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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

Tax-free budget: KP ropes in various sectors to tax net

PESHAWAR: The Khyber Pakhtunkhwa government has raised the ratio of provincial taxes by making amendments to various laws pertaining to the stamp duty, professional institutions, business establishments, agriculture income and salaries. According to the KP Finance Bill, the government has levied an annual tax of Rs330 on all those persons engaged in any profession and trade having an income of ... Read More »

Dastgir reviews implementation on conventions under GSP Plus

ISLAMABAD: Commerce Minister Engr Khurram Dastgir Khan said that the government has been extending coordination with representatives of all federating units to appoint focal persons for treaty implementation, amend existing laws and promulgate new ones to bring them in accordance with the international conventions Pakistan has to comply with under GSP Plus. He said this while chairing a meeting of ... Read More »

Rs139b for ADP: Rs400b KP budget being unveiled

PESHAWAR: The Pakistan Tehreek-e-Insaf-led Khyber Pakhtunkhwa government is set to unveil more than Rs400 billion annual budget today (Saturday) for the fiscal year 2014-15 with Rs139 billion Annual Development Programme (ADP). It will be the PTI’s government second budget which will be presented by Finance Minister Sirajul Haq. The total volume of the budget has been increased to Rs400 billion ... Read More »

Cellular cos seek industrial status, withdrawal of duty

ISLAMABAD: The cellular services operators have asked the government to withdraw hike in Customs duty on imported machinery and abolish collection of registration fee on activation of phone sets introduced in the Finance Bill 2014-15. According to the representatives of the cellular companies who also held a meeting with the Federal Board of Revenue, they reserve the rights to approach ... Read More »

Reforms in TDAP underway to boost exports: Khurram Dastgir

ISLAMABAD: Reforms in the Trade Development Authority of Pakistan are underway to enhance exports of the country. A working committee has been formed headed by Commerce Secretary to rectify all kinds of matters in TDAP. Federal Commerce Minister Khurram Dastgir said this during a meeting with Commerce Secretary Arbab Shahzad, TDAP Chief Executive Officer SM Muneer and TDAP Secretary Rabia ... Read More »

Exports slump in May for 2nd consecutive month

ISLAMABAD: The country’s exports witnessed a marginal decline in May 2014 from a year ago, despite having preferential access to European market. The export proceeds fell to $2.117 billion in the month under review as compared to $2.143bn in the same month last year, reflecting a decline of 1.21 per cent, showed Pakistan Bureau of Statistics (PBS) data. This is ... Read More »

Senators told China to finance, develop Gwadar airport

ISLAMABAD: The government has informed the Senate Standing Committee on Finance that the financing and development of Gwadar International Airport had been “taken over by China” and that the Civil Aviation Authority will not be involved with the process. In addition, the controversy over the change in the route of the $35 million Pak-China Economic Corridor deepened as government officials ... Read More »

Dar sees forex reserves at $14b till June 30

ISLAMABAD: Finance Minister Senator Ishaq Dar has expressed his hope that Pakistan’s foreign exchange reserves will reach $14 billion by June 30, 2014. In a policy statement, Ishaq Dar informed the National Assembly that the country would receive $310 million of 19.8 percent shares of United Bank Limited (UBL) next week that would take country’s foreign exchange reserves to $14 ... Read More »

PM lauds Dar’s effort in obtaining WB approval of loans

ISLAMABAD: Prime Minister has appreciated Finance Minister Ishaq Dar and his team for achieving World Bank’s approval for financing the Dasu Hydropower Project of 4,500 MW. Out of $700 million loan, $600 million would be utilised for the Dasu Project while remaining funds would be utilised for the uplifting of irrigation projects in Sindh province. The Premier remarked that it ... Read More »

Japanese Ambassador pledges to continue supporting Pakistan

ISLAMABAD: Japanese Ambassador to Pakistan Hiroshi Inomata has said that his country enjoys good relations with Pakistan and will continue to support Pakistan in development process. He said many Japanese companies are interested in investment in Pakistan’s energy sector. The ambassador said that in recent years, Japan assisted Pakistan in different projects including disaster management. About bilateral trade and business ... Read More »

LPA, land ports in the making to boost trade: Dastgir

ISLAMABAD: A Land Port Authority (LPA) will be established to facilitate the promotion of trade through land routes with all regional countries including India while modern infrastructure will be developed at Chaman, Torkham and Wagah check-points to boost trade. Moreover, land ports will also be established at Taftan and Monabao-Khokhropar to channelize regional trade. This was declared by Federal Commerce ... Read More »

Probing clearance of 50,000 vehicles: DG-PCA serves notices on customs officials

ISLAMABAD: The inquiry committed set up by the Directorate General of Post Clearance Audit (DGPCA) has issued notice to seven customs officials for June 13, asking them to show up and explain their administrative decisions that were taken during amnesty period to clear 50,000 vehicles. As per details, they PCA, on the directives of the FBR, has constituted four teams ... Read More »

FBR reservations: Govt undertakes revision of FTAs, PTAs

ISLAMABAD: The Federal government has decided to reconsider the status of all standing Free Trade Agreements (FTA) and Preferential Trade Agreements (PTA) signed with different countries including China. Currently FTA-2 with China is also under consideration. As per details, the government has taken the decision following the Federal Board of Revenue reservations regarding all these agreements. The board has pinpointed ... Read More »

10pc duty levied on silicon/alloy steel to curb mis-declaration

ISLAMABAD: With the aim to curbing mis-declaration, the Federal Board of Revenue (FBR) has announced the imposition of 10 percent customs duty on Silicon and Alloy steel. As per reports, the FBR notified the duty under the First Schedule of the Customs Act, 1969 which will be effective from July 1, 2014. I view of the growing complaints from the ... Read More »

Dairy sector enjoys concessions: Bajwa insists FBR empowered to issue SROs

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government did not violate any law while issuing statutory regulatory orders (SROs), saying that the federal government had the legal authority to revise tax rates under Income Tax Ordinance 2001, Sales Tax Act, 1990 and Federal Excise Act, 2005. Talking to the media at Parliament House here, Tariq ... Read More »

Pakistan pays due importance to Eastern Europe: Khurram Dastgir

ISLAMABAD: Pakistan is pursuing a policy to enhance trade and investment by focusing on Eastern and Central Europe in addition to the traditional Western European markets, said the Commerce Minister Khurram Dastgir during his meeting with Miroslav Lajčák, Deputy Prime Minister and Minister of Foreign & European Affairs of the Slovak Republic. Dastgir appreciated Slovak support for Pakistan in obtaining ... Read More »

FBR tightening noose around tax evaders: Bajwa tells senate committee

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that FBR is tightening the noose around tax evaders including people who pay lesser amount of tax despite owing more to national exchequer. He said this while attending a meeting of Senate’s Standing Committee on Finance. Bajwa informed the committee that taxes will be levied on stock markets as well ... Read More »

Amends to laws introduced to improve tax compliance

ISLAMABAD: The government has introduced procedural amendments to tax laws through the Finance Bill 2014 to improve tax compliance. As per official documents, the government has exempted from income tax the receipt of Pakistan Telecommunication Authority’s (PTA) income regarding the sale of spectrum licences. An amendment is introduced to exempt the PTA’s income with retrospective effect from March 2014. “The ... Read More »

Flouting rules: FTO rejects Transparency International plea against FBR officials

ISLAMABAD: Federal Tax Ombudsman Abdur Rauf Chaudhry rejected the Transparency International Pakistan allegations levelled against FBR officials, alleging that these officials had bypassed rules and regulations of international supply tenders by granting GST zero rating to particular individuals, causing Rs 12 billion loss to national exchequer. However, FTO Chaudhry ruled that the Federal Board of Revenue had failed to explain ... Read More »

10,000 retailers to be brought into tax net, Senate body told

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa has informed the Senate Standing Committee on Finance that top 10,000 retailers will be brought into the tax net under the new scheme proposed through Finance Bill (2014-15). Briefing the Senate Standing Committee here, Mr Bajwa informed that currently more than 2.5 million retailers were operating across the country, adding that ... Read More »