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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

President underlines dry ports role to boost exports

ISLAMABAD: President Mamnoon Hussain has emphasized the need for providing state-of-the-art and best possible facilities to exporters at Dry Ports to ensure prompt delivery of export consignments and enable the exporters reap optimum benefits from the trade concessions offered by the international community to the country. The President was talking to a delegation of Sialkot Dry Port Trust led by ... Read More »

Penalties likely to go up for ‘false’ return filers, ST non-registered

ISLAMABAD: The government in the Finance Bill (2014-15) is expected to enhance penalty on sales tax registered persons involved in filing ‘untrue and incorrect returns’ and also increase penalties for non-registration with the sales tax department. As per details, the FBR has proposed amendments to the Sales Tax Act 1990 for enhancing penalties for non-registration as well as penalty for ... Read More »

Raise in taxes on real estate, stock market sectors imminent

ISLAMABAD: Federal Government has decided to increase taxes on real estate business and stock market transactions in the next budget. Meanwhile, Widening of tax net by increasing the number of taxpayers through law making is under consideration in addition to introducing new tax slabs for salaried class. Sources in the finance ministry have said that no decision has been made ... Read More »

ST exemption threshold may be reduced for Cottage industry

ISLAMABAD: The Federal Board of Revenue (FBR) has submitted a budgetary proposal to the Finance Ministry regarding reduction in sales tax exemption threshold for cottage industry in upcoming budget (2014-15). According to details, there is an exemption threshold of Rs5 million under the Sixth schedule of Sales Tax Act, 1990 for cottage industry. The persons having annual turnover of less ... Read More »

16pc FED on chartered flights proposed

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed a standard rate of 16 percent Federal Excise Duty (FED) on chartered flights used by the elite class in upcoming budget (2014-15). As per details, chartered flights are used by the upper class, executives of multinationals and top corporate entities. Due to ambiguity in law, despite high value of chartered flights, ... Read More »

Uniform tax on tobacco talked to curb its use

ISLAMABAD: Experts including economists, foreign experts and tax officials have proposed a high uniform specific cigarette excise tax in the forthcoming budget 2014-15 to discourage the use of tobacco. Addressing the launching of a report titled “The Economics of Tobacco and Tobacco Taxation in Pakistan,” the speakers recommended a high uniform specific cigarette excise tax, as the move would significantly ... Read More »

New tax structure for beverages to replace Capacity tax

ISLAMABAD: The government is planning abolition of capacity tax and introduction of revised Federal Excise Duty (FED) and sales tax rates on beverages from next fiscal year. According to reports, the budget-makers are finalising new taxation structure for beverage sector to be announced in budget (2014-15). The Ministry of Finance has received a new FBR tax proposal on beverage sector ... Read More »

Budget may bring hike in ST for Steel, ship-breaking sector

ISLAMABAD: The Federal Board of Revenue (FBR) has proposed increase in sales tax rates for steel melters, re-rolling mills and ship-breakers in the upcoming budget (2014-15) to generate additional revenue of Rs6 to 8 billion. As per reports, the FBR has drafted amendments to Sales Tax Special Procedure Rules for steel melters, re-rollers and ship breakers. It has been proposed ... Read More »

91,000 notices issued: FBR optimistic about achieving target for 2013-14

ISLAMABAD: The Federal Board of Revenue (FBR) has issued over 91,000 notices to unregistered persons and potential taxpayers during 2013-14 with the aim to expanding tax net. As per details, a meager number of 8,600 persons voluntarily filed their income tax returns and deposited an amount of Rs50 million. The process of provisional assessment is also under way against the ... Read More »

Dastgir hints at 24/7 functioning of Sust check post

ISLAMABAD: Commerce Minister Khurram Dastgir has expressed government’s aspiration for 24/7 trade at Pak-China border. While talking to a delegation of Gilgit Baltistan Chambers of Commerce and Industry, which called on the Minister to express their concerns over border management at the Pak-China border, he recognised the fact that current closure of border routes on weekends is not favourable for ... Read More »

Nato/ISAF cargos: FBR delegates special powers to additional collector

ISLAMABAD: Federal Board of Revenue (FBR) has allowed additional collector of the port of exit to extend stipulated period for three months to depart break bulk Nato/ISAF cargos. According to details, the FBR amended to the Customs General Order (CGO) – 10, 2012 through notification C-No 1 (12)T&BT/2014. Earlier, the board through CGO-10/2012 directed that the cargo in transit shall ... Read More »

FBR eyes Rs235b from SROs’ withdrawal, hike in tax

ISLAMABAD: The withdrawal of tax exemptions through Statutory Regulatory Orders (SROs), increase in tax rates and other revenue measures are projected to generate an additional Rs235 billion in 2014-15 to meet the estimated Rs2,810 billion tax collections next fiscal year. As per reports, the Ministry of Finance and the Federal Board of Revenue (FBR) have finalised budget proposals for 2104-15. ... Read More »

Govt woos back int’l financial institutes with performance: Dar

ISLAMABAD: Finance Minister Ishaq Dar said that due to better economic performance, the international financial institutions including World Bank and Asian Development Bank were back in business with Pakistan after lapse of five to seven years. He was talking to Zakaria Usman, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), who called on him to discuss issues related ... Read More »

FBR nominates customs officers for senior management course

ISLAMABAD: Federal Board of Revenue has announced nominations for 16th senior management course for BPS-19 officers of Pakistan Customs Service at National Management College, Lahore and National Institute of Management, Karachi. According to a notification following is the list of Grade-19 officers: Aamer Rashid Sheikh, Additional Director, Directorate of Reforms & Automation- Customs, Karachi. Syed Wajid Ali, Additional Collector, MCC ... Read More »

FED on foreign air travel may go up in budget

ISLAMABAD: The Federal Board of Revenue is planning replacing fixed rates of the Federal Excise Duty (FED) with the standard rate of 16 percent on tickets issued to passengers travelling aboard as its has submitted a proposal to the Finance Ministry in this regard. As per details, the proposal, if approved, will result in increase in the price of tickets ... Read More »

Amend likely to allow ST adjustment on certain goods

ISLAMABAD: The Federal Board of Revenue (FBR) is expected to remove a major sales tax anomaly through the Finance Bill 2014 by allowing sales tax adjustment at the rate of 17 percent on certain consumer goods subjected to “extra sales tax” supplied to registered buyers. As per details, the board has sought removal of a major tax anomaly in the ... Read More »

Another deadline: FBR directs officials to file IT returns by June 16

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed penalty on a large number of tax officials, who failed to file their income tax returns for Tax Year 2013. According to the FBR’s instructions issued to field formations, a large number of the board officers have not yet filed their Income Tax Returns for the tax year 2013. The authorities ... Read More »

Problems myriad, resolve rock solid: Kamran Michael

ISLAMABAD: Federal Minister for Ports and Shipping Senator Kamran Michael stated that the efforts undertaken for the revival of the ministry and National Shipping Corporation had started bearing fruit. “99.9 percent corrupt and negligent officials have been replaced with honest, able and dedicated officers and a foolproof system has been put in place to improve performance of the workforce.” Talking ... Read More »

FBR begins manual audit of selected cases

ISLAMABAD: The Federal Board of Revenue has started selecting cases for manual audit under Section 177 of the Income Tax Ordinance, 2001. According to details, taxpayers are being asked to appear before commissioners concerned with relevant documents for manual audit through Section 177 notices. Moreover, the tax department is directing taxpayers to make payments before audit completion instead of providing ... Read More »

Govt sets to implement AIT law vigorously

ISLAMABAD: The government is planning vigorously implementing the Agriculture Income Tax (AIT) Law from the new fiscal year (2014-15), making it mandatory for all taxpayers to declare agricultural income in income tax returns to provide evidence of income tax paid on agricultural income. As per details, the Punjab Agricultural Income Tax Act 1997, which was land based, was amended in ... Read More »