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Author Archives: Saleem Jadon

New IT system to restrain Sales Tax evasion

ISLAMABAD: The FBR has developed and implemented an integrated IT system known as Computerised Risk Based Evaluation of Sales Tax (CREST) for processing and assessing returns. The system is now operational and running in the whole country. The objective is to have an effective, risk-based, automated compliance model that minimises wrongful adjustment of input tax and ensures correct payment of ... Read More »

FBR considering new policy on areas of tax evasion

ISLAMABAD: Federal Board of Revenue is considering a new policy and administrative proposals to deal with major risk areas in the sales tax regime, to avoid massive revenue loss to the national economy, sources said. The corrupt registered persons are using few methods within the sales tax regime for evasion. If FBR is able to detect these dodges, revenue loss ... Read More »

SBP’s forex reserves down to $3b; lowest in 12 years

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) have declined to $3 billion, which is the lowest level since 2001. According to data released by the central bank, foreign exchange reserves have reduced by $558 million to $8.238 billion, while the foreign exchange reserves held by the central bank shrank by $417 million to $3.046 billion during ... Read More »

2-day workshop on Internal Communication held in FBR headquarters

ISLAMABAD: FBR’s Facilitation and Taxpayers Education (FATE) Wing, in collaboration with GIZ, arranged a 2-day workshop on ‘Internal Communication Strategy’ in for FBR Headquarters, Islamabad. The workshop was inaugurated by FBR Chairman Tariq Bajwa and was attended by senior officers of FBR Headquarters and field formations. In his opening remarks, the FBR chairman said that internal communication plays a crucial ... Read More »

Govt requests SC to declare 891 appointments at PQA as illegal

ISLAMABAD: The federal government has requested the Supreme Court to declare all the appointments and promotions in the Port Qasim Authority (PQA) made from 2007 to 2013 as illegal. Hafiz SA Rehman Advocate has submitted a written reply in the apex court on behalf of the Federation regarding appointments and promotions in the PQA from 2007 to 2013. The Federation ... Read More »

Kamran Micheal lauded for steps taken in maritime trade

ISLAMABAD: Federal Minister for Ports and Shipping Kamran Micheal has said that security level in International Waters has been a cause of concerns for all the countries which needs to be fully addressed, adding that sea trade and secure shipping is the most important thing. He was addressing to 152 states in General Assembly of International Maritime Organization’s 28th session ... Read More »

Chinese Customs uncovers rare-animal smuggling case

JIANGMEN: Customs in south China’s Guangdong Province has uncovered a smuggling case involving rare animals worth 18 million yuan ($2,953,800) and detained five suspects. The smuggled goods included 10-metre-long python skin, frozen pangolin flesh and scales, and wattle-necked softshell turtle meat; both animal species are under national second-class protection. The goods weighed a total of 10 tons. According to the ... Read More »

KP customs agents upset over blockade

PESHAWER: Frontier Customs Agents Group (FCAG) Khyber Pakhtunkhwa Chairman Zia-ul-Haq Sarhadi and senior Vice President Arooj Ahmad Ansari have said that the breaking of the seal of containers carrying Afghanistan-bound commercial cargo is detrimental for bilateral trade between Pakistan and Afghanistan. In a statement issued by FCAG, the office-bearers expressed concerns over the halting of Nato supply which according to ... Read More »

Textile Ministry rejects gas suspension plan

ISLAMABAD: Ministry of Commerce and Textile has strongly refused to accept the projected suspension of gas to textile sector during winter 2013-14, saying that such a situation might result in a loss of $3 billion export earnings in the next three months, sources said. Officials of the Commerce and Textile Ministry were quoted as saying, “If the existing gas requirements ... Read More »

FBR proposes monthly banking reports of specific account holders

ISLAMABAD: Federal Board of Revenue has proposed that all the banks will provide a monthly account holders’ deposit statements and credit card payments statements of all who have deposited Rs1 million or more and made credit card payment of Rs 100,000 or more in that month, sources said. They added that persons with National Tax Number (NTN) or having filed ... Read More »

Govt taking concrete steps to cover revenue shortfall: Dar

ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has said that the decline in tax base and dutiable imports are disturbing the revenue collection in general. He told the Upper House while replying to Senator Saleem Mandviwalla’s question regarding shortfall in revenue collection during the current fiscal year. The federal minister informed the House that revenue collection target for 2013-14 ... Read More »

FBR to establish kiosks at airports to stop smuggling of foreign currency

KARACHI: Federal Board of Revenue (FBR) is planning to establish kiosks at all the major airports of the country to verify the source of income of the travelers and to avert smuggling of foreign currency. Sources said that Customs department had previously proposed to SBP to cut foreign currency cap from $10,000 to $3,000 along with imposition of ban on ... Read More »

MCCI for stimulating business community

MULTAN: Multan Chamber of Commerce & Industry President Khawaja Muhammad Usman has said that Chambers and traders associations of South Punjab will be stimulated to bring the business community at one platform for the development, prosperity and growth of this area. The alliance will raise voice to resolve the economic, trade, cultural and social problems and ending the backwardness and ... Read More »

Dar vows to bring down dollar rate to Rs98

ISLAMABAD: Federal Minister for Finance Ishaq Dar has said that the increasing price of dollar against rupee will be brought back to 98 rupees. He said that the industrial expansion and investment is the need of hour. He said the income support levy has now become part of the budget and this is not a tax as it will be ... Read More »

KSE end higher; rupee weakens

KARACHI: Pakistan’s main stock exchange closed higher on Tuesday, with the benchmark 100 share index of the Karachi Stock Exchange rising 0.77 percent, or 186.90 points, to 24,588.47. Momentum at the bourse continued as benchmark index closed at yet another high of 24,588 with impressive market participation. Despite negative news surrounding cement sector’s pricing power, investors remained interested in Fauji ... Read More »

Customs graft costing Lebanese Treasury $400m a year

BEIRUT: Widespread corruption at the Customs Department is costing the Treasury more than $400 million in lost revenues each year and has further tarnished Lebanon’s image among investors and Western countries, experts, economists and merchants have revealed. “The corruption at Customs is quite serious and this problem has grown over the past two years due to the absence of the ... Read More »

375kg heroin seized from container at QICT

KARACHI: The Anti Narcotics Force (ANF) has seized a container carrying record 375kg fine quality heroin at Qasim International Container Terminal, which was concealed inside the filters. The container, which was booked for Uganda, was loaded with 448 large size cartons (each carton containing 12 oil filters) and 1,113 small size cartons (each carton containing 40 filters). The five accused ... Read More »

LSE sheds 0.88 points

LAHORE: Lahore Stock Exchange has witnessed bearish trend by losing 0.88 points, as the LSE Index-25 opened with 4681.26 points and closed at 4680.38 points. The market’s overall situation, however, corresponded to an upward trend as it remained at 1.850 million shares to close against previous turnover of 1.100 million shares, showing an upward move of 750,100 shares. While, out ... Read More »

FBR forms teams to audit concessionary imports under different pacts

KARACHI: The Directorate of Internal Audit (Customs) of FBR has formed four teams to audit concessionary imports cleared by the Karachi Customs collectorates during 2012-13 under various trade agreements to determine revenue losses to the national exchequer. Assistant Director Muhammad Rizwan, Assistant Director Abdul Majeed, Deputy Director Omar Shafique and Deputy Director Baleeghur Rehman to conduct the audit of Model ... Read More »

FPCCI backs PM’s package

LAHORE: FPCCI President Zubair Ahmed Malik has said that the incentives and amnesties announced by the Prime Minister will have a very positive impact on the economy which has been struggling since long. He said that the business activities have been inactive for quite a while which has resulted in inflation and unemployment but now the situation will take a ... Read More »