Tuesday , December 1 2020
Breaking News
Home / Islamabad (page 610)


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

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 »

FBR cautions its officials for bringing any influence

ISLAMABAD: FBR has caution its officials to refrain from bringing any superfluous influence, including political pressure, in respect of service matters such as transfers/postings/deputation and other related issues which in case shall be recognised as breach the Government Servants Conduct Rules as well as ‘Misconduct’. A notification issued in this regard stated, “It has been observed with great concern that ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

Duty structure for import of 888 items changed

ISLAMABAD: The government has changed the duty structure on import of over 888 items besides imposing 5 percent sales tax on products, plants and machinery. As per budget documents, the government has imposed 1pc customs duty on import of 500 items which likely to generate more than Rs500 million revenue. Prominent items slapped with duty include live animals including bulls, ... Read More »

FED withdrawal from locally produced vehicles raises eyebrows

KARACHI: In a surprise move the government has offered relief to the rich by reducing the 10 percent federal excise duty (FED) on Toyota Fortuner, a sports utility vehicle (SUV) being rolled out by Indus Motor Company (IMC). The government accepted a request by Pakistan Automotive Manufacturers Association (PAMA) seeking withdrawal of the FED on locally produced 1,800cc and above ... Read More »

Govt slaps CGT on debt instruments

KARACHI: The government has imposed Capital Gains Tax (CGT) on debt instruments like Pakistan Investment Bonds, Treasury Bills, Foreign Currency Bonds and Sukuk in the proposed Finance Bill 2014-15. Experts and researchers said while the CGT on securities (stocks) was clear and widely discussed, the imposition of CGT on the other component of the capital market — the debt instruments ... Read More »

FBR clarifies its stance on issuance of SROs

ISLAMABAD: Certain quarters have raised doubts about the authority of the Federal Government regarding the issuance of notifications SROs 420(I)/2014, 421(I)/2014 and 422(I)/2014, all dated 04.06.2014 without approval of the Parliament. Federal Board of Revenue has issued a notification which states that it is clarified that the Federal Government has delegated powers to issue and withdraw notifications under the relevant ... Read More »

Budget spells steps to check miscalculation of income, generate revenue

ISLAMABAD: The pragmatic measures envisaged in the budget to curb misclassification of income earned by taxpayers will generate Rs17 billion in 2014-15. According to the budgetary revenue generating measures, the proposal of alternate corporate tax will generate Rs15 billion during next fiscal year. The tax on bonus shares will also generate Rs15 billion while these measures will increase cost business ... Read More »

Dar hopes budgetary measures to flourish tax culture

ISLAMABAD: Finance Minister Ishaq Dar categorically declared that the government was committed to ending the culture of non-filing of income tax returns in the country for which tax rates have been enhanced for the non-compliant taxpayers and new scheme has been announced for retailers. Addressing a post-budget press conference, the Finance Minister said that major budgetary measure is to convince ... Read More »

FBR discontinues performance allowances of 12 PCS officers

ISLAMABAD: Federal Board of Revenue has discontinued the performance allowance of twelve officers of Pakistan Customs Service due to their failure to comply with the Board’s repeated instructions circulated vide circular no.1 bearing C.no.1(4)/M(HRM)/2012 dated 23rd July 2012. FBR has issued a notification in this regard. The twelve officers are Riffat A Hassan Abidi (BS-20), Juneid Akram (BS-20), Syed Tanveer ... Read More »

Duty concessions: SROs withdrawal expected to generate Rs32b

ISLAMABAD: The Federal Board of Revenue (FBR) will generate Rs32 billion through the withdrawal of duty concessions under SRO 567(I)/2006, SRO 567(I)/2006 and SRO 565(I)/2006 as well as reducing maximum customs duty rate from 30 to 25 percent, bringing down general tariff slabs from 7 to 6 in Pakistan Customs Tariff (PCT). According to the revised customs tariff issued here, ... Read More »

Govt eyes Rs314b from fuel taxes in budget

ISLAMABAD: The government, in the new budget for fiscal year 2014-15, has projected Rs314 billion revenue from different fuel taxes including Gas Infrastructure Development Cess (GIDC), Natural Gas Development Surcharge (NGDS) and Petroleum Levy (PL). As per the budget document, Rs145 billion is estimated to be generated on account of GIDC in 2014-15 against revised estimates of Rs88 billion in ... Read More »

Tax evasion, seizures: Customs adds Rs4.89b to national kitty in May’14

ISLAMABAD: Pakistan Customs and Directorate General of Intelligence and Investigation-Customs has identified billions of rupees for recovery from tax evaders and confiscated vast amount of smuggled goods while preventing huge losses to the national exchequer. During May, 2014 Pakistan Customs authorities have acted upon various cases of tax evasion worth over Rs 2.467 billion. Whereas, Customs Intelligence has confiscated goods ... Read More »

Budget envisages Rs246.255b new measures

ISLAMABAD: The government has taken new taxation and administrative measures with the aim to fetch revenue to the tune of Rs246.255 billion in the fiscal year 2014-15 to be started from July 1. According to the budget documents, these measures include an increase for advance tax rates for non-compliant taxpayers, imposition of 5 percent sales tax on 35 to 40 ... Read More »

Customs duty on import of used vehicles up to 1800cc increased

ISLAMABAD: Customs duty on import of used vehicles has been increased up to ten per cent in the Budget 2014-15 as presented by the Finance Minister Ishaq Dar. The new rates of customs duty on the import of used vehicles as issued in the Finance Bill 2014-15 are increased from $ 4400 to $ 4800 on import of used vehicles ... Read More »

Dar presents Rs3.945tr budget for FY2014-15

ISLAMABAD: The federal cabinet on Tuesday approved the federal budget for the year 2014-15, with a total outlay of Rs3.945 trillion, and a Public Sector Development Programme allocated at Rs525billion. Finance Minister Ishaq Dar told parliament in his budget speech that he aimed to reduce the budget deficit to 4.9 per cent of economic output in the 2014-15 fiscal year ... Read More »

Budget 2014-15: Relief measures for government employees, pensioners and labor

ISLAMABAD: Finance Minister Ishaq Dar while announcing the budget 2014-15 said that we are still in the stabilization mode as we are focusing on reducing public expenditures. However, it is imperative that we do the bare minimum that is possible within the limited resources available especially for lower grade employees. Accordingly, the following measures are announced: (a)          A 10% ad-hoc ... Read More »