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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 refunds Rs30b to 554 exporters after canceling debt bonds

ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday refunded Rs30 billion to around 554 entities after canceling debt bonds issued to them. In a bid to ease liquidity, the government had issued trade-able bonds worth Rs30 billion to exporters a few months ago, but exporters had faced difficulties swapping them, causing problems. Exporters had subsequently demanded that the government ... Read More »

ADB approves loans worth $1.3b for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved two loans totaling $1.3 billion for budgetary support and key reforms in Pakistan. The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank. The quick dispersing Special Policy-Based Loan is ... Read More »

FBR thanks banks for withdrawing petition on furnishing account holders’ info

ISLAMABAD: Federal Board of Revenue (FBR) chairman Syed Shabbar Zaidi on Thursday thanked the Pakistan Banks Association (PBA) and the management of all banks for withdrawing their petition against the tax body’s directions for provision of details of their account holders. “I thank Pakistan Banks’ Association and the management of all the banks for complete cooperation in disposing off long ... Read More »

Wheat exports reduces by 88.10pc in four months of FY2019-20

ISLAMABAD: Wheat exports during first four months of the current financial year FY2019-20 reduced by 88.10 per cent as compared to the exports during the corresponding period of the previous year. About 48,081 metric tonnes of wheat valuing $11.442 million exported during the period from July-October, 2019 as against 456,689 metric tonnes worth $96.121 million of same period of last ... Read More »

Govt rejects news report on $ 10.4b new loans

ISLAMABAD: Finance Division has described as inaccurate and misleading a news report appearing in a section of the press contending that the government’s foreign borrowing increased by US$ 10.4 billion from 18th August 2018 to 30th September 2019. In an official statement, the Finance Division has contended that the report is not only misleading, but is also against the national ... Read More »

APM Hafeez Shaikh chairs meeting to review progress on ST refunds to exporters

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh on Wednesday met a group of leading businessmen representing various export sectors contributing nearly US $ 2 billion exports, to discuss and review progress on the issues pertaining to payment of sales tax refunds to exporters. During the meeting, Adviser to Adviser Commerce Ali Habib, FBR ... Read More »

SBP reserves up by US$431mn

ISLAMABAD: The Foreign exchange reserve held by the State Bank of Pakistan increased by US$431 million to US$9,112.9 million during the week ending on November 29, 2019 on Thursday. According to State Bank of Pakistan (SBP), the total liquid foreign reserves held by the country stood at US$15,993.2 million. According the break-up figures, the foreign reserves held by the State ... Read More »

FBR releases refunds worth Rs5.5b under automated system

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Wednesday said that FBR has released refunds worth Rs5.5 billion under the fully automated faster system. The FBR chairman in a tweet said the most important change in paradigm is that such refunds have been issued under fully automated, impersonal, harassment and corruption-free system. Earlier, on December 2,  FBR Chairman ... Read More »

FBR to amend tax laws to cut electricity & gas connections of non-filers

ISLAMABAD: Federal Board of Revenue (FBR) has decided to amend tax laws for disconnecting electricity and gas supplies to non-compliant clients from next month. According to media, the need for bringing change in the tax laws came in the wake of poor response from power distribution companies (Discos). In the last six months, Discos have been unable persuade non-compliant industrial ... Read More »

Deputy collector transfers principal appraiser, superintendents

ISLAMABAD: Collectorate of Customs Deputy Collector (HQ) Muhammad Hassan Farid issued orders for transfer and postings of following principal appraiser and superintendents with immediate effect and until further orders:- Principal Appraiser Humayun Mukhtar is transferred from AFU (Import) to Islamabad Dryport. Superintendent Mian Obaid-ur-Rehman is transferred from Islamabad Dryport to AFU (Import) as principal appraiser. Superintendent Nasir Qadir Barlas is ... Read More »

US appreciates Pakistan credit outlook’s revision by Moody’s Investor Service

ISLAMABAD: Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs Alice Wells on Wednesday appreciated “bold economic reforms” formulated and implemented by the Pakistan’s foreign ministry to “boost growth, attract private capital, and expand exports” while welcoming welcomed Moody’s revision in Pakistan’s credit outlook from negative to stable. In a tweet shared by the State ... Read More »

Govt committed to enhance capacity of micro-finance sector: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Wednesday said the government was committed to increasing production capacity of micro-finance sector to grab maximum benefits out of minimum resources. Addressing a two-day micro-finance conference here, the adviser said that stable economy was pivotal for promotion of micro-finance sector and due to timely and effective measures ... Read More »

Global organizations affirmed Pakistan’s economic progress: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance Hafeez Shaikh on Tuesday said that international organizations were affirming Pakistan’ economic progress. Addressing a press conference along with Minister for Economic Affairs Hammad Azhar and FBR Chairman Syed Shabbar Zaidi in Islamabad, Hafeez Shaikh said that Moody upgraded Pakistan’s sovereign outlook to stable from negative which affirmed the government’s success in economic ... Read More »

FBR chairman vows ‘penal action’ against income tax non-filers

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi reiterated that every person owning a car above 1000 cc and a house measuring 500 square yards or above is required to file tax returns. “FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file ... Read More »

Economic Indicators of Fiscal Year 2019-20

ISLAMABAD: Ministry of Commerce released following economic indicators of Fiscal Year 2019-20. Fiscal deficit is down from 1.4pc of GDP to 0.7pc of GDP in 1Q (July-Sep). Goods exports in dollar value are up by 4.8pc, trade deficit down by 34.42pc in July-Nov. Exports up by 9.6pc in November 2019 & trade deficit down by 35.50pc (source; Ministry of Commerce) Current ... Read More »

APM Hafeez Shaikh directs FBR to simplify H-Form to clear ST refunds within week

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed FBR to take input and suggestions from the textile exporters and simplify the H-Form within a week to ease and expedite the processing and payment of Sales Tax refunds to textile exporters. He gave the instruction during a meeting with the office-bearers and members ... Read More »

Pakistan submits implementation report of FATF action plan

ISLAMABAD: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities. According to sources, the Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting ... Read More »

Second phase of China-Pakistan FTA comes into effect

ISLAMABAD: The second phase of China-Pakistan Free Trade Agreement (CPFTA) has come into effect, allowing Pakistani manufacturers and traders to export more than 300 new products to the Chinese market for zero duty charges. The two neighbouring countries have already completed all legal procedures and formalities to start implementation of the agreement. Pakistan and China signed a protocol for implementation ... Read More »

Trade deficit declines by 34pc in five months of FY2020

ISLAMABAD: Pakistan’s exports of goods during November 2019 have increased by 9.6 percent to $2.02 billion while imports declined by 17.53 percent to $3.815 billion over corresponding month of last year, the Ministry of Commerce’s data. According to media, exports were recorded at $1.843 billion while imports at $4.626 billion in the same month of last year (November 2018). During ... Read More »

FBR collects 17pc more taxes from previous year: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that they have collected 17 percent more taxes during the five months of the ongoing fiscal year till November 2019 as compared to same period during the previous year. In a post shared on micro-blogging site Twitter, detailing the amount of revenue collected in month of November 2019, ... Read More »