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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

ABAD meets Hafeez Sheikh, presents proposals to boost property business  

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Abdul Hafeez Shaikh chaired a meeting with a six-member delegation of the “Association of Builders and Developers of Pakistan” (ABAD). The delegation was represented by Hassan Bakhshi. Various proposals were presented that could enhance and boost the property business in the country and improve tax collection for the government. The ... Read More »

Pakistan GDP to grow by 4.2pc annually in next five years

ISLAMABAD: As per the World Economic League Table 2020, published by the Centre for Economics and Business Research (Cebr), Pakistan had a PPP (Purchasing Power Parity) adjusted GDP per capita of $5,872 in 2019, making it a lower middle-income country. The economy of Pakistan has carried forward the momentum from last year, with GDP set to have risen by 3.3 ... Read More »

FBR prepares draft law for cargo clearance

ISLAMABAD: Federal Board of Revenue (FBR) has announced the finalisation of a draft law consisting amended regulations for cargo clearance that focuses on improvements in risk management system. FBR spokesperson announced Pakistan Customs finalised regulations related to risk management system for cargo clearance in accordance with the Article 7.4 of World Trade Organisation (WTO) laws. The process of amendments in ... Read More »

Pakistan to export electric fans to Vietnam

ISLAMABAD: Pakistan is eyeing the Vietnamese market to export electric fans as the East Asian country’s demand for fans has increased amid rising tourism. In a visit organised by the Engineering Development Board (EDB), a nine-member trade delegation representing electric fan sector visited Ho Chi Minh City in order to develop business-to-business meetings and explore opportunities to enhance exports. The ... Read More »

FATF deadline: FBR to devise strict measures to curb currency smuggling

ISLAMABAD: Federal Bureau of Revenue (FBR) has decided to devise strict measures to curb currency smuggling. FBR sources familiar with the matter told the media on Tuesday that the measures would initially be implemented in a form of an ordinance, and it will be formulated in the budget. The purpose of the law will be to curb currency smuggling through ... Read More »

FBR asks finance ministry to ascertain criteria for import of luxury vehicles for diplomats

ISLAMABAD: The Federal Board of Revenue (FBR) has taken up the matter with the Ministry of Foreign Affairs (Mofa), asking it to write a letter to all foreign embassies and international NGOs to ascertain their criteria for importing luxury vehicles for diplomats and other foreign nationals, who are exempt from paying duty while importing vehicles for their use in Pakistan. ... Read More »

Govt to issue presidential ordinance next week for tax concessions to traders: FBR chairman

ISLAMABAD: The PTI-led government has decided to implement concessions in taxes for traders through a presidential ordinance next week. Talking to media, Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has said that the tax rate concessions were offered in a deal reached between the Federal Board of Revenue and representatives of traders on October 30. The pact has two ... Read More »

FBR serves notices to dozens of private hospitals located in Islamabad, Rawalpindi

ISLAMABAD: The Federal board of Revenue (FBR) has issued notices to dozens of private hospitals those who were involved in grabbing tax on the name welfare trust. FBR has widened the scope of issuing tax notices to the owners of private medical centres, hospitals and doctors. The countrywide tax drive has been initiated to bring maximum professions and sectors into ... Read More »

Govt optimistic about outperforming IMF’s inflation projection for FY20

ISLAMABAD: The federal government has been doing much better than the International Monetary Fund projection with respect to most of the macroeconomic indicators, including inflation rate which is expected to come down to around 5 percent in the medium term, the spokesman of the ministry of finance stated. With regard to inflation outlook, IMF has lowered inflation projection for FY2019-20 ... Read More »

Customs field offices to observe extended working hours on Dec 30 & 31

ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all the customs field offices to remain open and observe extended working hours till 10:00 pm on 30th December and 12:00 (midnight) on 31st December, 2019 to facilitate the taxpayers’ in payment of duties and taxes. FBR has further instructed the Chief Collector of Customs to liaise with the State ... Read More »

FBR notifies fresh jurisdictions of commissioner appeals to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has notified fresh jurisdictions of commissioner appeals in order to facilitate taxpayers. Officials in the FBR said the revision in jurisdiction of appeals had been notified for tax offices across the country. The FBR has annulled all the jurisdictions issued in the past. Commissioner Appeals is the first legal forum for taxpayers to ... Read More »

Law Ministry issues NAB Amendment Ordinance 2019 notification

ISLAMABAD: The Ministry of Law has issued a notification on Saturday after the approval of NAB Amendment Ordinance 2019. Earlier, the Supreme Court of Pakistan (SCP) received an application against the National Accountability (Amendment) Ordinance, 2019, promulgated by the government through a presidential ordinance on Friday that made momentous alterations to the accountability law known as the National Accountability Ordinance, ... Read More »

FBR clears 75pc refund claims since August through Faster

ISLAMABAD: The Federal Board of Revenue’s (FBR) digital refund settlement system has cleared almost 75 percent or R11 billion of total pending claims received since August this year. FBR issued refunds worth Rs11 billion as against the claims of Rs15 billion, through its newly-introduced fully automated sales tax e-refund (Faster) system. In August, the FBR deployed the automated refund system, ... Read More »

FBR busts gang involved in tax evasion of Rs10b by using fake industrial units

ISLAMABAD: Federal Board of Revenue (FBR) busted a country-wide gang involved in tax evasion of up to Rs10 billion using fake industrial units. According to sources, the action was carried out by the Karachi directorate of intelligence and investigation wing of the federal authority against a gang that operated country-wide. “It was involved in causing billions of rupees losses to ... Read More »

Islamabad ASO posts 237pc growth till Dec: AC Rao Fahd Iqbal

ISLAMABAD: Anti-Smuggling Organization (ASO) Assistant Collector Rao Fahd Iqbal has said that first time in the history of Islamabad Customs the ASO has conducted raids on several godowns including renowned pharmacists and seized huge quantity of cosmetics and food supplements and educated the people through media coverage regarding illegal activities of pharmacists. Talking with the Customs Today during an exclusive ... Read More »

Cabinet approves NAB Amendment Ordinance 2019

ISLAMABAD: The federal cabinet on Friday gave its approval to the National Accountability Bureau (NAB) Ordinance, 2019, which will now be sent to President Arif Alvi for his assent. The ordinance was given approval through circulation. Earlier, sources had said that the law ministry had forwarded a summary of the NAB Ordinance to Prime Minister Imran Khan so that it ... Read More »

FBR forms market committees to resolve tax-related issues

ISLAMABAD: The Federal Board of Revenue (FBR) has notified constitution of market committees in all major cities to resolve tax-related issues between the FBR and traders community. The market committees have been constituted within the jurisdiction of all Regional Tax Offices (RTOs) of the country. According to an office order issued by the FBR, in pursuance of the agreement dated ... Read More »

FBR clarifies news story publish by section of press

ISLAMABAD: The Federal board of Revenue (FBR) has clarified a news story titled “Textile industry irked by facts, misrepresentation,” published in Daily Business Recorder on December 26, 2019 and stated that the issue of liquidity problems due to imposition of sales tax on previously zero rated sectors was raised in the standing committee meeting. The FBR acknowledged the issue and ... Read More »

Carpets, rugs & mats exports increases 4.14pc

ISLAMABAD: Carpets, rugs & mats exports from the country during first quarter of current financial year grew by 4.41 percent as compared the exports of the corresponding period of last year. During the period from July-November 2019, Carpets, Rugs & Mats worth $29,465 million was exported as compared to the exports of $28,293 million of same period of last year. ... Read More »

Pak receives second tranche of $454m from IMF

ISLAMABAD: Pakistan on Thursday has received the second tranche of US$454 million from the International Monetary Fund (IMF). The US$454 million received from the International Monetary Fund (IMF) will be added in forex reserves by next week. The Forex reserves of the country currently stood around US$17.595 billion, as the reserves of the State Bank of Pakistan (SBP) stood at ... Read More »