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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

Rs104b short fall: Dar hopeful of achieving revenue target

ISLAMABAD: Federal Finance Minister Ishaq Dar Informed the Senate Standing Committee on Finance that revenue collection in the country during current financial year was decreased by Rs70 billion due to depreciation of Dollar and appreciation of Rupee. He said that revenue collection target had been set at Rs2,387 billion which was revised to Rs2,050 billion, adding that unfortunately government could ... Read More »

Massive ST evasion scam unearthed

ISLAMABAD: The Computerised Risk-Based Evaluation of Sales Tax has detected around 250 to 300 Sales Tax persons involved in a massive scam of sales tax evasion by showing dummy business transactions to claim illegal input tax adjustment, causing huge loss to the national kitty. As per details, more than over 250 to 300 units falling within the jurisdiction of Regional ... Read More »

1pc WHT to be collected on property purchase

ISLAMABAD: The government will charge one percent withholding tax on purchase of immovable property of all sizes, including plots, flats, houses, residential and commercial properties purchased at any time with effect from July 1, 2014. As per details, all sizes of immovable properties are covered under the withholding tax regime at the purchase stage through Finance Bill (2014). At the ... Read More »

FTO seeks action against non-filer officials

ISLAMABAD: The Federal Tax Ombudsman (FTO) has asked the Federal Board of Revenue (FBR) to take action against its officers who have failed to submit their tax returns/declaration of assets. The FTO issued the directives while taking up a petition filed by a citizen Waheed Shahzad Butt under Freedom of Information Ordinance, 2002. On the other hand, the FBR has ... Read More »

FBR shows 150 PRAL employees the door

ISLAMABAD: The Federal Board of Revenue (FBR) has terminated from service 150 employees of its subsidiary Pakistan Revenue and Automation Limited (PRAL), fuelling apprehensions about the adverse impact on the performance of the department. Among those terminated employees are data entry operators and officials who were performing basic and important jobs. Currently, the PRAL is playing a crucial role in ... Read More »

Zero rating on potatoes, tomatoes & pulses to be continued: FBR

ISLAMABAD: FBR has clarified that no new taxes have been proposed to be levied on potatoes, tomatoes and medical syringes. The existing zero rating on potatoes, tomatoes other vegetables and pulses have been proposed to be continued in the Finance Bill. Similarly, existing concessions on all pharmaceutical raw materials, products/drugs have been proposed to be maintained and no new duty ... Read More »

FBR Chairman seeks data of all cases, appeals from regional offices

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has directed all the regional offices to forward data of all kinds of ongoing cases and appeals under consideration along with the details of funds involved. In a letter written from FBR headquarters, Islamabad to regional offices of Customs, Excise and Inland Revenue, all the offices have been directed to send a ... Read More »

PAC acts as watchdog to check corruption: Mian Abdul Mannan

ISLAMABAD: The all-powerful Public Accounts Committee of the National Assembly acts as a watchdog to keep an eye on government accounts and ensure transparent utilisation of each and every penny of the public exchequer. The PAC monitors corruption and anomalies in the affairs of different ministries and seeks explanation from the quarters concerned whenever and wherever detects any irregularity. Public ... Read More »

Fresh initiatives to be taken to boost economy: Khurram Dastgir

ISLAMABAD: Pakistan will undertake fresh trade initiatives with its regional and international trading partners to promote trade and boost economic growth in the country. Federal Commerce Minister Khurram Dastgir Khan said this in a meeting with officers of the commerce ministry academics and experts. The meeting was held to discuss the strategies for doubling Pakistani exports in the next few ... Read More »

FBR cautions its officials for bringing any influence

ISLAMABAD: FBR has caution its officials to refrain from bringing any superfluous influence, including political pressure, in respect of service matters such as transfers/postings/deputation and other related issues which in case shall be recognised as breach the Government Servants Conduct Rules as well as ‘Misconduct’. A notification issued in this regard stated, “It has been observed with great concern that ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

Duty structure for import of 888 items changed

ISLAMABAD: The government has changed the duty structure on import of over 888 items besides imposing 5 percent sales tax on products, plants and machinery. As per budget documents, the government has imposed 1pc customs duty on import of 500 items which likely to generate more than Rs500 million revenue. Prominent items slapped with duty include live animals including bulls, ... Read More »

FED withdrawal from locally produced vehicles raises eyebrows

KARACHI: In a surprise move the government has offered relief to the rich by reducing the 10 percent federal excise duty (FED) on Toyota Fortuner, a sports utility vehicle (SUV) being rolled out by Indus Motor Company (IMC). The government accepted a request by Pakistan Automotive Manufacturers Association (PAMA) seeking withdrawal of the FED on locally produced 1,800cc and above ... Read More »

Govt slaps CGT on debt instruments

KARACHI: The government has imposed Capital Gains Tax (CGT) on debt instruments like Pakistan Investment Bonds, Treasury Bills, Foreign Currency Bonds and Sukuk in the proposed Finance Bill 2014-15. Experts and researchers said while the CGT on securities (stocks) was clear and widely discussed, the imposition of CGT on the other component of the capital market — the debt instruments ... Read More »

FBR clarifies its stance on issuance of SROs

ISLAMABAD: Certain quarters have raised doubts about the authority of the Federal Government regarding the issuance of notifications SROs 420(I)/2014, 421(I)/2014 and 422(I)/2014, all dated 04.06.2014 without approval of the Parliament. Federal Board of Revenue has issued a notification which states that it is clarified that the Federal Government has delegated powers to issue and withdraw notifications under the relevant ... Read More »

Budget spells steps to check miscalculation of income, generate revenue

ISLAMABAD: The pragmatic measures envisaged in the budget to curb misclassification of income earned by taxpayers will generate Rs17 billion in 2014-15. According to the budgetary revenue generating measures, the proposal of alternate corporate tax will generate Rs15 billion during next fiscal year. The tax on bonus shares will also generate Rs15 billion while these measures will increase cost business ... Read More »

Dar hopes budgetary measures to flourish tax culture

ISLAMABAD: Finance Minister Ishaq Dar categorically declared that the government was committed to ending the culture of non-filing of income tax returns in the country for which tax rates have been enhanced for the non-compliant taxpayers and new scheme has been announced for retailers. Addressing a post-budget press conference, the Finance Minister said that major budgetary measure is to convince ... Read More »

FBR discontinues performance allowances of 12 PCS officers

ISLAMABAD: Federal Board of Revenue has discontinued the performance allowance of twelve officers of Pakistan Customs Service due to their failure to comply with the Board’s repeated instructions circulated vide circular no.1 bearing C.no.1(4)/M(HRM)/2012 dated 23rd July 2012. FBR has issued a notification in this regard. The twelve officers are Riffat A Hassan Abidi (BS-20), Juneid Akram (BS-20), Syed Tanveer ... Read More »

Duty concessions: SROs withdrawal expected to generate Rs32b

ISLAMABAD: The Federal Board of Revenue (FBR) will generate Rs32 billion through the withdrawal of duty concessions under SRO 567(I)/2006, SRO 567(I)/2006 and SRO 565(I)/2006 as well as reducing maximum customs duty rate from 30 to 25 percent, bringing down general tariff slabs from 7 to 6 in Pakistan Customs Tariff (PCT). According to the revised customs tariff issued here, ... Read More »

Govt eyes Rs314b from fuel taxes in budget

ISLAMABAD: The government, in the new budget for fiscal year 2014-15, has projected Rs314 billion revenue from different fuel taxes including Gas Infrastructure Development Cess (GIDC), Natural Gas Development Surcharge (NGDS) and Petroleum Levy (PL). As per the budget document, Rs145 billion is estimated to be generated on account of GIDC in 2014-15 against revised estimates of Rs88 billion in ... Read More »