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Author Archives: M. Faizan

Level playing field would be given to Pakistani businessmen in CPEC projects: Asad Umar

ISLAMABAD: Federal Minister for Finance Asad Umar has said Pakistan has not yet decided to go to IMF for bailout package s the government is able to manage current economic situation. He said level playing field would be given to Pakistani business community in CPEC projects and government is committed to resolve all issues faced by importers and exporters. He ... Read More »

Senate Committee asks MoC to take measures for clearance of 55 arms & ammunition shipments

ISLAMABAD: Senate Standing Committee on Commerce and Textile Industry, in its meeting, recommended to the Ministry of Commerce to take due measures for clearance of  55 arm and ammunition shipments lying with the custom authorities at the port in favour of the importers. The meeting was held under the chairmanship of Leader of the House Senator Syed Shibli Faraz here ... Read More »

Govt to make repayments of $8b debt during FY2018-19: Hammad Azhar

ISLAMABAD: Minister for Revenue Hammad Azhar has informed the Senate Committee on Finance that government will make payment of $8 billion worth repayment of debt during this financial year despite the grave situation of current account deficit and depleting reserves. Briefing Senate’s Committee Hammad Azhar said that the new government is facing the challenges of huge current account deficit and ... Read More »

No rice container held up at Kenyan port: MOC

ISLAMABAD: The Ministry of Commerce & Textile has clarified that no rice containers from Pakistan held up at Kenyan port. According to details, Pakistan’s High Commission in Kenya approached the relevant Kenyan authorities who have clarified that no Pakistan-specific inspections are being conducted on rice shipments. They have also assured that the situation is temporary and normalcy will resume after ... Read More »

Tax defaulters will be dealt with iron hands: Asad Umar

ISLAMABAD: Federal Minister for Finance and Revenue Asad Umar warned the tax defaulters, tax evaders and non-taxpayers that they will have to pay their due share otherwise stern action will be taken against them. He gave these remarks while talking with media at the Parliament House. He said, ”We will bring back the looted money.” On the other hand International ... Read More »

Readjustment of GST on raw material giving benefits to local industry

ISLAMABAD: The Senate Committee on Finance was briefed by Finance Minister Asad Umar that intention behind readjustment of customs and general sales tax (GST) on raw materials is to give benefits to the local industry. Senate Standing Committee on Finance, Revenue, and Economic Affairs in its meeting discussed the amendments in Customs Act 1969, Sales Tax Act 1990, Income Tax ... Read More »

RITBA demands appointments of judges as commissioner appeals

ISLAMABAD: Rawalpindi-Islamabad Tax Bar Association (RITBA) has demanded the appointment of judges as commissioner appeals in the FBR so that rights of taxpayers can be protected. Talking to media, RITBA President Syed Tauqeer Bukhari said that taxpayers deserve facility of an independent forum where their disputes with tax authorities could be settled amicably. If a taxpayer does not agree to a ... Read More »

Pak foreign reserves, FDI dropped during two months of FY 2018-19

ISLAMABAD: Pakistan foreign reserves and foreign direct investment (FDI) dropped during last two months. FDI into Pakistan suffers blow in the first two months of the Fiscal Year 2018-19, while Pakistan’s foreign exchange reserves have declined further $300 million. Ministry of Finance figures show FDI has been declined by 40 percent to $288 million in two months of this fiscal ... Read More »

Govt to take measures to enhance revenue, exports in new budget: Asad Umar

ISLAMABAD: The PTI-led government is all set to introduce a new budget where different measures are under consideration to enhance revenue, exports and curtail imports to reduce the trade deficit, ease pressure on the local currency and narrow budget deficit, by imposing one percent additional regulatory duty on non-essential items. Sources told Customs Today that commerce division has reportedly prepared a ... Read More »

No sales tax exemption on imported LED & SMD lights: Asad Umar

ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said that LED and SMD lights have been listed as locally manufactured items through Customs General Order, therefore, benefit of exemption from sales tax on imported lights and SMD lights is no more available. In a written reply to question from Senator Tanvir Khan, the minister stated that ... Read More »

PM Imran appoints Barrister Hammad Azhar as Special Assistant on Revenue

ISLAMABAD: Prime Minister Imran Khan has appointed Barrister Hammad Azhar as Special Assistant to Prime minister on Revenue. He has assumed the charge and met Federal Board of Revenue Chairman Jahanzeb Khan and other officials on Saturday. Barrister Hammad Azhar has won general election as MNA on the platform of Pakistan Tehreek-i-Insaf from Lahore NA 126. He is son of ex-governor Punjab ... Read More »

Collector Adjudication Sadiqullah summons owner of NDP goods

ISLAMABAD: Collector Customs Adjudication Sadiqullah Khan has issued show-cause notice to owner of a godown, Muhammad Arshad and deputy collector customs, anti-smuggling division (North), in seizure case of foreign smuggled goods no: 134/2018. The collector adjudication instructed both respondent and reporting agency to furnish documentary evidence and present oral arguments on the date of hearing on September 13. According to details, ... Read More »

Supreme Court seeks report of non-duty paid vehicles being used by govt officials

ISLAMABAD: Supreme Court of Pakistan has ordered Federal Board of Revenue to submit the report regarding the use of non-duty paid smuggled vehicles used by government officials. A three-member bench comprising Justice Umar Ata Bandial and Justice Ejaz ul Ahsan and headed by Chief Justice of Pakistan Mian Saqib Nisar, has issued the order during the hearing of suo moto case regarding ... Read More »

FBR issues notices to 200 Pakistanis own assets abroad

ISLAMABAD: New startling revelations have surfaced about the illegal assets of Pakistanis abroad. FBR chairman Muhammad Jehanzeb Khan said 200 people owning assets outside Pakistan have been issued notices. At this, Justice Ijazul Ahsan, a member of the bench, asked him to submit a list containing their names and copies of notices issued to them in court on next hearing. ... Read More »

Previous govt obtained loans amounting to $42.1b during 5 years: Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar has said that previous government obtained foreign loans amounting to $42.1 billion during last five years,  July 01, 2013 to March 31, 2018 while repayments were recorded at around $ 20 billion during this period. According to the details, net mobilization of foreign loans was $22.1 billion during the above stated period. Government mobilized ... Read More »

FBR changes qualification criteria for recruitment of inspectors

ISLAMABAD: Federal Board of Revenue (FBR) changed the qualification for recruitment against the post of Inspector Customs Intelligence from simple graduation to graduation with economics, commerce, physics, law and pharmacy. It is pertinent to mention that it was observed at senior management level of Customs/FBR that from operational point of view, over the years the job of Inspector Customs/Intelligence Officer ... Read More »

Another tax amnesty scheme will help new govt bridge growing deficit: Zahid Shafique

ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) on Thursday demanded that a new tax amnesty scheme will help government bridge the growing deficit. The scheme announced by the former government was not availed by many people due to political uncertainty, cases against top government functionaries, the holy month of Ramadan, Eid, and lack of awareness. Talking with Customs Today, RITBA Secretary-General ... Read More »

FBR Member Sarwat Tahira Habib transferred and posted as FTO

ISLAMABAD: Federal Board of Revenue (FBR) Member Legal & Accounting-Customs Sarwat Tahira Habib has been transferred and posted as Federal Tax Ombudsman. Sources told Customs Today that former chairperson FBR Rukhsana Yasmin had recommended Sarwat Tahira Habib for the post of Member Customs but Election Commission of Pakistan rejected transfers and postings in Pakistan Customs due to general elections 2018. ... Read More »

Senate body shows displeasure over not concluding probes against corrupt officials

ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs showed displeasure towards Federal Board of Revenue (FBR) for not completing its inquiry against corrupt officers within the prescribed period of three months, as recommended by the Standing Committee in February, 2018. The Committee further granted the FBR another three-month period to complete its inquiry with the direction that the report ... Read More »

New Risk Management System should be introduced for transparent use of green channel facility: Collector Sadiqullah

ISLAMABAD: Collector Adjudication Dr Sadiqullah Khan has proposed that a new Risk Management System should be introduced for transparent use of green channel facility. Reforms should also be introduced in management and human resource development system. Collector Dr Sadiqullah expressed these views during an exclusive interview with Customs Today. He said that list of Afghan Transit Trade should be reviewed. “If we ... Read More »