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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

An uphill target

In the wake of fixation of highly challenging tax collection target of Rs 2810 billion in fiscal year 2014-15, the FBR has been assigned to collect Rs 1180 billion in shape of Direct Taxes and Rs 1630 billion as Indirect Taxes in order to touch the desired collection figure. Out of indirect taxes of Rs 1630 billion, the FBR has ... Read More »

Recovery of taxes: 164 ‘big fishes’ served final notices

SIALKOT: The Federal Board of Revenue (FBR) has issued final notices to as many as 164 big exporters-turned- chronic defaulters, warning to clear their outstanding dues within 10 days otherwise their bank accounts will be frozen. It has been learnt that the FBR has decided to freeze the bank accounts of the defaulters if they fail to clear their dues ... Read More »

Rs104b short fall: Dar hopeful of achieving revenue target

ISLAMABAD: Federal Finance Minister Ishaq Dar Informed the Senate Standing Committee on Finance that revenue collection in the country during current financial year was decreased by Rs70 billion due to depreciation of Dollar and appreciation of Rupee. He said that revenue collection target had been set at Rs2,387 billion which was revised to Rs2,050 billion, adding that unfortunately government could ... Read More »

Pakistan to start passenger service to Iran: Michael

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Top cricketers’ undeclared incomes revealed, FBR issues notices

LAHORE: Misbahul Haq, the Pakistani cricket team’s skipper along with Muhammad Hafeez, Azhar Ali and Taufiq Umar have not been informing the tax officials fully in their tax returns. As a result FBR has taxed them heavily after revelation of their additional incomes. FBR has imposed additional taxes after comparing the bank accounts and tax returns of the four cricketers. ... Read More »

Tax exemptions: Govt balking at stripping VIPs of privilege

ISLAMABAD: The federal government is balking at the possibility of withdrawing income tax exemptions from VIPs holding public offices on significant portions of their salaries, undermining the principle of equity as applied on the rest of the salaried class — which is charged income tax on gross salaries. At present, income tax on salaries of the president, provincial governors, services ... Read More »

Punjab to tax big houses, luxury items in budget

LAHORE: The Punjab government will impose a new tax on big houses and luxury items in the next fiscal year, and rates of route permit and fitness certificate of vehicles will be increased with aim to enhance revenue. Punjab Finance Minister Mujtaba Shujaur Rehman expressed these views while presiding over a resource mobilisation committee meeting. MPAs – Sheikh Allauddin, Dr ... Read More »

76 illegal petrol pumps, depots demolished in 2 days of crackdown

KARACHI: 76 illegal petrol pumps and depots in six districts of Karachi have been demolished in two days crackdown operation initiated by Pakistan Customs along with other law enforcing agencies including police and district administrations. This was revealed by Chief Collector of Enforcement-South Muhammad Nazim Saleem while addressing a press conference at Customs House Karachi. MCC Preventive Collector Syed Muhammad ... Read More »

Directorate gears up to add bulk oil, export modules in WeBOC

KARACHI: The Directorate of Reforms and Automation-FBR is gearing up to install the modules including bulk oil and raw materials of export in SRO 326, 327 and 492 in Web Based One Customs (WeBOC), computerized system by end of May, 2014. A senior officer of FBR informed Customs Today that the Directorate of Reforms and Automation has completed 85 per ... Read More »

FBR mulls setting up directorate for broadening tax net

KARACHI: The Federal Board of Revenue (FBR) planned the establishment of a Directorate General Survey and Registration Inland Revenue to bring potential taxpayers into tax net. According to sources, Large Taxpayers Unit (LTU), Karachi in its budget proposal 2014-15 suggested to the FBR the establishment of ‘DGSR’ for collection of information regarding income assessment of potential taxpayers. As per details, ... Read More »

A historic return to int’l bond market

ISLAMABAD: After pause of seven years, Pakistan has again appeared on the radar screen of global investors by launching $2 billion bonds for next five and ten year period. Initially, the government intended to float a Euro bond worth $500 million but keeping in view highest subscription up to $6 billion, the country’s economic managers took a decision in consultation ... Read More »

Pakistan receives $550m third IMF tranche

KARACHI: Pakistan received the third installment amounting to $550 million of $6.5 billion Extended Fund Facility Programme from the International Monetary Fund (IMF), the State Bank said. The SBP also said that the foreign exchange reserves during the week ended on March 21 dropped to $9.14 billion from $9.64 billion on March 14. But with the inflow of $550m from ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »

WeBOC to be implemented at KPT, East, West Wharves

KARACHI: Federal Board of Revenue is going to launch Web-Based One Customs (WeBOC), computerised system including Electronic Data Integrated (EDI) based on customs clearance at Karachi Port Trust (KPT), East Wharf and West Wharf during the current month, it is learn here. Sources in Pakistan Customs informed Customs Today that FBR has issued clear directives to the officers concerned of ... Read More »

Returns filing: Wealth statement likely to be mandatory from FY15

ISLAMABAD: The Federal Board of Revenue is likely to make mandatory submission of wealth statement for all taxpayers, irrespective of the existing limit of income exceeding Rs1 million, from next budget for 2014-15. According to details, through Finance Act 2013, it was made mandatory for all taxpayers to submit wealth statement irrespective of amount of their income declared in tax ... Read More »

TDAP scam: FIA arrests 45 suspects

ISLAMABAD: Federal Investigation Agency has arrested 45 men for their alleged involvement in what has been termed Rs 1.27 billion scam of the Trade Development Authority of Pakistan relating to ‘misappropriation’ of funds in export promotion schemes. The accused have been in judicial custody since rejection of their bail applications. Prime Minister Nawaz Sharif had directed the FIA on Aug ... Read More »

Extension in last date for tax incentive package likely

ISLAMABAD: The government is likely to extend last date of Prime Minister’s tax incentive package being expired on February 28 (Friday), by 15 days to one month to provide a last opportunity to the non-filer NTN-holders and unregistered persons to come into the tax net. If the Finance Ministry gives concurrence to the proposal, the extension will be announced on ... Read More »

Shipping cos & terminal operators: Importers cry foul at unfair charges

KARACHI: The importers and other stakeholders have voiced concerns over what they described as “unfair” service charges being charged by the shipping companies and terminal operators. They claimed that the shipping companies in collusion with terminal operators, were charging individually against the same services like examination charges, insurance, currency adjustment and transportation charges. The importers regretted that all these charges ... Read More »

Industry being supplied more energy to boost exports: PM

LAHORE: Prime Minister Muhammad Nawaz Sharif has said that Industry is being supplied more electricity and gas as compared to previous years in order to boost up export volume and generate employment. He said this while addressing the 37th Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Export Awards distribution ceremony here. “We will not only jack up the ... Read More »

Directorate of Reforms & Automation holds training session for students

KARACHI: Directorate of Reforms and Automation of Pakistan Customs has organised a training session for the students of Bahria University, MBA Executive Programme at Customs House, Karachi. Addressing the participants, Project Director Reforms and Automation, Syed Tanvir Ahmad emphasized that the WeBOC training shall be made a part of the curriculum of MBA degree programme. On the occasion, Project Director ... Read More »