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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

FBR sets Rs 252 billion revenue target for September

ISLAMABAD: The Federal Board of Revenue (FBR) has set an ambitious target of Rs 252 billion for September, sources said. According to official sources, the tax collection target for the first quarter (July and September) of the ongoing fiscal year is Rs 569 billion. Sources said that the FBR has achieved the tax collection targets of the first two months, ... Read More »

FBR to charge 7.5% tax on electricity bills

ISLAMABAD: Federal Board of Revenue has obtained the list of commercial and bulk electricity consumers and sent it to regional tax offices to make tax collection possible. Sources told Customs Today that FBR, with coordination of KESC and DISCOS, will collect 5 per cent and 7.5 per cent sales tax on electricity bills. “The consumers with Rs 20,000 or above ... Read More »

Islamabad Customs initiates investigation into Telenor case

ISLAMABAD: The Federal Board of Revenue Directorate General of Customs Intelligence and Investigation has started investigations into telecommunication service provider, Telenor, on mis-declaration in import of telecommunication equipment. Sources told Customs Today that Customs I&I has started reviewing goods declaration forms by the company in this regard. “Customs Intelligence initiated investigation on request of the Karachi Customs into the mis-declaration ... Read More »

Customs court summons ex-TCS chief, others on 10th in smuggling case

ISLAMABAD: Investigations into the TCS smuggling case reveal that the address mentioned in the agreement between TCS and Smart Zone company was not physically existed. Shahidullah Jan, deputy director customs intelligence Rawalpindi Directorate who is investigating the case, has also confirmed to Customs Today that there was no such office in Peshawar. On the other hand, Customs Special Court has ... Read More »

NATO containers stealing: M/s Water Link submits interim reply

KARACHI: The M/s Water Link has submitted 18-page interim written reply in the Collectorate of Customs Adjudication on Friday (August 29). The sources informed Customs Today that the M/s Water Link in its written reply adopted a view point that the NATO/ISAF containers at the retrograde route of Afghan Transit Trade had been stolen on the way and rivets had ... Read More »

Karachi bourse bounces back with 793 points gain

KARACHI: The Karachi Stock Exchange 100-index bounced back on Friday with 793.31 points gain to close at 28,567.74, on the hope that the prevailing political impasses would end after the army showed its willingness to mediate between Pakistan Tehreek-e-Insaf chief Imran Khan and the federal government led by Prime Minister Nawaz Sharif. Sentiments at the market were high at the ... Read More »

Customs, Drug Regulatory Authority lock horns over pharmaceutical material

KARACHI: The clearance of pharmaceutical raw material allegedly by the customs officials without getting prior permission from the Federal Drug Department (FDD) has become a bone of contention between the Pakistan Customs and the Federal Drug Regulatory Authority. The Federal Investigation Agency (FIA) has already issued notices to 76 customs officials for clearing the raw material. According to details, the ... Read More »

Closing: KSE crashes down, tumbles 1,079 points in 3 days

KARACHI: The Karachi Stock Exchange (KSE) 100-Index continued to fall for the third consecutive day on Wednesday as it tumbled 432.24 points to touch 27,811.35 at the end of the day. The KSE has dropped at least 1,079 points in three days due to political deadlock in the capital city where Pakistan Tehreek-e-Insaf chief Imran Khan and Pakistan Awami Tehreek ... Read More »

Stealing NATO containers: M/s Water Link served final notice

KARACHI: The Collectorate of Customs Adjudication-I has issued final hearing notice to M/s Water Link for presenting its view point before the competent authorities of Pakistan Customs-FBR in smuggling case of NATO/ISAF retrograde containers. The sources informed Customs Today that the Collectorate of Customs Adjudication-I has fixed August 25, 2014 the final date for hearing the case of M/s Water ... Read More »

Customs seizes Q-Mobile handsets for Rs 770m tax evasion

MULTAN: First time in the history of Model Customs Collectorate Multan, Collector Sarfraz Warraich and his team detected the largest tax evasion of Rs 770 million by Q-Mobile company, the biggest seller of handsets imported from China. Multan Customs Anti-Smuggling Organisation (ASO) detained handsets of Q-mobile on July 11, 2014 which were being transported from Karachi to Multan through Business ... Read More »

Customs appraisement-West arranges seating for visitors

KARACHI: The Model Customs Collectorate (MCC) of Appraisement (West) taking the grievances and issues of traders’ community, importers and Customs agents into considerations has arranged proper seating arrangements in assessment halls and outside the offices of deputy collectors and assistant collectors for importers and Customs agents who turn up there for hearing of their cases. The MCC-Appraisement (West) keeping the ... Read More »

Azadi, Inqilab marches cause colossal loss to economy

ISLAMABAD: The uncertainty and turmoil caused by the Azadi and Inqilab marches of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) have adversely affected the economic activities and have caused colossal losses to the industry to the tune of billions of rupees. The prevailing political impasses has also shaken confidence of the foreign investors and brought the import/exports activities to ... Read More »

Long marches inflict Rs 300b loss on national economy: Dastgir

ISLAMABAD: While terming long march as economical murder of the country, the Commerce Minister has said that ongoing long marches have inflicted a loss of at least Rs 300 billion to national economy. “Both the domestic and foreign investors are reluctant to invest in the country under the threat of marchers,” stated the Minister here. Engr. Khurram Dastgir said that long ... Read More »

Rs4,145m tax evasion: Show-cause issued against Shaheen Air Int’l

KARACHI: A show-cause notice against M/s Shaheen Air International Limited for its involvement in huge tax evasion of Rs4,145 million has been issued by the Office of the Collector, Collectorate of Customs Adjudication-I. According to the details, the charges were leveled against M/s Shaheen Air International Limited that it was involved in huge duty/tax evasion of Rs 4,145 million by ... Read More »

Survey begins in Punjab to collect luxury tax

SIALKOT: The Excise and Taxation Department has started survey to assess the new value of the public properties in Gujranwala Division’s all six districts including Sialkot, Narowal, Gujrat, Mandi Bahauddin, Hafizabad and Gujranwala to ensure the early collection of the recently levied luxury tax on big properties including big houses by the Punjab government. According to the senior E&T officials, ... Read More »

FBR exceeds revenue target by Rs 1 billion in July

ISLAMABAD: The committed work of field formation officers under new acting Chairman helped the Federal Board of Revenue (FBR) in exceeding the revenue collection target in July 2014 by one billion rupees as it collected Rs 138 billion during the month of July against Rs 137 billion target. Acting Chairman of FBR Shahid Hussain Asad while talking to Customs Today ... Read More »

TCS smuggling scandal: Court extends bail of Hamdani, Shakirullah

ISLAMABAD: Customs court has extended anticipatory bail granted to TCS Chief Executive Saqib Hamdani and Smart Zone Company’s owner Shakirullah till August 6th. Both were accused of allegedly involved in smuggling of contrabands undercover of Afghan transit trade. On the other hand, Customs Intelligence Deputy Director Shahid Jan has decided to broadened investigation circle to other workers of The Courier ... Read More »

GSP status boosts textile exports to $13.74b

ISLAMABAD – Textile exports surged to $13.74 billion during previous financial year 2013-2014 mainly because of the GSP Plus status granted to Pakistan by the European Union (EU). The country exported textile made commodities worth $13.74 billion during last fiscal year (July 2013 to June 2014) as compared to $13.05 billion of the preceding year (July 2012 to June 2013), ... Read More »

Tahirul Qadri tax evasion: FBR to unfold investigations soon

ISLAMABAD: Federal Board of Revenue reportedly completed investigations into Pakistan Awami Tehrik (PAT) chairman Dr Tahirul Qadri’s Rs 770 million tax evasion and decision will soon be publicized. As per details, FBR has issued orders of a legal proceeding against PAT chairman Dr Tahirul Qadri and his organization after completing investigations of tax evasion. FBR source told Customs Today that ... Read More »

KSE hits all-time high of 30413.23 points

Karachi Stock Exchange (KSE) closed at 30413.23 all time high amid higher trades after SBP mentioned improving economic conditions. KSE 100 index end the day at 30413.23 points compared to 30224.89 points of the last working day on Friday. Moreover, with an immense increase of Rs 42 billion, total capital of market cross Rs 7.100 trillion, and trade share was ... Read More »