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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

Naqvi to head Tax reforms commission

ISLAMABAD: With the aim to bringing in drastic reforms in the prevailing tax system, the federal government, at last, named renowned chartered accountant Masoud Naqvi as head of the Tax Reforms Commission (TRC). It is to be noted that the establishment of Tax Reforms Commission (TRC) was announced by Finance Minister Ishaq Dar in his budget speech in June. A ... Read More »

FBR woman officer gets promotion purely on merit

ISLAMABAD: What can be described as surprising as well as pleasant, Prime Minister Nawaz Sharif approved the promotion of an FBR woman officer to Grade-22 position, despite having no political backing among the aspirants to the top slot. Interestingly, FBR officer Farzana Jabeen, from Inland-Revenue Service (IRS) cadre, is scheduled to retire from service with effect from October 22, 2014. ... Read More »

FBR holding balloting to audit tax cases

ISLAMABAD: Federal Finance Minister Ishaq Dar is presiding over the computer balloting ceremony for selection of audit cases here at the FBR House on Thursday. Besides the FBR officers including the Director Generals of Intelligence & Investigation Customs and Intelligence & Investigation Inland Revenue, Presidents of different chambers and trade associations including Islamabad Chamber of Commerce and Industry, Rawalpindi Chamber ... Read More »

FBR forms board in Post Clearance Audit for employees welfare

ISLAMABAD: The Federal Board of Revenue has constituted a Board for Common Pool Fund (CPF) in Directorate General of Post Clearance Audit, Islamabad. According to a notification issued from Director Headquarters of PCA Naeem Ijaz Qureshi, Director Headquarters will be the chairman of the board and Additional Director Headquarters will be its members. Assistant Director Headquarters Secretary  and three others ... Read More »

PTI, PAT sit-ins fail to affect Pak-Afghan trade

ISLAMABAD: The prevailing political impasse has not affected trade between Pakistan and Afghanistan. The government and the commerce ministry have blamed the Pakistan Tehreek-e-Insaf and the Pakistan Awami Tehreek protesters for inflicting billions of rupees losses to the national exchequer. The government had been saying that exports had been blocked because foreign buyers had stopped placing new orders due to ... Read More »

PIDE terms fiscal revenue target ‘too ambitious’

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE) has described the revenue target of Rs2,810 billion for the fiscal year 2014-15 as too ambitious to be met, saying the projected increase in revenue collection target is likely to be missed due to various factors. In a report, the PIDE cited that the highest growth in tax collection Pakistan had ever ... Read More »

Tax dodgers to be caught thru auditing

ISLAMABAD: Federal Board of Revenue (FBR), again this year, has decided to audit thousands of cases to catch the tax evades. Sources said that Income Tax, Sales Tax and Federal Excise Duty (FED) heads would audit about 70,000 to 80,000 cases selected through computerised balloting. “The number of cases for audit has been doubled this year as 41,727 cases were ... Read More »

Massive reshuffling: 59 PCS officers transferred

KARACHI: The Revenue Division of Federal Board of Revenue (FBR) through a notification vide No 1867-M-II/2014, has ordered transfers and postings of 59 officers of Pakistan Customs Services (PCS) of Grade-19/18 across the country. According to details, Abdul Basit Chaudhry (PCS/BS-19) has been transferred from the post of Additional Collector, Collectorate of Customs (Adjudication-I), Karachi to Principal, Directorate of Training ... Read More »

Tax collection target likely be revised due to floods

ISLAMABAD: Federal Board of Revenue (FBR) is planning to review the tax collection target of Rs2.81 trillion set for the current financial year 2014-15 owing to devastating floods in the country. Sources said that FBR has taken the decision after having nod from the Finance Ministry. According to FBR spokesperson Shahid Hussain Asad, FBR Tax Department is no track to ... Read More »

Dar urges CCP to make sure fair play

ISLAMABAD: Federal Finance Minister Ishaq Dar has urged the Competition Commission of Pakistan (CCP) to ensure fair play in the consumer goods market and review its performance. He was addressing a meeting with a delegation from the CCP to review its performance and address the issues it has been facing in undertaking its functions. He emphasised that the common man ... Read More »

Customs seizes 4kg heroin

ISLAMABAD: Pakistan Customs seized 4kg heroin from a UK-bound passenger at Islamabad Airport early on Tuesday morning. According to sources, the accused passenger, Ismail who belongs to district Nowshera, was going to Birmingham, UK on PIA flight PK-791. The passenger has been arrested and an FIR has been lodged against him. The Customs authorities have registered a case against the ... Read More »

NBP starts action against 11 bankers for Rs 12 billion fraud

ISLAMABAD: The National Bank of Pakistan (NBP) has taken action against 11 officials for their involvement in around Rs 12 billion irregularities. The accused include four Pakistani and seven Bangladeshi officials. According to documents available with Customs Today, the NBP detected irregularities, including untimely and improper classification of loan accounts in the light of Bank of Bangladesh circular no: 05/2006 ... Read More »

ANF seizes narcotics worth Rs5.75b

ISLAMABAD: The Anti-Narcotics Force claimed to have captured 3.1 tonnes of narcotics and arrested eight drug smugglers. The force claimed that the seized drugs worth was amounting to Rs5.75 billion. The narcotics were recovered during different raids carried out in Faisalabad, Lahore, Khanewal, Hyderabad and Pishin and. According to an ANF press release, most of the seized drug was destined ... Read More »

FBR sets up 200 centres to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue has established 200 tax facilitation kiosks to facilitate the business community in filing of income tax returns. The centres have been established at important business centres, shopping malls, offices of traders’ associations and chambers of commerce and industry, national and provincial assemblies buildings, federal secretariat, civil secretariats in all the provincial capitals, press clubs ... Read More »

Commerce Ministry striving to turn GSP Plus into FTA

ISLAMABAD: The Ministry of Commerce is making preparations to move a step forward by transforming the GSP Plus status into free trade agreement (FTA) with the European Union. In all, 406 members of the European Parliament supported the move at a session in Brussels on December 12, 2013 and granted GSP-Plus status to Pakistan on December 12 last year. It ... Read More »

FBR CBA union not illegal, claims Rashid Mehmood

ISLAMABAD: The Federal Revenue Alliance Employees Union in the Federal Board of Revenue’s has rejected the claim of the FBR that the union was illegal. Central Secretary Information of the Union Rashid Mehmood said that National Industrial Relation Commission (NIRC)’s single bench of Baqir Ali Rana had suspended the union on March 21, 2014 at the FBR’s plea but the ... Read More »

47 IR officers of BS 17-19 transferred

ISLAMABAD: Federal Board of Revenue (FBR) has transferred/posted 47 Inland Revenue officers of (BS 17-19) with immediate effect. According to Notification No 1846-IR-I/2014, the Officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting. All the officers are requested to Relinquish/Assume charge, using online HRMS facility ... Read More »

NA Finance Committee to get briefing from IMF

ISLAMABAD: The National Assembly Standing Committee on Finance Friday announced to get briefing on overall economic situation of the country from representatives of the International Monetary Fund (IMF) on October 15. No committee of the either house has ever been given briefing by IMF in the past so far and it will be a new precedent if briefing is arranged. ... Read More »

FBR’s departmental promotion exam challenged in IHC

ISLAMABAD: Thirty seven employees of grade 14 working in Rawalpindi and Islamabad Regional Tax Offices of Federal Board of Revenue have challenged in the Islamabad High Court (IHC) the recently announced departmental promotional examination for posts of Inspectors in grade 16. They have requested the court to issue stay order till decision of the court. If the court gives stay ... Read More »

Telenor deposits Rs 24m tax after customs notice

ISLAMABAD: Telenor, one of the most popular cellular companies in Pakistan, has submitted Rs 24 million tax. As per details, Directorate General of Customs I&I Islamabad/Rawalpindi Deputy Director Eng Shahid Jaan had caught tax theft worth Rs 24 million in Telenor’s two goods declarations on importing equipment for its 3G towers. After investigation, the cellular company was found guilty of ... Read More »