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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

Levy of cargo tax: PEW urges KPK govt to rethink decision

PESHAWAR: Revival and promotion of industry in Khyber Pakhtunkhwa is linked with conducive environment therefore the Khyber Pakhtunkhwa government should revisit the recently imposed Cargo tax. Talking to a delegation of Industrialists from KPK, Pakistan Economy Watch (PEW) President Dr Murtaza Mughal feared that the imposition of tax could hamper economic activities in the underdeveloped and militancy-hit province. He pointed ... Read More »

Growth to remain over 4pc: Dar sees $15b foreign reserves by September

ISLAMABAD: Finance Minister Ishaq Dar expressed the hope that national economy would grow by over 4 per cent during the current fiscal year (2013-14). He claimed that Inflation would remain in a single digit due to growth both in the agricultural and industrial sectors. Ishaq Dar was addressing the First Business Session at 47th annual meeting of Asian Development Bank ... Read More »

Zero tolerance for corrupt practices in FBR: Bashirullah Khan

ISLAMABAD: The Federal Board of Revenue has accomplished 80 percent automation for putting in place Human Resource Information System (HRIS) and remaining 20 percent work will be completed within next few months, FBR’s Chief Management Bashirullah Khan said.  “We are undertaking strenuous efforts to link all HR data with HRIS. Once the online system starts functioning, all matters pertaining to ... Read More »

Auto parts retail sale, commercial imports: EDB proposes levy of ST

ISLAMABAD: The Engineering Development Board (EDB) has proposed imposition of Sales Tax at the standard rate of 17 percent on retail sales and commercial imports of automotive spare parts. In its budget proposals which the Federal Board of Revenue (FBR) has received, the EDB advocated levy of sales tax on spare parts at retail stage. The board is of the ... Read More »

Incentives for loss-making entities: LTU proposes removal of sub-section 1

ISLAMABAD: The Large Taxpayers Unit (LTU) Karachi in its budget proposal 2014-15 suggested the Federal Board of Revenue (FBR) to do away with sub-section 1 of Section 113 of Income Tax Ordinance, 2001 to provide incentives to loss-making entities. It is to be noted that Sub-section 1 of Section 113 of Income Tax Ordinance, 2001 empowered the commissioner to compute ... Read More »

Plenty of utilizable opportunities between Pakistan, Iran: Dastgir

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has said that Iran and Pakistan have many capacities which can be used for broadening of ties. He said that Pakistani Prime Minister Nawaz Sharif during his upcoming visit to Iran will discuss a wide range of issues with senior Iranian officials. “In fact, establishing and expanding regional trade is part of Pakistan’s ruling ... Read More »

FBR allows duty free potatoes import for three months

ISLAMABAD: Federal Board of Revenue has eliminated sales tax, customs duty and withholding tax on the import of potatoes while imposing 25 per cent regulatory duty on its export during the three months ending July 2014. The FBR has issued four notifications in this regard in line with the decision of the Economic Co-ordination Committee (ECC) of the Cabinet. Earlier ... Read More »

Existing scheme of ST collection to continue: FBR

ISLAMABAD: Federal Board of Revenue has clarified that the news appearing in a section of the press regarding introduction of a single stage sales tax with a single digit rate of tax through the Finance Bill 2014-15 are without any basis. It has been further clarified that no proposal for making a fundamental change in the existing manner and stages ... Read More »

Rs 47.110b ST fraud: Directorates infighting over jurisdiction mars probe

ISLAMABAD: Jurisdiction infighting between the Directorate General Intelligence and Investigation (DGI&I)-FBR and Directorate of Intelligence & Investigation (DI&I) Inland Revenue (IR) Karachi, has marred investigation into the mega fake sales tax fraud involving Rs47.110 billion. As per details, the role of DG I&I-FBR was challenged in the mega scam in the Sindh High Court (SHC) in 2011. The petitioners had ... Read More »

SROs elimination looming: Duty cut likely to boost automobiles import

ISLAMABAD: The government is planning a considerable cut in customs duty on import of up to three-year-old automobiles of all capacities and to withdraw a number of tax exemptions being enjoyed by various groups through discriminatory statutory regulatory orders (SROs) in the next budget. According to reports, the government has in fact decided in principle to reduce duty on vehicles ... Read More »

Computer hardware Import: I&I DG cautions IT firms against ‘business model’

ISLAMABAD: The FBR Directorate General of Intelligence and Investigation Inland Revenue (IR) Islamabad has cautioned leading international IT companies against adopting ‘business model’ used for computer hardware import to Pakistan through Dubai-based subsidiaries of local importers. As per details, head of a global Singapore-based IT company visited Pakistan and met FBR Chairman Tariq Bajwa, Director General Directorate of I&I IR ... Read More »

PM’s tax incentive scheme expires

ISLAMABAD: The deadline for availing the Prime Minister Tax Incentive Scheme has expired amid failure to attract investors for declaring their investment and coming into the normal taxation regime. This was despite the incentives that the income source would not be probed if a fixed amount was paid. Provisionally around Rs 200 million taxes have been deposited under this scheme. ... Read More »

CAA seeks Rs7.99b refund paid as income tax

ISLAMABAD: The Federal Board of Revenue (FBR) has received a request from the Cabinet Secretariat (Aviation Division), seeking refund of Rs7.99 billion paid as income tax by Civil Aviation Authority (CAA) on the outstanding amount of national-flag-carrier PIA. As per details, the Civil Aviation Authority (CAA) Pakistan has brought the issue of non-payment of outstanding dues amounting to Rs22.829 billion ... Read More »

Rs167b revenue collected in April

ISLAMABAD: Provisional revenue collection figures compiled by the Federal Board of Revenue in the tenth month of the current fiscal year i.e. the month of April 2014 have come out to be around Rs 167 billion against the target of Rs 196.4 billion. The shortfall for the month of April 2014 stands at over Rs 29 billion. By now, FBR’s ... Read More »

Only Rs468m recovered: Poor ST, FED dues recovery draws FBR ire

ISLAMABAD: The slow pace of recovery of sales tax and federal excise duty arrears by about 21 Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) has drawn attention of the Federal Board of Revenue and the board has directed the high-ups concerned to speed up recovery. It is to be noted that 21 LTUs and RTOs could recovered only ... Read More »

FBR sees adverse implications: Food Ministry proposal for duty-free potatoes import opposed

ISLAMABAD: The proposal for the duty-free import of 200,000 metric tonnes of potatoes to stabilise its prices in the local market is opposed by the Federal Board of Revue (FBR). The Ministry of National Food and Security Research’s (MNFSR) proposed the duty-free import of potatoes to bring down its price in the local market during the holy month of Ramazan. ... Read More »

Finance Ministry, FBR adamant: Food Ministry wants 10pc GST on tractor

ISLAMABAD: The Finance Ministry and Federal Board of Revenue (FBR) have reportedly refused to help out local tractor industry. However, the Ministry of National Food Security and Research is insisting on a reduction in General Sales Tax (GST) from 16 percent to 10 percent. The government levied 17 percent sales tax on tractors in March 2011 which was reduced to ... Read More »

FBR may take stern action against big guns

ISLAMABAD: Federal Board of Revenue has reportedly decided to act sternly against the tax defaulters amongst the big guns of the country as the task to achieve the target of tax collections during the current fiscal year seems out of reach otherwise. Sources within FBR told Customs Today that Finance Minister Ishaq Dar has attained permission from the Prime Minister ... Read More »

Study to weigh up pros of slash in ST rate underway

ISLAMABAD: A comprehensive study is being conducted to weigh up benefits of lowering rate of sales tax and expected increase in revenue by decreasing sales tax rate from the existing 17 percent. IAs per details, sales tax expert Ashfaq Tola, a senior partner of Naveed Zafar Ashfaq Jaffery and Co, Chartered Accountants is voluntarily carrying out a study on scientific ... Read More »

Bajwa briefs lawmakers: FBR proposes e-volume tracing

ISLAMABAD: If the proposal accepted in the budget for 2014-15, the Federal Board of Revenue (FBR) will introduce “electronic volume tracing”’ through Finance Bill to collect sales tax/excise duty on the basis of actual production of items such as beverages, ghee/cooking oil, fertilisers, etc. Briefing the National Assembly Standing Committee on Industries and Production, Federal Boards Revenue Chairman Tariq Bajwa ... Read More »