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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

Govt releases Rs47b subsidies for export sectors

ISLAMABAD: The federal government has so far in the last three quarters released over Rs47 billion to the textile and non-textile sectors as cash subsidies under the PM’s Export Enhancement Package, according to media report. The figures showed that an amount of Rs45 billion was released to textile and clothing sectors between July-April under the drawback of local taxes and ... Read More »

Flour, sugar scandal: FIA DG given two-week deadline to submit final report

ISLAMABAD: Federal Investigation Agency (FIA) Director-General (DG) Wajid Zia has been given two-week deadline to submit the Inquiry Commission’s final audit report over flour and sugar scandal. According to sources, the FIA DG – who also chairs the Inquiry Commission – sought two-week time from Prime Minister Imran Khan to submit the final report which is already facing delay. The ... Read More »

President Alvi promulgates anti-smuggling ordinance

ISLAMABAD: President Dr Arif Alvi on Friday signed the anti-smuggling ordinance into law to tighten the noose around smugglers of currency and essential commodities. According to the ordinance, which was sent to the president for signature after approval of the federal cabinet, those found supplying currency, wheat, flour, rice, and other essential food items through illegal routes will be treated ... Read More »

China pledges to strengthen Pakistan’s capacity in fight against coronavirus

ISLAMABAD: Chinese Ambassador to Pakistan Yao Jing called on Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh. During the meeting, both sides discussed matters of mutual concern and decided to further strengthen bilateral collaborations. The Chinese ambassador lauded the relief package announced by the government for the people and business community and also appreciated the ... Read More »

FBR asks taxpayers to provide IBAN for direct refund payment transfer

ISLAMABAD: Federal Board of Revenue (FBR) asked taxpayers to provide IBAN of their bank accounts for receiving refund payment through online system. FBR spokesman said that the tax body had devised a centralized system of online payment of Sales Tax, FED and Income Tax refunds directly in the bank account of the taxpayers. For this purpose, FBR has requested the taxpayers ... Read More »

Pakistan’s exports to Africa increased: Razak Dawood

ISLAMABAD: Adviser to Prime Minister Imran Khan on Commerce Abdul Razak Dawood has said that Pakistan’s exports to Africa have increased by 10 percent even in this crunch time of coronavirus outbreak. “Alhumdulillah! Even in these testing times Pakistan’s exports to Africa have increased by 10% from July 2019 to 21st April 2020, as compared to the same period last ... Read More »

SECP reaches out to market participants for assessing COVID-19 impact

ISLAMABAD: The Securities and Exchange Commission of Pakistan s (SECP) is actively engaging the market stakeholders to mainly assess the situation arising out of the COVID-19 pandemic and its impact on the capital markets. Chairman, SECP, Aamir Khan held a meeting with the Board of Directors of the Central Depository Company of Pakistan, said a press release issued by SECP. ... Read More »

FBR assigns responsibility to seal & de-seal of transit cargo to DGTT

ISLAMABAD: The Federal Board of Revenue (FBR) has issued Customs General Order No.03/2020 has notified the Pakistan Customs Container Security System (PCCSS) for sealing and de-sealing of transshipment, transit and export cargo . Director General Transit Trade Sarfaraz Warraich had made a presentation before Prime Minister Imran Khan and made several recommendations. The recommendations to facilitate trade, curb smuggling and ... Read More »

FBR to set revenue target of Rs 5.1 trillion fiscal year 2020-21: Hamid Ateeq Sarwar

ISLAMABAD: Federal Board of Revenue (FBR) has decided to set the revenue collection target at Rs5100 billion for the upcoming fiscal year of (2020-21), keeping in consideration the existing and post COVID-19 Corona Virus Pandemic situation. For the current fiscal year (2019-20), the downwardly reviewed revenue collection target of Rs3,908 billion would be achieved with the renewal of economic activities, ... Read More »

SBP revises projection for budget deficit, predicts negative GDP growth for remaining FY

ISLAMABAD: The State Bank of Pakistan (SBP) has revised upward its projection for the country’s escalating budget deficit to 9.2% of GDP equivalent to Rs3,857 billion in post-COVID-19 situation for the current fiscal year against earlier projection of 7.2% of GDP or Rs3,170 billion. In an online presentation given to selected economic analysts by SBP Governor Reza Baqir and Deputy ... Read More »

Hafeez Shaikh presides over meeting to review issues being faced by telecom sector

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh chaired a high-level meeting to discuss and review issues being faced by the telecom sector. During the meeting also attended by Minister for Industries & Production Muhammad Hammad Azhar, Special Assistant to the Prime Minister on Overseas Pakistan Sayed Zulfikar Abbas Bukhari, Secretary IT & Telecom, ... Read More »

FBR restores performance allowance of Umair Mehmood Siddiqui

ISLAMABAD: Federal Board of Revenue (FBR) has issued notification for restoration of Pakistan Customs Service (PCS)BS-18 second secretary. A notification issued by FBR read that performance allowance in respect of Umair Mahmood Siddiqui, a PCS/BS-18 officer, who is presently posted as second secretary, Federal Board of Revenue (Hq) Islamabad is hereby restored with effect from 31.3.2020   Read More »

FBR to directly transfer tax refund to taxpayers’ bank accounts

ISLAMABAD: Federal Board of Revenue (FBR) has established a central system to transfer tax refunds directly to the taxpayers’ bank accounts. According to details provided at the tax collection body’s Twitter account, the tax refund for sales and income taxes and federal excise duty would be directly transferred to the taxpayers account. “All taxpayers are directed to update their IRIS ... Read More »

ECC approves notification of Import & Export Policy Order 2020

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved release of Rs 75 billion from PM’s Relief Package of Rs 200 billion for targeted payments to the low-income groups, especially labourers and daily wagers most severely affected by the lockdown situation in the country. The decision was taken at a meeting of the ECC held today with Adviser ... Read More »

FBR pays tax refunds of Rs 175 billion to taxpayers till 15 April, 2020

ISLAMABAD: The Federal Board of Revenue (FBR) has paid Rs175 billion refunds during (July-April 15) 2019-20 against Rs107 billion paid in the same period of 2018-19, reflecting an increase of 64 percent. This amount has been paid other than the refund of Rs45 billion issued to exporters under the Prime Minister’s package. Member Inland Revenue (Operations) Seema Shakil told a ... Read More »

JIT to probe sugar, wheat scam: sources

ISLAMABAD: Sources privy to the government quarters revealed on Wednesday that the national accountability bureau (NAB) has agreed on formation of a joint investigation team to determine culprits of wheat, sugar crisis. NAB Rawalpindi has been tasked with the primary investigations into the national wheat and sugar crisis scandal. Director General NAB Rawalpindi, Irfan Naeem Mangi will lead the joint ... Read More »

Finance ministry clarifies reports regarding debt relief from G-20

ISLAMABAD: The Ministry of Finance has clarified news reports published in a section of the press on why the government has failed to request for debt relief from the G-20. In a statement, the Finance Division has stated that the G-20 template letter is being prepared by the G-20 Secretariat and the G-20/Paris Club will publicize it when it becomes ... Read More »

After sugar and wheat, Imran Khan unearths another big scam of Rs4tr in power sector

ISLAMABAD: After sugar, wheat inquiry reports, new revelations were made in the inquiry ordered by Prime Minister Imran Khan into the power sector, which showed that the national exchequer faced a loss of over Rs 4 trillion caused by wrong policies and measures. According to available copy of inquiry report, a committee formed to probe the losses in the power ... Read More »

Govt gives amnesty to illicit money in case of investment in construction industry

ISLAMABAD: The government has given an amnesty to illicit money in case of investment made into construction industry as no question of money to be asked under Income Tax Ordinance, 2001. Federal Board of Revenue (FBR) on Monday issued the Tax Laws (Amendment) Ordinance No.1 of 2020 after the approval from the president. The ordinance says that it was being ... Read More »

Income tax collection falls short in May, trend to persist in April: FBR

ISLAMABAD: Pakistan’s income tax collections fell short in May 2020 and were unlikely to meet the target in April as well, the Federal Board of Revenue (FBR) said Tuesday, adding that a further reduction in the prices of petroleum products would increase the revenue shortages. Speaking at a press briefing, FBR spokesperson Hamid Ateeq Sarwar said the tax collections dipped ... Read More »