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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

ADB approves $300m loan For Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification. In a statement, ADB said that ADB Principal Public Management Specilist Hiranya Mukhopadhyay said that while COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ... Read More »

NAB chairman presides over meeting to review performance of operations & prosecution division

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting to review performance of Operations and Prosecution Division of NAB at NAB Headquarters. During the meeting, it was informed that Prosecution Division of NAB is working closely with operations division of NAB HQ in order to have legal assistance to NAB’s Operations Division and all Regional Bureaus of ... Read More »

Return filing may reach 6.5m if NTN holders make compliance: FBR

ISLAMABAD: The number of return filers may reach near 6.5 million if persons obtained National Tax Number (NTN) make compliance. According to the Federal Board of Revenue (FBR) more than 3.5 million are those NTN holders are not filing income tax return. Under Section 114 of Income Tax Ordinance, 2001 the filing of income tax return is mandatory for person ... Read More »

Hafeez Shaikh outlines govt’s economic measures to cope with Covid-19

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh addressed the Annual Microfinance Conference (AMC) as a guest of honour. The adviser on the occasion outlined the National Financial Inclusion Strategy (NFIS), which aims to “achieve inclusive economic growth through promotion of small and medium enterprises, ensure affordable access to finance for farmers, facilitate low-cost housing ... Read More »

FBR extends suspension period of second secretary Fahad Faizan Khan

ISLAMABAD: Federal Board of Revenue (FBR) has extended suspension period of second secretary Fahad Faizan Khan. A notification issued by FBR read as “In continuation of Board’s notification no: 1309-IR-II/2020, dated 30.7.2020, the suspension period of Fahad Faizan Khan (IRS-BS-17) second secretary (under suspension, Federal Board of Revenue (HQ) Islamabad has been extended for a period of three months with ... Read More »

Over $100m deposited in Roshan Digital Accounts: Faisal Javed

ISLAMABAD: Senator Faisal Javed said on Thursday that over $100 million have been deposited in Roshan Digital Accounts and 44,000 plus accounts opened by overseas Pakistanis. Faisal Javed said in his Twitter message that overseas Pakistanis have so far opened over 44,000 Roshan Digital Accounts besides depositing more than $100 million. He added that more than $50 million has been ... Read More »

World Bank approv es $19.8m aid to Pakistan for education sector

ISLAMABAD: The World Bank has pledged to provide US$19.85 million to Pakistan for the country’s response, recovery, and resilience in the education sector amid the Covid-19 outbreak. According to the agreement materialized today in the presence of economic affairs minister Makhdum Khusro Bakhtiyar, the country director of World Bank Najy Benhassine signed the funds to Pakistan for the education project. ... Read More »

Textile sector making progress despite COVID 19: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Wednesday said that the textile sector is one of a number of positive developments in Pakistan’s economy despite novel coronavirus pandemic. Prime Minister Imran Khan, in a series of tweets, said that the textile industry of Faisalabad has seen a massive rise in demand and export orders. Imran Khan further said that he has ... Read More »

Pakistan witnesses remarkable improvement in fiscal & current account deficits: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh addressed the second segment of the plenary session of the World Economic Forum (WEF) on Country Strategy Dialogue (CSD) through video link today. During his virtual address, Adviser Finance briefed the forum that the current Government inherited a very precarious economic situation in 2018 and therefore, ... Read More »

Customs North Region surpasses CD collection target

ISLAMABAD: The Customs North region has surpassed revenue target of customs duty (CD) with extra amount of Rs300 million against allocated collection target for month of October 2020. According to details the North region comprises Collectorate of Customs Islamabad, Peshawar, Sialkot and Gilgit Baltistan) showed satisfactory performance during July to October 2020 and has earned Rs15854 million during July to ... Read More »

Transit trade activity starts at Gwadar Port

ISLAMABAD: A first carrier containing 200 tons of fish from international waters arrived at Gwadar. The fish will be shipped to China in reefer containers, said Federal Board of Revenue (FBR). According to the FBR statement the arrival of the container at the Gwadar Port will open a new era of prosperity and growth for the people of Baluchistan and ... Read More »

Phone SMS included as mode of service for tax notices

ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents. The FBR issued SRO 1250(I)/2020 on Monday to issue draft amendment to Rule 74 of Income Tax Rules, 2002. The Rule 74 deals with legal requirement for serving of documents electronically. As per the draft rules, the ... Read More »

FBR grants CD, RD & ACD exemption on import of medical equipments for treatment of COVID

ISLAMABAD: Federal Board of Revenue (FBR) exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic. The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of around 61 items. The exemption has been ... Read More »

Coronavirus resurgence: FBR decides to cut staff strength to half

ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed all the tax offices to cut the staff (BS-1 to BS-15) by 50 percent with immediate effect in the wake of resurgence of coronavirus. In a circular issued by the FBR, stated that due to resurgence of COVID-19 and keeping in view the NCOC decision, the directions/instructions to reduce the staff ... Read More »

SECP decides to formulate digital assets law

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to formulate laws related to the establishment of digital assets in the country. This was revealed by SECP Information System & Technology Director Abdul Rahim and Primary Market Approvals & Securities Market Division Additional Director Najia Ubaid during a media briefing on digital assets. Abdul Rahim said that the ... Read More »

CDNS achieves collection of Rs27b

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved a collective net target of Rs 27 billion by November 18 of fiscal year 2020-21. The CDNS has set Rs249 billion annual collection target for the year 2020-21 as compared to Rs352 billion for the previous year’s 2019-20 to enhance savings and promote saving culture in the country, senior official ... Read More »

FBR explains fair market value of property, assets

ISLAMABAD: Federal Board of Revenue (FBR) explained fair market value, which is the price which the property or asset would ordinarily fetch on sale or supply in the open market at that time. The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) which explains the fair market value through Section 68. Following is the text of ... Read More »

IMF talks continue focus on tax reforms

ISLAMABAD:  The International Monetary Fund (IMF) has conducted a detailed study of Pakistan’s existing tax system and made recommendations, including a string of policy proposals from the rationalisation of tax rates to withdrawal of tax exemption and removal of all distortions in the country’s tax system. According to a report, which quotes a source in the Federal Board of Revenue ... Read More »

Pakistan’s WTO’s TFA implementation level reaches 79pc: Hafeez Shaikh

ISLAMABAD – Advisor to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh said that the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) implementation level of Pakistan reached 79 percent in November 2020 from 34% in June 2018. In a tweet, the advisor said that it was greater than India, Bangladesh and average of all WTO countries. This ... Read More »

Exports increases 5.98pc to Rs1.254 trillion in 4 months

ISLAMABAD: The exports from the country, in rupee term, increased by 5.98 percent during the first four months of the current fiscal year as compared to the corresponding period of last year. The exports during July–October (2020-21) were recorded at Rs1,254,813 million as against the exports of Rs1,183,957 million during July-October (2019-20), according to provisional figures of Pakistan Bureau of ... Read More »