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Islamabad

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

Total tax collection increased by 17pc: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Saturday released the tax revenue collection figures for the month of January, 2020 and the number of returns filed in the Tax Year 2019 as both increased by 17 percent and 40 percent respectively. According to the official data, the provisional collection figure for January 2020 is 320 billion which is 17 perent ... Read More »

FBR assigns look after charge of chairman to Nausheen Javaid Amjad

ISLAMABAD: Federal Board of Revenue (FBR) assigned look after charge of chairman Federal Board of Revenue to Ms. Nausheen Javaid Amjad BS-22 officer of Inland Revenue Service. A notification issued by FBR read as “Ms. Nausheen Javaid Amjad, BS-22 officer of Inland Revenue Service presently posted as Member (Admin), Federal Board of Revenue (HQ), Islamabad is assigned the look after ... Read More »

‘Inevitable’ currency devaluation led to highest external deficit: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar says the country’s debt to GDP ratio is projected to decline in coming years. In a series of tweets on Saturday, he said Pakistan’s public debt increased from “72% to 84% of GDP” during the fiscal year 2018-19 as close to half this increase came from devaluation. “The devaluation became inevitable due ... Read More »

CNIC condition for transactions above Rs50,000 to be enforced from Feb 1

ISLAMABAD: The relaxation offered by the government on the condition of presenting CNIC copies for transactions over Rs50,000 has ended with the month of January. The mandatory condition will come into force from February 1 on Saturday (today). Back in July 2019, the FBR notified provisions making it mandatory for ordinary citizens to show Computer National Identity Card in case ... Read More »

Foreign investment in govt debt touches $2.9b

ISLAMABAD: Foreign investment in government securities has reached $2.915 billion in the current fiscal year of 2019/20, according to the central bank data. The country received a net $2.879 billion foreign investment in short term treasury bills from July 1, 2019 to January 30, 2020. Pakistan Investment Bonds attracted $36 million foreign investment in the period under review. In the ... Read More »

FBR transfers Jawwad Agha, Javed Ghani & 11 PCS officials of BS-20

ISLAMABAD: Federal Board of Revenue issued orders for transfer and posting of 13 Pakistan Customs Service (PCS) officers with immediate effect and until further orders:- Details are as under: Member (Customs Policy) FBR HQ Javed Ghani (BS-22) is transferred and assigned additional charge of Member Customs (Operations), FBR HQ, Islamabad. Member (Customs Operations) FBR, Jawwad Uwais Agha (BS-21) is transferred ... Read More »

FBR extends date of filing of income tax returns till Feb 10

ISLAMABAD: Federal Board of Revenue (FBR) extended date of filing of income tax returns/statement for tax year 2019. A circular issued by FBR read as “in exercise of the powers conferred under Section 214-A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax returns/statements for the Tax ... Read More »

FBR detects big money laundering scam in Peshawar

ISLAMABAD: The Federal Board of Revenue unearthed one of the largest alleged money laundering and terror financing operations based out of Pakistan in which one of the accused possessed over Rs6 billion in different bank accounts but barely paid any taxes. According to media, FBR Directorate of Intelligence and Investigation in Peshawar moved the application seeking information against multiple bank ... Read More »

Customs I&I undertakes transfers & postings of principal appraiser, IOs, sepoys

ISLAMABAD: Directorate-General Customs Intelligence and Investigation has undertaken transfers and postings of the officials of the Directorate General with immediate effect and until further orders. Principal Appraiser Irshad Ali Shah is transferred from Regional Office Gwadar and posted at Regional Office Hyderabad. Intelligence Officer Muhammad Hanif Kurd is transferred from CBCM Islamabad and posted at Regional Office Gwadar. Intelligence Officer ... Read More »

NDMA imposes ban on export of face masks, hand gloves

ISLAMABAD: Following the outbreak of coronavirus that has killed over 200 people, National Disaster Management Authority (NDMA) on Friday imposed a ban on export of face masks and hand gloves. According to a statement issued by the NDMA, the ban has been imposed as “a first precautionary measure” and to ensure availability of “sufficient basic first aid material”. To prevent ... Read More »

Supreme Court hears case related to Indian sugar destined for Afghanistan

ISLAMABAD: A three-member bench of Supreme Court of Pakistan heard case related to Indian sugar destined for Afghanistan under Afghanistan Pakistan Transit Trade Agreement (APTTA). On January 29, 2019, a three member bench comprising of Justice Umar Atta Bandial, Justice Faisal Arab and Justice Mian Khel heard the Indian sugar case which relates to 262 containers of Indian White crestlines ... Read More »

SC directs govt to collect information about assets owned by Justice Isa’s spouse from FBR

ISLAMABAD: The Supreme Court (SC) directed the federal government to collect information from the Federal Board of Revenue (FBR) regarding foreign properties allegedly owned by the spouse of Justice Qazi Faez Isa and submit a report before the court on Monday. According to media, a ten-member full court bench headed by Justice Umar Ata Bandial on Wednesday had resumed hearing ... Read More »

Govt striving hard for export-led growth: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh has said the government is striving for an export-led growth in the country as the growth fuelled by consumption and not investment is not sustainable and durable. “We want quality growth which is led by growth in exports and investments and not driven by mere consumption which ... Read More »

FTO asks FBR to investigate officials involved in registration of fake registered persons

ISLAMABAD: The Federal Tax Ombudsman (FTO) asked the Federal Board of Revenue (FBR) to probe the matter of registration of fake registered persons (RP). According to media, FTO has directed the Chief Commissioner-Inland Revenue(IR), corporate RTO Karachi to investigate and identify the officials involved in registration of fake registered persons and initiate a criminal action against those who are found ... Read More »

ADB approves $15m for development projects in Punjab

ISLAMABAD: The Asian Development Bank (ADB) has approved a $15 million loan that will help seven cities in Punjab province in Pakistan design comprehensive investment and public service delivery plans in preparation for upcoming urban development projects, said a press release issued by the ADB on Thursday. The loan will fund the preparation of spatial master plans, detailed engineering designs, ... Read More »

SC orders FBR to re-investigate into illegal tax refunds case in 3 months

ISLAMABAD: The Supreme Court of Pakistan (SCP) on Wednesday ordered the Federal Bureau of Revenue (FBR) to re-investigate into the illegal tax refunds case against Sales Tax Commissioner Abdul Hameed within three months. A three-member bench of the apex court headed by Chief Justice of Pakistan (CJP) Gulzar Ahmed presided over hearing of the case, and expressed anger at the ... Read More »

PM Imran reviews CPEC progress, directs ministries to fast-track projects

ISLAMABAD: Prime Minister Imran Khan said the ongoing development projects under the China Pakistan Economic Corridor (CPEC) should be completed on a fast-track basis. He also directed the authorities to give a final shape to consultations with China on future projects. The statements were made at a high-level review meeting to ascertain progress on different CPEC projects. Minister for Economic ... Read More »

ECC waives off port charges against Karkey till Jan 31

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. ECC considered and approved waiving off all port dues/ charges amounting to Rs194,951,059 on 31-1-2020 or till the vessels leave the port accruing against Karkey. The said waiver was required as a consequence ... Read More »

46 retailers using POS integrate with FBR

ISLAMABAD: About 46 retailers using point of sale (POS) software have integrated themselves with the Federal Board of Revenue (FBR). Names of vendors, their city names, contact numbers and name of their their websites have been posted on the FBR’s website. POS vendors are operating in Karachi, Lahore, Rawalpindi and Islamabad. The FBR amended Sales Tax Rules 2006 to make ... Read More »

Talks with IMF for third tranche of $450m to begin from Feb 3

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) will hold talks starting from Feb. 3 for disbursement of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF) finalised in May last year. The IMF delegation will perform quarterly review (from October till December) of the economy in the current fiscal year FY20. The global moneylender ... Read More »