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Author Archives: M Arshad

Govt starts consultation process to launch 5-year Strategic Trade Policy Framework for 2018-23

ISLAMABAD: The Commerce Division is preparing a five-year Strategic Trade Policy Framework (STPF) for 2018-23 in consultation with the private and public sectors stakeholders. For research and development of the policy, technical assistance will be sought from various international organizations such as the World Bank, the Asian Development Bank and others. Sources at the Ministry of Commerce told Customs Today ... Read More »

Ports & Shipping Minister Bijenjo invites Dutch maritime companies to invest in Pakistan

ISLAMABAD: Ports and Shipping Minister Mir Hasil Khan Bizenjo has invited Dutch maritime companies to invest in Pakistani maritime industry and take benefits from Pakistani maritime infrastructure. He also called for expanding cooperation between Pakistan and the Netherlands, particularly in port and shipping sector. Maritime technology in the Netherlands is highly developed. A powerful maritime nation from old days with ... Read More »

FBR tries to come up to taxpayers’ expectations: Tariq Pasha

ISLAMABAD:  Chairman Federal Board of Revenue (FBR) Tariq Mahmood Pasha, said that FBR always tried to come up to the expectations of the taxpayers regarding redressal of their reservations and easing the doing of business in the country. In this regard, FBR and Pakistan Center for Philanthropy (PCP) have signed a memorandum of understanding which has pushed the FBR in ... Read More »

FBR grants sales tax exemptions on import of raw material for Gwadar Port, Gwadar Free Zone

ISLAMABAD: The Federal Board of Revenue (FBR) has granted exemption in sales tax on import of materials and equipment for construction and operation of Gwadar Port and Gwadar Free Zone. Sales tax exemptions have been provided under table-1 of the sixth schedule to the Sales Tax Act, 1990 and third schedule to the Federal Excise Act, 2005. “The provision of ... Read More »

Commerce Ministry optimistic about enhancing Pakistani exports to Turkey up to $1 billion

ISLAMABAD: Despite problems in the signing a Free Trade Agreement, the Pakistani exports to Turkey will be increased to $1 billion by the end of the current fiscal year, sources said. The Ministry expects that both the countries will resolve the issues in the light of third High Level Strategic Council where prime ministers of both the countries expressed the ... Read More »

NA commerce committee calls for exploring demand of Pakistani products in ASEAN countries

ISLAMABAD: The National Assembly Standing Committee on Commerce and Textile, has called for monitoring of the performance of the Pakistani trade officers appointed in different trade missions in ASEAN countries. The mounting trade deficit has been a matter of concern both for the government and the Ministry of Commerce. The NA committee has directed relocation of trade missions to countries ... Read More »

FBR to give option of filing tax returns in Urdu from next tax year

ISLAMABAD: In a bid to simplify the filing of tax returns as well as to bring more and more people into the tax net, the Federal Board of Revenue (FBR) is going to give the option of filing returns in Urdu language in the coming tax year. This proposal is under consideration at the highest level and is most likely ... Read More »

FBR scrutinizing field-based WHT deducted & deposited by telecom companies

ISLAMABAD: The field officers supported by the IT experts of PRAL are speedily finalizing the process of field-based withholding system of consumers’ tax deducted and deposited by the telecom companies. The field officers comprising six members are conducting this process under the Income Tax Ordinance, 2001 for the quarter July – September, 2017, at company’s premises. After the finalization of ... Read More »

Falling forex reserves attributed to current account, trade deficit

ISLAMABAD: The Finance Ministry has attributed the falling foreign exchange reserves to the widening of current account deficit. The current account deficit have widened to $12.4 billion during FY17 as compared to $4.9 billion in FY16. This situation has forced the government to depreciate the local currency against dollar. The foreign exchange reserves of the country at the end of ... Read More »

FBR finalises budgetary proposals in consultation with stakeholders

ISLAMABAD: Like every year, the Federal Board of Revenue (FBR) has finalized the budgetary proposals in a well-organized manner this year also. The FBR conducts a comprehensive budget exercise every year before announcement of the federal budget. The FBR makes concerted effort to involve all stakeholders, including business community, chartered accountants, tax bars, etc. Under this exercise, budgetary proposals are ... Read More »

Currency devaluation to augment FBR’s effort on revenue collection 

ISLAMABAD: Devaluation of rupee against the dollar will further augment the efforts to enhance the revenue collection by the Federal Board of Revenue (FBR) because the currency depreciation will increase the tune of exports as well as imports. Moreover, authorities in FBR are of the stance that customs and regulatory duties at the import stage have been the main contributor ... Read More »

Rupee devaluation to reduce sovereign debt burdens

ISLAMABAD: The Finance Ministry has high hopes that recent currency devaluation will reduce the sovereign debt burdens on the national economy. On Tuesday, the buying and selling rate of one dollar was Rs 118.80. “A government may be incentivized to encourage a weak currency policy if it has issued sovereign debt to service on a regular basis. If debt payments ... Read More »

Rangers, FC, FATA political administration given powers to curb smuggling in border areas

ISLAMABAD: The Pakistan Rangers and FC Khyber Pakhtunkhaw and FATA administration are given the powers of anti-smuggling operations within 20km of the international border. “The Federal Board of Revenue (FBR) has entrusted the national entities with powers to through SRO 1090(I)/2010,” sources told Customs Today. Under the SRO, the political administration of FATA has also been entrusted with anti-smuggling powers ... Read More »

Ministry of Commerce alive to expiry of US GSP Scheme for Pakistan

ISLAMABAD: Despite mounting differences on political fronts with the United States, the Ministry of Commerce (MoC) is quite alive to the expiry of US Generalized System of Preference for Pakistan. Pakistan is a beneficiary of the US Generalized System of Preferences (GSP) program, which provides duty free access to over 3,500 products. Sectors covered under the GSP include various manufactured ... Read More »

FBR traces no incident of pilferage of Afghanistan bound Indian tea in Pakistan

ISLAMABAD: The Federal Board of Revenue (FBR) has not traced any pilferage of Indian tea in Pakistan which is meant for transit to Afghanistan, sources said. There has been a consistent import trend in terms of quantity as average quantity imported in a month during FY 2016-17 is around 41 MT/month, and for the first eight months (July-Feb) of FY ... Read More »

FBR to continue policy of different tax rates for filers, non-filers in next FY

ISLAMABAD: In the wake of outstanding results in terms of enhancing the tune of revenue collection and number of fillers in last five years, the Federal Board of Revenue (FBR) will continue the policy of different tax rates from filers and non-filers in the coming fiscal year. Since the introduction of this policy during Tax Year 2013 the number of ... Read More »

FBR to achieve record revenue collection of Rs 4 trillion during current fiscal year: Dr Miftah

ISLAMABAD: Dr Miftah Ismail, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, has said that the Federal Board of Revenue (FBR) is going to achieve all times higher revenue collection target of Rs 4 trillion by the end of current fiscal year. Addressing the closing session of “Leaders in Islamabad Business Summit 2018”, Dr Miftah said that ... Read More »

FBR launches one-window facility for registration of company, NTN

ISLAMABAD: The Federal Board of Revenue (FBR), in collaboration with Securities and Exchange Commission of Pakistan (SECP), has launched a one-window facility for the registration of a company and the national tax number (NTN). This step has been taken as part of easing the doing of business process in the country as well as to reform the taxation system for ... Read More »

Ports & Shipping ministry plans to conduct study for potential sites for new ports

ISLAMABAD: In the wake of important role of maritime transportation in the national economy, the Ministry of Ports and Shipping (Maritime) has planned to carry out a study for potential sites for new ports in the country. The study will identify the sites and details. Presently, Pakistan has three sea ports namely Karachi Port, Muhammad Bin Qasim Port and Gwadar ... Read More »

FBR’s consistent soaring performance plays key role in fiscal consolidation

ISLAMABAD: The soaring performance of Federal Board of Revenue (FBR) in last five years has played key role in fiscal consolidation of national economy. FBR demonstrated marvelous consistent performance in terms of revenue collection which hiked during every fiscal year in last five years. In fiscal year 2012-13 FBR’s revenue collection stood at Rs1,946 billion which gone up to Rs,361 ... Read More »