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CDNS to be safeguarded against ill-gotten money, terror financing

ISLAMABAD: Finance Division through promulgation of National Savings Schemes (AML-CFT) Rules, 2019 has decided to engage an AML-CFT compliant bank, through competitive bidding, to put in place the requirement as well as the necessary training of employees of Central Directorate of National Savings (CDNS). Accordingly, Expression of Interest, in consultation with SBP, has been sought from the interested bank to ... Read More »

FBR to hold meeting with small traders on Jan 22

ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch a series of meetings with representatives of traders associations to address concerns of small traders. According to sources, in this regard a combined meeting of traders’ representatives and senior officers of FBR will be held on January 22, at FBR House. In the meeting, the chairperson and other senior officers ... Read More »

FBR aims to facilitate businessmen: Acting FBR chairman

RAWALPINDI: A five member delegation of Rawalpindi Chamber Of Commerce and Industry (RCCI) and ISE REIT called on Federal Board of Revenue (FBR) Acting Chairperson Ms Nausheen Javed Amjad at FBR House. The delegation includes Group Leader Sohail Altaf, Former President RCCI and Chairman ISE REIT Zahid Latif Khan, Senior Vice president Nosherwan Khalil Khan, Masoom Akhtar Director ISE REIT ... Read More »

FBR detects $5m worth of under-invoicing in IT imports

ISLAMABAD: The Federal Board of Revenue (FBR) detected over $5 million worth of under-invoicing in IT imports after the Senate Standing Committee on Commerce and Textile pointed out irregularities in the imports. Briefing the Senate Standing Committee on Commerce and Textile FBR Member Customs Operations Jawwad Agha said a few dealers and importers resorted to manipulation of the receipts to ... Read More »

Pakistan-China forms body to explore financial package for ML-1: Envoy

ISLAMABAD: Chinese ambassador to Pakistan Yao Jing has said that China and Pakistan had constituted a joint committee to explore financing modalities and find appropriate financial package for the mega Main Line (ML-1) railway project. Addressing media persons here on Wednesday night, the envoy said that due to huge financial implication, the project was facing little delays however it would ... Read More »

FIA arrests accused involved in illegal access to remittance information of ABL

RAWALPINDI: Federal Investigation Agency (FIA) cyber crime circle arrested accused Mohammad Arslan who is involved in illegal unlawful and unauthorized access to the remittance information of Allied Bank Limited (ABL). According to the details, consequent upon conclusion of Enquiry No: RE-716/2019, it transpired that Muhammad Arslan son of Muhammad Mukhtar having CNIC No. 61101-9556148-7 is involved in illegal, unlawful and ... Read More »

Govt paid off over $10b debt in first year, Hammad Azhar tells Senate

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar said the government aims to bring fiscal deficit down to four per cent in the next one or two years. Speaking in the Senate during the question hour, he said the incumbent government’s fiscal deficit for the first quarter of current fiscal year remained well within the target. Hammad Azhar said the ... Read More »

Acting Chairperson Nausheen Javed Amjad appreciates services of Fazal Yazdani

ISLAMABAD: Federal Board of Revenue (FBR) Acting Chairman Nausheen Javed Amjad appreciated the services of retiring Member Legal & Accounting Customs Fazal Yazdani Khan. According to the details ,the Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring Member Legal & Accounting Customs Fazal Yazdani Khan at the Board Council Meeting. All the members of FBR ... Read More »

FBR starts crackdown against tax evaders

  ISLAMABAD: Federal Board of Revenue (FBR) directed field formation for the enforcement of systematic raids on tax evaders and non-compliant persons across the country. FBR Director-General I&I Inland Revenue Dr Bashirullah Khan said that “all field formations of the Intelligence and Investigation (I&I) Directorate have been instructed to come out of hibernation and freely combat the menace of tax ... Read More »

China keen to import edibles from Pakistan: Envoy

  ISLAMABAD: Chinese Ambassador to Pakistan Yao Jing Wednesday said China was keen to import meat, potato, onion, mango and cherry from Pakistan. He called on Federal Minister for National Food Security and Research Makhdoom Khusro Bakhtiar and expressed his confidence on him as former Minister for Planning and Development, viz a viz his contribution towards the expansion of phase-II ... Read More »

Customs ASO seizes 54 bottles of foreign origin liquor

ISLAMABAD: Collectorate of Customs Anti-Smuggling Organization (ASO) squad seized A 54 foreign origin Absolute Vodka and Sumernof Vodka bottles including offending vehicle. Talking with Customs Today Collector Seema Raza said after receiving credible information about smuggling of liquor, an anti-smuggling squad was constituted under the supervision of Superintendent Malik Abid Hussai. The anti-smuggling squad established a check post near Tramri ... Read More »

FBR seeks 150pc revenue allowance equal to basic pay of its employees

ISLAMABAD: Federal Board of Revenue officers have suggested to the government for granting a revenue allowance at rate of 150 percent of the basic pay to their employees on pattern of Punjab and KP governments. According to media, in proposed restructuring plan being devised by Dr Ishrat Hussain led Institutional Reform Committee as well as the multilateral donors the IMF ... Read More »

Govt economic measures reduced fiscal & trade deficits: MoF

ISLAMABAD: The Ministry of Finance has said that the government inherited an economy in a major balance of payment crisis which led to high inflation and low growth but immediate actions by the government helped stabilize the economy and reduce the unsustainable fiscal and trade deficits, leading to restoration of business confidence. In a statement issued on Wednesday, the Finance ... Read More »

Pakistan to meet FATF’s Working Group in Beijing on Jan 20

ISLAMABAD: Pakistan has accelerated ‘diplomatic efforts’ as part of preparation ahead of meeting with the global financial watchdog Financial Action Task Force’s (FATF) Working Group in Beijing on January 20-21. Pakistan will be judged by an FATF plenary next month on the basis of the Joint Group’s report for possible exit from the grey list or at least avoiding the ... Read More »

Inflation to decrease in coming months: Asad Umar

ISLAMABAD: The inflation would lower down to single digit by the end of this year, as compared to 12.6 percent recorded in December 2019, Federal Minister for Planning Development and Special Initiatives Asad Umar predicted on Wednesday. Talking to media, he said that the decline in interest rate would help ease the policy rate, which would boost businesses investment opportunities. ... Read More »

Member Customs directs crackdown on sellers of counterfeit cigarettes

ISLAMABAD: The Federal Board of Revenue (FBR) started crackdown against the traders and businessmen involved in selling of counterfeit cigarettes. The FBR issued orders for crackdown on Monday with the approval of the FBR Member IR Operations and FBR Member Customs Operations Jawwad Awais Agha. On Monday the crackdown has been launched against the sellers of non-duty paid and counterfeit ... Read More »

CBCM detects cases of money laundering amounting to Rs1b: Director Waheed Marwat

ISLAMABAD: The Directorate of Cross Border Currency Movement detected new cases of money laundering amounting to Rs1 billion during its initial period of three months. Talking with Customs Today Director of Cross Border Currency Movement (CBCM) Waheed Marwat said that money laundering act was introduced in 2010 and Directorate General of Customs Intelligence and Investigation was nominated for work under ... Read More »

FDI posts 280pc growth during current FY: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance & Revenue Dr Abdul Hafeez Shaikh has said the government is taking steps to tackle inflation and enhance domestic productivity through greater spending on social safety net, improving cash transfer programme, ensuring greater ease of doing business and providing subsidized loans, electricity and gas to the exporters. “The government has worked very hard ... Read More »

FBR issues clarification regarding printing of retail price

ISLAMABAD: Federal Board of Revenue (FBR) issued clarification regarding application of newly inserted Serial No 26 in Section 33 of the Sales Tax Act, 1990. The clarification read as “it is clarified that at import stage the mechanism of clearing of goods already defined in STGO 103 of 2019 is to be followed. The STGO recognizes that in some situations, ... Read More »

CCoP decides to hand over three properties to NPHS

ISLAMABAD: Adviser to Prime Minister on Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh presided over a meeting of Cabinet Committee on Privatization (CCoP) today. During the meeting the participants approved to omit five properties out of 32 government properties selected for privatization. The omitted five properties are located in Islamabad, Lahore and Karachi. The meeting approved to hand over ... Read More »