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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

FBR issues SRO 1041(I)/2020 for timely issuance of annual return forms

ISLAMABAD: Federal Board of Revenue (FBR) issued SRO 1041(I)/2020 for timely issuance of annual income tax return forms in order to facilitate taxpayers and avoid unnecessary delays in return filing process. The FBR proposed amendment to Income Tax Rules, 2002 through the SRO. A new rule 34A has been proposed to insert in the Income Tax Rules, 2002. As per ... Read More »

FTO directs FBR to enforce certificate of origin to curb under invoicing

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue (FBR) to enforce certificate of origin from respective country of manufacture. The FTO recommended that the commerce ministry to frame and enforce rules of origin in respect of goods suspected of circumvention and import from free ports, which are not covered under preferential trade agreement (PTA). The FTO made ... Read More »

FBR adopts new policy to strengthen legal team for tax cases

ISLAMABAD: Federal Board of Revenue (FBR) has adopted new policy for placement of legal advisors and advocates on its panel to improve the representation before the courts. The FBR said that previously policy for appointment of advocates was regulated under guidelines issued on October 16, 2017. “However, to improve the representation before the courts in the light of directors of ... Read More »

ECC approves Rs4.98b for implementation of interest free loans program

ISLAMABAD: Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division. The meeting was attended by Minister for Food Security, Syed Fakhar Imam, Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Industries and Production, Hammad Azhar, Adviser for ... Read More »

FBR exempts 17pc sales tax on local supply of imported sugar

ISLAMABAD: Federal Board of Revenue (FBR) exempted 17 percent sales tax on domestic sale of imported sugar. The FBR issued SRO 1038(I)/2020 to comply with the government decision to allow tax free import of sugar in order to reduce the price of the commodity in the local market. The Economic Coordination Committee (ECC) allowed the import of 300,000 metric tons ... Read More »

PMDU receives complaint against M/s Imtiaz Super Store for not mentioning sales tax on cash receipts

ISLAMABAD: A prominent superstore was found violating strict government instructions as it was not mentioning sales tax on cash receipts despite selling items for higher than usual rates. According to media, a complaint was filed with the Prime Minister Delivery Unit (PMDU) on October 4, 2020, concerning the nondisclosure of sales tax by M/s Imtiaz Super Market in Islamabad. Imtiaz ... Read More »

Registered builders, developers to avail fixed tax scheme: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that the fixed tax scheme is available to those builders and developers, who opt for the scheme by registering their projects with the FBR. Under the scheme, the term “builder” means a person who is registered as a builder with the FBR and is engaged in the construction and disposal of residential ... Read More »

Remittances from overseas Pakistanis rose to $2.3b in Sept: PM Imran

ISLAMABAD: Prime Minister Imran Khan Monday said there is more good news for Pakistan’s economy despite COVID-19 as remittances from overseas Pakistanis rose to $2.3 billion in September 2020. The premier tweeted that “Despite Covid more good news for our economy. Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 bn in Sept 2020, 31% higher than last Sept ... Read More »

FBR updates advance tax rates for motor vehicles registration, transfers

ISLAMABAD: Federal Board of Revenue (FBR) has updated advance tax rates for registration and transfer of motor vehicles during tax year 2021. The FBR issued the tax rates as updated up to June 30, 2020 and will remain applicable during July 01, 2020 to June 30, 2021, if not amended. The advance tax on motor vehicles at the time of ... Read More »

FBR invites applications for BS-1, BS-5 vacancies

ISLAMABAD: Federal Board of Revenue (FBR) has invited job applications for the post of BS-1 and BS-5 at FBR headquarter. The FBR said that applications are invited from candidates having requisite education, quota and age to fill the following posts under the federal government: Sepoy (BS-05): 04 vacant posts; age limit is 30 years with general age relaxation of five ... Read More »

FTO directs action against superintendent SIU (I&I)

ISLAMABAD: Federal Tax Ombudsman (FTO) Mushtaq Ahmed Sukhera deciding a complaint filed by Muhammad Abdullah, Director of Steel Vision (Pvt) Limited under Section 10(1) of the Federal Tax Ombudsman Ordinance 2000, directed the Director General Intelligence & Investigations (I&I), Islamabad to take appropriate action as per incident report dated 17-7-2019. The said incident report was submitted by Ali Aijaz, Deputy ... Read More »

IHC directs FBR to forward matter of principal appraisers to management services wing

ISLAMABAD: Islamabad High Court (IHC) has directed Federal Board of Revenue to refer the matter of upgradation of the post of Principal Appraisers to BS-17 to management services wing of Establishment Division. According to the details, the petitioners are principal appraisers of BS-16. Representation was filed by the petitioners and other Principal Appraisers for upgradation of the post from BS-16 ... Read More »

FBR explains taxable income for collection of tax from corporate entities  

ISLAMABAD: Federal Board of Revenue (FBR) has explained taxable income for collection of tax from persons or corporate entities. The FBR issued Income Tax Ordinance, 2001 updated June 30, 2020 incorporating amendments brought through Finance Act, 2020. Section 4 of the Income Tax Ordinance, 2001 explained the tax on taxable income, which is as follow: Sub-Section (1): Subject to this ... Read More »

FBR projects 12pc tax to GDP ratio in three years

ISLAMABAD: The Federal Board of Revenue (FBR) is projecting tax-to-GDP ratio at 12 percent in three years after slippage of the ratio to a single digit in 2019/2020. According to a report, the FBR’s collection to the GDP has been dropped to 9.6 percent in fiscal year 2019/2020, which the tax authorities realized that the ratio was not sufficient to ... Read More »

Customs ASO seizes smuggled goods & NDP vehicle worth Rs20m

ISLAMABAD: Collectorate of Customs, Anti-Smuggling Organization (ASO) has seized huge quantity of foreign origin smuggled goods along with offending vehicles worth Rs20 million. According to details, credible information was received by Collector Junaid Jaleel that huge quantity of smuggled foreign origin goods will be smuggled via Islamabad Motorway and coming from Quetta side, said information was forwarded to Assistant Collector ... Read More »

FBR I&I detects tax evasion of Rs10m by M/s SS Corporation

ISLAMABAD: The Federal Board of Revenue’s (FBR) Intelligence and Investigation (I&I) wing has unearthed another tax evasion scam. According to media, the owner of M/s SS Corporation – a commercial importer — had evaded taxes of over Rs10 million in violation of the Anti-Money Laundering Act, 2010. It was found that the company had sold goods at higher rates than ... Read More »

Weekly inflation up 1.24pc due to uptick in prices of food items

ISLAMABAD: Weekly inflation for the combined group in the period ended on October 8 saw an increase of 1.24 per cent due to rising prices of essential food items, according to the Pakistan Bureau of Statistics (PBS). The Sensitive Price Index (SPI) is calculated on the basis of the prices of 51 essential items collected from 50 markets in 17 ... Read More »

No restriction on withdrawal, transfers from foreign currency accounts: MoF

ISLAMABAD: The ministry of finance on Friday issued rules governing foreign currency accounts of individuals under which there shall be no restriction on cash withdrawal or transfers from the foreign currency account. The ministry issues rules governing foreign currency accounts of individuals, under which a foreign currency account of an individual may be credited with the remittances received from abroad ... Read More »

FBR grants tax exemption of Rs1.1b on gratuity payments to govt employees

ISLAMABAD: Federal Board of Revenue (FBR) has granted exemption of Rs1.11 billion on payment of gratuities to government employees or gratuity fund during tax year 2020. The exemption has been granted under clause 13 of Part 1 of Second Schedule of Income Tax Ordinance, 2001 and it has no sunset clause. The FBR said that any income representing any payment ... Read More »

Govt intends to remove additional customs duties on another 152 items

ISLAMABAD: As the government, through tariff rationalization, has already removed various duties on 164 items, it also intends to remove customs duties on another 152 items in order to facilitate ‘made in Pakistan’ products. After the removal of additional customs duty and regulatory duty on 164 items related to the textile sector, not manufactured in Pakistan, the Tariff Policy Board ... Read More »