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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

Duties to be lifted to contain food price hike: Dar

ISLAMABAD: Finance Minister Ishaq Dar has warned that taxes/levies on import of potatoes will be lifted to bring its price to around Rs 30 per kg if hoarders/speculators did not bring prices to the normal level within three days. Finance Minister made these remarks while chairing a meeting to review prices of agricultural products in the country. He took notice ... Read More »

Anti-Money Laundering Act: FBR urged to compile list of tax offences

ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) to provide a list of serious tax crimes related to sales tax, income tax and FED to be declared as predicate offences under Anti-Money Laundering Act, 2010. In this regard, the Finance Division will convene a meeting of the working group to decide about serious Inland Revenue and ... Read More »

Bajwa to meet provincial revenue heads on 23rd

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa will meet heads of provincial revenue authorities of Punjab, Sindh and Khyber Pakhtunkhwa to discuss issue of federal excise duty and sales tax on identical services. The meeting is scheduled to be held on April 23, 2014 at FBR House. The services include telecom, franchise, royalty and other certain services. The meeting ... Read More »

ST on packing materials, chemicals: Bajwa assures textile exporters to revise refund benchmark

  ISLAMABAD: The Federal Board of Revenue has assured the textile exporters of revising the benchmark for issuance of sales tax refund on packing materials, chemicals such caustic soda and other accessories used in processing of exportable goods. FBR Chairman Tariq Bajwa made the assurance to the exporters during a meeting with members of Pakistan Textile Exporters Association (PTEA) here. ... Read More »

PTC paid Rs17b: Collection from Cigarette manufacturers rises by 21pc

ISLAMABAD: The Federal Board of Revenue received over Rs17 billion FED, sales tax and income tax from a leading cigarette manufacturer during January-March 2014, showing an increase of 21 percent as compared to last year. According to quarterly results announced by Pakistan Tobacco Company for the first quarter ended on March 31, 2014, the company contributed more than Rs17 billion ... Read More »

Rs3.8b refunded till date: Tariq Bajwa

Federal Board of Revenue has disbursed Rs 3.8 billion on account of sales tax refund during the period from July 2013 to April 2014 as against Rs 1.8 billion disbursed during the first ten months of previous fiscal year. This was revealed by FBR Chairman Tariq Bajwa while assuring the exporters to accelerate the refund system and forwarded necessary directions ... Read More »

Reverse cargo clearance: US wants FBR to allow time delay

ISLAMABAD: The DG Directorate General of Transit Trade will submit comment to the Federal Board of Revenue (FBR) n a request by the US Consulate General Karachi, seeking one-time condonation of delay in time period for arrival/clearance of 117 containers/units part of US military reverse cargo in Afghanistan. As per details, the Consulate General of US Karachi has written a ... Read More »

Sale of Eurobonds revived foreign investors’ confidence: Dar

ISLAMABAD: Pakistan’s Finance Minister Senator Ishaq Dar has said that the sale of Eurobonds has offered a number of economic gains for the country including revival of investors’ confidence. He added that the bond value of a maximum of 8.25% for 10 years will also reduce interest liability and increase space in the budget for priority investments. Currently, the government ... Read More »

Provisions invoked to check evasion: I&I-IR unearths Rs5b revenue leakage

ISLAMABAD: Pakistani tax investigators have invoked the provisions of Avoidance of Double Taxation and Prevention of Fiscal Evasion between Pakistan and the UK to check revenue leakage to the tune of Rs4 to 5 billion through international programmes of foreign universities with local education institutions, involving Rs15 to 20 billion untaxed transactions under International Collaboration Programmes. As per details, the ... Read More »

Indian officials arrive next week to discuss cross-LoC trade

NEW DELHI: Pakistan and Indian officials will meet next week in Islamabad for continuing uninterrupted cross-Line of Control (LoC) trade and solving problems of traders in this regard. According to Indian media, an Indian delegation would be travelling to Islamabad next week to sort out obstacles and try to gain consensus on several issues and form a mechanism to ensure ... Read More »

100,000 taxpayers to be brought into net within current FY

ISLAMABAD: Federal Board of Revenue has planned to bring one hundred thousand individuals and businesses in the tax net before the end of the current fiscal year. According to sources within FBR it has been decided to ensure that the tax collections are equal to at least 12 per cent of the GDP at the end of the current fiscal year. ... Read More »

FBR staff performance evaluation: Integrity Management to figure high

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to attach performance evaluation of all taxation employees with Integrity Management by taking into account Annual Confidential Reports (ACRs), complaints if any, disciplinary proceedings and corruption cases against the tax machinery. The FBR’s Integrity and Performance Management Unit (I&PMU) has been assigned the task of linking the performance evaluation with Integrity ... Read More »

Majority of Customs & Excise Group covets PCS

ISLAMABAD: Majority of officers from BPS 1 to 16, numbering 6,517, belong to the Customs and Excise Department have coveted Pakistan Customs Service (PCS) while only 412 officers opted for Inland Revenue Service (IRS). The board has obtained the option of the employees of the Customs and Excise Group for joining PCS or IRS. In this regard, the FBR has ... Read More »

FTO orders FBR to take action against officials for highhandedness

ISLAMABAD: Federal Tax Ombudsman Abdul Rauf Chaudhry has directed Federal Board of Revenue to take action against certain tax officials after taking serious notice of gross maladministration by the officials who have been deliberately blocking refunds of a foreign company for more than 13 years. However, no action has so far been taken despite lapse of nearly one year. The ... Read More »

ECNEC meeting: Dar approves projects worth Rs62b

ISLAMABAD: Federal Minister for Finance, Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of the National Economic Council (ECNEC) at Prime Minister’s Office on Friday and approved the “Establishment and Operation of Basic Education Community Schools in the Country” project with a rationalized cost of Rs.4282.059 million. The community schools in the project will spread all over ... Read More »

Increased reliance on foreign debt termed country’s mortgage

ISLAMABAD: Economists and former in office politicians have warned that the future of Pakistan’s economy is being mortgaged the way government is increasing its reliance on foreign debt. While exclusively talking to Customs Today, former commerce minister Jehangir Tareen, former finance minister Salman Shah and Chairman Institute of Policy Studies, Islamabad Professor Khurshid Ahmed expressed their deep concerns on this ... Read More »

Award of contract for LNG terminal at Port Qasim likely today

ISLAMABAD: The federal cabinet is meeting today to award contract of multi-million-dollar liquefied natural gas (LNG) terminal at Port Qasim to either of its two bidders, Elengy Terminal Pakistan Limited (ETPL) and Fauji Foundation. The cabinet will take up the LNG services agreement initiated between Sui Southern Gas Company (SSGC) and ETPL for approval. Petroleum and Natural Resources Minister Shahid Khaqan ... Read More »

Tax directory full of interesting information

ISLAMABAD: The recently published tax directory has revealed some interesting facts by publishing the amount of income tax paid by Pakistanis from various walks of life. It reveals the tax paid by politicians, sportsmen, corporate bosses, etc. If taking Shahid Afridi for an example of honest taxpayer, he paid 2.7 million rupees as income tax for the tax year ending June ... Read More »

Duty on cotton yarn import returns: ECC lifts ban from gold import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet decided withdrawal of SRO 15(I)/2010 to restore 5 percent customs duty on the import of cotton yarn and lifted the ban on the import of gold. The ECC meeting held here with Finance Minister Ishaq Dar in the chair decided to withdraw customs duty exemption from the cotton yarn import to ... Read More »

ST on electricity: FBR stance firm on chargeability

ISLAMABAD: Despite opposition of the Water and Power Minister, the Federal Board of Revenue will maintain its legal stance at all forums including the Economic Coordination Committee (ECC) of the Cabinet regarding sales tax on the supply of electricity including subsidy granted to power consumers. It has, reportedly, been learnt that the FBR will charge sales tax on electricity as ... Read More »