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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

ADB Annual meeting to focus on partnership for development

ISLAMABAD: Four-day annual meeting of Asian Development Bank (ADB) will start from Saturday in Baku, Azerbaijan and will continue till May 6. ADB Annual meeting will focus on partnership for development Finance Minister Ishaq Dar is likely to leave for Baku a well placed official source told his scribe here on Thursday. About 3,000 government officials, business leaders, investors, journalists, ... Read More »

ECC approves levy of 2.5% RD on diesel with effect from June 1st

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) has approved imposition of 2.5 percent regulatory duty on high speed diesel. The ECC on a proposal from the Federal Board of Revenue (FBR) allowed levy of 2 percent regulatory duty on petroleum crude oil, motor spirit oil and furnace oil. Approval was also accorded for imposition of 2.5 percent regulatory ... Read More »

FBR Chairman Tariq Bajwa orders actions against illegal trade, smuggling, tax evasion

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Tariq Bajwa met separately with the Directorate General Customs Intelligence and Investigation of FBR Lutfullah Virk and Directorate Inland Revenue Intelligence and Investigation  Haroon Khan Tareen and ordered them to take stern action illegal trade, smuggling, tax evaders and to fasten the recovery process. Chairman FBR further advised the DG Inland Revenue Intelligence ... Read More »

FBR Member Admin Jatoi reaches Karachi to review administrative matters

ISLAMABAD: Federal Board of Revenue Member Administration Shahid Hussain Jatoi reached Karachi on four days visit to review the administrative matters of the Pakistan Customs Services (PCS) and Inland Revenue Services (IRS) Karachi. As per detail, Member Admin will hold meetings with the high-ups of Customs and IRS to discuss the enforcement status of orders passed by FBR pertaining to ... Read More »

Japan External Trading Organisation declares Pakistan as second best investment destination

ISLAMABAD: The fruits of the investment policy have started surfacing as the Japan External Trading Organisation (JETRO) has declared Pakistan as the second best investment country in the world. JETRO is a Japanese government-related organisation that promotes trade and investment. JETRO Karachi was established in November, 1954 to engage in research of cotton yarn and procurement of raw cotton for ... Read More »

Rawalpindi: Directorate of Intelligence seizes Rs 0.5m foreign origin goods

ISLAMABAD: In pursuance of information, the Anti-Smuggling Staff of Directorate of I&I-FBR Regional Office, Rawalpindi has seized the foreign origin goods worth of .5 million recovered from bus. Anti smuggling staff intercepted a bus bearing Registration No.Z-2410 G.T. Road near tall plaza Rawalpindi coming from Peshawar side. Thorough search of the bus was conducted in presence of witnesses and owners ... Read More »

Smuggling of transit goods causes Rs 50b loss to national exchequer annually

ISLAMABAD: A business advocating organisation has estimated that the smuggling of goods under the garb of the Afghan Transit Trade is causing Rs 50 billion losses to the national exchequer annually. It is also estimated that at least 200 to 250 trucks cross over every day from Afghanistan into Pakistan, loaded with smuggled goods. The goods imported under the Afghan ... Read More »

Senate Finance Committee approves revised budget estimates for 2015-16

ISLAMABAD: The reconstituted Senate Finance Committee, Wednesday, approved revised budget estimates for the current as well as budget estimates for year upcoming fiscal year 2015-2016 along with various earmarked expenditures. In its maiden meeting after the reconstitution, Finance Committee also decided to make payment of Rs 30 million towards sharing the cost with the National Assembly in co-hosting the Commonwealth ... Read More »

FBR bans transfer/posting of officials to expedite preparation of budget proposals

ISLAMABAD: As the federal government is planning to present the budget for fiscal year 2015-16 in parliament on May 29 instead of June, the Federal Board of Revenue (FBR) has banned the transfer/posting of officials to continue the budget preparation process uninterruptedly. Sources informed Customs Today that all chief collectors, collectors, chief commissioners and commissioners of field formation offices have ... Read More »

Customs Intelligence seizes mobile phones worth Rs 35m

ISLAMABAD: Directorate of intelligence & investigation FBR regional office, Rawalpindi received information through DG, I&I-FBR, Islamabad that a huge quantity of mobile phones would be attempted to smuggle through Islamabad airport via Emirates Flights Nos. EK-614 and Qatar Airways Flight No QR-630 on 26.04.2015. In pursuance of the Additional Directors I&I-FBR, Rawalpindi and Islamabad along with Deputy Collector Customs BBI ... Read More »

9th NFC to focus on 5 key areas through constituting sub-groups

ISLAMABAD: The 9th National Finance Commission has agreed to undertake detailed background work in five key areas through constituting sub-groups, including resource mobilisation at federal and provincial level. Other areas included the devolved versus integrated tax structure, evolution of tax collection framework in Pakistan, allocation efficiency and expenditures analysis at the federal and provincial level and rationalisation of subsidies and ... Read More »

Budget preparations: FBR nominates coordinators & deputy coordinators to deal with tax matters

ISLAMABAD: In a bid to maintain secrecy of policy matters related to the upcoming budget for the fiscal year 2015-16, the Federal Board of Revenue (FBR) has appointed officers as coordinators and deputy coordinators to deal with different matters pertaining to taxation, both the inside and outside the department. The FBR has also started preparations to meet the challenge of ... Read More »

Foreign exchange reserves show improvement, to benefit investors: Finance Ministry

ISLAMABAD: The Finance Ministry terms that improved foreign exchange reserves and balance of payments’ position a good news for investors. The foreign currency reserves are the amount of money held by the State Bank. In general use, foreign currency reserves also include gold and International Monetary Fund (IMF) reserves. On the other hand, the Balance of Payments (BOP) of a ... Read More »

China wants to promote Pakistani products in EU, Middle East, African countries: Zia Main

ISLAMABAD: Zia Mian, the chairman of the Pakistan Group and Global Industrial Solution of a leading Chinese company Zeuster Holdings, has said that China wants to secure its investment in Iraq oil and industrial sector through Gwadar Port Economic Corridor. He further said that Chinese and Pakistani marketing companies want to access markets of Europe, Middle East, Africa and America through ... Read More »

$0.5m smuggling case: Ayyan’s judicial remand extended till May 8

ISLAMABAD: A Rawalpindi court Tuesday further extended the remand of supermodel Ayyan Ali till May 8. The model, accused of smuggling $0.5 million, attended proceedings of the case. However, due to incomplete submission of the case’s challan, the court ordered that a complete challan be submitted. Although used to be known as supermodel before her detention after allegedly money laundering, ... Read More »

Five Inland Revenue officer of BS 19-20 transferred

ISLAMABAD: Federal Board of Revenue (FBR) has transferred/posted five officers of Inland Revenue Service of BS 19-20 with immediate effect. According to the notification, the officers who are drawing performance allowance prior to issuance of this notification will continue to draw this allowance on the new place of posting. All the officers have also been directed to relinquish/assume charge, using ... Read More »

Member IR Shahid reaches Karachi to attend pre-budget seminar

ISLAMABAD: Federal Board of Revenue Member Inland Revenue Shahid Hussain Asad reached Karachi to attend a pre-budget seminar, being organising by the Institute of Charted Accountants of Pakistan. The two-day long seminar will start from today (April 28) and end on April 29. As per detail, members from The Federation of Pakistan Chambers of Commerce & Industry and from other ... Read More »

Customs foils bid to smuggle 1,119 smartphone worth Rs 30m to Pakistan

ISLAMABAD: The Directorate General Customs Intelligence and Investigation Islamabad has foiled a bid to smuggle smart phones worth millions of rupees to Pakistan through two flights from Gulf countries at Benazir Bhutto Islamabad Airport. As per details, Directorate General Customs Intelligence and Investigation Lutfullah Virk got information that smart phones worth millions of rupees are being smuggled to Pakistan through ... Read More »

Commerce Ministry pins high hopes on Pakistan Fashion & Textile Week in UAE

ISLAMABAD: The Ministry of Commerce (MoC) has pinned high hopes on the ongoing Pakistan Fashion Week in United Arab Emirates (UAE). The event is being organised to showcase Pakistani designers, fashion, fabrics and textiles at an international level, and was fully packed by guests from various nationalities. The event is also part of trade and cultural diplomacy initiatives taken by the ... Read More »

Bajwa for not further burdening common man with new taxes

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has directed the key departments associated with the budget preparations to accord top priority to the interest and aspirations of the people in finalisation of upcoming budget. While chairing a meeting here at FBR Headquarters to review budget proposals prepared by the three main wings of the FBR, Bajawa asked the ... Read More »