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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

Cartels continue to manipulate potato price

ISLAMABAD: Federal Minister of Finance Ishaq Dar has admitted that about 10 to 11 brokers had booked potato crop of last year and wanted to sell it on their own rates of Rs 150 per kg. He said that intelligence sources provided names and other details of these dealers involved in black marketing. On question about possible action taken against ... Read More »

Corruption charges: Govt stops FPCCI funding; NAB,TDAP launch probe

ISLAMABAD: The federal government has stopped funding of the Apex chamber, following the corruption allegations of Rs 250 million in construction of FPCCI Capital Office building and ordered National Accountability Bureau to investigate the matter. After getting evidence of corruption from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former vice president Mirza Abdul Rehman, the Federal Secretary Commerce ... Read More »

Dastgir seeks local, foreign experts’ help to double exports

ISLAMABAD: Federal Minister of Commerce Engineer Khuram Dastgir has decided to appoint local and foreign commerce experts who will assist the government to double the trade volume of the country. Local experts include two former Governors of State bank Dr Ishrat Hussain and Shahid Kardar along with local economic analysts. Federal Minister has asked them to assist government with their ... Read More »

No guarantee to retrieve billions from Swiss banks: Dar

ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar said that there is no guarantee to bring back Pakistani billions of dollars from Swiss banks. He was chairing a meeting on annual review of economic performance of government. “We had put economy of country on track” Federal Minister claimed. He revealed that circular debt of Pakistan was more than Rs 263 ... Read More »

Buoyant Cruise: All set for Karachi-Dubai Speedy Boat Service

ISLAMABAD: The preparations have been completed for launching speedy boat service between Karachi and Dubai to increase Pakistani exports. The main objective of speedy boat service was to export perishable edible items, fruits, vegetables, meat and others to Dubai on cheaper rates, almost half than air service. A speedy boat equipped with air conditioned container will cruise at the speed ... Read More »

Fisheries export up 15.68% to US$3.67m during FY 2013-14

ISLAMABAD: The Fish and fishery products saw an increase of 15.68% during last FY2013-14 which was 12.25 % higher than the FY2012-13. This record increase in export of fish and fishery products from Pakistan had made export earnings of US$ 367.472 million which were above the target of US$340.00 million fixed by Marine Fisheries Department. According to Ministry of Ports ... Read More »

State Life to have new Chairman soon: Dastgir

ISLAMABAD: Federal Minister of Commerce Engineer Khurram Dastgir has assured the administration of State Life Insurance Corporation Limited that decision on appointment of Chairman and board members will be taken soon on priority basis. As per details, Federal Minister Khurram Dastgir during a meeting to examine the half-yearly performance of State Life Insurance Corporation Limited said that Corporation needs to ... Read More »

RDA finalizes draft of revised textile bill

ISLAMABAD: The Research Development and Advisory cell of textile ministry has prepared a bill envisaging wide-ranging measures to encourage value-addition in textiles and to give rights to Textile Ministry for legislation about promotion of textile exports. The bill enabled the ministry to raise standards, store and enhance exports quality of textile goods of country. Previously, RDA prepared an act for ... Read More »

FBR directs RTOs, LTUs to collect data of potential taxpayers

ISLAMABAD: The regional tax offices and large taxpayer units (LTU) on directions from Federal Board of Revenue (FBR) has covertly started to collect and computerize details about potential tax payers to increase the tax base. As per details, FBR has directed all regional offices to collect details about source of income, property and tax payments of residents in their jurisdiction. ... Read More »

Dastgir briefs Parliament on trade ties with India

ISLAMABAD: Minister for Commerce Engineer Khurram Dastgir Khan told the Lower House of the Parliament that the government has been addressing the reservations and concerns of business sector regarding granting the most favorite nation (MFN) statute to India. “Overall normalization of trade ties with India will be in favor of Pakistan both in short term and long term basis” he ... Read More »

FBR to issue tax cards to 850,000 filers

ISLAMABAD: Federal Board of Revenue (FBR) will issue tax cards to about 8, 50,000 filers of tax returns which would help taxpayers to get tax favor on vehicles and property sale/purchase. FBR acting Chairman Shahid Hussain Asad told Customs Today that issuing of tax cards would benefit tax payers and they will get favors and exemptions on their withholding taxes. ... Read More »

TCS, Smart Zone smuggling scandal: DG I&I pressurized to stay away from case

ISLAMABAD: Director General Customs Intelligence and Investigation (I&I) Lutfullah Virk has ordered Deputy Director Customs Shahid Jan to take strict action as per law against TCS and Smart Zone Company for their alleged involvement in smuggling. As per details, owners of TCS and Smart Zone companies had tried to put pressure on DG I&I through different means but he rejected any ... Read More »

FBR withdrawal of duty on steel sheet plunges fans’ price

PESHAWAR: The prices of electric homemade room coolers and fans in Peshawar dropped after Federal Board of Revenue (FBR) has withdrawn 10 percent Customs duty on the import of electrical silicon steel sheet. Afghan refugees who were residing in Peshawar Khyber Pakhtun-khwa have also developed their local industry of electric rooms coolers which were widely popular on low rates as ... Read More »

FBR to tighten the noose around Swiss depositors

ISLAMABAD: Federal Board of Revenue has decided to tighten the noose around Pakistanis having black money in Swiss banks and to retrieve money back into Pakistan. The FBR acting Chairman Shahid Hussain Asad told Customs Today that a team of FBR experts will visit Switzerland 24th of this month to pursue Pakistan’s efforts to recover untaxed billions of dollars of ... Read More »

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 »