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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

Bajwa to attend finance secretaries meeting on 30th

Islamabad: A meeting of provincial secretaries finance will be held on Tuesday in Finance Ministry’s Q Block in Islamabad. Federal Finance Secretary Dr Waqar Masud and FBR Chairman Tariq Bajwa will participate in the meeting. According to the sources, federal’ government tax issues with provincial governments will be discussed in the meeting. The provinces will demand their due share of ... Read More »

FBR Chairman Bajwa arrives in Lahore today

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa will arrive in Lahore today. Mr Bajwa will participate in memorandum of understanding (MoU)signing ceremony between the FBR and Lahore Chamber of Commerce and Industry. This ceremony will be held at LCCI at 11am. Read More »

Commerce Ministry strives for market access to Japan, Canada, Australia

ISLAMABAD:  The Commerce Ministry is making efforts to get market access status from emerging economies such as Japan, Canada, Australia and others on the pattern of Generalised Scheme of Preferences (GSP+) granted by the European Union (EU) According to the World Trade Organisation (WTO), the facility of market access for goods provides conditions, tariff and non-tariff measures, agreed by members ... Read More »

FBR extends date for filing IT returns till October 31    

  ISLAMABAD: The Federal Board of Revenue (FBR) has extended the last date for filing of income tax returns till October 31 to facilitate the taxpayers. Earlier, the last date was September 30.  The date has been extended on the direction of Finance Minister Ishaq Dar.  The FBR has established 200 desks for this purpose to facilitate taxpayers. The one-month ... Read More »

Dar approves formation of Tax Reforms Commission

ISLAMABAD: Federal Finance Minister Ishaq Dar has given approval for constitution of Tax Reforms Commission. FBR Chairman Tariq Bajwa will be supervisor of the commission and the commission headed by a Chartered Accountant will work on tax reforms. The commission will consist of 20 members. Tax Reforms Commission was demand of international monetary organisations. The members of the commission will ... Read More »

FBR needs Rs 100 billion to achieve quarterly revenue target

ISLAMABAD: The Federal Board of Revenue (FBR) needs Rs 100 billion to meet the provisional quarterly revenue target and most probably it will fail to achieve this target. The FBR had fixed Rs 557 billion provisional revenue target for the quarter (July-September) of FY 2014-15. However, statistics available with Customs Today revealed that the FBR have collected around Rs 444 ... Read More »

Tax queries against Malik Riaz cost FBR officer heavily

ISLAMABAD: Federal Board of Revenue’s Secretary Taxpayers Audit Mushtaq Ahmad Dar who was investigating tax issues against Bahria Town has been entangled in departmental inquiry by the Bahria Town administration which demands to make the inquiry report public. Secretary Taxpayers Audit who was investigating tax cases against Bahria Town wrote letters to different sections of FBR which cost him heavily. ... Read More »

Customs Today posts Historical Customs Clearance Evidence Data

KARACHI: After great success of valuation rulings and other important gadgets, now Customs Today website has uploaded very crucial Historical Customs Clearance Evidence Data to facilitate the importers. Initially three months –June to August –data is posted, however, this will be updated every month on regular basis. Historical Customs Clearance Evidence Data is easily searchable and separated in sections. Everyone can sort ... Read More »

Dar, Bajwa select 77,500 returns for audit through balloting

ISLAMABAD: Random computer ballot was conducted on Thursday at Federal Board of Revenue, Islamabad for selection of cases for audit for Tax Year 2013 and Tax Period 1st July 2012 to 30th June, 2013 in respect of Income Tax, Sales Tax and FED. The Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Muhammad Ishaq Dar was the chief ... Read More »

Naqvi to head Tax reforms commission

ISLAMABAD: With the aim to bringing in drastic reforms in the prevailing tax system, the federal government, at last, named renowned chartered accountant Masoud Naqvi as head of the Tax Reforms Commission (TRC). It is to be noted that the establishment of Tax Reforms Commission (TRC) was announced by Finance Minister Ishaq Dar in his budget speech in June. A ... Read More »

FBR woman officer gets promotion purely on merit

ISLAMABAD: What can be described as surprising as well as pleasant, Prime Minister Nawaz Sharif approved the promotion of an FBR woman officer to Grade-22 position, despite having no political backing among the aspirants to the top slot. Interestingly, FBR officer Farzana Jabeen, from Inland-Revenue Service (IRS) cadre, is scheduled to retire from service with effect from October 22, 2014. ... Read More »

FBR holding balloting to audit tax cases

ISLAMABAD: Federal Finance Minister Ishaq Dar is presiding over the computer balloting ceremony for selection of audit cases here at the FBR House on Thursday. Besides the FBR officers including the Director Generals of Intelligence & Investigation Customs and Intelligence & Investigation Inland Revenue, Presidents of different chambers and trade associations including Islamabad Chamber of Commerce and Industry, Rawalpindi Chamber ... Read More »

FBR forms board in Post Clearance Audit for employees welfare

ISLAMABAD: The Federal Board of Revenue has constituted a Board for Common Pool Fund (CPF) in Directorate General of Post Clearance Audit, Islamabad. According to a notification issued from Director Headquarters of PCA Naeem Ijaz Qureshi, Director Headquarters will be the chairman of the board and Additional Director Headquarters will be its members. Assistant Director Headquarters Secretary  and three others ... Read More »

PTI, PAT sit-ins fail to affect Pak-Afghan trade

ISLAMABAD: The prevailing political impasse has not affected trade between Pakistan and Afghanistan. The government and the commerce ministry have blamed the Pakistan Tehreek-e-Insaf and the Pakistan Awami Tehreek protesters for inflicting billions of rupees losses to the national exchequer. The government had been saying that exports had been blocked because foreign buyers had stopped placing new orders due to ... Read More »

PIDE terms fiscal revenue target ‘too ambitious’

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE) has described the revenue target of Rs2,810 billion for the fiscal year 2014-15 as too ambitious to be met, saying the projected increase in revenue collection target is likely to be missed due to various factors. In a report, the PIDE cited that the highest growth in tax collection Pakistan had ever ... Read More »

Tax dodgers to be caught thru auditing

ISLAMABAD: Federal Board of Revenue (FBR), again this year, has decided to audit thousands of cases to catch the tax evades. Sources said that Income Tax, Sales Tax and Federal Excise Duty (FED) heads would audit about 70,000 to 80,000 cases selected through computerised balloting. “The number of cases for audit has been doubled this year as 41,727 cases were ... Read More »

Massive reshuffling: 59 PCS officers transferred

KARACHI: The Revenue Division of Federal Board of Revenue (FBR) through a notification vide No 1867-M-II/2014, has ordered transfers and postings of 59 officers of Pakistan Customs Services (PCS) of Grade-19/18 across the country. According to details, Abdul Basit Chaudhry (PCS/BS-19) has been transferred from the post of Additional Collector, Collectorate of Customs (Adjudication-I), Karachi to Principal, Directorate of Training ... Read More »

Tax collection target likely be revised due to floods

ISLAMABAD: Federal Board of Revenue (FBR) is planning to review the tax collection target of Rs2.81 trillion set for the current financial year 2014-15 owing to devastating floods in the country. Sources said that FBR has taken the decision after having nod from the Finance Ministry. According to FBR spokesperson Shahid Hussain Asad, FBR Tax Department is no track to ... Read More »

Dar urges CCP to make sure fair play

ISLAMABAD: Federal Finance Minister Ishaq Dar has urged the Competition Commission of Pakistan (CCP) to ensure fair play in the consumer goods market and review its performance. He was addressing a meeting with a delegation from the CCP to review its performance and address the issues it has been facing in undertaking its functions. He emphasised that the common man ... Read More »

Customs seizes 4kg heroin

ISLAMABAD: Pakistan Customs seized 4kg heroin from a UK-bound passenger at Islamabad Airport early on Tuesday morning. According to sources, the accused passenger, Ismail who belongs to district Nowshera, was going to Birmingham, UK on PIA flight PK-791. The passenger has been arrested and an FIR has been lodged against him. The Customs authorities have registered a case against the ... Read More »

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