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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

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 »

SECP modifies circular for renewal of NGOs licenses

ISLAMABAD: For the facilitation of Non-Governmental Organizations, the Securities and Exchange Commission of Pakistan (SECP) has modified earlier circulars dealing with the renewal of licenses for NGOs registered under Section 42 of the 1984 Companies Ordinance. The last date for submission of application for renewal has already been extended to February 16. All the associations set up in pursuance of ... Read More »

Regulatory duty, NRV’s cultivation, exports reduced to 1.93%, imports surge by 4.08% in FY 2015

ISLAMABAD: Regulatory duty on export of potato, cultivation of non-recommended varieties as well as banned export of wheat and sugar remained main reasons for decreased export of four major agriculture commodities. According to Finance Minister Ishaq Dar volume of exports reduced to 1.93% in the first half of the fiscal year because volume of exports remained Rs 12.22 billion whereas ... Read More »

Finance Ministry to release Rs 9.28b to Azad Kashmir in current fiscal year

ISLAMABAD:  The Finance Ministry has proposed to release Rs 9.284 billion to the Azad Jammu and Kashmir during the current financial year. Total development outlay for AJK and Gilgit-Baltistan (GB) is of Rs 96.391 billion for the financial year 2014-2015. “Moreover out of remaining 20%, an amount of 2613.813 million has also been allocated for development activities in AJ&K territory during ... Read More »

FBR to provide houses to grade-21 and grade-22 officers

ISLAMABAD: The Federal Board of Revenue (FBR) has made a new allotment policy to allot houses to the officers. The policy will be according to the Ministry of Housing and Works. According to the new policy, the houses will be allotted to the officers of grade-21 and grade-22. The officers include Members Inland Revenue and Chief Collector Islamabad. However, the ... Read More »

Tax returns could be filed using CNIC number from next Fiscal Year: Dar

ISLAMABAD: Minister for Finance and Economic Affairs Ishaq Dar said in a news conference in Islamabad on Saturday that National Tax Number (NTN) will not be mandatory for the tax payers from the next fiscal year. He said that individuals will be able to file tax returns using National Identity Card Numbers. Dar said that the individuals who do not ... Read More »

DG Inland Revenue assures to cut illicit trade of cigarettes

ISLAMABAD: Director General Intelligence and Investigation Inland Revenue FBR Haroon Khan Tareen has assured the documented tobacco sector that the agency is taking appropriate steps through its intelligence network to curb illicit trade of cigarette. This has been shared by DG Intelligence & Investigation, Inland Revenue, FBR during a detailed presentation arranged by Philip Morris (Pakistan) Ltd on illicit trade ... Read More »

Global coal price to fall further

ISLAMABAD: The coal prices, already down 52 percent since 2011, are forecast to keep falling. The rout shows that exporters’ OPEC-like tactics of trying to squeeze out high-cost producers have been frustrated by the rising dollar. A 19 percent jump since July in the Intercontinental Exchange’s dollar index, which tracks the greenback against 10 major peers, has helped companies that ... Read More »

Rs7.99 slash in petrol price: Panic buying of petrol starts

ISLAMABAD: Motorists and motorcyclists thronged local filling stations to fuel up. This panic buying of petrol was triggered by the fears of filling stations closing business on Saturday ahead of further reduction in fuel prices. If media reports are anything to go by, then petrol price will go down by around Rs10 per litre, high octane’s by Rs14 per litre ... Read More »

ICCI calls for withdrawing surcharges on power tariffs

ISLAMABAD: The Islamabad Chamber of Commerce and Industry has strongly opposed the government move to include various surcharges in power tariffs to cover the cost of line losses, debt servicing and interest payments due to which the electricity charges in Pakistan have become highest in the region as compared to India, Sri Lanka and Bangladesh. The chamber called upon the ... Read More »

Dar announces 5% hike in GST on POL products

    ISLAMABAD: Federal Minister for Finance Ishaq Dar imposed a five percent increase in the General Sales Tax (GST) on petroleum products. Dar said that the increment would enable a recovery of 12 billion rupees. The minister, however, went on to say that the ministry would still face a loss of 40 billion rupees. Earlier today, Prime Minister Nawaz ... Read More »

FBR to continue anti dumping duty on secondary quality tinplate

ISLAMABAD: The Federal Board of Revenue (FBR) has directed the Collectors of Customs to continue collecting definitive anti-dumping duty on imports of Secondary Quality Tinplate (SQTP) into Pakistan from Belgium, France, Germany, Netherlands and USA. In this regard, the FBR has issued instructions to all Model Customs Collectorates (MCCs). The FBR has taken action on a letter of National Tariff ... 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 »

Effective rate of Sales Tax on 60 major sectors stands at 4pc: FBR

ISLAMABAD: The effective rate of sales tax is 4 percent on 60 major sectors during 2014-15 against the existing standard rate of 17 percent sales tax. According to the data compiled by the FBR, the FBR has finalized a sector-wise comparative report on the effective rate of sales tax on 60 major sectors during July-December (2014-15) against the corresponding period ... Read More »

FBR’s revenue collection improves by 13pc after seven months

ISLAMABAD: The provisional revenue collection of the Federal Board of Revenue (FBR) was Rs 1,336 billion during July-January (2014-15) against Rs 1185 billion in the corresponding period of 2013-15, reflecting a growth of 13 percent. According to the provisional data released by the FBR the revenue collection during January amounted to Rs 170 billion against Rs 165 billion amassed last ... Read More »

TCS, Smartzone smuggling case: Customs Intelligence challenges bail of accused in Supreme Court

ISLAMABAD: The Directorate General of Customs Intelligence and Investigation Rawalpindi and Islamabad has filed an appeal in the Supreme Court, challenging the acceptance of the accused’s bail in TCS and Smart Zone smuggling case. Advocate Amin Feroz has filed the appeal on behalf of the Customs Intelligence and Investigation. Chief Executive Officer TCS Saqib Hamdani, Regional Manager Logistic Rawalpindi Ghazanfer ... Read More »

Pakistan seeks proposals from Afghanistan, Tajikistan to sign 3-states transit deal

ISLAMABAD: Pakistan has handed the draft of the proposed Pakistan-Afghanistan-Tajikistan Trilateral Transit Agreement (PATTTTA) to both the Afghan and Tajik governments for seeking proposals. “The working group headed by Additional Secretary Ministry of Commerce (MoC) Rubina Athar had dispatched the said draft to the relevant ministries of Afghanistan and Tajikistan” revealed by sources. Replying a question regarding the proposed draft ... Read More »

Agencies start investigation into TCS, Smart Zone case

ISLAMABAD: Prime Minister Nawaz Sharif has directed an intelligence agency of Pakistan to investigate the case of TCS and Smart Zone, sources said. The investigation has started. CEO of Smart Zone Shakirullah was asked to give his stance. According to Shakirullah, the stickers of Afghan transit trade were allegedly pasted by the officials of the Customs Intelligence and Investigation on ... Read More »

Pakistan seeks proposals from Afghan, Tajik govts over trilateral trade

ISLAMABAD: Pakistan has handed over a draft of the proposed Pakistan-Afghanistan-Tajikistan Trilateral Transit Agreement (PATTTA) to both the Afghan and Tajik governments for proposals. “The working group headed by Additional Secretary Ministry of Commerce (MoC) Rubina Athar had dispatched the said draft to the relevant ministries of Afghanistan and Tajikistan,” a source in the ministry told this scribe on Friday. ... Read More »