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Author Archives: Shahid Minhas

ASO seizes Rs3b non-duty paid cloth during FY17-18

ISLAMABAD: Federal Board of Revenue (FBR) received report of anti-smuggling department and Pakistan Rangers in which they have claimed seizures of Rs3 billions of cloths, 6.2 million liter diesel, 1,000 vehicles, 13kg of gold and foreign currency during fiscal year 2017-18. Sources told Customs Today that these smuggled goods were seized on Pak-Afghan and Pak-Iran borders jointly by the anti-smuggling department and Pakistan ... Read More »

FBR’s ITTMS to enhance trade among Central Asian countries

ISLAMABAD: Federal Board of Revenue’s (FBR) Integrated Transit Trade Management System (ITTMS) has started working for Central Asia Regional Economic Cooperation (CAREC) corridor for trade under the Central Asia Regional Economic Cooperation Regional Improving Border Services Project. According to official sources of FBR, One Window Information Communication Technology based system will be introduced for enhancement of trade among the Central ... Read More »

FTO seeks details of 14 cases involving Rs65b from FBR

ISLAMABAD: Federal Tax Ombudsman (FTO) has sought the details of 14 cases involving Rs65 billion pointed out by Customs Internal Audit Wing, it is learnt here. Official sources told Customs Today that Federal Tax Ombudsman has inquired about details of M/s Makkah Enterprises Karachi which did not pay Rs9.16 million taking advantage of FBR’s SRO No. 266(I) 2001 and customs ... Read More »

Top level reshuffle likely in FBR in near future

ISLAMABAD: Federal Board of Revenue (FBR) is going to face huge reshuffle on top positions after taking over the government by Pakistan Tehreek-e-Insaf, it is learnt here. Official sources told Customs Today that the chairperson FBR and Member Customs may be on the top to get reshuffled; however, the Director General Customs Intelligence and Investigation would likely to keep his same position ... Read More »

FBR shows dissatisfaction over revenue collection in first month of FY2018-19

ISLAMABAD: The Federal Board of Revenue (FBR) showed dissatisfaction over revenue collection of Financial Year 2018-19, it is learnt here. According to sources, the board has collected Rs165 billion within 24 days of the first month of the new Financial Year 2018-19 which is as low as Rs35 billion from the same period of previous year 2017-18. The board had ... Read More »

FBR introduces Risk Assessment Strategy to curb money-laundering

ISLAMABAD:  Federal Board of Revenue (FBR) introduced “Risk Assessment Strategy” and the task has been assigned to Director General Customs Intelligence and Investigation to prepare plan till  July 31. Sources told Customs Today that the basic aim of introducing Risk Assessment Strategy is to eradicate the reservations of Financial Action Task Force (FATF) and achieve the targets assigned by FATF and ... Read More »

FBR seeks explanation from CCs who failed to achieve revenue collection target

ISLAMABAD: Federal Board of Revenue (FBR) sought written explanation from the chief commissioners who were failed to achieve the revenue collection target set for the Financial Year 2017-18, it is learnt here. Sources told Customs Today that the Board has written letters providing comparison of achieved revenue against the assigned target and budgetary targets to those chief commissioners of Regional ... Read More »

FBR to facilitate Pakistanis having foreign assets sans bank accounts

ISLAMABAD: Federal Board of Revenue (FBR) is planning to provide alternate options as the condition of having foreign currency account is a main hurdle in the success of Tax Amnesty Scheme, it is learnt here. Official sources told Customs Today that FBR has received information from the real state sector and other stakeholders that Pakistanis who have foreign assets, 90% of ... Read More »

Govt to introduce “Balance of Payment Plan 2018-23″ to control deficit

ISLAMABAD: Federal government is planning to introduce five years plan named ‘Balance of Payment Plan- 2018-23’ to control the current account deficit, it is learnt here. Sources told Customs Today that the government received FBR and other stakeholders’ suggestions and recommendations regarding five years plan which solely aimed at controlling current account deficit and imbalance in the payment. The government with ... Read More »

FBR to include public & govt employees in tax net

ISLAMABAD: Federal Board of Revenue (FBR) has started effective efforts to include the public and government employees in the tax system holding undeclared properties and assets, it is learnt here. According to official sources, FBR officials have started visits to governmental and semi governmental institutions to give chance to employees to whiten the assets and property made by corruption and ... Read More »

FBR team visits Bahria Town to apprise residents of Tax Amnesty Scheme

ISLAMABAD: Federal Board of Revenue (FBR) team has visited Bahria Town Rawalpindi to apprise residents of the Tax Amnesty Scheme. Official sources said that on the special directives of Commissioner Large Taxpayer Unit Islamabad, an FBR team comprising Additional Commissioner-IR Mohammad Jawad, Deputy Commissioner-IR Khursheed Aslam, Assistant Commissioner-IR Adnan Jabbar and IRO Ismail Rehman under the supervision of Commissioner-Inland Revenue Zulfiqar ... Read More »

M/s Ismail Industry Ltd involved in billions of rupees tax evasion: TIP

ISLAMABAD:  A new collusion has been exposed between Federal Board of Revenue (FBR) and M/s Ismail Industry Limited of billions of tax evasion and money laundering. According to details, Transparency International Pakistan has sent a letter to Federal Tax Ombudsman highlighting the tax evasion and money laundering committed by M/s Ismail Industry Limited in collaboration with FBR. The company is ... Read More »

SC to hear petition filed by FBR against chairman ATIR

ISLAMABAD:  The Supreme Court of Pakistan has accepted the petition filed by Federal Board of Revenue (FBR) against the Appellate Tribunal Inland Revenues Chairman Shahid Masood Manzar for hearing. it is learnt here. Sources in FBR told Customs Today that FBR has also decided to consult with Law Division regarding its reservations on Appellate Tribunal Inland Revenues, where 40,000 of ... Read More »

Delay in issuance of income & ST exemptions certificate creating problems for traders

ISLAMABAD:  Delay of the issuance of Income and Sales Tax Exemption Certificate by the Federal Board of Revenue (FBR) is creating concerns in the business community. Sources told Customs Today that business community from different regions has contacted Federal Board of Revenue for the early issuance of Income and Sales Tax Exemption Certificates which is causing problems for the business ... Read More »

FBR to consult with Law Division over performance of ATIR

ISLAMABAD: Federal Board of Revenue (FBR) decided to consult with Law Division regarding its reservations on Appellate Tribunal Inland Revenues. Official sources told Customs Today that intense corruption has been revealed in the Appellate Tribunal Inland Revenues (ATIR), where 40,000 of tax-related cases and appeals are under hearing involving worth of thousand of billion of revenue and the board is ... Read More »

FBR seek ACRs of 53 appraising officers till July 20

ISLAMABAD:  Federal Board of Revenue (FBR) issued final notice to senior appraisement officers to submit their Annual Confidential Reports (ACRs) till July 20, 2018, it is learnt here. According to official sources, the final notices were issued to 53 senior appraisement officers in Karachi, and all these senior appraisement officers are posted on sensitive customs posts in Karachi sources added. ... Read More »

FBR, TAGR to establish data centre to expand tax net

ISLAMABAD:  Federal Board of Revenue (FBR) has planned to establish a state-of-the-art data centre to expand the tax net, it is learnt here. According to official sources, FBR will establish this data centre with collaboration of Trust Fund for Accelerating Growth and Reforms (TAGR). The board has decided to buy computer and other machinery system for the data centre. Meanwhile, ... Read More »

FBR increases sentence for smuggling through Pak-Afghan Transit Trade

ISLAMABAD: Federal Board of Revenue (FBR) increased the penalty to seven years of jail for the smuggling under the Pak-Afghan Transit Trade and also surged the fine amount, it is learnt here. Official sources told Customs Today that after the implementation of Finance Bill 2018, the smuggling and other malfunctioning in the Pak-Afghan Transit Trade will be treated under Clause 63(i) of section ... Read More »

FBR to conclude 11 unresolved audit cases to enhance revenue collection

ISLAMABAD:  Federal Board of Revenue (FBR) to act in 11 long unresolved audit cases involving revenue loss of Rs27.3 billion it is learnt here. Official sources told Customs Today that director general Customs Audit in a meeting highlighted the impending revenue loss and sought collectors to act in 11 long unsettled audit cases having revenue loss of Rs27.3 billion also ... Read More »

FBR revises clearance procedure of food items, hikes auction fee

ISLAMABAD: Federal Board of Revenue (FBR) has revised procedure of customs auction registration and clearance system for food items, it is learnt here. Official sources told Customs Today that according to revised clearance system, if the food items are quickly decayed due to clearance during import or export procedure, the board made it mandatory for the importer/exporter to inform the ... Read More »