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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

Authorities need to tap potential revenue-generating sectors: Siraj Khan

ISLAMABAD: Successive governments overcrowded and overburdened the Commerce and Textile Ministry through hiring of their ‘favourites’ without taking its capacity and planning into account which adversely affected the ministry’s performance. National Assembly Standing Committee on Commerce and Textile Chairman MNA Siraj Muhammad Khan made these remarks during an exclusive chat with Customs Today. Siraj said that the committee held its ... Read More »

FBR introduces new sales tax registration system ‘RegSys’

ISLAMABAD: Federal Board of Revenue has introduced new risk-based registration system called ‘RegSys’ for issuance of Sales Tax Registration Numbers. In this regard instructions have been issued to the Chief Commissioners of the Large Taxpayer Units and Regional Tax Offices on the introduction of the new risk-based sales tax registration procedure. Under the new system, the role of Central Registration ... Read More »

Dar directs speedy implementations of decisions taken in Pak-Afghan JEC

ISLAMABAD: Finance Minister Ishaq Dar chaired a meeting composed of all relevant federal government organizations’ representatives to review latest implementation status over 49 decisions taken during Pak-Afghanistan 8th Session of Joint Economic Commissions’ deliberations. The Minister noted that release of additional funding for Pakistan’s ongoing projects in Afghanistan has already been announced by the Prime Minister and all GOP organizations, ... Read More »

PM Amnesty Scheme: FBR announces privilege cards to 100 top taxpayers

ISLAMABAD: Under Prime Minister’s Amnesty Scheme, Federal Board of Revenue (FBR) has announced to issue privilege cards to 100 top taxpayers at the end of income tax returns filing process. According to FBR notification, this practice is a part of the Prime Minister’s Amnesty Scheme to give incentives to the taxpayers and promote tax culture in the country. The privilege ... Read More »

Adjustment of ST paid on services: FBR complies with courts orders

ISLAMABAD: In light of the high courts orders, the Federal Board of Revenue has granted interim relief to 106 big companies and corporate entities by accepting their sales tax returns to allow adjustment of sales tax paid on services to the provinces under the provincial laws. The FBR has issued instructions to the Chief Commissioners of Large Taxpayer Units (LTUs) ... Read More »

Recovery of ISL: FBR serves notices on taxpayers

ISLAMABAD: The Federal Board of Revenue has served notices on employees/taxpayers who have filed their wealth statements along with income tax returns for Tax Year 2013 to recover Income Support Levy (ISL). According to notices issued under section 3 of the Income Support Levy Act 2013, the taxpayers have been directed to pay ISL at the rate of 0.5 percent ... Read More »

Economic Corridor: Pak, China to build int’l airport at Gwadar Port

ISLAMABAD: All-weather allies Pakistan and China on Wednesday signed agreements for realising the dream of economic corridor. An agreement for building an international airport at the strategic Gwadar port and extending Karakoram Highway up to Islamabad as part of efforts to realize the economic corridor project was also signed. The agreements were signed after talks between Pakistan President Mamnoon Hussain ... Read More »

Dual taxation treaty: AfPak JEC to take up issue on 23rd

ISLAMABAD: The two-day 9th session of Pak-Afghan Joint Economic Commission (JEC) scheduled for February 23-24 in Kabul is expected to finalise modalities for signing Avoidance of Double Taxation and the Prevention of Fiscal Evasion Convention. As per details, the JEC will discuss the issue of Avoidance of Double Taxation and the Prevention of Fiscal Evasion convention. Pakistan, on its part, ... Read More »

General tax directory to be issued by March 31: Asad

ISLAMABAD: Official Spokesperson of the Federal Board of Revenue Shahid Hussain Asad has announced that the tax directory of all taxpayers will be issued by the end of March. Asad who is also the Member Inland Revenue Service further said that tax directory would include tax details of around 0.85 to 0.9 million people, who had filed tax returns in ... Read More »

Paapam pleads for end to 2pc extra ST

ISLAMABAD: Pakistan Association of Auto Parts and Accessories Manufacturers (Paapam) has appealed to Finance Minister Ishaq Dar and FBR Chairman Tariq Bajwa to resolve the issue of two percent extra sales tax on non-retail sales of auto parts which has been under discussions for the past four months. According to Paapam Chairman Usman Malik, despite reaching a consensus on the ... Read More »

FBR officers get more time for declaring assets

ISLAMABAD: Federal Board of Revenue has extended the date till Feb 25, 2014 for its officials to declare their assets. These officials will not be given more time for filing of declaration of their assets. According to FBR circular, “The Competent Authority is pleased to extend the date for filing of declaration of assets to 25.02.2014. This may however be ... Read More »

Private firm comes up with anti smuggling system

ISLAMABAD: Digital Tracking and Coding Association has delivered a presentation to the Federal Board of Revenue and Directorate General of Intelligence and Investigation Inland Revenue on a modern, fully digital volume control, tracking & tracing and authentication system to promptly detect and fight against illegal trade in Pakistan. Sources said that the entity has been created by 4 biggest tobacco ... Read More »

Parliamentarians given time till Feb 28 to file tax returns: Bajwa

ISLAMABAD: FBR Chairman Tariq Bajwa said that non-filer parliamentarians have given time till 28th February to file their tax returns to avoid any action against them. More than 30 MNAs and Senators are among the 100 parliamentarians who did not file their tax returns so far. There are two categories of parliamentarians. Some parliamentarians out of 1,072 filed their returns ... Read More »

Saudis express desire to enhance commerce with Pakistan

ISLAMABAD: Saudi Minister for Commerce and Industry Tawfiq Bin Fawzan Al Rabih while talking to the Federal Minister for Commerce Khurram Dastgir has expressed his desire to further strengthen the trade relations between Pakistan and Saudi Arabia. He assured his full cooperation in providing market access to Pakistani products in the Saudi market and proposed to hold a single country ... Read More »

SRO 565(1)/2006: Physical verification of heavy goods manufacturers in the offing

ISLAMABAD: A joint team comprising technical experts from the Federal Board of Revenue and the Engineering Development Board has been constituted to carry out physical verification of companies engaged in fabrication/manufacturing of heavy engineering goods from February 19 to 21, under SRO 565(1)/2006 dated June 5, 2006. As per details, the SRO 565(1)/2006 deals with concessionary rates or exemption of ... Read More »

Dar lauds PCICL role in promoting Chinese investment

ISLAMABAD: Finance Minister Ishaq Dar appreciated the Pak-China Investment Company Limited (PCICL) role in the promotion of close cooperation between China Development Bank (CDB) and Pakistani government and working as an advisory on privatization and foreign direct investment in Pakistan. Presiding over a PCICL meeting, the finance minister said that the PCICL wanted to promote government’s public private partnership initiatives ... Read More »

Non-filer MPs: FBR publishes incomplete tax directory

ISLAMABAD: The Federal Board of Revenue has published an incomplete tax directory of the parliamentarians, contains names of only 1,072 filers of income tax returns out of total 1,172 parliamentarians, having National Tax Numbers (NTNs). The names of members of National Assembly, Senate and Provincial assembles who did not have filed returns have not been included in the tax directory. ... Read More »

14 ‘poor’ senators fail to file tax returns

ISLAMABAD: 14 senators failed to file their tax returns including former interior minister Rehman Malik and PML-N Sardar Zulfikar Khosa and their names have not been including in the parliamentarians tax directory issued by the Federal Board of Revenue. Others senators who are among the non-filers of income tax returns for TY 2013 included Mohammad Azam Khan Hoti of Awami ... Read More »

National-debt issues: EAC urges for rejuvenating Debt Management Office

ISLAMABAD: The Economic Advisory Council (EAC) suggested that Debt Management Office should be upgraded to streamline national debt-related issues through consolidation of financial figures/tabulation. The council also sought for implementation of Debt Limitation Act 2005 to streamline all debt-related financial instruments. The suggestions were made during second meeting of Economic Advisory Council held with Finance Minister Ishaq Dar in the ... Read More »

FBR releases cadre strength of PCS

ISLAMABAD: Federal Board of Revenue has released the data regarding cadre strength of Pakistan Customs Service (PCS) under its administrative control. According to the notification issued by FBR, the total strength of Grade-17 to Grade-22 officers in PCS is 467. As per details, 101 officers have Grade-17; 150 officers have Grade-18; 133 officers have Grade-19; 64 officers have Grade-20; 18 ... Read More »