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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

ST, FED on beverages: FBR enhances fixed capacity rate

ISLAMABAD: The Federal Board of Revenue has considerably enhanced fixed capacity rates of sales tax and federal excise duty charged on beverages on the basis of annual production capacity of the unit. The FBR Through revised Federal Excise Duty and Sales Tax on Production Capacity (Aerated Waters) Rules, 2013, the new rates per filling valve or spout payable by each ... Read More »

Tax Directory: 45 lawmakers yet to file tax returns

ISLAMABAD: As many as 45 parliamentarians including eight MNAs and seven Senators  have not yet filed their income tax returns. According to finalised Tax Directory issued by the FBR, out of total 1,172 parliamentarians, 1,127 have filed their income tax returns till February 28, 2014, indicating there are 45 non-filers. Despite extending deadlines time and again, there are some parliamentarians ... Read More »

Bajwa directs formation of a task force for broadening tax base

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has directed the constitution of a task force to propose a concrete policy along with enforcement measures to bring the retail sector into the tax net and to ensure that the retailers make their due contribution to revenue. FBR has issued a notification in this regard. Member Human Resource Management Yasmin Saud ... Read More »

PM incentive: FBR extends tax returns filing date till April 30

ISLAMABAD: An extension of two-months has been granted in the last date for filing of tax returns under the Prime Minister’s tax incentive package up to April 30, 2014 to attract maximum persons, who intend to avail of the scheme. Federal Board of Revenue has issued Income Tax Circular 1 of 2014 in this regard. A statement of Finance Ministry ... Read More »

Cigarette cos contributed more to revenue amid challenges

ISLAMABAD: The documented cigarette companies’ contribution on account of excise duty, sales tax and income tax has increased during 2013 despite serious challenges of high taxation on tobacco industry and issues of illegal trade. As per details, the list of 100 top corporate taxpayers issued by the Federal Board of Revenue contains one of the leading cigarette giants which reflects ... Read More »

Senate told 71 corruption cases surfaced in Customs

ISLAMABAD: Finance Minister Ishaq Dar informed the upper House of the parliament that a total of 71 corruption cases surfaced in the Model Customs Collectorates at Customs House, Karachi i.e Appraisements (East & West), Preventive, Exports, Port Muhammad Bin Qasim and Exports Collectorate Muhammad Bin Qasim during the last five years (2009-2013). In a written reply to a question of ... Read More »

Pakistan Railways poised to focus on its role in future regional trade

ISLAMABAD: Pakistan Railways is currently developing focus on its activities while considering itself at regional scale as trade corridors with Afghanistan and Iran are being improved and work on Pak-China Trade Corridor has been intensified to make it profitable entity, said Railways Director General Operations Syed Mazhar Ali Shah. “Efforts are being made to resume commercial operations of Pakistan Railways ... Read More »

Extension in last date for tax incentive package likely

ISLAMABAD: The government is likely to extend last date of Prime Minister’s tax incentive package being expired on February 28 (Friday), by 15 days to one month to provide a last opportunity to the non-filer NTN-holders and unregistered persons to come into the tax net. If the Finance Ministry gives concurrence to the proposal, the extension will be announced on ... Read More »

Tax directory of 0.9m taxpayers in 75 days: Dar

ISLAMABAD: Finance Minister Ishaq Dar declared the Tax Directory will be published in next two and a half months. He promised that if the FBR succeeded in achieving 20 percent growth in revenue collection, the government will be in a position to transfer Rs219 billion additional revenue to provinces. While speaking on floor of the National Assembly, Dar said the ... Read More »

Procedures for ATT cargo under Customs Computerised System issued

ISLAMABAD: Federal Board of Revenue has issued a detailed procedure for processing and clearance of transit trade cargo under Customs Computerised System – to and from Afghanistan. FBR has amended Customs Rules, 2001 through an SRO 121(I)/2014 to issue the procedure of the transit under Customs Computerised System covering Afghan commercial cargo imported through Karachi Port, Port Muhammad Bin Qasim, ... Read More »

Dar stresses trade with India to be at equal footings

ISLAMABAD: Finance Minister Ishaq Dar has said that it should be ensured that all concessions offered to imports from India are on a reciprocal basis with equal market access and level playing field for Pakistan’s exports to India. He said this while chairing a meeting held at the finance ministry. The purpose of the meeting was examining trade with India. Commerce ... Read More »

ST on imported generators: FBR clarifies SRO 549(1)/2008

ISLAMABAD: The Federal Board of Revenue (FBR) has declared that gas generators imported under SRO 549(1)/2008 are liable to sales tax at the time of their subsequent supply. The board has issued instructions to the Chief Commissioners of the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) in this regard. According to the FBR’s instructions, as per statement of ... Read More »

Role of ‘Regulatory Collector’ under DTRE scheme defined

ISLAMABAD: The Federal Board of Revenue has clearly defined the role of the “Regulatory Collector of Customs” in dealing with the issues of jurisdiction of manufacturer-cum-exporters and commercial exporters under the Duty and Tax Remission for Export (DTRE) scheme to facilitate exporters. According to the FBR, it has clarified the definition of “Regulatory Collector” mentioned in clause (m) of sub-rule ... Read More »

More parliamentarians pay taxes, 52 remain non filers

ISLAMABAD: More lawmakers from Senate, National Assembly and Provincial Assemblies have filed tax returns increasing the number of taxpayer parliamentarians from 1072 to 1120, as Federal Board of Revenue is to update tax directory by February 28. However, FBR has issued updated version of parliamentarians’ tax directory on February 26. Certain corrections have been made in the directory as per ... Read More »

ECC extends ban on duty-free gold import

ISLAMABAD: In a meeting chaired by Finance Minister Ishaq Dar, Economic Coordination Committee of the Federal Cabinet, which is the apex economic decision-making body, has extended a temporary suspension on duty free-import of gold. The ECC extended the temporary suspension on import of gold under SRO 760 till March 20, 2014. The Finance Minister directed Commerce Secretary, Federal Board of Revenue ... Read More »

PM to get briefing from FBR on revenue shortfall

ISLAMABAD: A team of Federal Board of Revenue led by Chairman Tariq Bajwa will brief Prime Minister Nawaz Sharif on the tax policy measures taken to overcome revenue collection shortfall in 2013-14 and steps to check ongoing smuggling and evasion of customs duty. Sources said that FBR’s team of tax managers is actively preparing a presentation for the Prime Minister. ... Read More »

GPS-tagged photographs of business premises required under RegSys

ISLAMABAD: Apart from other provisions and conditions under newly-introduced new risk-based sales tax registration system named ‘RegSys’, the Federal Board of Revenue (FBR) has bound applicants to attach digital GPS-tagged photographs of their business premises to avoid unnecessary visits of field staff. As per details, photographs of installed machinery, electricity meters and gas meters are also required and an electronic ... Read More »

Economic ups and downs: FBR year book FY2012-13 comes out

ISLAMABAD: The Federal Board of Revenue has published its Year Book for the year 2012-13 which contains extensive account of financial constraints, economic mismanagement and less than capacity electricity generation that have hampered the economy. The year book envisages various shocks which have vastly affected the economic and social environment for the past few years. The year book 2012-13 states ... Read More »

Senate’s committee notes staff shortage at Gwadar

ISLAMABAD: Senate’s Standing Committee on Ports and Shipping has held a meeting here in parliament house. Senator Sardar Fateh Muhammad Muhammad Hassani, while chairing the committee meeting said that a talented team and better communication infrastructure could improve performance of the port. He said that Gwadar Port was a precious asset but shortage of staff was hampering its development projects. Ban ... Read More »

Inclusive growth linked to tax reforms

ISLAMABAD: Pakistan is in dire need of tax reforms and a more redistributive fiscal policy and the government should focus more on short and medium term policies apart from Vision 2025. Addressing a special meeting of experts on “Economy of Tomorrow” Former Minister for Finance and Economic Affairs Hafiz Pasha emphasised that a top-down approach in the formulation of development ... Read More »