Saturday , August 15 2020
Breaking News
Home / Islamabad (page 582)

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

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 »

Seminar held to explain budgetary changes to tax officials

ISLAMABAD: A one-day seminar on “Budgetary changes brought in through Finance Act 2014” was held at Federal Board of Revenue (FBR) Headquarters. Member Facilitation and Taxpayers Education (FATE) FBR, Ms Riffat Shaheen Qazi chaired the seminar. Officers from Regional Tax Office (RTO) Islamabad, RTO Rawalpindi, LTU Islamabad, RTO Peshawar and RTO Abbottabad attended the seminar. Chief Sales Tax and Automation ... Read More »

FBR seeks Finance Ministry to take ADRS down

ISLAMABAD: The Federal Board of Revenue asked the Finance Ministry to take down Alternative Dispute Resolution System (ADRS) due to its poor performance. The Alternate Dispute Resolution (ADRS) offers companies an opportunity to apply full force of the law efficiently and effectively. Whereas the system has no option but to apply justice through the natural course of a blocked court ... Read More »

FBR assesses legal provisions of budget 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has started discussions on impacts of legal provisions presented in the budget for FY 2014-15. Government introduces legal provisions in the federal budget to facilitate FBR to meet the revenue collection target every year and then a process of review of impacts of legal provisions also continues throughout the year. A meeting in ... Read More »

Red card: No more tax exemptions to NGOs/NPOs

ISLAMABAD: Federal Government has withdrawn the tax exemptions provided to education institutions running under NGOs, NPOs and welfare trusts. Instead of that they will now receive 100% tax credit facility equal to their payable tax but private charity institution that were not active in welfare efforts will not eligible for this privilege too. The three mandatory conditions to get 100% ... Read More »

Bajwa’s absence: Race for FBR chairman post hots up

ISLAMABAD: The race for the Chairman post of the Federal Board of Revenue has been taking curious turns with the senior officers throwing their hats into the ring. After the FBR Chairman Tariq Bajwa left his office few days ago on leave, there were huge curiosity that “who will be the next FBR Chairman” if Mr. Bajwa will transferred to ... Read More »

Tight inspection: FBR to launch electronic monitoring system

ISLAMABAD: Federal Board of Revenue has decided to introduce electronic monitoring system SEMP to void the tax theft at manufacturing level. As per a FBR source the project of SEMP has been in preliminary stage and FBR will hire a private company who would start a pilot project very soon to implement it practically. FBR authorities were of the view ... Read More »

ANF recovers 17kg drugs, arrests 4

ISLAMABAD: Anti Narcotics Force seized 17 kg of drugs and arrested 4 culprits during its raids at airport, highways and bus stands. As per details, ANF has conducted raids in Islamabad, Faisalabad and Lahore and recovered 17kg capsules filled with charas and heroine. ANF also arrested 4 culprits and confiscated their vehicle. At main motorway tool plaza Lahore ANF, on ... Read More »