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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

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 »

FBR bars Pakistan Customs from auction of cigarettes without health warning

ISLAMABAD: Customs authorities have been barred from auction of confiscated cigarettes without printed health warning. The Federal Board of Revenue (FBR) on Tuesday issued draft amendment to Customs Rules 2001. In this regard SRO 554(I)/2020 has been issued to invite comments from stakeholders. The FBR proposed amendment to sub-rule (3) of rule 58 of Customs Rules, 2001. The proposed amendment ... Read More »

NAB committed for logical conclusion of mega corruption cases: Justice Javed Iqbal

ISLAMABAD: Honorable Justice Javed Iqbal, Chairman NAB has said that NAB is committed for logical conclusion of mega corruption cases. Eradication of corruption from the country is the top most priority of NAB. NAB is role model for SAARC countries as NAB is Chairman of SAARC anti Corruption forum and is focal organization of Pakistan under United Convention against Corruption ... Read More »

FBR exempts duty, taxes on import of Remdesivir

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempt 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 ... Read More »

FBR asks field offices to enhance efforts to achieve Rs415.5b target in June

ISLAMABAD: The Federal Board of Revenue (FBR) is likely to miss the revised tax collection target of Rs3,908 billion for the current fiscal year. According to sources, the high ups of the board have directed the field officers to enhance efforts to achieve the Rs415.5 billion tax collection target for the current month and to keep all field offices open on ... Read More »

ECC to monitor import of wheat to control price hike

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has given go-ahead to the private sector to import wheat to control prices of wheat and flour in the market and to ensure availability of wheat and flour at reasonable price across the country throughout the year. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »

Senate committee calls for 100pc hike in FED on cigarettes

ISLAMABAD: The Senate Standing Committee on Finance has approved a recommendation for an increase in the Federal Excise Duty (FED) on cigarettes. Senator Kalsoom Perveen recommended a 100percent increase in FED on cigarettes in the Senate Standing Committee on Finance meeting, chaired by Senator Farooq H. Naik here in Islamabad. The Senate standing committee also approved recommendations presented by Barrister ... Read More »

Tax credit limit reduced by 50pc on charitable donations

ISLAMABAD: The limit of tax credit has been reduced by 50 percent on amount paid in cash or in kind to charitable donations, sources in Federal Board of Revenue (FBR) said. The sources said that under the existing provisions of the last a person is entitled to tax credit on account of charitable donation paid in cash or in kind. ... Read More »

Pakistan signs agreements worth $1,500m with WB, ADB, AIIB

ISLAMABAD: World Bank (WB), Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) will provide financing worth 1.5 billion dollars to Pakistan to strengthen health system and mitigate socioeconomic impacts of the Covid-19 pandemic. Prime Minister Imran Khan witnessed the signing ceremony held in Islamabad. The ADB will provide 500 million dollars for Covid-19 Active Response and Expenditure ... Read More »

IHC dismisses sugar millers’ plea, ends restraining order

ISLAMABAD: Islamabad High Court (IHC) on Saturday announced its verdict on plea filed by Sugar Mills Association against report of sugar scandal inquiry commission. The Court has dismissed the sugar millers plea and decided against extending the restraining order, allowing all agencies to act on the sugar inquiry report. The verdict was announced by Chief Justice IHC Justice Athar Minallah. ... Read More »

30 FBR officials died of coronavirus so far

ISLAMABAD: So far 30 officials of Federal Board of Revenue (FBR) died of coronavirus, including a BS-22 officer of customs service. This was disclosed by FBR in a statement issued on Friday. It said that the FBR arranged a eulogy in remembrance of martyred officers and staff due to coronavirus / Covid-19. On this occasion, Secretary Finance Naveed Kamran Baloch, ... Read More »

FBR exempts sales tax on import of medical equipment

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced sales tax exemption on import of 61 products of medical equipment, which are important to fight against COVID-19. The FBR issued SRO 555(I)/2020 to grant exemption on the medical equipment for a period of three months. Previously, the FBR granted exemption on various medical equipment through SRO 237(I)/2020 dated March 20, ... Read More »