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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 chairman vows ‘penal action’ against income tax non-filers

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi reiterated that every person owning a car above 1000 cc and a house measuring 500 square yards or above is required to file tax returns. “FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file ... Read More »

Economic Indicators of Fiscal Year 2019-20

ISLAMABAD: Ministry of Commerce released following economic indicators of Fiscal Year 2019-20. Fiscal deficit is down from 1.4pc of GDP to 0.7pc of GDP in 1Q (July-Sep). Goods exports in dollar value are up by 4.8pc, trade deficit down by 34.42pc in July-Nov. Exports up by 9.6pc in November 2019 & trade deficit down by 35.50pc (source; Ministry of Commerce) Current ... Read More »

APM Hafeez Shaikh directs FBR to simplify H-Form to clear ST refunds within week

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed FBR to take input and suggestions from the textile exporters and simplify the H-Form within a week to ease and expedite the processing and payment of Sales Tax refunds to textile exporters. He gave the instruction during a meeting with the office-bearers and members ... Read More »

Pakistan submits implementation report of FATF action plan

ISLAMABAD: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities. According to sources, the Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting ... Read More »

Second phase of China-Pakistan FTA comes into effect

ISLAMABAD: The second phase of China-Pakistan Free Trade Agreement (CPFTA) has come into effect, allowing Pakistani manufacturers and traders to export more than 300 new products to the Chinese market for zero duty charges. The two neighbouring countries have already completed all legal procedures and formalities to start implementation of the agreement. Pakistan and China signed a protocol for implementation ... Read More »

Trade deficit declines by 34pc in five months of FY2020

ISLAMABAD: Pakistan’s exports of goods during November 2019 have increased by 9.6 percent to $2.02 billion while imports declined by 17.53 percent to $3.815 billion over corresponding month of last year, the Ministry of Commerce’s data. According to media, exports were recorded at $1.843 billion while imports at $4.626 billion in the same month of last year (November 2018). During ... Read More »

FBR collects 17pc more taxes from previous year: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that they have collected 17 percent more taxes during the five months of the ongoing fiscal year till November 2019 as compared to same period during the previous year. In a post shared on micro-blogging site Twitter, detailing the amount of revenue collected in month of November 2019, ... Read More »

Strong rally in PSX shows investor’s confidence on govt: Hafeez Shaikh

ISLAMABAD: Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said that strong rally in stock market showed increasing investor confidence on stabilization measures taken by the government. He said the KSE-100 index had shown tremendous performance during November showing a positive change of 14.9%. In his tweet, Shaikh said that in November 2019, stocks recorded ... Read More »

FBR extends deadline for filing of income tax returns till Dec 16

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday extended the deadline for filing of income tax returns for the tax year 2019 to December 16. “In exercise of the powers conferred under Section 214-A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax returns/statements for the ... Read More »

Pakistan recorded lowest 1Q fiscal deficit in 13 years: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Saturday said that the country has recorded the lowest first-quarter fiscal deficit in 13 years. Taking to the social networking website Twitter, Hammad Azhar said that the current account is in surplus after four years. He maintained that the Foreign Portfolio Investment has returned to the country after three years. The ... Read More »

Auction for 40 new gas, oil sites will be held next month: Omar Ayub

ISLAMABAD: Federal Minister for Power and Petroleum, Omar Ayub Khan said that the petroleum sub-sector will be offering huge oil and gas exploration opportunities of around 40 new sites for which auction will be conducted in the month of December 2019. In a meeting with German Ambassador Bernhard Schlangheck who called on him at his office, he said that Pakistan’s ... Read More »

FBR chairman thanks banks for agreeing to provide data of account holders

ISLAMABAD: Federal Board of Revenue (FBR) chairman Syed Shabbar Zaidi on Friday expressed gratitude to the Pakistan Banks Association (PBA) and presidents of all banks for showing willingness to withdraw pending litigation on furnishing of certain information. “On behalf of FBR, I thank Pakistan Bank Association and Presidents of all the banks for agreeing to withdraw pending litigation on the ... Read More »

FBR inks accord with PBA to obtain details of account holders

KARACHI: Federal Board of Revenue (FBR) signed agreement with Pakistan Banks Association (PBA) to share details of their account holders to check suspected undocumented money in the banking channels. The agreement was signed between Federal Board of Revenue Chairman Syed Shabbar Zaidiand chief executives of commercial banks on November 27, 2019 at the Large Taxpayers Unit (LTU) Karachi. “The PBA ... Read More »

No raids at business centers: FBR chairman

RAWALPINDI: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has assured business community that no raids would be conducted on registered taxpayers for income tax or sales tax purposes. According to a statement issued on Friday, the delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI) led by President Saboor Malik met with him at his office. The FBR ... Read More »

Groundbreaking of first economic zone under CPEC next month: Asad Umar

ISLAMABAD: Minister for Planning and Development Asad Umar has said the government is targeting the groundbreaking of first Special Economic Zone (SEZ) under China-Pakistan Economic Corridor by the end of next month. In a tweet on Friday, he expressed the determination to open two more SEZs within current fiscal year. He said under the first phase, one each Special Economic ... Read More »

Revival of PIA  govt’s top priority: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Friday expressed satisfaction over ongoing reforms in Pakistan International Airline (PIA) and said that revival of national flag carrier and making it a profitable entity was among the topmost priorities of the government. The prime minister was chairing a meeting about affairs of Aviation Division at the PM Office. The meeting deliberated upon affairs ... Read More »

Customs rulings made available on FBR website: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Ali Zaidi took to social media today and said that the department’s rulings for customs were to be made available on the website. The chairman added that the step was being taken to promote and elevate the ease of doing business initiative alongside making the entire process more transparent. The tweet ... Read More »

Pakistan, Africa could take benefit of BRI: Abdul Razak Dawood

ISLAMABAD: Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood said on Thursday that Pakistan and African countries could take benefit of Belt and Road Initiative (BRI). Addressing  envoys conference titled “Engage Africa” Abdul Razak Dawood said that Pakistan could export rice, engineering, foods, electronic equipment, pharmaceutical products, sports items, surgical instruments and cutlery to African states. He ... Read More »

AEO program will boost national exports: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi and Member Customs (Policy) Javed Ghani presided over a meeting to highlight Authorized Economic Operators (AEO). The program has been finalized according to international practices and WCO security standards. The meeting was attended by representatives of all government departments and border agencies who were taken on board on the said Program ... Read More »

Remittances expected to reach $3b by end of next year

ISLAMABAD: Pakistan is witnessing unprecedented inflow of foreign investment in its debt instruments with the latest figures showing the number has crossed $1 billion and analysts at Topline Securities expecting inflows to reach a record $3 billion by the end of the current fiscal year in June 2020. Benchmark interest rates have stood at 13.25 per cent since the last ... Read More »