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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 exceeds revenue target by Rs 1 billion in July

ISLAMABAD: The committed work of field formation officers under new acting Chairman helped the Federal Board of Revenue (FBR) in exceeding the revenue collection target in July 2014 by one billion rupees as it collected Rs 138 billion during the month of July against Rs 137 billion target. Acting Chairman of FBR Shahid Hussain Asad while talking to Customs Today ... Read More »

Rupee devalues by 47.1pc against dollar from 2008-13

ISLAMABAD: Pakistani Rupee devalued approximately 47.1% against US Dollar during period from 2008 to 2013. Rupee met with the worst depreciation in the fiscal year 2009 when it was devalued up to 16.0% and the lowest was in 2011 which was 0.5% only. Official documents available with Customs Today show that Pak rupee was victim of depreciation against dollar in ... Read More »

Finance Ministry all set for amending FERA Act, repealing EPFO

ISLAMABAD: The Ministry of Finance has made full preparations to introduce Bill to amend the Foreign Exchange Regulation Act, 1947. Similarly, Ministry is also all set to introduce another bill to repeal the Equity Participation Fund Ordinance, 1970. Both the bills had been very effective in the past and had been introduced with the purpose of streamlining economic sector in ... Read More »

Mobile phone companies deposit Rs162,149m GST in five years

ISLAMABAD: Mobile phone companies have deposited Rs 162,149 million on account of GST during the last five years. Cellular companies paid highest Rs 43,202 million in 2011 and the lowest Rs 16,930 in 2013. According to official data available with this scribe, cellular operators deposited total Rs 162,149 on account of GST during last five years up to April 2014. ... Read More »

Iranian POL products smuggling into Pakistan continues, FBR tells Senate

ISLAMABAD: Despite hectic efforts and introduction different strategies, the smuggling of petroleum, oil and lubricants (POL) products into Pakistan through Iran and Afghanistan borders is continued unabated. According to the FBR statement submitted to the upper house of the parliament in response to a question, the board claimed that it was very sensitive to smuggling of the Iranian POL products. ... Read More »

Tax evasion: FBR to seize accounts, property of 16 PAT leaders

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to take stern action against 16 leaders of Pakistan Awami Tehreek for not submitting tax related documents and details of foreign donations which involves tax evasion of Rs 400 million. “We have found several million rupees bank transactions through different bank statements but the PAT chief and workers did not bother ... Read More »

Job undone: Dar to face IMF next week

ISLAMABAD: Pakistan’s economic team lead by Finance Minister Ishaq Dar is likely to face criticism by International Monetary Fund (IMF) in Dubai next week on its failure to broaden the tax base in last fiscal year. A source from FBR told Customs Today that the talks with the IMF going to begin next week in Dubai and economic team may ... Read More »

Parleys for $200b stashed in Swiss banks in the offing

ISLAMABAD: Finance Minister Ishaq Dar said talks to bring back $200 billion “what he said” belonging to Pakistan and stashed in banks in Switzerland will begin in the current month. In a statement issued here, the federal minister pointed out that the talks would be held in several phases and it could take three to four years to bring the ... Read More »

Senate seeks FIA to report on tax evasion in oil import

ISLAMABAD:Senate Standing Committee on Planning and Development has asked Director General Federal Investigation Agency to submit a report on adulterated oil import and tax evasion during those imports. Federal Investigation Authority (FIA) likely to be given charge of examination of adulterated oil and of investigations in possible tax evasion by oil importers. As per details, Director General FIA would brief ... Read More »

FBR, PTA to keep record of imported mobiles

ISLAMABAD: Federal Board of Revenue has decided to take necessary steps as per the instructions of honourable Supreme Court in its verdict about illegal import of mobile phones and their use in terrorism activities. As per details, FBR with collaboration of Pakistan Tele-communication Authority (PTA) has decided start to maintain a record of every single mobile phone imported to Pakistan. ... Read More »

Advance tax on air tickets: Foreign missions get exemption

ISLAMABAD – The Federal Board of Revenue (FBR) has exempted foreign diplomats/ missions in Pakistan from advance income tax on the purchase of air tickets, a budgetary measure introduced through Finance Bill 2014-15. Acting Federal Board of Revenue Chairman Shahid Hussain Asad confirmed that the foreign diplomats and diplomatic missions were exempted from the advance income tax on the purchase ... Read More »

Efforts, claims to broaden tax net fail to produce

ISLAMABAD: The government, despite tall claims, failed to broaden tax base by bringing in wealthy non-taxpayers into the tax net as only 14 percent of the people have filed returns out of total notices issued during last financial year 2013-14. The government had planned roping in 100,000 wealthy non-taxpayers into tax net every year over the next five years. The ... Read More »

FBR’s eid gift:120,000 notices issued to potential taxpayers

ISLAMABAD: More than 120,000 initial notices (under section 114 of the Income Tax Ordinance 2001) have been issued – based on large potential fiscal liabilities and location to ensure the initiative is nationwide- and more than 38,000 second notices (under section 122C) which are to be followed by provisional assessment, collection procedures, and penal and prosecution proceedings.  So far, more ... Read More »

Missing documents: Customs holds liquor of Aussie High Commissioner

ISLAMABAD: Islamabad Dry Port Assistant Collector has refused to clear a container of liquors imported for Australian High Commissioner, held on incomplete documents. As per details, Australian High Commission has imported liquors for its High Commissioner through Islamabad dry port but on examination customs found that documents necessary for duty free import were not complete. The Ambassadors have privileged to ... Read More »

TCS smuggling scandal: Court extends bail of Hamdani, Shakirullah

ISLAMABAD: Customs court has extended anticipatory bail granted to TCS Chief Executive Saqib Hamdani and Smart Zone Company’s owner Shakirullah till August 6th. Both were accused of allegedly involved in smuggling of contrabands undercover of Afghan transit trade. On the other hand, Customs Intelligence Deputy Director Shahid Jan has decided to broadened investigation circle to other workers of The Courier ... Read More »

GSP status boosts textile exports to $13.74b

ISLAMABAD – Textile exports surged to $13.74 billion during previous financial year 2013-2014 mainly because of the GSP Plus status granted to Pakistan by the European Union (EU). The country exported textile made commodities worth $13.74 billion during last fiscal year (July 2013 to June 2014) as compared to $13.05 billion of the preceding year (July 2012 to June 2013), ... Read More »

Dar keen to bring down potato prices

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that the government has taken all-out steps including allowed duty free import of potatoes to reduce its price in the country. During a briefing the Ministry of National Food Security, the finance minister was informed that the hoarders, speculators and middlemen were involved in artificially manipulation of prices of potato. It was ... Read More »

Dastgir calls on Bhutan’s Minister for economic affairs

ISLAMABAD: Minister of Commerce, Engineer Khurram Dastgir Khan called on Economic Affairs Minister of Kingdom of Bhutan Lyonpo Norbu Wangchuk, on the sidelines of the 8th South Asian Free Trade Agreement (SAFTA) ministerial council meeting in Thimphu. In the meeting, two Ministers insisted on deepening the good relations that the two countries already enjoyed. They also discussed on enhancing present ... Read More »

Eid holidays: Exchequer likely to suffer Rs25-30b loss

ISLAMABAD: National exchequer may suffer Rs25-30 billion loss due to long holidays of Eid-ul-Fitr. Due to which revenue target of the first month of FY2014-15 could not be achieved. Acting FBR Chairman Shahid Hussain Asad told Customs Today that closure of businesses during Eid holidays will certainly affect the revenue collection. “At least Rs 6 billion revenue is being collected ... Read More »

Tahirul Qadri tax evasion: FBR to unfold investigations soon

ISLAMABAD: Federal Board of Revenue reportedly completed investigations into Pakistan Awami Tehrik (PAT) chairman Dr Tahirul Qadri’s Rs 770 million tax evasion and decision will soon be publicized. As per details, FBR has issued orders of a legal proceeding against PAT chairman Dr Tahirul Qadri and his organization after completing investigations of tax evasion. FBR source told Customs Today that ... Read More »