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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 notifies transfer & postings of 5 PCS officers of BS-19-20

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for transfer and posting of following officers of Pakistan Customs Service (BS-19-20) with immediate effect and until further orders: Mohammad Iqbal Bhawana, Collector Customs Adjudication-II, Karachi in addition to his own duties will also look after the charge of Collector, Collectorate of Customs Adjudication-I, Karachi till the posting of a regular ... Read More »

Incumbent govt reduced expenditures for first time in history: Hafeez Shaikh

ISLAMABAD: Finance Adviser Dr. Abdul Hafeez Shaikh Tuesday told that loans of Rs 5,000 billion – taken by the erstwhile governments – have been given back by the incumbent government which gave incentives to increase exports and reduced expenditures for the first time in the country’s history. The finance adviser addressed a press conference along with other Pakistan Tehreek-e-Insaf (PTI) ... Read More »

FBR clarifies position over issuance of show cause notice to foreign diplomat

ISLAMABAD: Federal Board of Revenue (FBR) has apologized over sending show cause notice to a foreign diplomat by an adjudication collection. In a tweet message, FBR spokesman said that it had been noticed that Collectorate of Customs Adjudication Islamabad had sent a notice to the foreign diplomat. “Sending a notice to a foreign diplomat is against Vienna Convention which provides ... Read More »

FBR updates WHT rates on sale & purchase of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has updated the withholding tax rates on sale and purchase of immovable properties for tax year 2021. The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) incorporating amendment to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 236C of Income Tax Ordinance, 2001 the withholding tax is to ... Read More »

FBR suspends IRS officer of BS-19 Syed Zubair Shah for three months

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification to suspend Syed Zubair Shah for a period of three months with immediate effect. A notification issued by FBR read “in exercise of powers conferred under section 5 (1)(i) of Government Servants (Efficiency & Discipline) Rules, 1973, the Competent Authority is pleased to place Syed Zubair Shah, BS-19 officer of Inland ... Read More »

FBR chairman to hold e-Katcheri for taxpayers on August 21

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Javaid Ghani will listen to problems faced by taxpayers through e-Katcheri on Friday August 21, 2020. According to the details, the chairman will be available for taxpayers through telephone number # 051-111772772 between 10:00AM to 11:00AM on Friday August 21, 2020.. The program has been launched in compliance with the directive of the ... Read More »

Pakistan recorded ‘highest-ever’ remittances in July: PM Imran

ISLAMABAD: Prime Minister Imran Khan said on Monday that Pakistan recorded highest-ever remittances from overseas Pakistanis in July 2020, reaching $2,768 million. On Twitter, the prime minister shared the statistics, calling it “more good news” for Pakistan’s economy. “Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This ... Read More »

Tax to GDP ratio dips to 11.4pc during FY2010-20

ISLAMABAD: Tax to GDP ratio has slipped to 11.4 percent in fiscal year FY20 (2019/2020) when compared with 11.6 percent in the preceding fiscal year, according to statistics released by the finance ministry. The size of Gross Domestic Product (GDP) has been measured at Rs41,727 billion in fiscal year 2019/2020 as compared with Rs38,559 billion in the preceding fiscal year. ... Read More »

Withholding tax rates for electricity consumers updated

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on the amount paid for electricity bills by commercial, industrial and domestic consumers. The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 235 of Income Tax Ordinance, 2001 person preparing electricity ... Read More »

FBR updates WHT rates for telephone subscribers

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates for tax year 2021 to be paid by telephone subscribers for using phone services. The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 236 of Income Tax Ordinance, 2001 person preparing ... Read More »

FBR speeds up operation against sales tax evasion after unearthing major scam

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Javed Ghani on Friday issued directions to his Bureau offices to speed up the operation against tax evasion after the FBR unearthed a major sales tax evasion scam in Faisalabad. The Bureau said that all those found involved in fake and flying invoices and tax evasion would be dealt with strictly as per ... Read More »

FBR issues explanation to amendment made to Federal Excise Act, 2005

ISLAMABAD: Federal Board of Revenue (FBR) has issued explanation to amendment made to Federal Excise Act, 2005 through Finance Act, 2020. The FBR through Circular No. 01 of 2020 dated August 06, 2020 explained the following amendments: Enlarging the scope of seizure and confiscation of the non duty paid items subject to FEB In view of increasing trend of non-duty ... Read More »

FBR updates WHT rates for brokerage, commission

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates for brokerage and commission income for tax year 2021. The FBR issued withholding tax card 2020-2021 incorporating amendment to Income Tax Ordinance, 2001 made through Finance Act, 2020. Under Section 233 of Income Tax Ordinance, 2001 federal government, provincial government, local authority, company, association of persons (AOP) are required ... Read More »

NAB placed names of 261 accused on ECL in year 2019

ISLAMABAD: The National Accountability Bureau (NAB) on Saturday released a yearly performance report, stating that overall names of 1,037 personalities are put on Exit Control List (ECL) over corruption charges. The report revealed that the names of as many as 261 accused facing corruption charges were placed on ECL in the year 2019. As per the report, names of former ... Read More »

SBP’s export facilitation schemes entail substantial financial cost: WB

ISLAMABAD: Although the financing schemes of the State Bank of Pakistan have delivered net benefits either in terms of higher tax revenues or foreign exchange, these programmes entail high financial cost to the central bank, according to a new study of the World Bank. The report finds that ‘Export Finance Scheme (EFS) and Long-Term Finance Facility (LTFF) for Plant and ... Read More »

Payment of duty drawback to be made on FIFO basis

ISLAMABAD: Federal Board of Revenue (FBR) has said that payment of duty drawback will be paid on First-in First-out (FIFO) basis taking into account the date of filing of claim. The FBR on Thursday issued SRO 714(I)/2020 to issue rules for processing duty drawback claims. The FBR said that comprehensive audit of duty drawback payments would be carried out by ... Read More »

FBR advises taxpayers to update their profile by Dec 20

ISLAMABAD: Federal Board of Revenue (FBR) has asked taxpayers to update their profile with necessary information by December 31, 2020 in order to avoid fine and penalty. The FBR in a statement on Thursday said that complexity of return forms was an embodiment of the complexity of tax law. “Nevertheless, there is a dire need to simplify return forms without ... Read More »

Response to construction package encouraging, 40 projects registered, 4812 in process: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) that the response of builders, developers and taxpayers to the government’s construction industry package was very encouraging. So far, as many as 40 projects have already been registered with the FBR, whereas drafts of 4812 projects have been prepared for registration in the IRIS System. Furthermore, one purchaser has also submitted a declaration ... Read More »

FBR introduces new mechanism for settlement of cases to facilitate taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that a new mechanism of settlement of cases has been introduced to facilitate taxpayers. The FBR said that before Finance Act, 2020, a taxpayer aggrieved with an assessment order could file an appeal before the appellate authority and the same time could also avail alternate dispute resolution mechanism. However, there was ... Read More »

Danish envoy appreciates NAB’s anti-corruption strategy during meeting with chairman

ISLAMABAD: Rolf Michael Hay Pereira Holmboe, Ambassador of Denmark to Pakistan called on Justice Javed Iqbal, Chairman National Accountability Bureau at NAB Headquarters here today and discussed matters of mutual interest including report of Transparency International Pakistan. Justice Javed Iqbal, Chairman National Accountability Bureau at NAB apprised Rolf Michael Hay Pereira Holmboe, Ambassador of Denmark about NAB’s National Anti Corruption ... Read More »