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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

IMF RR Teresa Sanchez to meet customs, SBP officials tomorrow

ISLAMABAD:  The International Monetary Fund (IMF) Resident Representative Teresa Dabam Sanchez will visit Large Taxpayers Unit (LTU) Karachi and the Pakistan Customs House Karachi on Tuesday to review compliance with the IMF bailout package conditions. According to the details, the IMF Resident Representative Office has informed the Federal Board of Revenue (FBR) in writing. During the visit, the IMF official ... Read More »

Judge video scandal: Mian Tariq sent to jail on 14-day judicial remand

ISLAMABAD: Mian Tariq, one of the main characters in the video scandal involving former accountability court judge Arshad Malik, has on Monday been sent to jail on 14-day judicial remand. The hearing was conducted by civil judge Shaista Kundi. The court rejected the Federal Investigation Agency (FIA) plea to grant five-day physical remand of the accused, and directed the authorities ... Read More »

PM directs FBR to reduce FED on ghee, steel units in tribal areas from 17pc to 7pc

ISLAMABAD: The Prime Minister Office has issued directive to the Federal Board of Revenue (FBR) to reduce federal excise duty (FED) on the ghee manufacturing and steel units established in newly merged districts of erstwhile Federally Administered Tribal Areas (Fata), from 17 percent to 7 percent under the proposed rules and policy. The directive was given after Standing Committee on ... Read More »

CNIC condition will stay: FBR Chairman Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi made it clear that the government would not back down from the condition of producing the national identity card for the purchase of Rs50,000 and stressed the need for paying taxes. He was addressing the ‘Policy Symposium on Pakistan Economy & IMF Programme: Challenges & Opportunities’ on Friday Zaidi termed taxes ... Read More »

FBR should review applicability of taxes on shares & securities: Farrukh Sabzwari

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Farrukh Sabzwari has asked the Federal Board of Revenue (FBR) Chairman Shabbar Zaidi to recognise the applicability of different tax rates on ‘shares’ and ‘securities’. Sabzwari has said that under the Income Tax Ordinance, 2001, the stake in an unlisted company is called a ‘share’ while that of a listed company ... Read More »

Customs, excise duty collections record double-digit growth: SBP

ISLAMABAD:The customs and excise duty collections recorded a double-digit growth during the fiscal year 2018-19, State Bank of Pakistan (SBP) said in its recent report. According to SBP report “The State of Pakistan’s Economy” the depreciation of Pakistan rupee, imposition of regulatory duty, and an increase in excise duties led to a double-digit growth in custom and excise collection during ... Read More »

FBR issues SRO for waiving  taxes & duties on import of new FSRUs

ISLAMABAD: The government has exempted from duties and taxes the import of new floating storage and re-gasification units (FSRUs) for liquefied natural gas (LNG) terminals, which will pave the way for Engro Elengy Terminal Pakistan to replace the existing unit with a new one with additional capacity. The current LNG terminal has a handling capacity of 690 million cubic feet ... Read More »

FBR redeploys 1,650 customs officials to curb smuggling

ISLAMABAD: Federal Board of Revenue (FBR) Customs Wing has re-deployed and transferred 1,650 official positions to meet the challenging revenue target and particularly to control smuggling. A statement said that in this context, a total of 180 posts in BS-16 have been re-designated while 1,568 posts in BS-16 have been redeployed across Pakistan. This shake up has not been kept ... Read More »

FBR sets tax collection target at Rs300b for July

ISLAMABAD: The Federal Board of Revenue (FBR) has set the tax collection target at Rs300 billion for July 2019. According to sources, the tax collection in the first 17 days of July stood at Rs170 billion while the remaining Rs130 billion has to be collected in 14 days. Sources said the FBR had fixed July 3 as the deadline for ... Read More »

France provides €50.2m for rehabilitation of Chitral, Dargai hydropower plants

ISLAMABAD: The government of France has provided a soft loan of €50 million (Rs9 billion) and a grant of €0.2 million (Rs36 million) for the rehabilitation of Chitral and Dargai hydropower plants. Secretary of Economic Affairs Division (EAD) Noor Ahmed, French Ambassador Marc Baréty and Country Director of the French Agency for Development (AFD) Jacky Amprou signed the Credit Facility ... Read More »

Govt keen to explore innovative financing models & mobilize investment: Hammad Azhar

ISLAMABAD: Asian Development Bank (ADB) Country Director Ms. Xiaohong Yang called on Muhammad Hammad Azhar, Federal Minister for Economic Affairs. Ms. Yang congratulated Mr. Azhar on his appointment as Federal Minister. During the meeting Minister for Economic Affairs acknowledged the ADB’s support for Pakistan and discussed key priority areas and new avenues for future interventions. The Minister reiterated that the ... Read More »

SECP issues search and seizure rules for property

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday issued its Search and Seizure Rules 2019. The rules are part of the Financial Action Task Force (FATF) requirements to document the economy and expand Pakistan’s tax base. According to the rules, the investigating officer may enter any property after obtaining requisite permission. The officer is required to prepare ... Read More »

Customs I&I detains non-duty paid goods imported by M/s Umer Electronics

ISLAMABAD: Directorate General of Customs Intelligence and Investigation (I&I) detained foreign origin smuggled goods in crackdown on M/s Umer Electronic Islamabad and recovered multiple illegal imported goods worth Rs 8 million. Abdul Maueed Kanju Deputy Director I&I Islamabad said that on pursuing the specific information shared by Zahid Kokhar DG I&I, a team of ASO I&I Islamabad was formed that ... Read More »

Customs NIIA seizes foreign currency from Dubai bound passenger

ISLAMABAD: Collectorate of Customs Air Freight Unit (AFU) Additional Collector Ashfaq Khan seized foreign currency equaling Rs3 million from a Dubai bound passenger. According to details told by Additional Collector that pursuing the information of Seema Raza Bokhari Collector MCC Islamabad, the Customs staff of NIIA (New Islamabad International Airport) during checking of passengers of Dubai bound flight PK-211, a ... Read More »

Japan keen to further strengthen trade relations with Pakistan: Envoy Kuninori Matsuda

ISLAMABAD: Japanese Ambassador Kuninori Matsuda called on the Federal Minister for Economic Affairs Muhammad Hammad Azhar. The ambassador congratulated the minster on his appointment as the Federal Minister and assured of full support going forward. During the meeting, the Minster for Economic Affairs updated the ambassador on the key priorities of present government and structural reforms agenda that was being ... Read More »

Only 300 companies paying 70pc tax in Pakistan: PM Imran

ISLAMABAD: Around 70 percent of Pakistan’s tax comes from 300 companies, says Prime Minister Imran Khan. He said FBR chief Shabbar Zaidi gave him this figure. The premier was speaking to members of the Gujranwala Chamber of Commerce an Industry in Islamabad on Wednesday. He said the service sector accounts for over 20% of the economy, but only 1% pays ... Read More »

FBR to launch mobile app in English & Urdu to simplify business registration on July 19

ISLAMABAD: Federal Board of Revenue (FBR) will formulate a new tax policy to facilitate jewellers and traders in consultation with all jewellers associations and Pakistan Traders Alliance during the current week. According to sources, the FBR already took measures to facilitate business community by stocktaking different sectors on the basis of self-assessment without physical intervention of tax officials. The FBR ... Read More »

Flour mills call off strike after talks with FBR

ISLAMABAD: After successful talks with the FBR chairman Pakistan Flour Mills Association (PFMA) has called off its strike for Wednesday (today). “Our leadership held talks with the FBR team and decided to call off strike after getting assurances that there will be no tax burden on wheat, flour, maida, suji and other products,” PFMA leaders told this scribe here on ... Read More »

ECC approves new PCT codes as per Finance Act, 2019

  ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. The ECC also allowed that new PCT codes, as created in the Pakistan Customs Tariff through the Finance Act, 2019, may also be incorporated in SRO 693(I)/2006 dated 01.07.2006 so that levy of ... Read More »

Huawei to invest around $100m in Pakistan

ISLAMABAD: Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar, appreciating Huawei’s continued engagement in Pakistan, said on Wednesday the leading technology company can help develop and upgrade the IT sector. The minister was talking to Vice President of Huawei Group, Mark Xueman, who along with a delegation called on him. Secretary Planning Zafar Hasan, PD CPEC Hassan Daud ... Read More »