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Illustrations

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Punjab Excise and Taxation Dept holds first auction of LE series cars registration numbers

LAHORE: Punjab Excise and Taxation Department held an open auction of attractive numbers of 2015 from LE series at Excise Motor Branch Fareed Kot on Tuesday. The Excise motor branch was full of people who came to purchase their favorite numbers in open auction. A citizen told Customs Today that he came to purchase a specific number for his new ... Read More »

FBR: 2.5pc parliamentarians avoid filing tax returns

KARACHI: The Federal Board of Revenue (FBR) has revealed that 2.5 percent provincial and national assembly members did not file the tax returns even after publishing the tax directory. The list of the tax defaulters has been prepared and a stern action will be taken against those who are tax evaders. The fiscal management cell has also been established in ... Read More »

FBR vows to overcome revenue shortfall of Rs 60 billion

ISLAMABAD: The Federal Board of Revenue (FBR) has gird up loins to fulfill the revenue shortfall which is almost Rs 60 billion less than the revenue target set for first half of the current fiscal year. According to statistics available with Customs Today, the FBR had set a revenue collection target of Rs 1,230 billion for the first half of ... Read More »

Customs courts authorised to hear tax evasion cases

ISLAMABAD: The Federal Government has authorized few courts to prevent tax theft. The Federal Board of Revenue has given authority to the special customs courts, Taxation and Anti Smuggling to hear the cases regarding income tax, sales tax and federal excise duty. Separate courts are also expected in the near future for this purpose. The Inland Revenue has started preparation ... Read More »

Punjab Excise Dept collects only 8pc luxury tax on big houses in six months

LAHORE: The Punjab Excise and Taxation Department has received 8 percent of the target of luxury tax on big houses during the six months of the current fiscal year. The department has showed poor performance and collected only Rs 37.8 million in six months. In budget 2014-15, the Punjab government passed a finance bill, allowing the department to impose luxury ... Read More »

Pak-Afghan officials join hands to remove irritants in transit trade

    ISLAMABAD: The Pakistani and Afghan trade authorities have held detailed deliberations on removal of technical irritants and hurdles in the promotion of bilateral trade. On the last day of two-day meeting of the Afghanistan Pakistan Transit Trade Coordination Authority (APTTCA), the participants agreed on numerous points which would be announced on Today (Saturday) at the conclusion of Trilateral ... Read More »

Anti-Corruption Establishment arrests 333 ‘corrupt’ officials in Gujranwala Division

SIALKOT: The Anti-Corruption Establishment arrested as many as 333 officials of various government departments for their involvement in corruption in Gujranwala Division’s six districts Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala in 2014. According to ACE officials, of these officials, 313 were between Grade-1 to 15 and 22 were the gazetted officers. The ACE officials revealed that the Revenue Department topped ... Read More »

Ministry proposes steps for textile industry to compete with India, Bangladesh

ISLAMABAD: The Commerce Ministry has proposed various steps to enable textile industry to compete with textile industries of India and Bangladesh. The World Bank has placed both Bangladesh and India in the list of top 10 countries with highest textile exports in the fiscal year 2013 and these countries are posing serious challenge to Pakistani exports, especially the textile sector. ... Read More »

Collector Seema seeks report about Afghan Embassy’s ‘tampered’ land cruiser

ISLAMABAD: Customs Adjudication Collector Seema Raza Bukhari has ordered officials concerned to get a report regarding tampered land cruiser being used by Afghan Embassy in Islamabad. She has also ordered to send the vehicle to Afghanistan and get it verified in 30 days. Afghan Consulate General Third Secretary Abdul Nafay Raghbat had written application to the customs to issue duty-free ... Read More »

Rs 900 billion collection: FBR revenue grows by 14% in 5 months

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 900 billion during July-November (2014-15) against Rs789 billion in corresponding period of 2013-14, showing a growth of 14 percent. Gross revenue collection in 4 months showed that direct taxes collection was Rs329 billion in during July-November (2014-15) against Rs 266 billion in July-November 2013-14; sales tax Rs 440 billion against Rs ... Read More »

Rs772m tax evasion: Q-Mobile, dealers likely to get clean chit from Customs

KARACHI: The Collectorate of Customs Adjudication-I will conduct the hearing into the tax evasion case of Rs 772 million by a cellular company Q-Mobile and its authorized dealers M/s Digicom (Pvt) Limited and M/s New Allied Electronics today (Thursday). According to details, it would be a fifth hearing into the tax evasion case linked with the cellular company Q-Mobile and ... Read More »

5 Acres allotted for Model Customs Collectorate near Wazirabad: FBR

SIALKOT: The Punjab Board of Revenue has allotted as many as five acres of land for establishing a Model Customs Collectorate along the River Chenab Toll Plaza near Wazirabad. Now, the construction of proposed MCC would begin soon in this regard. According to the senior FBR officials, the federal government had finally approved a mega plan of establishing a Model Customs ... Read More »

Tax defaulters to be put on ECL

KARACHI: Names of the tax defaulters will be added to the Exit Control List (ECL) by the first week of December, a source at the Federal Board of Revenue (FBR) told Customs Today. The names will be finalised by the first week of the next month. Rs 160 billion is likely to be recovered from those whose names will be ... Read More »

FBR officers given Nov 30 deadline to declare assets

ISLAMABAD: Federal Board of Revenue (FBR) taking prompt action, ordered all its officers to submit the details of their assets by November 30, otherwise, there performance allowance would be stopped. Sources informed that FBR had warned the officers for the second time to submit their assets declaration of the fiscal year ended on June 30, as majority of officers did ... Read More »

Customs judge cancels bail in forex fraud case

LAHORE: Special Judge Customs cancelled interim bail of an accused in forex fraud through a fake E-Form. As per details, Tasaduq Hussain Malhi of Shahenshah Traders was booked in two cases for forex fraud. The accused exported two consignments worth $12192 and $34600, but allegedly avoided to bring the foreign exchange in the country. Earlier, customs authorities registered two first ... Read More »

Rs1.5 bln embezzlement: FIA nails ex-KMC director; another accused already nabbed

KARACHI: In its efforts to unfold the saga around Rs1.5 billion embezzlement, former Karachi Metropolitan Corporation (KMC) education director was nailed by the Federal Investigation Agency (FIA) who had secured a pre-arrest bail some days back. It is to be noted that the FIA had arrested former KMC budget director Nasir Mehmood Ishaque in the scam that also involved senior ... Read More »

Commerce Ministry fails to lure GCC into signing PTA, FTA

Kuwaiti premier vowed to support on FTA during his visit to Pakistan in November 2013     ISLAMABAD: The Commerce Ministry has failed to lure the Gulf Cooperation Council (GCC) into signing preferential trade agreement (PTA) and free trade agreement (FTA). A source in the ministry told Customs Today on Thursday that the ministry under the terms of Article-II of ... Read More »

FBR collects Rs180b in Oct with 17pc growth

ISLAMABAD: Federal Board of Revenue’s (FBR) gross revenue collection stood at Rs180 billion during the month of October this year against Rs156 billion it collected in October 2013, reflecting a growth of 17 per cent. The FBR has paid refunds/rebates of Rs8 billion during the month against Rs4 billion paid in last October. The Board has collected Rs750 billion during ... Read More »

Rs84m tax evasion: Collector Mujtaba imposes Rs2m penalty on Coca Cola

KARACHI: The Collector of Customs Adjudication-II Ahmed Mujtaba Memon has issued Order-in-Original (ONO) against M/s Coca Cola Export Corporation (Pvt) Limited in its alleged involvement in a huge tax evasion to the tune of Rs 84,754,838 in terms of Federal Excise Duty (FED) of Rs 66,379,784; Sales Tax of Rs 8,889,975 and Income Tax amounting to Rs 9,485,079 by declaring ... Read More »

Strong cement, Engro rally leads KSE gain 246 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index bounced back strongly on Wednesday and soared by 246.12 points to reach 29940.39 points with a volume of 110,960,050 shares as political tension soothe after the Pakistan Awami Tehreek (PAT) chief ended sit-ins in Islamabad after 67 days. Bullish trend in international markets, Wall Street and Tokyo stocks also helped traders gain confidence. ... Read More »