty scheme, budgetary proposals before NA body on Monday

ISLAMABAD: The Federal Board of Revenue (FBR) is going to defend its stance on recently announced tax amnesty scheme, budgetary proposals for the financial year 2018-19 and other plans before the National Assembly Standing Committee on Finance and Revenue on Monday. Most likely, FBR Chairman Tariq Mahmood Pasha along with his core team, including Dr Muhammad Iqbal, Member Customs Muhammad ... Read More »

Negative exports growth & machinery import under CPEC widen current account deficit

ISLAMABAD: The Finance Ministry holds the negative growth in exports coupled with failure to check a rise in machinery imports under China Pakistan Economic Corridor (CPEC) as the root cause of the widening trade account deficit, a major component of the current account deficit. Moreover, the reason for the rise in deficit is also partly attributed to the failure in ... Read More »

Repatriation of funds under tax amnesty scheme will cast positive impact on revenue collection

ISLAMABAD: The Federal Board of Revenue (FBR) eyes positive productive outcome of the tax amnesty scheme on account of repatriation of assets of Pakistanis from abroad. Due procedure for the repatriation of funds from abroad will result in the accumulative tax revenue on the bank transactions. Transfer of funds through proper banking channels will enhance tax collection by the FBR. ... Read More »

CNICs now NTNs: FBR expects over one million new taxpayers in tax net

ISLAMABAD: Federal Board of Revenue (FBR) expects over one million new taxpayers  in the tax net in next six months. With the inclusion of new taxpayers, the total number of taxpayers as well as the figures of revenue collection will also increase significantly. This will also enable FBR to meet the revenue collection target likely to be set for the ... Read More »

Trade Dispute Resolution Act, 2018 to promote global trade with Pakistan

ISLAMABAD: The National Assembly Standing Committee on Commerce and Textile, discussed the draft Trade Dispute Resolution Act, 2018 aimed at providing swift and effective resolution of disputes relating to the export as well as import. Committee met here with Siraj Muhammad Khan in the chair and observed that the act would help in promoting international trade in Pakistan by aligning ... Read More »

FBR expects Rs100b tax from tobacco industry in fiscal year 2017-18

ISLAMABAD: The Federal Board of Revenue (FBR) expects at least 20 percent increase in tax collection from tobacco industry, taking total figure to Rs 100 billion by the end of the current fiscal year. In the previous fiscal year, the government collected Rs 74 billion tax from this sector whereas in the fiscal year 2015-16 the total amount of Rs ... Read More »

FBR triples revenue collection despite drastic cut in PSDP allocations during last decade

ISLAMABAD: Despite step motherly attitude allegedly of the Finance Division towards the Federal Board of Revenue (FBR), the tax collecting organ has tripled its revenue collection over the past decade. The Finance Division has been drastically reducing the funds for the Public Sector Development Programme (PSDP) of the FBR in last decade and this tendency should have marooned the its ... Read More »

FBR to contest allocation of Rs 1700m as PSDP for FY2018-19 in APCC

ISLAMABAD: The Federal Board of Revenue (FBR) is going to contest its demands for the allocation of sufficient amount of funds for the public sector development program (PSDP) in the federal budget for the fiscal year 2018-10 in the Annul Plan Coordination Committee (APCC) scheduled to be held on Monday. APCC will approve indicative budget ceilings submitted by ministries and ... Read More »

MoC takes measures to promote growth of country’s economy

ISLAMABAD: The creation of enabling financial environment is one of the significant steps taken by Ministry of Commerce (MoC) to promote growth of various sectors of the country’s economy. In this regard, one of the main initiatives is to provide financing and risk coverage facilities that aim to improve access to finance for various sectors including the service sector. A ... Read More »

FBR to conduct ballot for selection of cases for audit pertaining to tax year 2016 today

ISLAMABAD: The Federal Board of Revenue (FBR) will conduct computer balloting for the selection of cases for audit pertaining to the Tax Year 2016 today (Thursday). In this regard, a ceremony will be held here at the FBR Headquarters where Advisor to PM on Revenue Haroon Akhtar Khan is likely to conduct the balloting. A day earlier, the FBR approved ... Read More »