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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

OGRA takes notice of LPG price hike

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has taken notice after Liquefied Petroleum Gas (LPG) marketing companies have increased the price of LPG by Rs5 per kg, following the increase in the petroleum prices earlier. According to details, LPG marketing companies have increased the price of gas for the second time in a week. After the increase, the price of ... Read More »

NAB strongly believes in “Zero Corruption, 100p% Development”:  Chairman Javed Iqbal

ISLAMABAD:  Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that NAB strongly believes in “Zero Corruption, 100% Development”. NAB absolutely committed to root out corruption with iron hands in an atmosphere of renewed energy and dynamism, where fight against corruption is being taken as national duty. He said these remarks while chairing a meeting of NAB DGs via ... Read More »

FBR promotes 10 principal appraisers as assistant collector BS-17

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of following superintendents of preventive and valuation in BS-7 with immediate effect and until further orders:- Details are as under:- Muhammad Khalid, Superintendent, RTO, Gujranwala. Mehmood Ahmad Nasir, Superintendent, CRTO, Lahore. Manoo Mal Galwani, Superintendent, MCC, Hyderabad. Amjad Lal Junejo, Superintendent, RTO, Hyderabad. Ms. Kausar Jabeen, Superintendent, RTO-II< Karachi. Samasam ... Read More »

All field offices of Pakistan Customs to observe extended working hours on June 29-30

ISLAMABAD: Federal Board of Revenue (FBR) on Friday said that the ollectorates of Customs will observe extended working hours on June 29 and 30, 2020 to facilitate trade and business in payment of duty and taxes. The FBR said that all filed offices of customs will remain open and observe extended working hours till 10:00 PM on June 29, 2020 ... Read More »

Govt confident of achieving FBR tax collection target: Hammad Azhar

ISLAMABAD  – Minister for Industries and Production Hammad Azhar said the government was confident of achieving the Federal Board Revenue (FBR) tax collection target of Rs 4.96 trillion set in the budget 2020-21. While concluding discussion on the Finance Bill 2020-21 in the National Assembly here, the minister said those who were considering the target as ambitious should know that ... Read More »

Senate recommends extending tax amnesty to construction sector till June 2021

ISLAMABAD: Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open a new bank account and ... Read More »

China to enhance investments in development projects to generate employment: Envoy

ISLAMABAD: The Chinese Ambassador to Pakistan, Yao Jing, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh. Several matters of mutual interest were discussed during the meeting. Dr Abdul Hafeez Shaikh appreciated the continuous and unwavering support that China has been providing to Pakistan as a true iron brother. Reviewing the serious social ... Read More »

NAB believes in transparency & supremacy of law. Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) said that NAB believes in transparency and supremacy of law. Honesty and Rizk-e-Halal always prove beneficial. The earners of quick money should think that a man goes to his final destination empty handed. Justice Javed Iqbal said that Double Shah was made as Single Shah by NAB recovering Rs4 billion looted ... Read More »

Pakistan receives $1.5b foreign assistance this week: Govt

ISLAMABAD: The Ministry of Finance on Thursday said Pakistan has received $1.5 billion in Covid-19 and development policy related finance assistance from three international financial institutions. “During this week, Pakistan has received USD 1.5 billion in Covid 19 and development policy related assistance from the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank,” it tweeted. The ministry expressed ... Read More »

Rs1,150bn tax expenditure recorded for FY20: FBR

ISLAMABAD: The Tax Expenditure Report 2020 released by the Federal Board of Revenue (FBR) on Wednesday states that tax expenditure from federal taxes in FY20 amounted to an estimated Rs1,150 billion. “Tax expenditure in sales tax amounted highest at Rs518.8 billion (45 percent of the total), while in income tax it amounted to Rs378 billion (33 per cent) and in customs ... Read More »

ECC removes RD on smuggling prone items, fabric, sanitary ware, LEDs, blankets

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved revised standard security package documents such as implementation agreements (GOPIA), GOP guarantee, power purchase agreement (PPA), water use agreement (WUA) under Policy for Power Generation Projects 2002 for the hydropower projects in the private sector. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »

Covid-19: IMF revises down Pakistan’s FY21 growth forecast to 1pc

ISLAMABAD: Keeping in view the estimated impact of Covid-19, the International Monetary Fund (IMF) on Wednesday lowered Pakistan growth forecast for FY21 by half, at 1pc. The IMF had earlier estimated Pakistan’s GDP at 1.5pc for the ongoing fiscal year (FY20) and 2pc for FY21. On Wednesday, the fund revised its forecast for the current fiscal to -0.4pc. As per the ... Read More »

Pakistan earns US$688m by exporting transport services

  ISLAMABAD:  Pakistan earned US $ 688 million by providing different transport services in various countries during the ten months of ongoing fiscal year (2019-20) as compared to the corresponding period last year. This shows decrease of 5.66 percent as compared to US $ 729.280 million earned through provision of services during the corresponding period of fiscal year (2018-19), Pakistan ... Read More »

Cabinet body meets to mull ways to reform bad-performing SOEs

ISLAMABAD: The Cabinet Committee on the State-owned Enterprises (CCoSOEs) met here to discuss the governance reforms on the state-owned enterprises and the reconstitution of the Board of Directors of Sarmaya-i-Pakistan Limited. The CCoSOEs meeting chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh decided to set up a sub-committee headed by Minister for Industries ... Read More »

Senate endorses 40-year tax holiday for Gwadar Port and free zone

ISLAMABAD: A Senate panel on Tuesday endorsed 40-year tax holiday for Gwadar Port and its free zone after the government showed the bilateral agreement to legislators that carried provisions for tax concessions for all including sub-contractors. The Senate Standing Committee on Finance criticised Maritime Affairs Secretary Rizwan Ahmad for making a misstatement about the time period of tax concessions and exclusion ... Read More »

SECP extends date for AMCs to comply with investor’s suitability assessment up to July 24

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended date for Asset Management Companies (AMCs) to comply with mandatory requirement of providing investor’s suitability assessment. A statement issued on Wednesday the SEPC said that to provide mutual fund industry further relief in fulfilling regulatory compliance requirements during COVID-19 pandemic the regulator has extended the timeline for AMCs to meet ... Read More »

NAB okays investigations against former lawmakers

ISLAMABAD: The Executive Board Meeting (EBM) of National Accountability Bureau (NAB) was held on Tuesday at NAB headquarters. Chairman Justice Javed Iqbal, presided over the meeting. Deputy chairman, prosecutor general accountability, director general operations and other senior officers attended the meeting. It is years long set policy of the bureau to share the details of the EBM-NAB which did not ... Read More »

Customs ASO seizes 28kg hashish near Motorway Toll Plaza

ISLAMABAD: Collecorate of Customs Anti-Smuggling Organization (ASO) seized 28 kilogram of chars and arrested two drug traffickers who belonged to KPK. Sources told Customs Today that Collector Seema Raza Bokhari received credible information about smuggling of narcotics. She immediately directed Assistant Collector Rao Fahd to take necessary measure to foil any attempt of narcotics smuggling. Rao Fahd Assistant Collector constituted ... Read More »

FBR exempts duty, taxes on import of antiviral drugs for prevention of Covid-19

ISLAMABAD: Federal Board of Revenue (FBR) exempted duty and taxes on import of antiviral drugs for prevention of coronavirus. The FBR issued SRO 557(I)/2020 to exempt income tax on import of finished drug Remdesivir 100mg injection and injectable solution 100 mg vital. A new section 12D has been inserted to Section 148 of Income Tax Ordinance, 2001 to provide relief ... Read More »

FBR starts audit of 72 sugar mills on inquiry commission’s report

KARACHI: The Federal Board of Revenue (FBR) has started an audit of 72 sugar mills on the recommendations of the sugar inquiry commission which help sugar mill owners in the country responsible for the artificial hike in price that occurred earlier this year. Sources at the Large Taxpayer Unit (LTU) Karachi said audit proceedings have been started against 27 sugar ... Read More »