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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 to issue ATL for tax year 2020 on March 1

ISLAMABAD: Federal Board of Revenue (FBR) announced that it will issue Active Taxpayers List (ATL) for tax year 2020 on March 01, 2021. The ATL-2020 will include names of those taxpayers who had filed their income tax returns by due date or those who had filed their income tax returns after the due date with payment of surcharges. At present ... Read More »

Income tax return filing hits record high of 3.11 million: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) which revealed that annual income tax return filing hit all time high of 3.11 million. The FBR updated the last weekly ATL for tax year 2019 on February 22, 2021 and received record number on the basis of return filed up to February 21, 2021. The FBR is ... Read More »

FBR overlooking serious flaws in track & trace award process

ISLAMABAD: The Federal Board of Revenue (FBR) has allegedly committed several irregularities while evaluating applicants’ profiles for installation of the Track and Trace system. Sources alleged the FBR’s technical committee had not counter-checked the information provided by applicants, such as instances of ‘conflict of interest’ and ‘historical information about the company through available data’, thereby overlooking its own bylaws pertaining ... Read More »

FATF likely to give ruling over Pakistan’s placement in grey list today

ISLAMABAD: The Financial Action Task Force (FATF) is expected to announce later today whether Pakistan has done enough to exit the grey-list as it wraps up its four-day plenary meeting. The FATF president will give a press briefing on the outcomes of the FATF plenary at 4:30 pm Pakistan time. Earlier last week, the Foreign Office (FO) spokesman had said ... Read More »

ADB sells $2b 10-Year Global Benchmark Bond

ISLAMABAD: The Asian Development Bank (ADB) priced a $2 billion 10-year global bond, proceeds of which will be part of ADB’s ordinary capital resources. “We appreciate the strong support of our investors for this new 10-year global bond issue,” said ADB Treasurer Pierre Van Peteghem in a press release issued by the bank on Thursday. “This is our second successful ... Read More »

FBR allows exemption from income tax on import of sugar

ISLAMABAD: Federal Board of Revenue (FBR) allowed exemption from income tax on import of raw and refined sugar. The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021. Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001. According to the amendments, the tax under Section 148 on commercial import ... Read More »

PRAL detects vulnerabilities in Google Chrome; issues advisory

ISLAMABAD: The Pakistan Revenue Automation Pvt Limited (PRAL) has identified multiple vulnerabilities in Google Chrome, which are the most severe as those could allow for arbitrary code execution. Google Chrome is a web browser used to access the internet. In an advisory note issued on Wednesday, the PRAL said that the successful exploitation of the most severe of these vulnerabilities ... Read More »

Finance ministry issues clarification regarding “Disparity Reduction Allowance”

ISLAMABAD: Reference an article appeared in a section of press, it is clarified that the Federal Cabinet has approved grant of “Disparity Reduction Allowance” @ 25% of the basic pay of BPS-2017 w.e.f. 1st March 2021, for those civil employees in BPS 1 to BPS 19 of the Federal Government who have never been allowed additional salary equal to or ... Read More »

Circular debt to reach Rs2.8tr in next four months, NA panel told

ISLAMABAD: The National Assembly’s Standing Committee on Finance and Revenue was informed that the country’s circular debt would surge to Rs2,805 billion in the next four months of the current fiscal year. The additional secretary of the Power Division, while briefing the meeting about the sector-wise circular debt, stated that the debt was recorded at Rs2,303 billion till December 2020, ... Read More »

FBR forms committees for promotion of customs officials

ISLAMABAD: Federal Board of Revenue (FBR) constituted department promotion and selection committees for making recommendation for promotions and selections of Customs officials. A notification issued by the FBR stated that in pursuance of Establishment Division’s concurrence conveyed vide OM No. 13/16/2015-R.IV dated February 12, 2021, the following departmental promotion/selection committees in respect of posts in BS-17 to BS-18, BS-16 to ... Read More »

Govt actions to be reviewed as FATF meeting begins

ISLAMABAD: The Financial Action Task Force (FATF) four-day virtual Plenary session, during which Pakistan’s performance in terms of measures taken against money laundering and terror funding will be reviewed began on Monday. According to a local media report, FATF had updated the overall performance of all countries ahead of the meeting, revealing that Pakistan has been shown improving compliance on ... Read More »

CDNS reaches at Rs530b free deposits

ISLAMABAD: The savings of the Central Directorate of National Savings (CDNS) has reached to the free deposit of Rs530 billion during the last 7 months in the current Fiscal Year (FY) 2020-21. The Central Directorate of National Savings (CDNS) had compensated an amount of Rs258 billion to its investors after the termination of major prize bonds of Rs40,000 and also ... Read More »

SECP suggests making payment of cash dividends in three days

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday proposed to reduce time limit to three days for making payment of cash dividends. The SECP issued SRO 229(I)/2021 dated February 18, 2021 to introduce draft amendment in the Companies (Distribution of Dividends) Regulations, 2017. According to the draft an amendment has been proposed to Regulation 3 of the ... Read More »

Remittance growth credit positive for Pakistani banks: Moody’s

ISLAMABAD: Rating agency Moody’s has termed growth in remittances in Pakistan as credit positive for banks, saying foreign inflows improve their access to low-cost and stable deposits. Moody’s in its latest report on Pakistan has stated that increase in workers’ remittances for 7MFY21 is contrary to their expectation that the pandemic would keep remittances flat and the World Bank’s forecast ... Read More »

Pakistan Customs impounds non-duty paid vehicles worth Rs11.3b

ISLAMABAD: Pakistan Customs has impounded non-duty paid motor vehicles worth Rs11.3 billion during first seven months (July – January) of the current fiscal year, said a spokesman of the Federal Board of Revenue (FBR). The seizure of non-duty paid motor vehicles registered growth around 66 percent as the customs authorities seized motor vehicles worth Rs6.8 billion in the same period ... Read More »

FBR seizes smuggled goods worth Rs35b in 7 months of FY2020-21

ISLAMABAD: The Federal Board of Revenue (FBR) seized smuggled goods worth Rs35 billion during the first seven months of the current fiscal year (July-January 2020-21). According to press statement issued by the Board, this shows an increase of 59 percent when compared to the corresponding period (Jul 2019-Jan 2020) of the last financial year during which smuggled goods worth Rs22 ... Read More »

FBR issues procedure for intimating retirement, submission of pension papers

ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for officers and staff of tax machinery regarding intimation about their superannuation retirement and submission of pension papers. In supersession to Board’s earlier SOPs No. 25(20)MIR-IV/2016 dated 10.12.2020, the FBR said that while submitting the cases of retirement, pension papers and encashment of LPR for officers of field formations, the following ... Read More »

NPMC analyzes price trend of essential commodities

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the weekly meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division today. Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Industries & Production Hammad Azhar, SAPM on Revenue Dr. Waqar Masood, Member CCP, Member PBS, MD PASSCO, MD ... Read More »

PM Imran commends FBR for achieving 7-month revenue collection targets

ISLAMABAD: Prime Minister Imran Khan has commended FBR Field Formations on achieving 7-months revenue targets by undertaking bold tax audit and enforcement, and counter-smuggling measures. In a tweet on Saturday, he said they must continue working with honesty and commitment. He also commended the FBR Head office Team for developing the IT-enabled Transformation Plan and procuring cutting-edge Track and Trace ... Read More »

FBR transfers 4 PCS officers of BS-20 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for transfers and postings of BS-20 officers of Pakistan Customs Service (PCS) with immediate effect and until further orders. The FBR notified transfers and postings of following PCS officers: Abdul Qadir Memon (Pakistan Customs Service/BS-20) on return from NDU (awaiting posting), has been posted as Collector, Model Customs Collectorate, Hyderabad. Asif Saeed ... Read More »