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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

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 »

Shahid Hussain Asad given look-after charge of FBR Chairman

ISLAMABAD: Member Inland Revenue Policy and FBR Official Spokesperson Shahid Hussain Asad has been given look-after charge of FBR Chairman during the leave period of Tariq Bajwa, FBR Chairman/Secretary Revenue Division w.e.f. 18th July, 2014 to 14th August, 2014. It is worthy to mention here that Customs Today had already mentioned in its story published on Saturday about Shahid Hussain ... Read More »

I-Checks over promotion vexes FBR officers

ISLAMABAD: The Officers of Federal Board of Revenue have been under immense stress over recent shift of promotion policy of the government to verify their names with Intelligence agencies (I-Checks). The new policy created frustration among FBR officials as many customs officers have been denied promotion to upper grades on suggestions of Intelligence agencies. Those suggestions were based on the ... Read More »

Govt decides to appoint Tariq Bajwa as Finance Secretary

ISLAMABAD: The government has decided to appoint FBR Chairman Tariq Bajwa as Finance Secretary, sources told Customs Today. Sources said that Tariq Bajwa will replace incumbent Finance Secretary Waqar Masood in the middle of August. Seat of FBR Chairman will be vacant after posting of Tariq Bajwa to the office of Finance Secretary. The federal government has also started mulling ... Read More »

Trade deficit eased to $19.98b in FY14

ISLAMABAD: The trade deficit remained at $19.98 billion during outgoing financial year 2013-14, as compared to $20.49 billion of a year ago, showing a decline of 2.48 percent. According to figures released by Pakistan Bureau of Statistics (PBS), exports slightly surpass the imports during last year that resulted in decline in trade deficit. The PBS data showed that exports have ... Read More »

TCS finds scapegoat for smuggling scandal

ISLAMABAD: The Courier Service (TCS) administration dismissed its Chief Executive Saqib Hamdani and Islamabad Regional Manager Logistics Ghazanfar Gul amid the recent smuggling scandal. As per details, TCS has fired Saqib Hamdani and Ghazanfar Gul from their posts putting all responsibility of smuggling goods upon their shoulder. Earlier, it was reported that TCS with collaboration of Smart Zone Company had ... Read More »

FBR transfers Grade 19-20 Customs bigwigs

ISLAMABAD: FBR has announced transfers/postings of 15 Grade 19-20 Customs Officers with immediate effect. As per notification, Juneid Akram has been transferred as Director, Directorate of Intelligence & Investigation, FBR, Faisalabad on return from NMC, Muhammad Ibrahim Vighio (BS-20) has been transferred from Collector, Model Customs Collectorate, Hyderabad to Director, Directorate of Transit Trade, Karachi. He will hold additional charge ... Read More »

New post of former secretary FTO frets many

ISLAMABAD: Federal Tax Ombudsman (FTO) Abdul Rauf Chaudhry has appointed secretary FTO Abdul Khaliq as senior adviser and chief coordinator amid his retirement next month. The FTO Abdul Rauf Chaudhry has introduced new post of chief coordinator in FTO office to adjust the secretary FTO who was leaving his office in August. Although the post of chief coordinator demands coordination ... Read More »

Dar chairs ECC meeting, allows duty-free import of 100,000 tons of potatoes

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet chaired by Finance Minister Ishaq Dar allowed duty-free import of an additional 100,000 tons of potatoes. The committee extended the deadline for duty-free potato imports till Nov 15. The potato prices averaged around Rs70 per kg on Thursday in most of the Ramazan bazaars despite repeated directives issued by the finance minister. ... Read More »

FBR makes tax registration mandatory for Peshawar retailers

PESHAWAR: FBR has made tax registration mandatory for retailers in Pershawar, Khyber Pakhtunkhwa through amendments in the Sales Tax Special Procedures Rules 2007. According to these amendments, tax registration is mandatory for retailers and big departmental stores in the country including KPK. Retailers must have the fiscal electronic sales register to issue receipts to consumers while smaller traders would pay ... Read More »

FBR takes back notices issued to Misbah, Hafiz, Akmal, Azhar

LAHORE: FBR has taken back notices issued to national cricket players including Captain Misbah-ul Haq as an outcome of their meeting with Finance Minister Ishaq Dar recently. As per details, FBR issued notices to cricket players due to non-payment of their taxes but after fruitful meeting with Finance Minister Ishaq Dar, the Board decided to reverse the notices of cricketers ... Read More »

50 percent increase in FED rates irks air passengers

PESHAWAR: Federal Board of Revenue (FBR) has enhanced Federal Excise Duty (FED) rates by 50% replacing the fixed FED rates with already existing standard rate of 16 percent on tickets issued to passengers travelling aboard. National and domestic travelers flared at FBR after the decision of increase in FED on domestic and international flights. The decision has arrived after the ... Read More »