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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

Trade deficit falls by 28.4pc during seven months of FY2019-20

ISLAMABAD: Pakistan’s trade deficit narrowed sharply by 28.40 percent during first seven months (July – January) 2019/2020 owing to significant decline in import bill. According to trade data released by Pakistan Bureau of Statistics (PBS), the trade deficit shrank to $13.75 billion during first seven months of the current fiscal year as compared with $19.2 billion in the corresponding months ... Read More »

Shabbar Zaidi to resume charge after leave: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said that Syed Shabbar Zaidi is still Chairman of the FBR but he is on leave. While clarifying new reports about the vacancy of office of Chairman, FBR, Dr. Hamid Ateeq Sarwar, Spokesperson for the FBR / Member (IR-Policy) clarified that Syed Muhammad Shabbar Zaidi, Chairman, FBR is on medical leave and ... Read More »

Talks with IMF team focused on fiscal adjustments

ISLAMABAD: Pakistan and the visiting International Monetary Fund (IMF) delegation continued their talks on Wednesday to work out a revised budgetary estimate on the exact extent of fiscal adjustments needed to stay on track with commitments. According to media, the FBR officials have also argued against hiking withholding tax rates. Talks have just begun on these matters as the government ... Read More »

APM Hafeez Shaikh presides over meeting to discuss issues related to power sector

ISLAMABAD: Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chairs a meeting here at the Finance Division to discuss different issues related to the power sector. In the presence of Minister for Energy, Adviser to PM on Petroleum, secretary energy and secretary finance, different proposal  were discussed that were related to how monthly, quarterly and ... Read More »

Moody’s report underpins stable outlook for Pakistan banking system

ISLAMABAD: Moody’s Investors Service has said in its new report that robust funding, high liquidity and close links with the sovereign underpin its stable outlook for the Pakistan banking system over the next 12-18 months. “The sovereign credit profile has improved in recent months, benefiting the banks through their high exposure to government securities, which account for around 40% of ... Read More »

FBR refutes statements on economic team-IMF talks, says process ongoing 

ISLAMABAD: Federal Board of Revenue (FBR) spokesman on Wednesday denied giving any inputs to media regarding the ongoing talks between the government’s economic team with the International Monetary Fund (IMF) delegation visiting Pakistan. According to the spokesman, the talks between the two sides are ongoing for the release of the third tranche of the US$ 6 billion bailout package. “The ... Read More »

Japan donates ten coronavirus testing kits to Pakistan

ISLAMABAD: The Government of Japan has donated ten coronavirus testing kits to Pakistan. Sources told that Japan’s embassy in Islamabad handed the kits over to officials of the National Institute of Health (NIH). The kits were made available on a request by the Government of Pakistan. Each testing kit costs US$2,000. Earlier, on Sunday, Special Assistant to Prime Minister (SAPM) ... Read More »

Govt releases Rs 429.17b for development projects

ISLAMABAD: The Federal government has so far authorized release of Rs 429.17 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion. Under its development programme, the government has released an amount of Rs190.87 billion for federal ministries, Rs136.68 billion for corporations and ... Read More »

Govt tables tax laws amendment bill in Senate

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government presented draft regulations of money bill and Tax Laws Amendment Bill, 2020, in the Senate session on Tuesday. Federal Minister for Parliamentary Affairs Azam Swati presented the bills in the session, drawing criticism from the opposition benches. Raja Zafarul Haq objected over the procedure for presenting bills in the upper house and said that ... Read More »

Pakistan’s economy strengthening & improving: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Tuesday took to Twitter to hit back at criticism of the PTI government’s economic policies. Responding to a tweet by a journalist who slammed the country’s low GDP growth rate of 2.8, he questioned: “If it was so simple than why Moody’s downgraded Pak economy when it was growing at 5% ... Read More »

FBR conducts audit & scrutiny of all refund cases

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that FBR conducts audit of all refund cases. The FBR said that “it is baseless to assume that FBR does not conduct the scrutiny. The processing of the case may take time but it is certain that all refund cases are audited.” Earlier, the FBR issued a clarification on the news ... Read More »

ECC approves amendment extending exemption from RD to export oriented units

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here. ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units. ECC considered and approved the grant of amount Rs153.25 million from the budget of ... Read More »

Reduction in tax collection target by Rs350b to be sought from IMF

ISLAMABAD: Following the new round of talks with the International Monetary Fund (IMF) for the release of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF), Pakistan may consider bringing a mini budget to overcome the shortfall in tax collection by slapping more taxes or cut down expenditures in order to keep the budget deficit ... Read More »

Govt has taken several initiatives to bring down prices: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said the federal government has taken several initiatives to bring down the prices of various commodities. “The inflation rate in the country would start receding soon which would gradually come down to comfortable level,” the finance adviser said. “The nation will see that soon the prices start ... Read More »

FBR to impose penalty of Rs5000 for each invoice for not obtaining CNIC

ISLAMABAD: Federal Board of Revenue (FBR) has decided to impose penalty of Rs5000 on registered persons over their failure to obtain CNIC information of buyers. Sources in the FBR said that as per updated Sales Tax Act, 1990 up to December 31, 2019 any person who fails to issue an invoice when required under this Act, then such person shall ... Read More »

Govt borrowed Rs4.11 trillion to finance budget deficit in 15 months

ISLAMABAD: A press release issued by the Ministry of Finance stated that the government borrowed only Rs 4.11 trillion to finance its budget deficit. The press release further stated that  the finance division lays before the National Assembly the debt policy statement and fiscal policy statement every year to fulfill the requirements laid out under Section 6 and 7 of ... Read More »

FBR obtains information regarding buyers & sellers of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) obtained information of buyers and sellers of immovable properties during the period July – December 2019. According to media, the bulk of information was provided by provincial property registrar offices and housing societies along with complete details of buyers and purchasers. The information would be used for detecting concealment of tax money and quantum ... Read More »

FBR clarifies news about fake tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) issued a clarification on the news aired on electronic media about the issuance of fake refunds. FBR has explained that two processes are being used to deal with refund cases. The first is the processing of refunds through automated system for the exporters. In this process, the audit of the refund is conducted after ... Read More »

Govt’s rigorous monitoring help ease higher inflation

ISLAMABAD: Ministry of Finance has said that the outcome of stabilization policies, agriculture sector interventions, rigorous monitoring at federal/provincial levels and favourable weather will bring in better results in easing out inflation and sustain the economy towards growth and productivity in the coming days. Adverse effects of pre-monsoon rains on wheat crop, disruption of supply chain of essential items due ... Read More »

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 »