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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 asks jewelers, real estate dealers to maintain register, report suspicious transactions

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to make mandatory for jewelers and real estate agents to report suspicious transactions. In this regard the FBR issued draft rules through SRO 1320(I)/2019 to make amendments in Income Tax Rules, 2002. As per the draft rules, the designated persons as jewelers and real estate agents should maintain documents and records, where ... Read More »

Plastic exports dip over 1pc to $77.23m in 1Q of FY2019-20

ISLAMABAD: The exports of plastic materials from the country during the first quarter of financial year (2019-20) witnessed decline of 1.76 percent as compared to the corresponding period of last year. The plastic exports from the country were recorded at $77.235 million during July-September (2019-20) as against the exports of $78.620 million during July-September (2018-19), showing nominal decrease of 1.76 ... Read More »

IMF approves $450m loan tranche for Pakistan

WASHINGTON: The IMF praised Pakistan’s economic performance and agreed on next steps, paving the way for release of another portion of a $6 billion, three-year loan package. Once the International Monetary Fund board gives the go ahead, the Washington-based lender will provide $450 million to help right the South Asian nations economy, on top of the $1 billion released in ... Read More »

Money sent & property purchased abroad not illegal act: FBR chairman

ISLAMABAD: The Federal Bureau of Revenue (FBR) has fetched a meager tax of over Rs5 billion from 325 biggest cases for owning income up to $1 million abroad. According to media, FBR Chairman Shabbar Zaidi also admitted before the parliamentarians on Thursday that the money remitted out from Pakistan and creation of any assets abroad could not be termed “illegal” ... Read More »

FTO directs FBR to conduct audit of cigarette manufacturers

ISLAMABAD: Federal Tax Ombudsman (FTO) has found that tax department is not realising full potential of federal excise duty and general sales tax from majority of cigarette manufacturers by either failing to conduct proper audit or ensuring account of production of these units. FTO Mushtaq Ahmad Sukhera, in a suo moto case, directed the Federal Board of Revenue (FBR) to ... Read More »

Pakistan-China FTA to be activated from next month: Razak Dawood

ISLAMABAD: Adviser to Prime Minister for Commerce, Abdul Razak Dawood, announced on Friday that China has given approval to early activated of its Free Trade Agreement (FTA) with Pakistan, according to media. Abdul Razak Dawood said that the Free Trade Agreement (FTA) will be activated from December 1 which was previously scheduled to be commenced in April 2020. While detailing ... Read More »

ECC gives nod to privatization of NPPMCL

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has given go-ahead to the Privatisation Commission to fast-track the privatisation of National Power Parks Management Company (NPPMCL) while the issues related to review and adjustment of risk allocation under the power purchase agreement would be considered again in the next ECC meeting for a final decision. The instructions were passed during ... Read More »

Finance ministry rejects newspaper editorial on ‘flawed narrative’

ISLAMABAD: The Ministry of Finance has rebutted an editorial published in a Karachi-based business newspaper accusing the Minister for Economic Affairs Division Muhammad Hammad Azhar of a “flawed narrative” even as the Minister has discharged his responsibilities as an official spokesperson of the federal government representing the collective view of all economic ministries. In an official statement, spokesperson Ministry of ... Read More »

FBR to have fully automated ‘Track and Trace’ system

ISLAMABAD: The Federal Board of Revenue (FBR) will be instituting within this financial year a fully automated ‘Track and Trace’ system for at least four major sectors, Chairman Syed Shabbar Zaidi said on Thursday. Taking to the micro-blogging site, Twitter, he said: “FBR will be instituting within this financial year, fully automated ‘Track and Trace’ system’ for at least four ... Read More »

FBR I&I to start action against unregistered manufacturers, suppliers

ISLAMABAD: Federal Board of Revenue (FBR) has given go ahead to directorate of intelligence and investigation for conducting raids against manufacturers and suppliers not registered under sales tax laws. In this regard the Directorate of Intelligence and Investigation, Inland Revenue carried out raids against three unregistered units in Gujranwala, said a statement issued by Federal Board of Revenue (FBR) on ... Read More »

Pakistan seeks IMF to drop FATF conditionality, allow reduction in tax target

ISLAMABAD: As the final round of talks in this quarter of the year between the federal government of Pakistan and a staff mission of the International Monetary Fund (IMF) enter its final phase in Islamabad, Pakistan actively looks forward to persuade the global moneylender to drop three of its conditionalities, including reduction in tax target, the recommendations of the Financial ... Read More »

Pakistan decides to settle $90.35m case with Russia

ISLAMABAD: Pakistan would return $90.35 million to Russia as part of arrangements to settle a 39-year-old case involving the two countries. Sources in Foreign Office said Moscow was willing to make huge investment in Steel Mills and Pakistan’s energy sector. The sources further said the Russian government’s hands were tied due to some local laws which do not allow investment ... Read More »

World Bank lauds govt’s economic reforms  

ISLAMABAD: World Bank Vice President Ms Ceyla Pazarbasioglu on Thursday appreciated the economic reforms program initiated by Pakistan Tehreek-e-Insaf (PTI) led government to stabilize the country’s economy and accelerate broad-based growth, according to media. She made this statement during a meeting with Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh at his office in Islamabad. Pazarbasioglu, ... Read More »

FBR directs all chief commissioners IR to form committees with traders

ISLAMABAD: Federal Board of Revenue (FBR) Chief (IR-Operations) Bakhtiar Muhammad has issued notification for formation of committees. A notification issued in this regard stated that all chief commissioners of Inland Revenue department should take following actions with immediate effect. Identify market(s) in the area of their jurisdiction and constitute committees after consultation with trade bodies for each market comprising of ... Read More »

NAB to auction Ishaq Dar’s properties

ISLAMABAD: An accountability court in Islamabad on Thursday permitted the National Accountability Bureau (NAB) to auction the properties belonging to the former finance minister Ishaq Dar, according to media. The court has rejected the plea of Ishaq Dar to stop auction of his properties by the anti-corruption watchdog in assets beyond income reference. Following the rejection of the petition, the ... Read More »

FBR restructuring after taking stakeholders’ nod: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said  that restructuring/transformation of FBR will be undertaken after taking into account feedback of all the stakeholders, including Inland Revenue Service and Pakistan Customs Service. According to a tweet of Shabbar Zaidi on Tuesday, “I thank all the CCIR [chief commissioners Inland Revenue] of IRS [Inland Revenue Service] for very productive ... Read More »

FBR mulls use of geo-tagging for documenting real estate sector

ISLAMABAD: In a bid to document the undocumented real estate sector the government is mulling a Chinese proposal of using geo-tagging to carry out a nationwide survey of properties to evaluate the wealth parked into the sector, according to media. A document obtained by media shows that the government has already approved the Federal Board of Revenue’s (FBR) proposal of ... Read More »

Strong growth witnessed in exports: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar said Wednesday the country has witnessed ‘strong growth’ in its export volume from July-September 2019, according to media. Hammad Azhar said in his latest statement that the government’s step brings significant improvements in the export volume which witnessed visible growth since the exchange rate adjustment. He has also shared the statistics provided ... Read More »

Pakistan values WB financial & technical support for institutional reforms: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has said that Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country. He made this statement while talking Vice President of World Bank, Ms Ceyla Pazarbasioglu who called on the Adviser on Finance ... Read More »

GB Customs surpasses assigned revenue collection target: ADC Shahid Jan

ISLAMABAD: Collectorate of Customs Gilgit Baltistan (GB) Additional Collector Shahid Jan has said that the Collectorate surpassed assigned revenue collection targets allocated for first four months of current financial year under all heads while the FBR has revised revenue collection target for financial year 2019-20 with extra amount of Rs1160 million. Talking with Customs Today during an exclusive interview, Shahid ... Read More »