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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

Five telecom companies pay Rs 31.801 billion tax in two years

ISLAMABAD: The five telecom  have paid total tax of Rs. 31.801 billion in last two fiscal years. The companies had paid Rs 924 million tax in the current fiscal year so far. The source said that volume of tax paid by cellular companies was Rs 20,871 million in fiscal year 2013-13 which decreased in the next fiscal year 2013-14 to the ... Read More »

Govt devises policy to revive 1,333 sick industrial units

ISLAMABAD: The Ministry of Commerce (MoC) has devised a policy of initiatives for the revival of sick industrial units in the country. According a study carried out by the MoC, there are 3646 industrial units in the country, out of which 1333 are listed as sick units. Pakistan ranked as number 55 in the world in factory output as Pakistan’s ... Read More »

Finance Ministry spends Rs 89b on 213 projects under Public Sector Development Program

ISLAMABAD: The Finance Ministry has spent over Rs 89 billion on 213 projects in four major sectors including Water, Health, Education and electricity under public sector development program (PSDP) with total cost of 1978 billion in last five years. Whereas, an amount of Rs 525 billion, Rs 630 billion, Rs 760 billion and Rs 900 billion will be spent on ... Read More »

Dar succeeds in getting $550m IMF tranche

ISLAMABAD: Pakistan Finance Ministry and the International Monetary Fund (IMF) Mission concluded a three-day round of talks for $550 million tranche successfully in Dubai on Thursday. Pakistan Finance Minister Mohammad Ishaq Dar said in a briefing “Talks between Pakistan and the IMF team remained successful as the country’s all major economic targets and structural benchmarks are accomplished,” He said either ... Read More »

4 Customs officials gunned down in Kohat

KOHAT: Gunmen had killed four Pakistani Customs Officers when their vehicle came under attack on Kohat Hangu Road. The police said that unidentified persons opened fire on vehicle of department of customs on Tuesday night killing four of its official and fled from the scene. The bodies of customs officials were shifted to nearby hospital. After the incident the police ... Read More »

SAFTA: Bilateral trade with India facilitates Pakistani farmers

ISLAMABAD: Bilateral trade with India has facilitated the Pakistani farmers’ community as five out of 16 tariff lines with zero percent duty are related to agriculture sector under South Asian Free Trade Area (SAFTA) including vegetable seed, tomato, onion, garlic and wheat products. “Moreover, these products are imported to sustain availability and price stability in the local market” a source ... Read More »

Finance Ministry presents rosy picture of national economy

ISLAMABAD:  The Finance Ministry, Tuesday, presented such a rosy picture of the national economy before the National Assembly Standing Committee on Finance that the committee not only declared the performance of the ministry as satisfactory, but also deferred deliberations on other agenda items till the next meeting. Additional Secretary Finance Ministry Azra Mujtaba apprised the committee that both the Finance ... Read More »

SECP registers 414 companies in January

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 414 new companies during the month of January. A statement issued by the Commission here Wednesday said that around 91 percent of these were registered as private limited companies, while around 5 percent registered as single member companies, 4 percent of the companies were registered as public unlisted, non-profit ... Read More »

Collection of additional revenues will help masses: FBR spokesman

ISLAMABAD: Spokesman of FBR Shahid Hussain has said that collection of additional 12 percent of revenues was being utilized to provide better infrastructure facilities to the masses. Talking to Radio Pakistan, Shahid Hussain said that economic independence was linked with politics; therefore revenue generation was a significant factor for independent policies of the government. He said the government was endeavoring ... Read More »

FBR grants tax exemption to FWO, may also give exemption to NLC

ISLAMABAD: The Federal Board of Revenue (FBR) has granted tax exemption to Frontier Works Organization (FWO) while deliberations are still in progress to grant similar exemption to National Logistic Cell (NLC). The FBR was holding consultations with Law Division and granted tax exemption as per article-165 of the constitution which relates to exemption of certain public property from taxation. “Exemption ... Read More »

FBR issues notices to 240,000 potential taxpayers

ISLAMABAD: The Federal Board of Revenue has issued notices to 240,000 potential taxpayers who did not file their tax returns under section 122C of the Income Tax Ordinance, 2001. The FBR and its field formations have already issued notices to the tune of 240,000 for enforcing returns and in cases where returns have not been filed in potential taxpayers, orders ... Read More »

FBR Intelligence wing registers FIR against renowned fashion designer for tax evasion

ISLAMABAD: An FIR has been lodged against a leading female fashion designer of Chaklala Scheme-III, Rawalpindi involved in tax fraud on the complaint of Director General, Intelligence & Investigation (IR) Islamabad. Sources told Customs Today here on Monday that information was received by the Directorate General (Intelligence & Investigation – Inland Revenue) Islamabad, that manufacturer-cum-retailer of women designer dresses situated ... Read More »

Customs Intelligence seizes two containers of non-duty paid fabric, tyres in Pesawar

ISLAMABAD: Directorate General Customs Intelligence and Investigation Peshawar has seized non custom paid imported cloth, tyres and microwaves from two containers while acting on tip of Senior Superintendent Police Peshawar. Acting upon the information of SSP Peshawar a raiding team was formed which intercepted the trailers on Chimkny road and asked the drivers to stop but they increased the speed ... Read More »

Rs1,165b collected in 1st half of 2014-15: FBR sends notices to 240,000 potential taxpayers to raise Rs14b

ISLAMABAD: In a bid to meet the revenue collection target and bring more people under tax net, Federal Board of Revenue (FBR) has issued notices to 240,000 potential taxpayers. Director General Broadening of Tax Base Rehmatullah Wazir claimed to have collected transactional and non-transactional information about these people. The information was collected from motor vehicle registration authorities, car manufacturers, power ... Read More »

Secretary finance to brief NA body on national economic growth

ISLAMABAD: The secretary finance aims to brief the Finance Committee on the economic progress made in the previous fiscal year as well as in the first half of the current fiscal year today. The NA Committee had also sought briefing on the burning issue of imposition of General Sales Tax on petroleum products. Finance Ministry has met all the performance ... Read More »

Customs seizes another non duty-paid Prado in Islamabad

ISLAMABAD: Model Customs Collectorate Islamabad has seized a smuggled non-duty paid 2002 model Land Cruiser Prado with fake registration number AJK-1837, while acting on tip of information. According to Assistant Collector Preventive Division MCCI, Collectorate was informed that this car is being used in Islamabad under fake registration number of Azad Kashmir. Upon this information a team was formed under ... Read More »

Pakistan Customs arrests 12 smugglers within three days

ISLAMABAD: Strong anti smuggling measures have been taken by the Customs. Twelve people have been arrested during the last three days who tried to smuggle petrol worth Rs. 638.51 million. The main reasons of the phenomena of smuggling of petroleum products particularly at Pak-Iran border is the cheaper availability of smuggled oil, porous Pak-Iran border and use of infrequent routes ... Read More »

Additional Collector Adjudication Iram Amir orders to seize $26000 recovered from Thai woman

ISLAMABAD: Model Customs Collectorate Additional Collector Adjudication Iram M. Amir has ordered to confiscate the currency of $26000 recovered from a Thai woman named as Oraphan Kanma. She is a chef at Marriott Hotel Islamabad. Oraphan violated the foreign currency regulation act of the State Bank of Pakistan F.E.2/98-SB. The Foreign Currency Regulation act allows $10000 but she had $26000 ... Read More »

FBR warns officers to submit asset details by Feb9, failure to lead cancellation of performance allowance

ISLAMABAD: The Federal Board of Revenue (FBR) has asked its officers to declare all the assets. In case of failure, their performance allowance would be cancelled after February 9. The FBR had already asked its officers twice to submit their all declaration of assets up to 30.06.2014.The FBR issued directions in Board’s letters of even No dated 05.08.2014 and 17.11.2014 ... Read More »

Dar reaches Dubai to lead Pak team in IMF talks

ISLAMABAD: Finance Minister Ishaq Dar arrived in Dubai on Monday to lead Pakistan’s team in talks with the International Monetary Fund (IMF) for the release of next tranche of $ 550 million. A team of officials from ministries of Finance, Water and Power and Petroleum was already in for necessary preparation and undertaking preliminaries, said a Finance Ministry press release ... Read More »