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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

Universal Gateway given one more week to submit reply in Rs 16m tax evasion case

ISLAMABAD: Universal Gateway Company allegedly charged for tax evasion of almost Rs 16 million has failed to answer the notice from Collector Custom Adjudication Seema Raza Bukhari. Representatives of Universal Gateway have asked for time to answer the notice to which Seema Raza has ordered them to submit answer within a week. According to Custom Intelligence and Investigation officers para-wise ... Read More »

DG Intelligence IR likely to get more powers to investigate Suspicious Transaction Reports

ISLAMABAD: The Government is considering enhancing powers of the Director General of Intelligence & Investigation Inland Revenue (IR) to analyze and investigate Suspicious Transaction Reports (STR) communicated by banks to Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP). Sources told Customs Today that the FBR is expected to issue a notification following approval by the Ministry of ... Read More »

Pakistan Bureau of Statistics claims country’s economy moving on right track

ISLAMABAD: The country’s economy is moving on right track because of prudent economic policies of the government despite challenges on different fronts. According to Radio Pakistan quoting a report of Pakistan Bureau of Statistics, major economic indicators have shown positive signs of sustainable growth owing to improved foreign exchange reserves, workers’ remittances and increased investment. A considerable increase has been ... Read More »

DG WHT, four Customs, Inland officers of BS-18 relinquish/assume charge

ISLAMABAD: Federal Board of Revenue (FBR) has issued different notifications regarding charge relinquishment/assumption by the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS) officers. Tasneem Rehman (IRS/BS-21) relinquished the charge of the post of Director General (WHT), Federal Board of Revenue (HQ), Islamabad on January 21, 2015. Tayyaba Bukhari, PCS/BS-17, relinquished the charge of the post of Assistant Director, ... Read More »

Senate Finance body endorses partial amendments in Privatization Commission Act 2013

ISLAMABAD: The Senate Standing Committee on Finance and Revenue here Thursday endorsed amendments in the Privatization Commission Amendment Bill 2013 introduced by Senator Sughra Imam. However, the committee postponed deliberations some points regarding developing mechanism for scrutiny of the bidders interesting to take part in investing in state owned enterprises (SOEs). Secretary Privatization Commission Sardar Ahmad Nawaz Sukhera proposed that ... Read More »

Collector Seema issues show-cause notices to two firms for illegal import of fabric from China

ISLAMABAD: Adjudication Collector Seema Raza Bukhari has issued show cause notices to the proprietor of Universal Gateway Corporation Haji Muhammad Hasan and Proprietor Chaudhary Ehsanullah of New Ehsan enterprises in a case of illegally imported 97 containers of fabric from China. The national exchequer had to bear a loss of Rs 176 million. Additional Collector Adjudication had absolved the accused ... Read More »

South Korean govt takes up Smart Zone case with PM

ISLAMABAD: The TCS and Smart Zone case has become an issue between Pakistan and South Korea. The Smart Zone is main distributor of Samsung products and is planning a manufacturing plant of Samsung products in Lahore. Therefore, Smart Zone took advantage of the situation and complained against the officials of Customs Intelligence and Investigation and called it a conspiracy against ... Read More »

Customs Preventive seizes smuggled Toyota Hilux Surf

ISLAMABAD: Model Customs Collectorate preventive department has seized the smuggled Toyota Hilux Surf Model 1992 and sent it to the Customs Adjudication. Adjudication Collector Seema Raza Bukhari has issued show cause notice to the owner Raja Zahoor Ahmed Abbasi and ordered to appear before court on Jan 27 with the documents. The accused has said that he has bought the ... Read More »

Chairman FBR asks RTOs and LTUs for second quarterly report

ISLAMABAD: Chairman FBR Tariq Bajwa has asked all Regional Tax Offices and Large Tax payer Units for the second quarterly report of current year. According to sources, FBR Headquarters has written letters to all Field Formations informing about the second quarterly meeting. Field Formations are asked to convey the message to all RTO’s and LTU’s to prepare reports about their ... Read More »

IHC issues notices to FBR, OGRA on five percent increase in GST

ISLAMABAD: The Islamabad High Court issued notices to Secretary Ministry of Finance, Chairman Federal Board of Revenue and Chairman Oil and Gas Regulatory Authority in response to a writ petition challenging a five percent increase in General Sales Tax on petroleum products. A single-member bench headed by Justice Aamer Farooq heard the petition filed by Muhammad Mazhar Qayyuam. The petitioner ... Read More »

IHC restrains Govt from levying 32 percent sales tax over CNG

ISLAMABAD: The Islamabad High Court restrained Government from levying 32 percent sales tax on CNG station owners. IHC ordered to charge only 17 percent of the actual supply price of gas to the stations while hearing a writ petition filed by Al Shareef CNG Station. A single member bench headed by Justice Shaukat Aziz Siddiqui heard the writ petition. Petitioner ... Read More »

FBR Chief angry on provision of inaccurate data to TRC

ISLAMABAD: Chairman Federal Board of Revenue Tariq Bajwa has shown his annoyance over the negligence on part of FBR tax officials, who provided inaccurate tax data to Tax Reforms Commission. Bajwa has ordered all officials to provide only authentic data to TRC who is engaged in drafting new tax policy. Earlier Tax Reforms Commission on its 3rd meeting held on ... Read More »

FBR to earn Rs 17 billion out of 5pc increase in sales tax on POL products

ISLAMABAD: The Federal Board of Revenue (FBR) issued SRO 1152 (I) 2014 in December to make up for some of the shortfall in sales tax revenue due to falling prices of petroleum which was estimated around Rs 68 billion. Through the said SRO rate of sales tax was increased from 17% to 22% for motor spirit including HOBC, kerosene, light ... Read More »

SBP asked to resolve problems of Balochistan exporters in trade with Iran

ISLAMABAD: The Ministry of Commerce has taken up with the State Bank of Pakistan (SBP) the problems faced by the exporters from Balochistan while trading with Iran. Balochistan is ideally situated for trade with Iran, Afghanistan, Central Asia and the Persian Gulf countries and is generously bestowed with natural resources, livestock, minerals, fishery as well as huge deposits of strategic ... Read More »

SMEs stressed for economic development of country

      ISLAMABAD: The Bank Alfalah and International Finance Corporation in collaboration with Islamabad Chamber of Commerce and Industry organized an awareness session on SMEs Toolkit launched by Bank Alfalah to provide online business management solutions to SMEs in the country. Speaking at the occasion, Sikandar Karim, Bank Alflah, Head, Non-Financial Advisory, said that the role of SMEs has ... Read More »

ECC stops cotton procurement over non-transfer of govt benefit to growers

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has stopped the procurement of cotton over non-transfer of benefits to the cotton growers. A well-placed source at the Ministry of Commerce (MoC) told Customs Today that the prices of cotton remained under pressure during the first half of the current fiscal year 2014-15, causing a lot of distress to the ... Read More »

Tax Reforms Commission detects policy and administrative issues within FBR

ISLAMABAD: Tax Reforms Commission (TRC) is examining key policy issues in the taxation system. Through analysis TRC has identified tax policy and administrative issues like complicated tax structures, low compliance, weak enforcement and high compliance cost within Federal Board of Revenue. TRC is witnessing issues like revenue inadequacy, narrow tax base due to exemptions, preferential treatment of certain sectors generates ... Read More »

Meeting of FBR Board-in-Council will be held tommorow

ISLAMABAD: Chairman Federal Board of Revenue Tariq Bajwa has called meeting of Board-in-Council on Thursday for permitting recruitment of 500 servants from grade 1 to 15, amendments in the performance allowance guideline and authenticating new allotment policy. A six point agenda has been designed for the meeting. Read More »

IHC to hear Controversial Statutory Regulatory Order case today

ISLAMABAD: A single member bench of Justice Aamer Farooq will hear the petition filed by Muhammad Mazhar Qayyum today at Islamabad High Court. The petitioner has challanged the Statutory Regulatory Order (SRO) issued by Federal Government on December 30, 2014 under which General Sales Tax (GST) on petrolium products has been increased by five percent. The petitioner has made Federation ... Read More »

Four Inland Revenue officers of BS 20-21 transferred

ISLAMABAD: Federal Board of Revenue (FBR) has transferred/posted four Inland Revenue Service officers of BS 20-21 with mediate effect. As per 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 been requested to relinquish/assume charge, using online HRMS ... Read More »