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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

ANF seizes drugs worth Rs33m, arrests 10 drug traffickers

ISLAMABAD: Anti-Narcotics Force (ANF) has seized Rs33 million worth of drugs, including 4.7kg heroin, 3.7kg charas and 300g amphetamine during seven country-wide operations conducted at various cities, and arrested 10 alleged drug traffickers including two women. According to details, ANF Rawalpindi apprehended two notorious drug sellers Pitras and Sanjay from Lalkurti, Tariqabad, Rawalpindi and recovered 500g heroin from their personal ... Read More »

FBR chief Bajwa nominates Abid, Niazi to participate in seminar on Double Taxation

ISLAMABAD: A two member delegation of the Federal Board of Revenue (FBR) has been nominated to participate in a five-day long seminar on ‘Double Taxation Treaties Implementation’ next month in Vienna, Austria. A well-placed source at FBR told this scribe here on Thursday that international double taxation occurred when two or more states used to impose taxes on the same ... Read More »

77,000 people served notices: 15,000 out of 64,000 companies file income tax returns Dec 31

ISLAMABAD: Federal Board of Revenue (FBR) has given a list of 10,000 companies to the Securities and Exchange Commission of Pakistan (SECP) that have not filed their income tax returns yet. Sources said that only 15,000 out of over 64,000 registered companies filed income tax returns by the last date of December 31, 2014. The figure was also lower than ... Read More »

6-month collection: FBR revenue up by 14pc to Rs1,171,868m

ISLAMABAD: The FBR’s revenue collection has increased 14 percent to Rs1,171,868 million during the first six months of current financial year 2014-15, against Rs1,081,937 million in corresponding period of last year. According to the Federal Board of Revenue report, the board realized a gross collection of Rs1,230,376m and at the same time issued refunds of Rs58,508 million during the first ... Read More »

Inland Revenue team arrests shopkeeper for selling imported cigarettes

ISLAMABAD: The Inland Revenue Department has taken a stern action against cigarettes imported illegally. The Directorate Inland Revenue Intelligence has issued notices to the departmental stores, shopping malls and other shopkeepers. The country is facing loss of billions of rupees due to illegal imports. This will be the last chance for those who sale imported cigarettes. A team of Inland ... Read More »

FBR vows to overcome revenue shortfall of Rs 60 billion

ISLAMABAD: The Federal Board of Revenue (FBR) has gird up loins to fulfill the revenue shortfall which is almost Rs 60 billion less than the revenue target set for first half of the current fiscal year. According to statistics available with Customs Today, the FBR had set a revenue collection target of Rs 1,230 billion for the first half of ... Read More »

Record increase of 14 % revenue collection during first six months of CFY

ISLAMABAD: During the month of December, 2014, FBR has made a net collection of Rs.270,216 million as against net collection of Rs. 231,539 million during December, 2013 showing an increase of 17%. From July, 2014 to December, 2014, FBR made a gross collection of Rs.1,230,376 million and issued refunds of Rs.58,508 million, resulting in net collection of Rs.1,171,868 million, whereas ... Read More »

FBR forms unit on transfer pricing to identify operational issues

  Unit headed by Special Assistant to FBR Chairman Dr Muhammad Iqbal is likely to meet in last week of January     ISLAMABAD:  The Federal Board of Revenue (FBR) has formed a unit on transfer pricing to identify relevant policy and operational issues faced by the tax authorities in this regard.  The unit is being headed by Special Assistant ... Read More »

Manufacturing sector gains growth rate of 5.5pc in FY 2013-14

ISLAMABAD: The manufacturing sector gained a milestone growth rate of 5.55% in the fiscal year 2013-14 which was 1.2% higher than that of the previous fiscal year as manufacturing sector could achieve a growth rate of 4.53% in 2012-13. Manufacturing sector refers to industries making chemical, mechanical, physical material transformations, substances, and components into consumer and industrial goods. This is ... Read More »

Customs courts authorised to hear tax evasion cases

ISLAMABAD: The Federal Government has authorized few courts to prevent tax theft. The Federal Board of Revenue has given authority to the special customs courts, Taxation and Anti Smuggling to hear the cases regarding income tax, sales tax and federal excise duty. Separate courts are also expected in the near future for this purpose. The Inland Revenue has started preparation ... Read More »

RTO Superintendent dismissed over inefficiency, misconduct, corruption

ISLAMABAD: Federal Board of Revenue has dismissed Nawaz Ali Shaikh, Superintendent (BS-16), Regional Tax Office, Karachi (presently posted in Directorate of Internal Audit (Customs), Lahore) over inefficiency and misconduct. As per details, Dr Shamsul Hadi, Additional Commissioner, RTO, Karachi was appointed as Inquiry Officer to probe into the account of various acts of omission and commission committed by the accused ... Read More »

Customs Examiner dismissed over inefficiency, misconduct

ISLAMABAD: Federal Board of Revenue (FBR) has dismissed Ejaz Ahmed, Examiner (BS-16), Model Customs Collectorate of Export, Karachi over inefficiency and misconduct. As per details, MC Port Muhammad Bin Qasim Collector Dr Jawwad Uwais Agha was appointed as Inquiry Officer to probe into the account of various acts of omission and commission committed by the accused officer costing inefficiency and ... Read More »

Bajwa wants to bring mega investment of black money by Pakistanis in UAE, Malaysia under tax net

ISLAMABAD: Showing concern over mega investment of untaxed money by Pakistanis in other countries, Federal Board of Revenue (FBR) Chairman Tariq Bajwa has directed the International Tax Department to expedite negotiations with other countries to bring the untaxed money in the tax net. “Pakistan has double taxation treaties with some 63 countries,” a source told Customs Today. He said that double ... Read More »

Finance Ministry denies stoppage of credits, loans in Swat

ISLAMABAD: The Finance Ministry has turned down the perception of stoppage of issuance of loans and credits to the people hailing from area of Swat. A document submitted by the Finance Minister in the meeting of the National Assembly Standing Committee on Finance and Revenue and available with this scribe here revealed that Zarai Taraqiati Bank Limited (ZTBL) had provided ... Read More »

ADC Amir releases 5 import consignments on provision of genuine documents

ISLAMABAD: Model Customs Collectorate Additional Collector Adjudication M.M Amir has released five import supply items out of 11 after getting evidences but fined 20 percent on the appraisal value of the remaining six items. The offending vehicles have been released after receiving fine of Rs 100 thousand. The decision has been given by M.M Amir after authentication of data from ... Read More »

Chief Collector North Nadir Khan fines two companies on tax theft

ISLAMABAD: Model Customs Collectorate Chief Collector North Nadir Khan Hoti has rejected the appeal against the decision of Sialkot Deputy Director Licensing in Messers Barkat Customs Clearing case. Messers Barkat and Wania Trading Company had misdeclared the amount of tax. MCC Sialkot has cancelled the license on tax theft of Rs 4 million. The Lahore Customs Intelligence and Investigation after ... Read More »

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