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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

Updated ATL: FBR receives record 2.96m tax return

ISLAMABAD: The filing of income tax return has reached a new peak of 2.96 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday. The record return filing was made possible following effective measures taken by the tax authorities to encourage persons having taxable income to file their return. According to the ... Read More »

Pakistan earns US$89.97m from export of travel services during 1Q of FY 21

ISLAMABAD: Pakistan earned US $ 89.970 million by providing different travel services in various countries during the first quarter (Q1) of financial year 2020-21. This shows decline of 32.33 percent as compared to US $121.124 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said. During the period under review, the ... Read More »

NPMC analyzes price trend of essential commodities

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired a meeting of National Price Monitoring Committee (NPMC) today. Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood, Federal Secretary Finance, Federal Secretary National Food Security and Research, Secretary Industries and Production, Secretary Commerce, Chairman TCP, MD PASSCO, Chairperson CCP and ... Read More »

Weekly inflation down 0.92pc due to drop in food prices

ISLAMABAD: Weekly inflation for the combined group during the period ended on November 26 recorded a decrease of 0.92 per cent due to a decline in prices of essential food items, according to the Pakistan Bureau of Statistics (PBS). The Sensitive Price Index (SPI) is calculated on the basis of the prices of 51 essential items collected from 50 markets ... Read More »

Resident Pakistanis not allowed to invest in Naya Pakistan Certificates: FBR

ISLAMABAD: Federal Board of Revenue (FBR) clarified that resident Pakistanis are not allowed to invest in Naya Pakistan Certificates (NPCs). The FBR issued clarification to a news appeared in a national daily. The FBR said that the only non-resident individuals can purchase Naya Pakistan Certificate, who maintain bank account abroad or foreign currency account maintained in Pakistan. “It is also ... Read More »

Return filing must for Pakistanis having foreign assets

ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001. According to Section 114 of the Ordinance the return filing is mandatory for: “(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.” The Section 116A of ... Read More »

FBR transfers 6 PCS officers of BS-17-19 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers and postings of following officers of BS-17-19 with immediate effect and until further orders: Shoukat Ali (BS-19), Secretary Federal Board of Revenue (HQ) is transferred and posted as Additional Director, Directorate of Input Output Coefficient Organization, Karachi. Syed Fazal Samad (BS-19, Secretary, Federal Board of Revenue is transferred and posted ... Read More »

FBR issues return form for taxpayers having turnover less than Rs50m

ISLAMABAD: Federal Board of Revenue (FBR) has launched a single page simplified draft income tax return form for business individuals and Association of Persons (AOPs) having annual turnover less than Rs50 million. The draft return form has been issued through SRO 1261(I)/2020 dated November 26, 2020, which will be finalized after consultation with stakeholders. The draft return form is issued ... Read More »

FBR announces draft rules for filing appeals electronically against tax from Jan 1

ISLAMABAD: Federal Board of Revenue (FBR) issued draft rules for filing appeals electronically from January 01, 2021. The FBR issued SRO 1262(I)/2020 to propose amendments in Income Tax Rules, 2002. According to the SRO the FBR proposed amendments to rule 70 to 70O. The draft rules are as follow: Appeal to the Commissioner Inland Revenue (Appeals) on web portal: An ... Read More »

ADB approves $300m loan For Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification. In a statement, ADB said that ADB Principal Public Management Specilist Hiranya Mukhopadhyay said that while COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ... Read More »

NAB chairman presides over meeting to review performance of operations & prosecution division

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting to review performance of Operations and Prosecution Division of NAB at NAB Headquarters. During the meeting, it was informed that Prosecution Division of NAB is working closely with operations division of NAB HQ in order to have legal assistance to NAB’s Operations Division and all Regional Bureaus of ... Read More »

Return filing may reach 6.5m if NTN holders make compliance: FBR

ISLAMABAD: The number of return filers may reach near 6.5 million if persons obtained National Tax Number (NTN) make compliance. According to the Federal Board of Revenue (FBR) more than 3.5 million are those NTN holders are not filing income tax return. Under Section 114 of Income Tax Ordinance, 2001 the filing of income tax return is mandatory for person ... Read More »

Hafeez Shaikh outlines govt’s economic measures to cope with Covid-19

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh addressed the Annual Microfinance Conference (AMC) as a guest of honour. The adviser on the occasion outlined the National Financial Inclusion Strategy (NFIS), which aims to “achieve inclusive economic growth through promotion of small and medium enterprises, ensure affordable access to finance for farmers, facilitate low-cost housing ... Read More »

FBR extends suspension period of second secretary Fahad Faizan Khan

ISLAMABAD: Federal Board of Revenue (FBR) has extended suspension period of second secretary Fahad Faizan Khan. A notification issued by FBR read as “In continuation of Board’s notification no: 1309-IR-II/2020, dated 30.7.2020, the suspension period of Fahad Faizan Khan (IRS-BS-17) second secretary (under suspension, Federal Board of Revenue (HQ) Islamabad has been extended for a period of three months with ... Read More »

Over $100m deposited in Roshan Digital Accounts: Faisal Javed

ISLAMABAD: Senator Faisal Javed said on Thursday that over $100 million have been deposited in Roshan Digital Accounts and 44,000 plus accounts opened by overseas Pakistanis. Faisal Javed said in his Twitter message that overseas Pakistanis have so far opened over 44,000 Roshan Digital Accounts besides depositing more than $100 million. He added that more than $50 million has been ... Read More »

World Bank approv es $19.8m aid to Pakistan for education sector

ISLAMABAD: The World Bank has pledged to provide US$19.85 million to Pakistan for the country’s response, recovery, and resilience in the education sector amid the Covid-19 outbreak. According to the agreement materialized today in the presence of economic affairs minister Makhdum Khusro Bakhtiyar, the country director of World Bank Najy Benhassine signed the funds to Pakistan for the education project. ... Read More »

Textile sector making progress despite COVID 19: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Wednesday said that the textile sector is one of a number of positive developments in Pakistan’s economy despite novel coronavirus pandemic. Prime Minister Imran Khan, in a series of tweets, said that the textile industry of Faisalabad has seen a massive rise in demand and export orders. Imran Khan further said that he has ... Read More »

Pakistan witnesses remarkable improvement in fiscal & current account deficits: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh addressed the second segment of the plenary session of the World Economic Forum (WEF) on Country Strategy Dialogue (CSD) through video link today. During his virtual address, Adviser Finance briefed the forum that the current Government inherited a very precarious economic situation in 2018 and therefore, ... Read More »

Customs North Region surpasses CD collection target

ISLAMABAD: The Customs North region has surpassed revenue target of customs duty (CD) with extra amount of Rs300 million against allocated collection target for month of October 2020. According to details the North region comprises Collectorate of Customs Islamabad, Peshawar, Sialkot and Gilgit Baltistan) showed satisfactory performance during July to October 2020 and has earned Rs15854 million during July to ... Read More »

Transit trade activity starts at Gwadar Port

ISLAMABAD: A first carrier containing 200 tons of fish from international waters arrived at Gwadar. The fish will be shipped to China in reefer containers, said Federal Board of Revenue (FBR). According to the FBR statement the arrival of the container at the Gwadar Port will open a new era of prosperity and growth for the people of Baluchistan and ... Read More »