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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 streamlines withholding sales tax regime

ISLAMABAD: Federal Board of Revenue (FBR) has streamlined sales tax withholding regime for compelling sales tax return filing and realizing full revenue on sale/purchase. The FBR issued Circular No. 01 dated August 06, 2020 to explain changes made to Sales Tax Act, 1990 through Finance Act, 2020. The FBR said that Eleventh Schedule provides for withholding agents to deduct tax ... Read More »

FBR initiates action against irregularity, corruption & inefficiency

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take action against irregularity, corruption and inefficient elements present in the organization. A statement issued by the FBR stated that since July, so far 26 officers and 19 officials have been suspended whereas three employees have been dismissed from service. Besides, permission has also been sought from the Prime Minister ... Read More »

Hafeez Shaikh directs FBR to expedite tax refund process

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh chaired a meeting on tax refund payments at the Federal Board of Revenue (FBR) headquarters. The meeting attended by federal ministers and advisers on commerce, parliamentary affairs and investment, secretary finance, and others discussed refund payments in terms of income and sales taxes and federal excise duty. Member Inland Revenue ... Read More »

NA body approves amendments to money laundering law amid strong opposition

ISLAMABAD: The National Assembly Standing Committee on Finance, Revenue, and Economic Affairs approved the 2nd amendment in AML Bill 2020, with a majority vote. During the meeting of the committee, which was chaired by MNA Faizullah, at least nine members voted in favour of the amendment while six members from opposition parties cast their vote against the bill. Opposing the ... Read More »

Country’s trade deficit shrinks 22.64pc in July

ISLAMABAD: The country’s trade deficit registered a 22.64 per cent decline in July – the first month of current fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS). As per the figures, exports rose by 6.04 per cent to two billion dollars in the month as compared to exports worth 1.88 billion dollars registered during last ... Read More »

SECP starts consultative process to revamp NBFC regime

ISLAMABAD: The Securities and Exchange Commission of Pakistan has issued a draft of amendments in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 for public consultation. “In order to promote an enabling business environment and provide ease of doing business, the SECP, through these amendments, has proposed to introduce a perpetual licence for non-banking finance companies by replacing the ... Read More »

FBR transfers 38 PCS officers of BS-18-19 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) has issued order for transfers/postings of the following officers of Pakistan Customs Service (BS-18-19) with immediate effect and until further orders:- Farrukh Sajjad, Additional Director, Directorate of Post Clearance Audit is transferred and posted as Additional Collector, Collectorate of Customs Appraisement and Facilitation West, Karachi. Nasreen Nawaz, Additional Director, Directorate of Intelligence & Investigation, ... Read More »

Non-ATL to pay 0.6pc WHT on cash withdrawal: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that 0.6 percent withholding tax shall be collected on cash withdrawal of Rs50,000 each day by persons not on the Active Taxpayers List (ATL). The FBR updated withholding tax card 2020-2021 after incorporating amendments to Income Tax Ordinance, 2001 made through Finance Act, 2020. The FBR issued the withholding tax card updated ... Read More »

CNIC condition on sales up to Rs100,000 relaxed to facilitate retailers: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that the retailers are not required to maintain information of Computerized National Identity Card (CNIC) of a consumer on sales not exceeding above Rs100,000. The FBR issued Sales Tax Circular No. 1 dated August 06, 2020 to explain changes brought to main statute through Finance Act, 2020. The revenue body said that ... Read More »

FBR updates WHT rates on prizes, winnings

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on prizes and winnings for tax year 2021. The FBR issued withholding tax card 2020-2021 updated up to (June 30, 2020) after incorporating amendments made to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 156 of Income Tax Ordinance, 2001 every person making payment shall deduct / ... Read More »

PSO starts importing Euro-V petrol

ISLAMABAD: Pakistan State Oil (PSO) has become the first oil marketing company to import Euro-V petrol in Pakistan. According to a statement issued by the Petroleum Division, Pakistan State Oil has started importing Euro-V petrol and PSO is the country s first oil marketing company to import Euro 5 petrol. The import of Euro-V diesel will also be started by ... Read More »

NAB being considered as role model among SAARC countries against corruption: Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that NAB is the focal organization of Pakistan under United Nations Convention against Corruption (UNCAC) as Pakistan is signatory of UNCAC. Pakistan is the only country in the world to which China has signed a memorandum of understanding (MoU) for eradication of corruption. Pakistan and China are now jointly ... Read More »

FBR updates withholding income tax rates for exporters

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding income tax rates for exporters for tax year 2021. The FBR updated withholding tax card for 2020/2021 after incorporating amendments made to Income Tax Ordinance, 2001 brought through Finance Act, 2020. Under Section 154 of Income Tax Ordinance, 2001 every authorized dealer in foreign exchange required to collect / deduct withholding ... Read More »

Moody’s upgrades Pakistan’s outlook to ‘stable’ from ‘under review for downgrade’

ISLAMABAD: Credit rating agency Moody’s has upgraded Pakistan’s outlook from ‘under review for downgrade’ to ‘stable’, while maintaining a B3 rating, the agency said on Saturday. The agency in its latest report also confirmed the B3 foreign currency senior unsecured ratings for The Third Pakistan International Sukuk Co Ltd. The associated payment obligations are, in Moody’s view, direct obligations of ... Read More »

Various organizations made duty bound to allow real-time access: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that after amendments made to sales tax and federal excise laws various authorities and organizations have been made duty bound to allow real-time access to tax authorities for preventing tax evasion. Through Circular No. 01 of 2020, the FBR issued explanation to amendments made sales tax and federal excise through Finance Act, ... Read More »

WAPDA writes letter to CPPA asking to clear Rs221b in dues

ISLAMABAD: Water and Power Development Authority (WAPDA) has written a letter to the Central Power Purchasing Agency-Guaranteed (CPPA-G) asking to clear its outstanding dues of Rs 221 billion. According to media, CPPA-G is an arm of Power Division, to which WAPDA wrote the letter on April 8, 2020 denoting a substantial rise in receivables from the division. The letter also ... Read More »

Tea imports shrink 6.81pc to $532.776m in FY20

ISLAMABAD: The tea imports into the country witnessed decline of 6.81 percent during the fiscal year 2019-20 as against the same period of last fiscal year, Pakistan Bureau of Statistics (PBS) reported. The tea imports into the country were recorded at $532.776 million during FY 2019-20 as against imports of $571.690 million in FY 2018-19, according to latest PBS data. ... Read More »

CNIC made mandatory for recipient of services

ISLAMABAD: Federal Board of Revenue (FBR) has said that buyer’s CNIC (Computerized National Identity Card) detail is now mandatory on the invoice issued by seller for providing service in order avail credit. The FBR in its explanation of Sales Tax and Federal Excise through Circular No. 1 of 2020, stated the word “services” has been added along with goods to ... Read More »

FBR proposes rules seeking information about account holders depositing over Rs10m

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed that it should be allowed to seek information from banks about persons who deposited Rs10 million in the account or more in a month or have been making credit card payment of Rs200,000 on a monthly basis. According to the draft rules of the Finance Act 2020, the FBR has suggested ... Read More »

Services trade deficit shrinks 43pc in FY20

ISLAMABAD: The country’s services trade deficit witnessed sharp decline of 42.96 percent during the financial year 2019-20 as compared to the corresponding period of last year. During the period under review, the country’s services exports declined by 8.66 percent, whereas services  imports narrowed by 24.25 percent, according to trade statistics released by the Pakistan Bureau of Statistics (PBS). The exports ... Read More »