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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

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 »

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 »