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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

Budget: Govt considers reducing sales tax rate to 5pc

ISLAMABAD: The federal government has started preparations for budget 2020-21 as tax reliefs have been finalized to boost the national progress. Sources privy to the Ministry of Finance have informed that the government is considering to bring down sales tax rate by 12 percent – from 17 percent to 5. Relief will be provided to the construction sector and other ... Read More »

FBR promotes Syed Fawad Ali Shah, M. Amir

ISLAMABAD: Federal Board of Revenue (FBR) issued notification for promotion of Syed Fawad Ali Shah from BS 19 to BS-20 and Muhammad Amir from BS-20 to BS-21 with immediate effect. According to notification “Syed Fawad Ali Shah, BS-19 officer of Pakistan Customs Service is promoted to BS-20 on regular basis with immediate effect and subject to the final outcome of ... Read More »

Consumers, traders asked to follow business SOPs against Covid-19

ISLAMABAD: The Ministry of National Health Services has asked the customers, retailers and traders to strictly follow SOPs related with the business activities to assure safe and healthful working conditions to reduce the impact of COVID-19 spread. According to an official of the Ministry of National Health Services, the government has allowed necessary small and large businesses to meet the ... Read More »

Pakistan Business Council suggests sales tax proposals for budget 2020-21 to ease pressure on industry

ISLAMABAD: Business community has recommended revival of zero rated sales tax for the export sector in the wake of difficulties faced following COVID-19. Pakistan Business Council (PBC) has suggested sales tax proposals for budget 2020/2021 to ease the pressure on the industry. It said that the proposal for bringing the five export sectors under the ambit of normal sales tax ... Read More »

‘Govt making all out efforts to minimize pandemic impact on economy’

ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar said that government under the leadership of Prime Minister Imran khan was making all out efforts for revival of the economy as it is severely affected by coronavirus pandemic and is chalking out a comprehensive strategy for restoring activities of Special Economic Zones (SEZs) especially Allama Iqbal Industrial City after consulting ... Read More »

Exports value to remain at  $22b in FY2019-20: Dawood

ISLAMABAD: Advisor to the Prime Minister on Commerce, Abdul Razak Dawood said that the country’s exports target of $25 billion could not be achieved due to the ongoing situation of lockdown in the country and it could decline to more or less to  $22 billion. The exports decreased in April by 50 percent and home remittances also declined in this ... Read More »

Technical level talks with IMF underway for finalising blueprint of upcoming budget

ISLAMABAD: Technical talks between Pakistan and the International Monetary Fund (IMF) are underway for finalising the blueprint and salient features of the upcoming budget for 2020-21 in post COVID-19 pandemic situation. According to media, top officials said that the IMF has also linked resumption of Extended Fund Facility (EFF) programme with approval of the next budget for 2020-21 in compliance ... Read More »

FBR extends sales tax return filing date up to May 15

ISLAMABAD: Federal Board of Revenue (FBR) announced relief in sales tax return filing of last three months due to outbreak of coronavirus and lockdown in the country. The FBR issued a notification allowing taxpayers to make payment of sales tax and federal excise duty up to May 12, 2020 for the months January, February and March 2020. Further, the taxpayers ... Read More »

FBR collection falls by 13.4 percent in April

ISLAMABAD: The revenue collection has registered 13.4 percent decline in April 2020 over the corresponding month of the last year, due to ongoing lockdown to contain spread of coronavirus. According to provisional statistics of Federal Board of Revenue (FBR), the collection of duty and taxes fell to Rs256.68 billion in April 2020 as compared with Rs296.58 billion in the corresponding ... Read More »

Pakistan inflation drops to 9.5pc in April

ISLAMABAD: Pakistan’s consumer price inflation rate eased to 9.5% in April from a year earlier, the statistics bureau said on Friday. Consumer inflation was 10.24% in March. A steep drop in fuel prices, which followed a decease in food items such as fresh vegetables, milk and wheat, which have been the main top drivers of inflation, saw a downward trend, ... Read More »

Razak Dawood proposes reduction in indirect taxes

ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood proposed reduction in indirect taxes such as the GST rates and asked for better collection of direct taxes for providing relief in the coming budget. “The better collection of direct taxes will make room for providing relief to the formal documented sectors of the economy by reducing indirect taxes like ... Read More »

FBR transfers 25 PCS officers of Grade 20-19 including Mumtaz Khoso, Irfan Javed, Nadeem Memon, Adnan Akram

ISLAMABAD: Federal Board of Revenue (FBR) transferred and posted 25 Grade 20-19 officers of Pakistan Customs Service (BS-19-20) with immediate effect and until further orders:- Officers who are transferred include Abdul Qadir Memon, Mohammad Adnan Akram, Mohammad Fayyaz Anwar, Irfanur Rehman Khan, Ms. Saima Shahzad, Feroze Alam Junejo, Muhammad Yaqoob Mako, Zahid Ali Baig, Mumtaz Ali Khoso, Irfan Javed, Syed ... Read More »

FBR transfers 11 Grade 21-20 Customs officers including Zahid Khokhar, Rashid Sheikh, Sarfraz Warriach, Zeba Hai

ISLAMABAD: Federal Board of Revenue (FBR) transferred and posted 11 senior officials of Pakistan Customs Service (BS-20-21) with immediate effect and until further orders:- Mohammad Zahid Khokhar (BS-21) Director General, Directorate of Intelligence and Investigation FBR Islamabad is transferred and posted as Director-General, Directorate General of Transit Trade, Karachi. Abdul Rashid Sheikh (BS-21) Director-General, Directorate General of Post Clearance Audit ... Read More »

Senior FBR official tested positive for COVID-19, Board closed till Monday

ISLAMABAD: FBR Secretary Projects Anwar Zeb tested positive for COVID-19 and Board’s headquarters closed down till Monday for disinfection. The official of FBR who found positive of Coronavirus was working on 7th floor of FBR building so the high authorities ordered for fumigation/disinfection of whole building today (Thursday). When FBR’s spokesman was contacted for comments, he said that suspected case ... Read More »

ECNEC okays projects worth Rs249.91b

ISLAMABAD: Executive Committee of the National Economic Council (ECNEC) has approved four major projects at a cost of nearly Rs 250 billion in a meeting presided over by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. The meeting discussed a proposal for the construction of Lodhran-Multan Section (North Bound 62 kms) of N-5 and construction ... Read More »

FBR allows sales tax adjustment to Tier-1 retailers

ISLAMABAD: Federal Board of Revenue (FBR) allowed input adjustment of sales tax to Tier-1 retailers. The FBR issued SRO 344(I)/2020 to amend SRO 1190(I)/2019 dated October 02, 2019. The FBR allowed 95 percent input adjustment against output tax. The FBR through SRO 1190(I)/2019 issued fresh list of sectors to allow input adjustment by amending the Section 8B of Sales Tax ... Read More »

Better coordination mandatory to achieve set macro-economic targets: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has emphasized the need for better coordination among the stakeholders for arriving at consensus on targets of macro-economic variables and the required policy actions to achieve them. He further stressed that all organs of the state should play their role in this difficult time to fully ... Read More »

Govt to form customs border security force to curb smuggling

ISLAMABAD: The federal government gave approval to the formation of a customs border security force to curb smuggling and ensure transit safety of goods. According to sources, the government eased restrictions regarding the new hiring for the force. The customs department has approved new positions from grade 1 to 21. Sources told that the customs border security force personnel will ... Read More »

Customs Adjudication imposes fine on M/s Malika Traders for exporting face masks: Collector Iram Amir

ISLAMABAD:  Collector Customs Adjudication Iram Amir has said that the Collectorate has imposed penalty of Rs 1 million against M/s Malika Traders Lahore for attempting to export face masks worth Rs 15 million via Islamabad International Airport during this time of crisis. “My job is to do public dealing and it is very important to do the job as a ... Read More »

OGRA proposes cut in petroleum products up to Rs44.07 per litre

OGRA proposes cut in petroleum products up to Rs44.07 per litre ISLAMABAD: Oil & Gas Regulatory Authority (OGRA) on Wednesday submitted a summary to the petroleum division recommending that the prices of the petroleum products should be decreased by up to Rs44.07 per litre starting from May 1. According to sources, the regulatoacAry authority forwarded a summary to the petroleum ... Read More »