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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

NAB not responsible for people’s misery: Chairman Javed Iqbal

ISLAMABAD: National Accountability Bureau (NAB) chairman Justice ® Javed Iqbal said the anti-graft watchdog was not responsible for the misery caused by prevailing economic crisis, inflation and rupee depreciation. “NAB is not responsible for the economic crisis, devaluation of rupee, price hike, increased gas and electricity tariffs,” he said while addressing his first-ever presser since assuming charge as NAB’s chief ... Read More »

Oil, gas reserves not found off Karachi coast: Nadeem Babar

ISLAMABAD: Oil and gas reserves have not been found in offshore drilling off Karachi coast, Special Assistant to PM on Petroleum Nadeem Babar said Saturday. Pakistan was hopeful of finding large oil and gas reserves in its territorial waters in the Arabian Sea. US oil giant Exxon Mobil, Italy’s ENI and a couple other companies had been involved in drilling ... Read More »

Islamabad I&I generates Rs19.45m through auction of smuggled goods & vehicles

ISLAMABAD: Directorate of Customs Intelligence and Investigation (I&I) auction cell fetched Rs19.45 million through auction of impounded vehicles and goods. The auction was held at State Warehouse premises. Sources told Customs Today that the auction staff of I&I Rawalpindi and Islamabad conducted two auctions during current financial year 2018-19 and raised revenue of Rs100 million in which total 11 vehicles ... Read More »

Customs I&I impounds huge quantity of smuggled mobile phones

ISLAMABAD: Directorate-General of Customs Intelligence and Investigation (I&I) team seized huge quantity of Chinese smuggled mobile phones and arrested one person. Sources told Customs Today that Director-General Customs Intelligence and Investigation Zahid Khokhar received secret information about the smuggling of mobiles. He formed anti-smuggling squad under the supervision of Superintendent Abdul Malik. The anti-smuggling squad with the assistance of Motorway ... Read More »

Gas production declining by 7pc annually: Nadeem Babar

ISLAMABAD: Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar said gas production in the country was witnessing five to seven percent decrease as the previous government awarded no oil and gas exploration blocks during its five-year tenure. “Energy is an essential driver of the country’s economy and to achieve accelerated gross domestic product (GDP) growth. The economy needs ... Read More »

SFD seeks tax relief for its projects in AJK

ISLAMABAD: The Saudi Fund for Development (SFD) has agreed to provide a grant of Rs8.5 billion for completing all remaining reconstruction projects in Azad Jammu and Kashmir (AJK) and Khyber-Pakhtunkhwa (K-P) following the devastation caused by a massive earthquake in 2005. In this regard, the SFD has pointed to certain hurdles pertaining to local taxes on material, goods and purchases ... Read More »

OGRA recommends up to 47pc hike in gas prices for next FY

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended up to 47 per cent increase in the prices of gas for the fiscal year 2019-2020, according to a spokesman for the regulator. The spokesman said Sui Northern Gas Pipelines Limited (SNGPL) had requested the regulator for 144 per cent hike in gas price, whereas Sui Southern Gas Company (SSGC) ... Read More »

Asad Umar to raise issue of sudden devaluation in NA Finance Committee

ISLAMABAD: Former Finance Minister Asad Umar, while responding to the matter of sudden devaluation of rupee against the US dollar, said on Thursday that the issue would be raised in the meeting of the National Assembly’s Standing Committee on Finance and Economic Affairs. He disclosed that until he was the finance minister, no such condition was placed forward by the ... Read More »

Govt considering to re-impose income tax slabs of 2017-18 to collect additional revenue

ISLAMABAD: Ministry of Finance is considering to re-impose income tax slabs of 2017-18 to collect the additional revenue of Rs100 billion. Pakistan Tehreek-e-Insaf government is set to give blow to salaried class in upcoming budget. Government apart from introducing new taxes, is likely to end tax exemptions to salaried individuals earning Rs400,001 to Rs1.2 million per annum. According to sources, ... Read More »

Customs foils bid to smuggle drugs foiled Islamabad airport

RAWALPINDI: The Customs team deputed at New Islamabad International Airport foiled a bid to smuggle more than ten kilograms of drugs with the help of Airport Security Force (ASF) on Friday. According to details, the accused was trying to travel to Manchester on an Emirates flight EK-613. He had concealed the heroin in one of the layers of his bag. ... Read More »

NAB rejects claims of record misplacement

ISLAMABAD: National Accountability Bureau (NAB) on Friday refuted the claims that any of the anti-graft body’s record was stolen. As per details, NAB in a statement refuted the claims that none of the anti-graft watchdog’s record was stolen from its head office in Islamabad. “No employee of the anti-graft body is allowed to take anything outside from the premises of ... Read More »

Individuals with ‘benami’ assets can be sentenced up to five years: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that individuals possessing ‘benami’ assets could be sentenced up to five years in prison. Speaking on a private channel, Zaidi said showing one’s assets, including his residential property, in someone else’s name was tantamount to holding ‘benami’ assets. He revealed that 300 major tax payers, including corporations, pay 80 ... Read More »

Despite currency devaluation & subsidies exports decline

ISLAMABAD: Despite currency devaluation and subsidies offered to various sectors, the country’s exports declined by 1.54 per cent during April, according to latest data released by the Pakistan Bureau of Statistics (PBS) on Thursday. PBS data shows that exports during the month of April declined to $2.094 billion compared to $2.127bn during the same period last year. Moreover, export proceeds ... Read More »

Pakistan submits implementation report to FATF Asia Pacific Group

ISLAMABAD: A 10-member Pakistani delegation has presented its implementation report to the Asia-Pacific Joint Group (APG) at a face-to-face meeting Guangzhou, China with officials of the Financial Action Task Force’s (FATF) regional affiliate. According to media, the delegation led by Finance and Revenue Secretary Mohammad Younas Dagha has informed the APG about Pakistan’s measures to stop terror financing and money ... Read More »

Inaugural ceremony of 26th Specialized Training Programme held

ISLAMABAD: The inaugural ceremony of 26th Specialized Training Programme of the Commerce & Trade Group, Civil Services was held on 15th May 2019 in Pakistan Institute of Trade & Development (PITAD), Ministry of Commerce. The event was presided over by Secretary Commerce, Sardar Ahmad Nawaz Sukhera. Present on the occasion were senior officers from Ministry of Commerce, probationary officers and ... Read More »

FBR settles 6000 complaints out of 6864 launched on Pakistan Citizens Portal

ISLAMABAD: Federal Board of Revenue (FBR) has resolved about 6000 complaints out of 6864 which were launched on the Pakistan Citizens Portal from Oct 28 till now about the different departments of FBR. According to media, an official of FBR informed that out of remaining 864 complaints 650 complaints were new whereas 214 complaints were in process. He added that ... Read More »

Shabbar Zaidi for not suspending ST registration sans his approval

ISLAMABAD: The newly-appointed chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi, has asked tax officers to seek his prior approval before the suspension of sales tax registration of taxpayers. After taking charge as FBR chairman on Friday, this is the second major directive of Zaidi to all chief commissioners of Inland Revenue who are heading regional tax offices ... Read More »

President Arif Alvi signs ordinance approving tax amnesty scheme

ISLAMABAD: President Arif Alvi on Wednesday signed off on the ordinance confirming the extension in the tax amnesty scheme. A day earlier, the amnesty scheme was approved in a session of the federal cabinet chaired by Prime Minister Imran Khan. The tax amnesty scheme allows citizens to declare previously undisclosed assets in a bid to identify high earners for more ... Read More »

PTI govt unveils first amnesty scheme

ISLAMABAD: The Pakistan Tehreek-i-Insaf government has announced its first tax amnesty scheme for whitening of undisclosed expenditures, sales and assets, including foreign assets, at nominal tax rates. The scheme has come into effect through a presidential ordinance, which will offer a period of 45 days to people for declaration of their undeclared assets, expenditures, and sales along with payment of ... Read More »

BHC & ADB country director calls on Hafeez Shaikh

ISLAMABAD: The British High Commissioner to Pakistan, Thomas Drew, called on the Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh and discussed matters of bilateral interest today. Both sides underscored the need for enhanced cooperation in the areas of trade and economy. The adviser informed that Pakistan had long historic ties with United Kingdom ... Read More »