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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

ECC constitutes committee for hedging prices of imported petroleum products

ISLAMABAD: The government constituted a committee for hedging prices of imported petroleum products. The formation of the committee was approved by Economic Coordination Committee (ECC) of the Cabinet, chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh. The ECC set up a body headed by Special Assistant to Prime Minister for Petroleum Nadeem Babar ... Read More »

Missing Persons Commission shows excellent performance under leadership of Justice Javed Iqbal, disposes of 4544 cases

ISLAMABAD: Missing Persons Commission has disposed of 4544 cases up to May 31, 2020 as per monthly progress report released by Farid Ahmed Khan, Secretary (ColoED) on cases of alleged enforced disappearances for the month of May 2020. A total number of 6661 cases were received by the Missing Persons Commission upto April 2020. During May 2020, 13 more cases ... Read More »

FBR allows repayment of customs duty at Rs5.42/kg on import of raw material

ISLAMABAD: Federal Board of Revenue (FBR) has allowed repayment of customs duty at Rs5.42 per kilogram on import of raw material for manufacturing of plastic goods meant for export. The FBR on Tuesday issued SRO 461(I)/2020 to amend SRO 212(I)/2009 to allow repayment of export duty on import of raw material. Through the instant SRO the FBR allowed duty drawback ... Read More »

Above 120,000 income tax returns submitted since launch of new ATL

ISLAMABAD: The tax authorities have received above 120,000 income tax returns since launch of new Active Taxpayers List (ATL) on March 01, 2020 and during ongoing lockdown to prevent spread of coronavirus, according to updated list issued June 01, 2020. The updated ATL for tax, around 120,000 taxpayers filed their annual returns for tax year 2019 since March 01, 2020. The ... Read More »

ECC okays golden handshake for Pak Steel Mills employees

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has set up a body headed by Special Assistant to Prime Minister for Petroleum Mr. Nadeem Babar to explore various call options for hedging prices for the petroleum products imported by Pakistan. The ECC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh also ... Read More »

CDNS cuts interest rates on saving certificates up to 100 basis points

ISLAMABAD: The profit rate on saving certificates have been reduced up to 100 basis points due to sharp cut in key policy rate by the State Bank of Pakistan (SBP). The new rate of return on national saving certificates are applicable from June 02, 2020. According to Central Directorate of National Savings (CDNS), the interest rate by one percent on ... Read More »

PM Imran Khan for providing all possible incentives in budget 2020-21

ISLAMABAD: Prime Minister Imran Khan directed the authorities to provide all possible incentives in budget 2020/2021 to industry for job creations and moving the wheels of the economy. The prime minister chaired a meeting to discuss the objectives and considerations for the forthcoming budget 2020/2021. The meeting was attended by Foreign Minister Shah Mehmood Qureshi, Minister for Industries and Production ... Read More »

Mohsin Mushtaq Chandna appointed as official spokesperson

  ISLAMABAD:The Finance Division Tuesday notified the appointment of Mohsin Mushtaq Chandna, as the official spokesperson of the Division with immediate effect. According to official notification issued here, Mohsin Mushtaq Chandna is a senior civil servant and has serving as Special Secretary in the Finance Division. The newly appointed spokesperson could be reached at 051-9201023, the statement added. Mohsin Mushtaq ... Read More »

China to continue all-out to Pakistan amid COVID-19: Envoy Yao Jiang

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has said that this difficult time, the government has three major priorities: to provide health care and safety to its people, provide cash assistance to the most vulnerable and keep the wheel of the economy moving in slow but steady pace. Ambassador of the People’s Republic of ... Read More »

FBR establishes Tax Information Processing Unit for digital scrutiny

ISLAMABAD: The Federal Board of Revenue (FBR) has established Tax Information Processing Unit (TIPU) for utilization of information available at multiple databases of the tax authorities. According to an office order issued on Monday, the FBR had embarked an ambitious plan for enhancing revenues, through efficient utilization power of IT for overall system improvement. “There is an emerging need for ... Read More »

FBR tax collection goes up by 7.7pc in 2019-20

ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued details of tax collection by the month of May during the ongoing fiscal year 2019-20,. According to details, the FBR collections in terms of taxes and duties witnessed a 7.7 percent increase by the month of May as compared to the same period of the previous fiscal year. Sharing details, the ... Read More »

Govt releases Rs583b for development projects

ISLAMABAD: The federal government has so far authorized release of Rs583 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs701 billion. Under its development programme, the government has released an amount of Rs244.2 billion for federal ministries, Rs 194.18 billion for corporations and Rs43.56 ... Read More »

Inflation rate slows down to 11-month low

ISLAMABAD: Inflation rate in the country slows down to 11-month low. According to Pakistan Bureau of Statistics price of petrol reduced by 13 percent in the month of May. Inflation rate in May stood at 8.22 percent while inflation rate in May 2019 was 8.4 percent. Inflation rate during 11 months of the current fiscal year stood at 10.94 percent. ... Read More »

Overseas Pakistanis laud NAB Chairman Justice Javed Iqbal for eradicating corruption

ISLAMABAD: Dr. Khurshid A Babar, Global Peace, Canada has appreciated and paid salute of Overseas Pakistanis to Honorable Mr. Justice, Javed Iqbal Chairman NAB and said that Honorable Mr. Justice, Javed Iqbal Chairman NAB has become an historical personality and future example for coming generations due to his excellent work in eradication of corruption as Chairman NAB will be definitely ... Read More »

Clarification: ‘NAB has no affiliation with any party, individual or group’

ISLAMABAD: National Accountability Bureau (NAB) issued a press release to clarify its position on an editorial published on May 15, 2020, by the Daily Dawn newspaper hereinafter referred to as “NAB’s politics” wherein a malicious attempt was carried out to malign the National Accountability Bureau (NAB) by casting aspersions over its excellent workings and on-going inquiries and investigations. The context used ... Read More »

FBR recommended to put condition of CNIC on purchase of 10 tola gold

ISLAMABAD: Federal Board of Revenue (FBR) has been urged to fix the condition of Computerized National Identity Card (CNIC) on purchase of around 10 tola or above of gold. Karachi Chamber of Commerce and Industry (KCCI) in proposals for budget 2020/2021 submitted to FBR, said that during last two years, prices of gold has sharply increased and the amount of ... Read More »

Budget 2020: Tax revenue target likely to be set at Rs5100b

ISLAMABAD: Tax revenue is expected to increase by 30% in the next financial year while the target for tax revenue is likely to be set at Rs 5100 billion while the proposed defence budget for the next year is likely to be Rs 1402 billion. According to sources, preparations are underway by federal government for the next budget and tax ... Read More »

APM Hafeez Shaikh meets PM, apprises federal budget preparations

ISLAMABAD: Adviser to Prime Minister on Finance, Abdul Hafeez Shaikh called on PM Imran Khan on Friday where he apprised the premier regarding the preparations of the federal budget for the next financial year. The Finance Ministry has expedited the process to complete federal budget preparations for the next fiscal year 2020-21. PM Imran Khan decided to get briefing on ... Read More »

FBR advised to withdraw powers of freezing bank accounts for tax recovery

KARACHI: Federal Board of Revenue (FBR) has been advised to withdraw powers of tax officials related to freezing bank accounts for tax recovery. Karachi Chamber of Commerce and Industry (KCCI) in its budget proposals for 2020/2021 submitted to the FBR highlighted provisions of Income Tax Ordinance, 2001 regarding accessing bank accounts for tax recovery. Under Section 140 of the Income ... Read More »

Ogra proposes up to Rs7 per litre cut in petrol price

ISLAMABAD: The government is likely to pass on further benefit of reduction in the prices of petroleum products to consumers during the month of June. The Oil & Gas Regulatory Authority (Ogra) has sent a summary to the Ministry of Finance for revision in oil prices.  It recommended up to Rs7 per litre drop in the price of petrol and ... Read More »