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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

Customs confiscates 1kg heroin

ISLAMABAD: Pakistan Customs seized one kilogram of heroin at International Mail Office, Chaklala Garrison, Rawalpindi, from a parcel booked for the UK. While clearance of export parcels, the customs staff at International Mail Office, Chaklala, found a suspicious parcel. The parcel comprised factory-sealed twelve tins of sweets (Multani Halwa) booked by a resident of Peshawar, for a resident of Birmingham, ... Read More »

145 kg pangolin scales impounded at Islamabad airport

ISLAMABAD: Pakistan Customs has thwarted an attempt to smuggle 145 kg of pangolin scales from Benazir Bhutto International Airport, Islamabad to Hong Kong. Customs staff at Islamabad’s International Airport confiscated the pangolin scales from the baggage of two suspected Chinese passengers departing for Hong Kong via flight. The Chinese passengers were allowed to proceed abroad after fulfilling formalities. The recovered ... Read More »

Foreign exchange reserves cross threshold of $10b: Dar

ISLAMABAD: The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31, 2014. The total liquid reserves stood at $10.072 billion. The net reserves with State Bank of Pakistan are $5.365 billion and the net reserves with the banks stood at $4.706 billion. The Finance Minister, Senator Ishaq Dar said that after repayment of ... Read More »

Dastgir for promotion of trade within the region

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir has said that the incumbent government wants to promote trade with all neighbouring countries. He said that trade concessions will be given only on reciprocal basis, ccording to Radio Pakistan. He said significant progress has been made in talks with New Delhi. He expressed hope that further progress will be made after installation of ... Read More »

ST (Amend) Ord: FBR spurns CNG price hike concerns

ISLAMABAD: The Federal Board of Revenue (FBR) clarified that recently issued Presidential Sales Tax (Amendment) Ordinance 2014 will not result in an increase in the prices of CNG as standard rate of 17 percent General Sales Tax (GST) is applicable on CNG stations. It is to be noted that on March 23, the government promulgated Sales Tax Amendment Ordinance, 2014 ... Read More »

Imtiaz Ahmad relinquishes charge as Collector, MCC Islamabad

ISLAMABAD: Imtiaz Ahmad Khan of Pakistan Customs Service (BS-20) has relinquished the charge of the post of Collector, Model Customs Collectorate, Islamabad with effect from March 28, 2014. FBR has issued notification in this regard. Meanwhile, FBR has also announced charge relinquishment and charge assumption of two other senior PCS officers through notifications. Mumtaz Ali Khoso of Pakistan Customs Service ... Read More »

OICCI presents tax proposals: FBR chief eyes 100,000 new taxpayers

ISLAMABAD: The Overseas Investors Chamber of Commerce and Industry (OICCI) assured the Federal Board Revenue of all-out support for its efforts to increase revenue collection and streamline taxation structure at a meeting wherein the OICCI presented tax proposals to FBR Chairman Tariq Bajwa and Member Inland Revenue (IR) Shahid Hussain Asad. The meeting was followed by an interactive session between ... Read More »

FBR collected Rs209b against Rs215b in March

ISLAMABAD: The Federal Board of Revenue has provisionally collected over Rs209 billion during March 2014 against the target of Rs215 billion, recording a shortfall of Rs6 billion. However, the tax bosses are confident that the monthly revenue collection will stand in the range of Rs215 to 220 billion on compilation of final figures. The provisional revenue collection during March 2014 ... Read More »

Defiance of binding directives: FTO awakens FBR chief to negative tendency

ISLAMABAD: The Federal Tax Ombudsman (FTO) has written in to the FBR chairman, reminding him of the blatant violation of FBR’s letter No-1 (337) S(TO-II)/2013 by the field formations. Through the letter, the FTO Registrar urged the FBR chairman to look into the matter personally and redress the grievances of taxpayers against maladministration and curb the tendency of inaction and ... Read More »

Import of unfit used cooking oil: FBR up to curb menace

ISLAMABAD: The Federal Board of Revenue is likely to approach the Commerce Ministry to impose restrictions on the import of banned and used cooking oil unfit for human consumption under the guise of residue of fatty acids or acid oils and is subsequently marketed and available in the market. The FBR also weigh up different options to implement the proposals ... Read More »

Tax exemptions no more: WB to provide $10.2b under CPS 2015-19: Dar

ISLAMABAD: Finance Minister Ishaq Dar has said that the World Bank (WB) will give Pakistan $10.2 billion during the next five years under Country Partnership Strategy (CPS) 2015-19. He also reiterated the government’s commitment to do away with tax exemptions in the next budget. Dar made the assurance during a meeting with World Bank Group Managing Director (MD) Sri Mulyani ... Read More »

Gwadar way to future prosperity: Sardar Yaqoob

ISLAMABAD: Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir has said the government was actively pursuing a comprehensive strategy for the development of ports and coasts of the country but unfortunately lack of financial resources was hurdling progress in this regard. Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir made the observations during an ... Read More »

WHT computerisation to plug tax loopholes: Seema Majid

ISLAMABAD: Federal Board of Revenue (FBR) Member and Director General Withholding Tax Seema Majid has said that it is very heartening to see the public, in general, is getting aware and being sensitized to the significance of paying taxes. It is still not enough to manage issues as only one third of the total potential taxpayers are paying taxes, which ... Read More »

Extra-taxation steps: IMF stresses decrease in fiscal deficit

ISLAMABAD: The International Monetary Fund (IMF) wants the government to take additional taxation measures of Rs195 billion in the next budget to bring fiscal deficit down to 4.2 percent. The second IMF staff review report on the $6.64 billion Extended Fund Facility (EFF) released here, stresses that an additional revenue from tax base broadening including withdrawal of SROs would need ... Read More »

Tax exemptions to go soon: Shahid Asad still hopeful about Rs2,475b revenue target

ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue and official spokesperson Shahid Hussain Asad has asserted that the tax exemptions, granted to certain sectors and individuals, have failed to yield positive results and instead have caused a colossal revenue loss hence the FBR is planning to withdraw all tax exemptions. “The FBR is going to withdraw all tax exemptions ... Read More »

Debt securities system launched: Dar eyes $1.7b from WB, $500m from Eurobond next month

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that Pakistan is expecting to receive $1.7 billion from World Bank for different projects like Dasu Hydro Power Project during ongoing financial year and will also generate $500 million through the auction of Eurobonds. Pakistan will generate $500 million through the auction of Eurobonds in the international market next month, which will ... Read More »

MoU on ST cross-adjustment: KPK service providers yet to get facility

ISLAMABAD: The Federal Board of Revenue has notified that the retrospective cross-adjustment of Sales Tax on goods and services levied by the Centre as well as the provincial governments will not be available to the service providers/registered persons of Khyber Pakhtunkhwa. As per the FBR notification, the federal government has declared the tax levied under the following laws to be ... Read More »

Refund claims delay contrary to law: FTO rules case of misrule come within its purview

ISLAMABAD: The Federal Tax Ombudsman (FTO) has declared that appeal to Commissioner (Appeals) is not the only option left for a taxpayer/refund claimant when the department fails to dispose of refund claim. The FTO exercises jurisdiction without any restraint in all cases involving maladministration by FBR functionaries. According to details, in verdict, the FTO ruled that the department had failed ... Read More »

ST evasion under zero-rating: FBR gears up for recovery

ISLAMABAD: Awaking to the massive misuse of zero-rated regime, the Federal Board of Revenue has geared up for recovery from textile units and other leading export-oriented companies involved in misuse of SRO 283(I)/2011 and SRO 1125(I)/2011 to avail zero-rating or reduced sales tax facility by supplying goods to non-zero rated sector or unregistered persons. The FBR has issued instructions to ... Read More »

FBR up to probe Iranian diesel smuggling, Gadani incident

ISLAMABAD: The Federal Board of Revenue has constituted a committee comprising customs intelligence and other officials to carry out an investigation into Gadani incident, in which collision between two passenger coaches and a petrol tanker carrying smuggled Iranian diesel killed 35 people in Hub. As per details, the FBR wants to investigate the unabated smuggling of Iranian POL products through ... Read More »