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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 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 »

Desk audit of corporate sector: FBR chief wants process completion by 28th

ISLAMABAD: With a view to boosting revenue collection from corporate sector, Federal Board of Revenue (FBR) Chairman Tariq Bajwa directed completion of desk audit of corporate sector by February 28. As per details, the FBR chairman, during his recent visit to large taxpayers unit (LTU) Karachi not only inspected the performance of the LTU but also took some decisions to ... Read More »

FBR shows record 26pc growth in January revenue collection

ISLAMABAD: The Federal Board of Revenue showed a record revenue growth of 26 percent in January 2014 by collecting Rs168bn against Rs132bn collected in January 2013. The Board collected Rs1,199 billion during the first seven months (July-Jan) of this fiscal year against the projected target of Rs1,268bn, recording a shortfall of Rs69bn. The revenue collection remained Rs1,020b in the same ... Read More »

Higher tax revenue to overcome economic crunch

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Sharing of information dominates a significant place in Customs: Virk

LAHORE: Sharing of information dominates a significant place in customs and Pakistan Customs has been endeavouring to respond rather to reach out to the trade and industry and all other stakeholders for addressing their issues and taking proper steps. This was stated by central region’s Chief Collector of Customs Lutfullah Virk on the occasion of flag hoisting ceremony on the ... Read More »

Promotion of tax culture need of the hour: Shahid Hussain

SIALKOT: Federal Board of Revenue’s official spokesperson Shahid Hussain Asad has said that it is dire need of the hour to promote ‘Tax Culture’ in the country to overcome financial issues. In an official statement he has said, “The business community and people in general should pay their due taxes according to their income for strengthening the country economically. If ... Read More »

Bajwa requested by US embassy to brief on revenue matters

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has been requested by the United States embassy to brief the embassy officials on the 2013-14 revenue collection position besides other development and revenue-related matters. US embassy has written a letter to FBR Chairman in this regard. According to the sources, the Economic Section of the Embassy of the United States of ... Read More »

MCC-Appraisement (East) detects 266 cases of tax evasion

KARACHI: The Research & Development (R&D) section and Examination department of the Model Customs Collectorate (MCC) of Appraisement (East) has detected 266 cases of mis-declaration, tax evasion and under-invoicing altogether during first and second quarter of the Fiscal Year 2013-14 and recovered an amount of Rs 168.45 million till December 31. According to details, R&D section of MCC-Appraisement (East) has ... Read More »

Lawmakers to get NTNs by 31st: Dar

ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar vehemently dispelled the impression that the parliamentarians did not pay taxes, saying that Federal Board of Revenue had been directed to ensure issuance of National Tax Numbers (NTNs) to parliamentarians by January 31. Speaking in Senate, Ishaq Dar declared income tax was regularly being deducted from the salaries of all parliamentarians be ... Read More »

Carrying forex: NTN likely to be made mandatory

ISLAMABAD: The National Tax Number (NTN) is likely to be declared mandatory for carrying foreign exchange during foreign tours in a bid to discourage money laundering and flight of foreign exchange. It is to be noted that Section 4 of Protect of Economic Reforms Act, 1992 and State Bank of Pakistan (SBP) rules allow all citizens to carry up to ... Read More »