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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

Smuggled medicines: Collector Seema directs to seal 5 outlets of M/s D-Watson Chemists

ISLAMABAD: Collectorate of Customs Collector Seema Raza ordered Anti-Smuggling Organization to seal five outlets of renowned chemist, M/s D-Watson for selling sub-standard and smuggled medicines and cosmetics. Talking with Customs Today Collector Seema Raza Bokhari said that under direction of Member Customs Operations Jawwad Agha, the Customs squad with assistance of capital administration has been sealed five out lets of ... Read More »

FBR unearths another scam of illegal funds transfer into bank accounts

ISLAMABAD: Federal Board of Revenue (FBR) Intelligence & Investigation (I&I) Karachi unearthed another scandal involving illegal transfer of Rs5 billion to bank accounts and its withdrawal in Quetta without payment of taxes. The amount has been transmitted into three bank accounts in Quetta. According to media, FBR identified one person in whose name the accounts were opened and operated. He ... Read More »

FBR collects Rs422m tax on foreign transactions made through debit & credit cards

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs422 million in advance tax on foreign transactions made through credit and debit cards during the first five months of the current fiscal year. Official data showed that collection under this head was a meagre Rs16.8 million during July–November of the last fiscal year. Banks collected one percent advance tax when ... Read More »

Pakistan, World Bank sign loan accord worth $406m for KPEC project

ISLAMABAD: Pakistan and World Bank has signed loan agreement worth over 406 million dollars for Khyber Pass Economic Corridor project. Minister for Economic Affairs Muhammad Hammad Azhar, witnessed the signing ceremony. The project aims to construct 48km long 4-Lane, dual carriageway high-speed access controlled motorway, from Peshawar to Torkham, Radio Pakistan reported. The global integration of South and Central Asia ... Read More »

Pakistan, Germany sign accord for hydropower, renewable energy

ISLAMABAD: Pakistan and Germany on Friday inked financing agreement for Hydropower and Renewable Energy Phase-II worth Rs2,145.29 million. Economic Affairs Division Secretary Dr. Syed Pervaiz Abbas and German Development Bank Country Director Wolfgang Moellers signed the agreement. Minister for Economic Affairs Hammad Azhar was also present on the occasion. Speaking on the occasion, Hammad Azhar said the grant assistance will ... Read More »

FBR detects Rs20b illegal bank transfer, withdrawal scam in KP

ISLAMABAD: Federal Board of Revenue (FBR) has unearthed a scandal involving illegal transfer of over Rs20 billion to bank accounts and its withdrawal in Malakand division of Khyber Pakhtunkhwa without payment of taxes. According to media, the tax-evaded funds were transmitted into bank accounts in the areas of Swat, Buner and Batkhela in Malakand division, a tax-free area of KP ... Read More »

Pakistan & China customs agree to extend cooperation

ISLAMABAD: Chinese customs delegation visited FBR and held detailed meetings with Pakistan Customs to further cooperation between the Customs authorities of the two governments. General Customs Administration of China and Pakistan Customs under the FBR are actively involved in cooperation, information exchange, and enforcement coordination. During the meeting Chairman FBR Shabbar Zaidi highlighted the brotherly relationship, between Peoples Republic of ... Read More »

SC has accepted FBR’s contention about collection of CVT: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Thursday said that the Supreme Court (SC) has accepted the contention of FBR about collection of ‘Capital Value Tax (CVT). Apprising about SC decision about acceptance of CVT collection, Shabbar Zaidi in a tweet, said that the CVT is collectible where property is transferred by a company and added that ... Read More »

IMF to meet on Dec 19 for approving second tranche of $453m for Pakistan

WASHINGTON: The International Monetary Fund (IMF) on December 19 in Washington will hold its next board meeting for approval of the disbursement of second tranche of about $453 million to Pakistan under the $6 billion Extended Fund Facility (EFF) finalised in May this year. According to the IMF’s website, the board will review Pakistan’s economic growth. After Pakistan and the ... Read More »

FBR deploys teams at 20 sugar mills for monitoring of production, supplies

ISLAMABAD: Federal Board of Revenue (FBR) has deployed teams of Inland Revenue at 20 sugar mills to monitor production and supply to detect tax evasion. The Inland Revenue (IR) officers have been deployed at the premises of sugar mills under Section 40B of Sales Tax Act, 1990 for the monitoring of stock, production and supply. Sources told that Large Taxpayers ... Read More »

Switzerland to exchange bank data with Pakistan

BERN: In a key development over the issue of the wealth stashed to abroad, the Swiss parliament has approved the automatic exchange of bank data to 18 more countries including Pakistan from year 2021, according to a media report. The Swiss Senate followed the House of Representative’s lead and approved a new batch of countries for automatic exchange of financial ... Read More »

Russian involvement in railways sector mutually beneficial:  Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Wednesday said that Russian involvement in development projects will be mutually beneficial for both Russia and Pakistan. Addressing a press conference along with Russian Trade Minister Denis Valentinovich Hammad Azhar specifically highlighted cooperation in the railway sector. “Russia is exporting [railways] equipment to European countries. On the other hand, Pakistan’s workshops ... Read More »

ADB sees stabilization in Pakistan’s economy this year

MANILA: The Asian Development Bank (ADB) expects stabilization of Pakistan’s economy in current fiscal year while predicting slower growth than expected for developing nations of Asia. In its Asian Development Outlook Supplement, the Manila-based lender assesses slower growth in Asia this year and next, citing weakening domestic investment due to external factors such as the U.S.-China trade war for its ... Read More »

Govt committed to achieve sustainable development goals: Asad Umar

ISLAMABAD: Federal Minister for Planning and Development Asad Umer on Wednesday said that the incumbent government is fully committed to achieving the sustainable development goals (SDGs). Talking to the United Nations Development Programme (UNDP) resident representative Ignacio Artaza, who called on him at the Ministry of Planning Development and Reform, Asad Umer said that the government’s socio-economic agenda is aligned ... Read More »

Rice import: Mexico delegation to visit Pakistan for lifting ban

ISLAMABAD: Pakistan is keen on enhancing trade and business interaction with Mexico and investors from both the countries can benefit from the available trade opportunities in the different sectors, said Senate Deputy Chairman Saleem Mandviwalla. Speaking with the media at Parliament House on Tuesday, he said that Pakistani rice was banned in Mexico a few years back and the recent ... Read More »

Pakistan Customs to launch internship programme for students from June 2020 

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Tuesday met heads of the National University of Sciences and Technology (NUST) and Lahore University of Management and Sciences (LUMS) to discuss participation in internship programme to be launched by Pakistan Customs. Pakistan Customs has decided to launch an internship programme for the university students from June 2020 aimed at ... Read More »

FBR seeks details of Iqama holders from UAE to avoid termination of double-taxation treaty

ISLAMABAD: The request for sharing data was made through a formal letter sent by the Federal Board of Revenue (FBR) to the UAE finance ministry. The country’s top tax machinery has sent several rejoinders since October this year, but the UAE finance ministry has not responded. The FBR warned that “Pakistan would be constrained to seriously consider rolling out appropriate ... Read More »

China agrees to exempt duty on 313 Pakistani products from Jan 1, 2020

ISLAMABAD: China agreed to exempt duty on 313 Pakistani products worth $7 billion to $8 billion under second China Pakistan Free-Trade-Agreement (FTA) from January Pakistan can now become a major exporter of goods with China providing duty relief on all its major exports. China’s new offer covers 88% of Chinese global imports, 91.3 of imports from Pakistan and 83% of ... Read More »

Weekly inflation falls 0.83pc

ISLAMABAD: The Sensitive Price Indicator (SPI)-based weekly inflation for the combined consumption group (as on December 5) decreased by 0.83pc as compared to the previous week. According to data released by the Pakistan Bureau of Statistics (PBS), the SPI for the week under review in the above-mentioned group was recorded at 135.18 points as against 136.80 points registered in the ... Read More »

FBR chairman calls for proper collection of cotton ginning sales tax

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi directed officials concerned to ensure proper collection of sales tax on cotton ginning. Taking to Twitter, he said: “In case of cotton ginning industry output sales tax at the rate of 10 percent is collected / paid by purchasers. Field formations, especially those in cotton growing areas, to ensure that ... Read More »