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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

NAB is only institution in the world which has fixed time frame of 10 months

ISLAMABAD: Justice Javed Iqbal, Chairman NAB has said that NAB under its effective and comprehensive National Anti-Corruption Strategy is committed for logical conclusion of mega corruption white collar crimes cases by adopting “NAB’s Faith-Corruption free Pakistan” Policy as the figures of complaints in 2019 were much better as compared to the figures of complaints received in 2018. The overall complaints ... Read More »

FBR initiates stocktaking of oil marketing companies: report

KARACHI: The Federal Board of Revenue (FBR) have shared that it has started stocktaking of oil marketing companies in view of the sudden sharp increase in petroleum products’ prices. The move, according to the bureau, is being made to stop tax losses because of possible underreported sales. According to the details, as the government hiked prices of petroleum products, the ... Read More »

FBR grants Rs45 billion customs duty exemption under FTAs

ISLAMABAD: Federal Board of Revenue (FBR) has granted an amount Rs45 billion as cost of customs duty exemption and concession of customs duty on imports under free and preferential trade agreements. According to official data of exemption and concessions against imports under Free trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) during fiscal year 2019/2020 was Rs45.02 billion. According to ... Read More »

Finance division rejects news reports on Audit Report 2019-20

ISLAMABAD: The Ministry of Finance has refuted news reports appearing in a section of the press claiming that the first audit report of the present government reveals irregularities and corruption amounting to Rs270 billion by 40 government departments and ministries during FY 2018-19. Describing these reports categorically as baseless, misinformed and erroneous, the Ministry of Finance in an official statement ... Read More »

FBR assigns additional charge to Surriya Butt, Saifuddin Junejo & Seema Bokhari

ISLAMABAD: Federal Board of Revenue FBR has notified transfers and postings of following officers of Pakistan Customs Service (PCS) with immediate effect and until further orders. Accordingly, Suriya Ahmed Butt (BS-21) is given the additional charge of Director General IOCO in addition to her responsibilities as Chief Collector Customs Appraisement South. Ahmed Raza Khan (BS-21) is transferred from the office ... Read More »

SPI-based weekly inflation increases 0.15pc

ISLAMABAD: The Sensitive price Indicator (SPI) based weekly inflation for the week ended on June 25, for the combined consumption group, witnessed nominal increase of 0.15 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 129.36 points against 129.16 points registered in the previous week, according to ... Read More »

FBR asks 140 officers to submit performance evaluation reports

ISLAMABAD: The Federal Board of Revenue (FBR) has directed 140 officers of BS-17 to submit their performance evaluation reports (PERs), otherwise their names will not be considered for promotion. The FBR has issued a list of 140 officers of Grade 17, out of which 108 officers are from Inland Revenue Service (IRS) and remaining 38 from Pakistan Customs Service (PCS). ... Read More »

OGRA takes notice of LPG price hike

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has taken notice after Liquefied Petroleum Gas (LPG) marketing companies have increased the price of LPG by Rs5 per kg, following the increase in the petroleum prices earlier. According to details, LPG marketing companies have increased the price of gas for the second time in a week. After the increase, the price of ... Read More »

NAB strongly believes in “Zero Corruption, 100p% Development”:  Chairman Javed Iqbal

ISLAMABAD:  Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) has said that NAB strongly believes in “Zero Corruption, 100% Development”. NAB absolutely committed to root out corruption with iron hands in an atmosphere of renewed energy and dynamism, where fight against corruption is being taken as national duty. He said these remarks while chairing a meeting of NAB DGs via ... Read More »

FBR promotes 10 principal appraisers as assistant collector BS-17

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of following superintendents of preventive and valuation in BS-7 with immediate effect and until further orders:- Details are as under:- Muhammad Khalid, Superintendent, RTO, Gujranwala. Mehmood Ahmad Nasir, Superintendent, CRTO, Lahore. Manoo Mal Galwani, Superintendent, MCC, Hyderabad. Amjad Lal Junejo, Superintendent, RTO, Hyderabad. Ms. Kausar Jabeen, Superintendent, RTO-II< Karachi. Samasam ... Read More »

All field offices of Pakistan Customs to observe extended working hours on June 29-30

ISLAMABAD: Federal Board of Revenue (FBR) on Friday said that the ollectorates of Customs will observe extended working hours on June 29 and 30, 2020 to facilitate trade and business in payment of duty and taxes. The FBR said that all filed offices of customs will remain open and observe extended working hours till 10:00 PM on June 29, 2020 ... Read More »

Govt confident of achieving FBR tax collection target: Hammad Azhar

ISLAMABAD  – Minister for Industries and Production Hammad Azhar said the government was confident of achieving the Federal Board Revenue (FBR) tax collection target of Rs 4.96 trillion set in the budget 2020-21. While concluding discussion on the Finance Bill 2020-21 in the National Assembly here, the minister said those who were considering the target as ambitious should know that ... Read More »

Senate recommends extending tax amnesty to construction sector till June 2021

ISLAMABAD: Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open a new bank account and ... Read More »

China to enhance investments in development projects to generate employment: Envoy

ISLAMABAD: The Chinese Ambassador to Pakistan, Yao Jing, called on the Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh. Several matters of mutual interest were discussed during the meeting. Dr Abdul Hafeez Shaikh appreciated the continuous and unwavering support that China has been providing to Pakistan as a true iron brother. Reviewing the serious social ... Read More »

NAB believes in transparency & supremacy of law. Chairman Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) said that NAB believes in transparency and supremacy of law. Honesty and Rizk-e-Halal always prove beneficial. The earners of quick money should think that a man goes to his final destination empty handed. Justice Javed Iqbal said that Double Shah was made as Single Shah by NAB recovering Rs4 billion looted ... Read More »

Pakistan receives $1.5b foreign assistance this week: Govt

ISLAMABAD: The Ministry of Finance on Thursday said Pakistan has received $1.5 billion in Covid-19 and development policy related finance assistance from three international financial institutions. “During this week, Pakistan has received USD 1.5 billion in Covid 19 and development policy related assistance from the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank,” it tweeted. The ministry expressed ... Read More »

Rs1,150bn tax expenditure recorded for FY20: FBR

ISLAMABAD: The Tax Expenditure Report 2020 released by the Federal Board of Revenue (FBR) on Wednesday states that tax expenditure from federal taxes in FY20 amounted to an estimated Rs1,150 billion. “Tax expenditure in sales tax amounted highest at Rs518.8 billion (45 percent of the total), while in income tax it amounted to Rs378 billion (33 per cent) and in customs ... Read More »

ECC removes RD on smuggling prone items, fabric, sanitary ware, LEDs, blankets

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet has approved revised standard security package documents such as implementation agreements (GOPIA), GOP guarantee, power purchase agreement (PPA), water use agreement (WUA) under Policy for Power Generation Projects 2002 for the hydropower projects in the private sector. The ECC chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul ... Read More »

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 »