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Author Archives: M. Faizan

Islamabad Customs collects Rs6,892m CD during FY17-18

ISLAMABAD: Customs Collectorate achieved the revenue collection target two days before the end of current fiscal year 2017-18. Collector Zulfiqar Ali Chaudhary extended felicitations to entire team of Customs department for achieving target. Sources told Customs Today that Federal Board of Revenue (FBR) had assigned Rs6,845 million revenue collection target under the head of customs duty (CD) for fiscal year 2017-18. ... Read More »

OECD to extend technical assistance to Pakistan for tax reforms

ISLAMABAD: Pakistan and Organization for Economic Cooperation and Development (OECD) would further strengthen their cooperation in various areas including tax-related matters and sharing of experiences in social and economic development. The OECD will extend technical assistance to Pakistan in its efforts for undertaking broad-based tax reforms. These views were expressed during the bilateral meeting between Finance Minister Dr Shamshad Akhtar ... Read More »

FBR chairman Pasha briefs Dr. Shamshad over revenue collection measures

ISLAMABAD:  Minister for Finance, Revenue, Economic Affairs, Statistics and Planning Dr. Shamshad Akhtar , chaired a meeting to review the performance of the Federal Board of Revenue in the current financial Year (2017-2018). Chairman FBR, Tariq Mehmood Pasha, felicitated the minister on assuming her new responsibilities and gave a detailed presentation on the measures so far being taken by the ... Read More »

Rawalpindi I&I seizes NDP goods worth Rs554.67m in 11 months: Shahid Jan

ISLAMABAD: Directorate of Customs Intelligence and Investigation Additional Director Shahid Jan has said that Rawalpindi directorate showed tremendous performance during eleven month of the current fiscal year 2017-18. “We have seized smuggled goods and non-duty paid vehicles having total value of Rs554.67 million while last year during the same period the directorate could seize smuggled goods worth Rs491.61 million,” he said during ... Read More »

FBR to serve notices on 1 million wealthy tax evaders from July 1: Tariq Pasha

ISLAMABAD: Federal Board of Revenue Chairman Tariq Mehmood Pasha has warned the tax evaders and non-filers belonging to rich community that if they will not take the advantages of amnesty scheme then they should be ready to face the law. He has stated this during a meeting with parliamentarians at Parliament House. “We have travel history, bank transactions record, property details, ... Read More »

Medical reimbursement: FBR starts recovery of Rs2.19m from twelve officers

ISLAMABAD: Federal Board of Revenue (FBR) has initiated the recovery proceeding against twelve officers of FBR Headquarters and field officers on account of medical reimbursement amounting to Rs2.19 million. Sources told Customs Today that Federal Board of Revenue headquarters and its two field offices made payments to twelve officials for medical treatment from private hospitals. They were neither referred by any ... Read More »

ECC approves five-year tax exemptions for FATA & PATA

ISLAMABAD: The Economic Coordination Committee (ECC) has approved tax exemptions and other incentives for the next five years for the people of erstwhile FATA and PATA after the landmark 31st Constitutional Amendment. ECC also approved exemption of income tax on profits and gains of existing businesses conducted by individuals for a period of five years. These businesses; however, need to ... Read More »

ECC approves amendment to Section 19 of Customs Act 1969

ISLAMABAD: In order to incentivize pioneer industries in the country, the Economic Coordination Committee (ECC) has approved amendment to Section 19 of the Customs Act 1969, Sales Tax Act 1990 and Income Tax Ordinance 2001 for providing enabling legislation to extend incentives under the Pioneer Industry Policy. The ECC considered issues in the applicability of SRO. 1067(I)/2017 due to limited human ... Read More »

Govt appoints Arshad Hussain Bhutta as judge of Rawalpindi Customs Court

ISLAMABAD: Federal cabinet has approved the appointment of Arshad Hussain Bhutta as judge Special Court (Customs, Taxation and Anti-Smuggling) Rawalpindi. Federal cabinet also approved the appointment of Judicial Member (BS-21) Customs Appellate Tribunal, Bench-II and Bench-III, Karachi. The cabinet also approved memorandum of agreement between the Ministry of Commerce, Government of the Islamic Republic of Pakistan and the Department of ... Read More »

Ministry of Ports & Shipping seeks record of land allotted to US Consulate in Karachi

ISLAMABAD: Ministry of Port & Shipping has sought the record from Karachi Port Trust (KPT) relating to lease of 20.80 acres land allotted to US Consulate in Karachi and received the lease rent and also record of allotment of land for Karachi Port Trust offices to Cooperative Housing Society Karachi for inspection and scrutiny. According to the sources ministry high ... Read More »

RTO recovers Rs7b outstanding dues till May: DC Farrukh Sial

ISLAMABAD: Regional Tax Office has achieved 80 percent budgetary targets of current financial year with 27 percent growth in tax revenue collection. The RTO has collected Rs71.6 billion till April 2018 against the assigned revenue target of Rs90 billion. These views were expressed by Deputy Commissioner (Hqr) Regional Tax Office Inland Revenue FBR Furrukh Amir Sial during an exclusive interview with ... Read More »

FBR expresses reservations over Phase-II of Pak-China Free Trade Agreement

ISLAMABAD: Federal Board of Revenue (FBR) has expressed concerns over the Phase II of Pak-China Free Trade Agreement. According to the reservations of FBR, concessions under Phase ll would be to the detriment of Pakistan’s local industry are not justified. Commerce Minister Muhammad Pervaiz Malik has conveyed to the FBR that on their reservations Ministry of Commerce has held extensive consultations ... Read More »

Customs duty drawback cases should be resolved on priority basis

ISLAMABAD There are 45,849 customs duty drawback (rebate) claims are still pending with Pakistan Customs during the last three years under the SRO 212 (1) /2009 dated 5th March and total amount involved is Rs1103.879 million. Minister of Finance has assured the Parliament on the written question of Member National Assembly Siraj Muhammad Khan that concerted efforts would be undertaken ... Read More »

FBR clears 57,309 cases of sales tax refund claims during last two years

ISLAMABAD: Federal Board of Revenue has made payment of sales tax refunds amounting to Rs.1,17,084 million in 57,309 cases to the claimants during the last two years and current financial year. During 2015-16, payment of Rs. 50,660 million has been made in 38,217 sales tax refunds cases while 2016-17 payment of Rs 25,683 has been made in 4,724 sales tax ... Read More »

Finance ministry recommends imposition of penalty on non-, late filers

ISLAMABAD: Ministry of Finance has identified internal control weaknesses in Federal Board of Revenue (FBR) and emphasized to ensure imposition of penalty on non- and late filers of tax returns and maximize the assurance level to safeguard the public exchequer through post-refund audit. It is important to mention here that the Federal Board of Revenue has a Director General of ... Read More »

44 units of AFU causes loss of Rs5.429m to national kitty

ISLAMABAD: It is disclosed in a report by Federal Board of Revenue that 44 units of Deputy Collector Customs, AFU, Airport, Lahore failed to submit the export documents against temporarily exported goods which resulted in loss of government revenue of Rs 5.424 million. Sources told Customs Today that FBR has directed customs Collectorate that issued them notices and recovered the ... Read More »

FBR directs Customs to expedite process of auction of goods & vehicles

ISLAMABAD: Federal Board of Revenue (FBR) has directed to all customs collectorates to expedite the process of auction of confiscated vehicles and other goods and actively pursue the court cases. Sources told Customs Today that it has been disclosed in a report by Federal Board of Revenue that certain Collectorates of Customs did not auction confiscated good/vehicles since long. The ... Read More »

FBR announces to increase limit of punishment in TP related crime: Zahid Khokhar

ISLAMABAD: Federal board of Revenue (FBR) has increased the limit of punishment and the penalty in the crime related to transshipment. A new law has been introduced in this regard and FBR high ups hoped that after this initiative transshipment related crime percentage will be reduced. Sources told that customs authorities received complaints that facility of transshipment was misused badly. ... Read More »

FBR amends section 83 of Customs Act 1969 to facilitate importers

ISLAMABAD: Federal Board of Revenue (FBR) has provided a big relief and facility to importers through amendment in the section 83 of the Customs Act 1969. According to the details, Federal Board of Revenue has empowered the collector of customs that he/she may release imported goods regarding the offence in which imported goods are not liable to confiscated. Now concerned ... Read More »

Govt all set to announce export package next week: Miftah Ismail

ISLAMABAD: The federal government has decided to announce the export package. The package will be announced within next four to five days. reliable sources told Customs Today on Friday. Federal Minister for Finance and Revenue Miftah Ismail has directed the high ups of the finance ministry and Federal Board of Revenue to disburse the outstanding refund of Rs.100 billion among the ... Read More »