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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

WeBOC Glow, National Single Window major achievements of Pakistan Customs: Jawwad Agha

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi presided over a seminar on the Pakistan Customs Strategic Plan 2019-2024 here at Customs House. The seminar was organized by the Customs Collectorate in collaboration with the Directorate General Training & Research (Customs), Regional Office Islamabad. The purpose of the seminar was to apprise the officers of Pakistan Customs working in ... Read More »

Poverty alleviation first step towards prosperity: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has described development of human skills, working in partnerships and allowing the private sector to work at its full potential as the three key drivers of development and prosperity for any country or nation. “The big lesson of development history is the model presented by countries ... Read More »

FBR decides to initiate panel audit of sugar industry

ISLAMABAD: Federal Board of Revenue (FBR) initiate panel audit of sugar industry to improve Tax Compliance and Ensure Transparency in reporting mechanism, said Shabbar Zaidi. Timelines with reference to the ‘re-organization’ of FBR as given in October 3, 2019 letter of the reforms approved by PM shall be put on hold. The Federal Board of Revenue (FBR) Chairman Syed Shabbar ... Read More »

PM Imran directs FBR to restore investors’ confidence

ISLAMABAD: Prime Minister Imran Khan on Wednesday directed the Federal Board of Revenue (FBR) to restore investors’ confidence and take measures to end its fear among the business community, according to media. Addressing FBR officers, PM Imran said that the business community was ready to pay fix tax but reluctant to come under tax net. He noted that confidence of ... Read More »

PM Imran to get briefing by FBR officials today

ISLAMABAD: Prime Minister Imran Khan has summoned the officers of Federal Board of Revenue (FBR) to the PM Secretariat today. According to sources that PM Khan will get a briefing from FBR high-level officers over economic targets of the country. Moreover, the premier will also gain the confidence in the revenue body’s officers pertains to the reformations in FBR laws, ... Read More »

Govt to take FBR officers on board in reforms process: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi on Wednesday said that the government has decided to take FBR officers on board in the reforms process, according to media. The FBR chairman took to Twitter saying, “I thank the honorable Prime Minister for talking to FBR staff at length and greatly humbled by explicit statement that reforms in ... Read More »

ECC hikes minimum support price for wheat to Rs 1350 per 40kg

ISLAMABAD: Economic Coordination Committee (ECC) of the cabinet has increased the minimum support price of wheat from the current Rs1300 per 40 kg to Rs1350 per 40 kg to safeguard the interest of the growers and ensure food security for the masses. The decision to raise the wheat price by Rs 50 per 40 kg was taken at a meeting ... Read More »

NAB closes inquiry against KPT

ISLAMABAD: The National Accountability Bureau (NAB) on Wednesday approved closure of inquiries against the Karachi Development Authority (KDA) and the Karachi Port Trust (KPT). NAB chairman retired Justice (r) Javed Iqbal presided over a meeting of the bureau’s executive board to review progress achieved in the mega corruption cases. The meeting further decided to continue an inquiry against former Sindh ... Read More »

FBR to engage private auditors to detect tax evasion in sugar industry

ISLAMABAD: Federal Board of Revenue (FBR) considering to engage private auditors to scrutinise books of sugar millers to catch tax cheats as they spotted a number of discrepancies in various production and supply cycles. According to sources, the Federal Board of Revenue (FBR) has advised the regional tax offices (RTOs) and large taxpayers units (LTUs) to conduct special audit of ... Read More »

FBR to speed up crackdown against banned outfits

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to intensify its efforts against over 2,600 individuals/assets of banned organisations. According to media, FBR would be ensuring effective implementation of Targeted Financial Sanctions (TFS) against the assets of 1,267 and 1,373 designated people and entities associated with banned organisations. To bridge the gaps identified by Asia Pacific Joint Group (APJG) ... Read More »

NAB files another reference against Omni Group

ISLAMABAD: National Accountability Bureau (NAB) on Tuesday has filed another reference of fake bank accounts case against Omni Group owners. According to details, Omni Group chairman Anwar Majeed, Abdul Ghani Majeed, Namar Majeed and Zulqarnain Majeed have been named in the reference. The anti-corruption watchdog alleged that eight sugar mills of Omni Group had embezzled subsidy money worth Rs34 crore. ... Read More »

Govt announces Rs 200b package for exports’ promotion: Hafeez Shaikh

ISLAMABAD: The government has decided to announce a package of Rs 200 billion for exporters to promote exports besides increasing production and job opportunities in the country, Advisor to Prime Minster on Finance and Revenue Dr Abdul Hafeez Shaikh said on Monday. Addressing a press conference here, the advisor said that the State Bank of Pakistan had also decided to ... Read More »

PM seeks comprehensive plan from FBR to expand tax net

ISLAMABAD: The PTI-government has decided to evolve a comprehensive strategy for nationwide tax assessment and documentation drive to bring affluent people and untapped sectors in the net. According to media, Prime Minister Imran Khan has tasked the FBR to submit with a detailed plan until Nov 30, which will envisage measures to be implemented over the next two years. The ... Read More »

FBR decides to register small, big businesses of KP

ISLAMABAD: The Federal board of Revenue (FBR) on Monday decided to register all businesses of Khyber Pakhtunkhwa (KPK) to bring them under tax net of the Board. According to FBR, a strategy has been devised for registration of all big and small scale businesses of the province. For this purpose a committee comprising officers from grade-17 and 18 will be ... Read More »

Pharmaceutical goods’ export increases by 12pc to $55.481m

ISLAMABAD: The exports of pharmaceutical product during the first quarter of financial year (2019-20) grew by 12.35 percent as compared to the exports of corresponding period of last year. The pharmaceutical exports were recorded at $55.481 million during July-September (2019-20) as against the exports of $49.383 million during July-September (2018-19), showing an increase of 12.35 percent, according to the Pakistan ... Read More »

Japan to expand & strengthen trade ties with Pakistan

ISLAMABAD: Japan and Pakistan have a huge potential to expand their bilateral trade and economic ties, Ambassador of Japan to Pakistan Kuninori Matsuda said on Monday. Talking to media, the envoy said that both sides have the potential to double their bilateral trade volume given that the resources were properly utilised. He maintained that Japan and Pakistan have enjoyed historical, ... Read More »

FBR withdraws 3pc valuation addition tax on import of consumer items

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis. According to the details, FBR on Friday issued SRO 1321(I)/2019, dated 08.11.2019, and amended the Twelfth Schedule of Sales Tax Act, 1990 under which three percent minimum value addition sales tax has ... Read More »

FBR asks jewelers, real estate dealers to maintain register, report suspicious transactions

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to make mandatory for jewelers and real estate agents to report suspicious transactions. In this regard the FBR issued draft rules through SRO 1320(I)/2019 to make amendments in Income Tax Rules, 2002. As per the draft rules, the designated persons as jewelers and real estate agents should maintain documents and records, where ... Read More »

Plastic exports dip over 1pc to $77.23m in 1Q of FY2019-20

ISLAMABAD: The exports of plastic materials from the country during the first quarter of financial year (2019-20) witnessed decline of 1.76 percent as compared to the corresponding period of last year. The plastic exports from the country were recorded at $77.235 million during July-September (2019-20) as against the exports of $78.620 million during July-September (2018-19), showing nominal decrease of 1.76 ... Read More »

IMF approves $450m loan tranche for Pakistan

WASHINGTON: The IMF praised Pakistan’s economic performance and agreed on next steps, paving the way for release of another portion of a $6 billion, three-year loan package. Once the International Monetary Fund board gives the go ahead, the Washington-based lender will provide $450 million to help right the South Asian nations economy, on top of the $1 billion released in ... Read More »