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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

Hammad Azhar plants sapling as part of Ten Billion Tree Tsunami Programme

ISLAMABAD: Federal Minister for Economic Affairs Muhammad Hammad Azhar inaugurated “Plant for Pakistan Day” campaign by planting sapling in the vicinity of office building of the Economic Affairs Division to mark the formal launch of the “Urban Forestry” model as part of the Ten Billion Tree Tsunami Programme conceived by the Prime Minister of Pakistan. Officers of the division also ... Read More »

FBR enhances 60pc domestic tax collection during one year

ISLAMABAD: The Federal Board of Revenue (FBR) in one year of the Pakistan Tehreek-e-Insaf (PTI) has increased 60 percent collection of (Inland Revenue) IR Domestic Taxes. According to the one year performance report of the PTI government shared by Special Assistant to Prime Minister on Information and Broadcasting Firdous Ashiq Awan, the FBR while broadening the Tax Base (Inland Revenue ... Read More »

NAB claims major breakthrough in fake accounts case

ISLAMABAD: The National Accountability Bureau (NAB) has claimed a major breakthrough in the fake accounts case against former president Asif Ali Zardari, his sister Faryal Talpur and others. According to media reports, Dubai resident and member of Summit Bank Board of Directors Nasser Abdulla Lootah has agreed to become an approver in the case. Further, after agreeing to become an ... Read More »

Govt constitutes committee for audit of power-sector

ISLAMABAD: The government has set up a committee for auditing the power sector, eliminating circular debt and developing a future road map, in a bid to identify and examine causes of high cost of electricity in Pakistan. According to a notification issued by the Ministry of Energy (Power Division), the committee will also discuss the establishment of private power generation ... Read More »

FBR to start verification of imported goods from September 1

ISLAMABAD: Under the instructions of Chairman FBR, the Federal Board of Revenue has started a phased program to combat sale of smuggled goods in the local market. According to the details, it has been decided that Special Joint Teams of the FBR will be visiting major shopping areas especially large retailers in major cities to check the import documents of ... Read More »

FBR forms committee to finalise tax regime for businessmen

ISLAMABAD: The Federal Board of Revenue (FBR) constituted a committee to finalise a new income tax regime for traders, as the government and the traders remain poles apart over the key issue of disclosing their identity for trading purposes. The 15-member committee has been directed to finalise a “fixed tax scheme for small traders/shopkeepers and simplified tax procedure for traders” ... Read More »

Big diplomatic victory for Pakistan, UNSC nullifies Indian claim on Occupied Kashmir

UNITED NATIONS: For the first time since 1965, the UN Security Council (UNSC) held a meeting exclusively on occupied Jammu and Kashmir on Friday, nullifying India’s claim that this was an internal matter. China’s UN Ambassador Zhang Jun summed up the discussions, expressing serious concern over the situation. “The UNSC members are concerned about the human rights situation there and ... Read More »

FBR further extends date for filing sales tax, FE returns

ISLAMABAD: Federal Board of Revenue (FBR) extended the last date for filing sales tax and federal excise (FE) return for the tax period of July 2019. Previously the FBR extended the date for filing sales tax and federal excise return on August 09 considering the Eid holidays. As per the latest notification, the FBR further extended the date for filing ... Read More »

FTO directs FBR, FIA to start probe in misuse of gold & jewellery import

ISLAMABAD: Federal Tax Ombudsman (FTO) in a suo moto case directed Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to launch inquiry against officials, department and traders involved in misuse of gold import and other precious metals. The FTO asked the FBR and FIA to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of ... Read More »

Phishing scam in guise of FBR runs rampant

ISLAMABAD: The Federal Board of Revenue (FBR) has warned against a phishing scam currently sweeping the nation’s email inboxes, trying to extort money from unassuming persons in the name of the FBR. According to media reports, the scam is being used to steal large amounts of money from the bank accounts of victims that follow the instructions in the emails ... Read More »

Govt issues clarification on SROs 927(I)2019 & 928(I)/2019

ISLAMABAD: In response to business community, Ministry of Commerce and Textile Director-General (Trade Policy) Muhammad Ashraf has issued office memorandum about clarification on SROS 927 (I)/2019 and 928/(I)/2019 dated August, 9, 2019.   Read More »

FBR forms team to eliminate money laundering & terror financing

ISLAMABAD: The Federal Board of Revenue (FBR) has constituted a team including other Law Enforcement Agencies (LEAs) under operation wing of FBR to eliminate cash smuggling and terror financing through all seven border entrances. The office order issued in this regard stated that teams comprising officials from the relevant preventive Collectorates and the regional Directorates of Customs Intelligence and Investigation ... Read More »

Power sector witnesses Rs121b increase in revenues

ISLAMABAD: The power sector revenues have witnessed a significant increase of Rs121 billion while curtailing line losses worth Rs16 billion. According to media, the government’s in October last year launched an anti-power theft campaign under which smart meters were introduced and a record 23,049MW electricity was distributed through improved transmission network. A sum of Rs1.3 billion was recovered from 5,318 ... Read More »

30pc vehicles to go electric by 2030: Amin Aslam

ISLAMABAD: Pakistan has formulated a new transport policy under which at least 30 per cent of vehicles will go electric by 2030, said PM’s Adviser on Climate Change Malik Amin Aslam. Addressing a press conference in Islamabad on Friday, he said the policy will be presented before the next cabinet meeting for approval. He said the government will set up ... Read More »

Govt trying to expand tax to GDP ratio: Hammad Azhar

ISLAMABAD: Minister for Economic Affairs Hamad Azhar has asserted that the present government has been striving to increase tax to GDP ratio from three to four percent by the end of the current fiscal year. Talking to a private news channel, he said all out efforts were being made to reduce the current account deficit and fiscal deficit. Hammad Azhar ... Read More »

FBR issues WHT rate on purchase of air tickets for FY2019-20

KARACHI: Federal Board of Revenue (FBR) has issued adjustable withholding tax rate on purchase of international air ticket effective for Tax Year 2019/2020. The FBR said that airlines issuing the air tickets shall collect withholding tax under Section 236L of Income Tax Ordinance, 2001 from the purchasers of international air travel ticket at the time of realization of sale proceeds. ... Read More »

Economy heading in right direction: SBP Governor Reza Baqir

KARACHI: The economy is facing with a number of problems and uncertainty but the situation is changing, said State Bank of Pakistan (SBP) Governor Reza Baqir while addressing the flag hoisting ceremony held at the State Bank Building to celebrate the country’s 73rd Independence Day. Baqir admitted that the economy is weak, unemployment is rising and inflation is moving upwards ... Read More »

Tethyan Copper Company seeks early payment of $4b fine

ISLAMABAD: Tethyan Copper Company asked a D.C. federal court to confirm a damages award of more than $4 billion issued against Pakistan in a dispute over the denial of a mining lease in the country. Tethyan Copper Company, which is jointly owned by Canada’s Barrick Gold Corporation and Chile’s Antofagasta PLC, said the $4.09 billion award was issued by an ... Read More »

Govt to table law in NA to protect ownership rights of indigenous goods in foreign markets

ISLAMABAD: After a delay of more than 18 years, the government has finally decided to table Geographical Indication (GI) Bill in the National Assembly to protect ownership rights of goods produced in the country. Due to the absence of GI legislation, international brands continue selling Pakistan-origin goods such as Paul Smith’s Peshawari Chappal, Morrocan Ajrak and California Basmati, depriving the ... Read More »

FBR receives record 2.5m tax returns for tax year 2018

ISLAMABAD: The Federal Board of Revenue (FBR) announced that nearly 67 per cent more income tax returns were received for the tax year 2018 compared to the preceding year. The board received 2.51 million tax returns for the first time in its history as against 1.49m returns filed tax year 2017. Last date for filing of income tax returns for ... Read More »