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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 issues procedure for over-ruling objections on refund claims

ISLAMABAD: Federal Board of Revenue (FBR) issued procedure for over-ruling objections raised by Fully Automated Sales Tax e-Refund (FASTER) in order to facilitate taxpayers in obtaining their stuck up amount. The FBR issued Sales Tax Circular No. 01 of 2020 / IR-Operations to unveil the Standard Procedure for Over-Ruling the STARR objections on Sales Tax Refund claims. The FBR said ... Read More »

FBR updates WHT rates on registration, transfer of motor vehicles

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on registration and transfer of motor vehicles for tax year 2021. The FBR updated the withholding tax card 2020-2021 (up to June 30, 2020) incorporating amendments made to Income Tax Ordinance, 2001 through Finance Act, 2020. The withholding tax rate under Section 231B on private motor vehicles Under this ... Read More »

FBR transfers 5 PCS officers of BS-18-20 with immediate effect

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfers and postings of following officers of Pakistan Customs Service (BS-18-20) with immediate effect and until further orders:- Ashhad Jawwad Chief, Federal Board of Revenue (Hq), Islamabad is transferred and posted as Collector Collecotrate of Customs Port Mohammad Bin Qasim, Karachi. Muhammad Saqif Saeed, Collector, Collectorate of Enforcement and Compliance ... Read More »

Customs collects less revenue in 3rd & 4th quarter of FY2019-20 due to Covid-19 : Collector Seema Bokhari

ISLAMABAD: Collectorate of Customs Collector Seema Raza Bokhari has said that the Collectorate is excepting revenue from telecommunication companies due to roll out of 5G during the first quarter of financial year 2020-21. Talking with Customs Today Seema Raza Bokhari explained reasons for decline of revenue during third (January to March) and fourth quarters (April to June) of financial year ... Read More »

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 »

FY20 sees fiscal deficit at 8.1pc of GDP

ISLAMABAD: Pakistan’s fiscal deficit came in at 8.1 per cent of GDP in 2019-20 amounting to Rs3376 billion. The data released by the Ministry of Finance, out of this fiscal deficit plugged through domestic borrowing of Rs2480 billion while external borrowing to plug deficit amounted to Rs 896 billion. Mark up payments in FY20 amounted to Rs2619 billion while defense ... Read More »

Moody’s confirms ratings of five Pakistani banks as stable

ISLAMABAD: Moody’s Investors Service confirmed the B3 long-term local-currency and Caa1 foreign-currency deposit ratings of five Pakistani banks. The banks include Allied Bank Limited (ABL), Habib Bank Limited (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Limited (UBL). According to a report published by Moody’s, the outlook on all Pakistani banks’ long-term local currency deposit ... Read More »

ECC okays amendments to Import Policy Order 2016 to strengthen trade of meat products

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has given principled go-ahead to the payment of all liabilities and responsibilities resulting from a debt of $105 million secured by the Pakistan International Airlines Corporation Limited (PIACL) owned Roosevelt Hotel in Manhattan, New York. The ECC meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez ... 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 »