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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

Finance Act 2020: customs to allow provisional release in anti-dumping duty case

ISLAMABAD: The customs authorities shall allow provisional release of goods on bank guarantee where levy of anti-dumping duty challenged in court of law. Through Finance Act, 2020 applicable from July 01, 2020 amendment has been made in Anti-Dumping Duties Act, 2015. As per the amendment: “ … where a competent court of law has stayed preliminary or final determination of ... Read More »

Pakistan needs to make power, gas tariff adjustments for $6b IMF package

ISLAMABAD: Even after approval of the budget for 2020-21 from the parliament, an IMF sponsored programme of $6 billion for Pakistan hangs in the balance, for which Islamabad will have to comply with tariff adjustments on electricity and gas as well as undertake reforms to reach a staff level agreement on the completion of the second review. The IMF programme ... Read More »

ECC asks OGRA to review RLNG revenue shortfall as worked out by SNGPL

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved Rs 29.72 billion to provide cash assistance of Rs12,000 per beneficiary to 3.725 million applicants irrespective of provincial, regional and district quota under the Ehsas Emergency Cash Programme. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdu Hafeez Shaikh allowed the BISP to spend ... Read More »

Missing Persons Commission under dynamic leadership of Justice Javed Iqbal settles 4593 cases up to June 30

ISLAMABAD: Under the dynamic leadership of Justice Javed Iqbal, Chairman Missing Persons Commission has disposed of 4593 cases up to June 30, 2020 as per monthly progress report released by Farid Ahmed Khan, Secretary (ColoED) on cases of alleged enforced disappearances for the month of June 2020. A total number of 6674 cases were received by the Missing Persons Commission ... Read More »

Trade deficit narrows by 27pc in FY2019-20

ISLAMABAD: Pakistan’s trade deficit narrowed by 27 percent to $23.18 billion in fiscal year 2019/2020 as against the deficit of $31.8 billion in the preceding fiscal year, Pakistan Bureau of Statistics (PBS) said on Friday. The import bill of the country significantly declined by 18.61 percent to $44.57 billion during July – June 2019/2020 as compared with $54.76 billion in ... Read More »

Hafeez Shaikh to chair ECC meeting today

ISLAMABAD: Advisor to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh to chair the Economic Coordination Committee (ECC) meeting in Islamabad on Friday (today). During the meeting, the cabinet will review the consumption of urea fertilizer for the next financial year. The committee will also consider tariff adjustments for the period starting July 2016 till March 2019. The ... Read More »

China to install phytosanitary facilities, build agriculture institutes in Pakistan

ISLAMABAD: China will help Pakistani install phytosanitary facilities to boost the country’s fruit export, besides building vocational and technical agriculture institutions for training farmers and general public. The decision to this effect was taken in a meeting between Minister for National Food Security and Research Syed Fakhar Imam and Ambassador of China Yao Jing on Thursday. Speaking on the occasion, ... Read More »

Centre, Sindh will settle tax dispute in a day or two: Nosheen Javed Amjad

ISLAMABAD: Federal Board of Revenue (FBR) Chairperson Nosheen Javed on Thursday expressed the hope that the ongoing tax dispute between the Centre and the Sindh government will end soon. During an informal chat with media personnel, she said the federal government is in talks with the provincial authorities to settle the dispute. Hopefully, she added, the issue will get resolved ... Read More »

Exports showing progress due to product diversification: Razak Dawood

ISLAMABAD: Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Thursday said the exports of Pakistan are showing clear signs of recovery, due to the efforts of the exporters to diversify the products, in the wake of new opportunities arising amid Covid 19 pandemic. This was stated by Advisor to the PM on Commerce and Investment, ... Read More »

Cabinet committee decides against privatising Roosevelt Hotel

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue chaired the meeting of the Cabinet Committee on Privatization. CCoP reviewed one point agenda on the Privatization of Roosevelt Hotel (Manhattan , New York) asset owned by PIA-Investment Limited. As requested by the Aviation Division, CCoP decided to de-notify the Roosevelt Task Force formed earlier under the chairmanship of Minister ... Read More »

Date extended to exchange Rs40,000 bearer prize bonds

ISLAMABAD: The ministry of finance on Thursday extended the last date to exchange bearer prize bonds of Rs40,000 denomination up to December 30, 2020. The last date to exchange the bearer prize bonds was expired on June 30, 2020. The government on June 24, 2019 announced to discontinue the circulation of Rs40,000 denomination national prize bonds. The State Bank of ... Read More »

Tax experts laud FBR for exceeding revenue collection target by Rs92b

ISLAMABAD: The country’s leading tax experts have lauded the Federal Board of Revenue (FBR) for exceeding the FY20 revenue collection target of Rs3,908 billion by Rs92 billion given the adverse economic condition created due to Covid-19. Talking to media, tax consultant, Dr Ikramul Haq appreciated FBR’s performance and said that the FBR had exceeded the tax collection target by Rs92 ... Read More »

NAB’s effective anti corruption strategy acknowledged by Transparency Int’l, WEF & PILDAT: Justice Javed Iqbal

ISLAMABAD:  Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that eradication of corruption is top most priority of NAB. The present management of NAB has chalked out an effective and proactive Anti Corruption Strategy which has been acknowledged by Transparency International (TI), Pakistan, World Economic Forum, PILDAT and Mishal Pakistan. He said that the initiatives taken by the ... Read More »

FBR exempts customs duty on oxygen gas, cylinder import

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday granted exemption from customs duty on import of oxygen gas and oxygen gas cylinders in order to ensure availability in the wake of coronavirus spread. The FBR issued SRO 593(I)/2020 and exempted the import of oxygen gas and oxygen gas cylinders from customs duty for three months effective from June 23, 2020. ... Read More »

Amid COVID-19, FBR achieves revised tax collection target for 2019-20

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs411 billion in the month of June, 2020 against the set target of Rs398 billion. With the addition of revenue collected in the month of June till 3 p.m on the last day. FBR has also achieved the revised target of Rs3907 billion for the Financial Year 2019-20. FBR has collected the ... Read More »

Finance Ministry rejects recommendation of lowering petroleum levy by Rs10

ISLAMABAD: Finance Ministry on Wednesday rejected a recommendation by Petroleum Division to reduce levy on petroleum products by 10 rupees. According to sources, reduction of Rs10 in levy was recommended to provide relief to masses; however petrol pump owners strongly objected to the move and urged government not to reduce the levy. Petrol pump owners were of the view that ... Read More »

Security forces to submit monthly seizure report of anti-smuggling operations to FBR

ISLAMABAD: Security forces engaged in anti-smuggling activities to submit monthly seizure report to Federal Board of Revenue (FBR). The FBR issued SRO 578, 579 and 580(I)/2020 to amend Customs Act, 1969 making it mandatory for security forces to furnish monthly report of seizure report to the customs authorities. The FBR has entrusted Frontier Corps, Pakistan Rangers, Pakistan Maritime Security Agency ... Read More »

FBR imposes up to 7% additional customs duty to achieve revenue targets

ISLAMABAD: In an effort to achieve revenue collection target for fiscal year 2020/2021, Federal Board of Revenue (FBR) increased additional customs duty up to 7 percent from 1 July 2020. The FBR issued SRO 572(I)/2020 on Tuesday for levying additional customs duty at different rates of two percent, four percent and seven percent. The FBR provisionally collected Rs3.957 trillion for ... Read More »

Customs ASO surpasses revenue collection target for FY2019-20: Collector Seema Bokhari

ISLAMABAD: Seema Raza Bokhari Collector Customs Islamabad has said that allocated annual anti-smuggling target for current financial year 2019-20 was Rs1.75 billion which has already achieved with extra amount of Rs2.15 million till May 2020. Talking with Customs Today the Collector said that business activity fully halted due to COVID19, she added that as all the Customs Collectorates of country ... Read More »

All customs collectorates to remain open for collection of duty & taxes till 12 am today

ISLAMABAD: The Federal Board of Revenue (FBR) has issued instructions to all Customs Collectorate to remain open and observe extended working hours till 10:00 pm on 29th June (Monday) and till 12:00 am (midnight) on 30th June, 2020 (Tuesday) (today) to facilitate the taxpayers’ in payment of duties and taxes. According to a notification, the FBR has further instructed the ... Read More »