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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 »

Proposals for upcoming 7th IMF review, ADB meeting finalised

ISLAMABAD: Besides the budget making process, the Finance Ministry has also finalised the briefs of proposals for upcoming negotiations with prestigious international financial institutions. Two mega events of international importance are going to be held in the first week of next month. International Monetary Fund would start 7th Review of programme for Pakistan in the first week of May in ... Read More »

Visitors might be banned at FBR Headquarters from May 1

ISLAMABAD: As preparations for the upcoming Budget 2015 gain momentum, the Federal Board of Revenue (FBR) is mulling over slapping a temporary ban on visitors at the FBR Headquarters from May 1. Since the staff are busy preparing proposals for the upcoming budget, the main purpose of imposing this ban is to ensure that budgetary proposals are finalised without any ... Read More »

Bajwa directs FBR’s officials strictly for marking biometric attendance

ISLAMABAD: On not following the instruction regarding the biometric attendance, Federal Board of Revenue (FBR) Chairman Tariq Bajwa has warned all employees to mark their biometric attendee while leaving or entering the office to avoid the departmental proceedings against the non-compiler. As per detail, Member Administration had informed all officers of department regarding the use of biometric system to mark ... Read More »

11% growth: FBR collects Rs1755b revenue in 9 months

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 1755 billion revenue in the first nine months of the ongoing financial year, reflecting a growth of 11 per cent over the same period of previous year. Federal Finance Minister Ishaq Dar revealed this during a briefing arranged by FBR. The increase in revenue collection has been recorded despite reduction in ... Read More »

FBR Tariq Bajwa calls meeting to discuss budget 2015-16 today

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa called a budget meeting on 25 April (Saturday) at the FBR headquarters. The meeting will discuss budget 2015-16 and all the board members and field formations will take part in it. As per details all the suggestions received from different ministries chambers, importers, exporters, manufacturers and industrial would be discussed in ... Read More »

Islamabad/Rawalpindi Tax Bar Association calls for reforms in tax judicial system

ISLAMABAD: In a request letter sent to the prime minister, Syed Tauqeer Bukhari, president of the Rawalpindi/Islamabad Tax Bar Association (TBA), has said that access to justice is one of the most important rights of the citizens and if there is any threat to the independence of judiciary, it would be tantamount to denial of justice. He said that justice ... Read More »

FBR moves recommendations for broadening of tax base

ISLAMABAD: Federal Board of Revenue has moved various recommendations to the parliament for broadening of tax base (BTB). These recommendations include provision of required tools along with manpower. District level setup for broadening of tax base has been proposed. Tax base is the assessed value of a set of assets, investments or income streams that is subject to taxation, or ... Read More »

9th NFC: President approves constitution of ten members under Chairmanship of Ishaq Dar

ISLAMABAD: The President Mamnoon Husssain, Friday, approved the constitution of ten-members the 9th National Finance Commission (NFC) with Finance Minister Ishaq Dar as Chairman. The First meeting of the 9th National Finance Commission (NFC) would be held on Tuesday April 28 here in the federal capital under the chairmanship of Finance Minister Ishaq Dar. The first official NFC award was ... Read More »

Budget 2015- 16 to be presented in Parliament on May 29 ahead of Ramazan

ISLAMABAD: Government has decided to present budget 2015- 16 in Parliament on 29 May ahead of Ramzan. According to details Finance Ministry has directed FBR to complete suggestions on immediate concern as government want to accept budget from Parliament before the Ramzan. in addition budget session cannot be continued In Ramzan due to religious activities of Parliamentarians. Read More »

FBR, Field Formations offices remains open on Saturday

ISLAMABAD: Federal Board of Revenue will remain open on Saturday as weekly off postponed due to budgetary activities and revenue collection. According to circular and office order issued by FBR all Field Formations Offices will remain open and routine duties will be performed. While FBR head quarter will remain open from morning 10 am to 4 pm, officers and employees ... Read More »