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Islamabad

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

Trade deficit in nine months reduces by $809m

ISLAMABAD:  Pakistan’s trade deficit stands at $ 13.93 billion in the period from July 2013 to March 2014, figures released by the Pakistan Bureau of Statistics (PBS) showed. During the first nine months of the current fiscal year the trade deficit was $ 809 million, which is 5.5 per cent, less than the deficit recorded in the corresponding period of ... Read More »

Refund scam: NAB KPK nails two more tax babus

PESHAWAR: The National Accountability Bureau (NAB) Khyber Pakhtunkhwa arrested two more Income Tax officials in Abbottabad namely Masoodur Rehman and Ali Afsar allegedly involved in fake Income Tax Refund, causing a loss of Rs160 million to the exchequer. Earlier, four Income Tax Officers of Abbottabad Region were arrested by NAB KPK identified as Asif Haider Orakzai of the Income Tax ... Read More »

Tax evasion: Top executives of IT giant being quizzed

ISLAMABAD: The Inland Revenue (IR) Directorate General of Intelligence and Investigation has been interrogating the two high-profile executives of an international IT giant, charged with tax evasion, after obtaining their physical remand. As per reports, the agency produced the two arrested executives in a Customs court and requested for the physical remand of both the accused. The IR Directorate of ... Read More »

To curb corruption in ST: PBC advocates electronic invoicing

ISLAMABAD: The Federal Board of Revenue is learnt to have been contemplating a proposal put forward by the Pakistan Business Council (PBC) regarding the introduction of electronic invoicing within the sales tax supply chain from new fiscal year (2014-15). According to the PBC budget proposals submitted to the FBR, the biggest element of corruption in sales tax is refunds in ... Read More »

Tariq Ahad Nawaz and Rubina Athar promoted to BS-21

ISLAMABAD: Tariq Ahad Nawaz and Rubina Athar of Pakistan Customs Service have been promted from BS-20 to BS-21 with immediate effect. Federal Board of Revenue has issued a notification in this regard. The promotions have been announced in the aftermath of Prime Minister’s decision on the list forwarded by Central Selection Board. Read More »

Reorganisation: Pral BoD sacks 7 babus, abolishes 9 senior cadre posts

ISLAMABAD: What is being described as reorganization and restructuring of the Pakistan Revenue Automation Limited (Pral), the Federal Board of Revenue (FBR) abolished nine senior cadre posts and terminated the services of seven senior officials including General Managers/ Chief Managers. The reorganization is part of the implementation plan proposed by FBR Member Information Technology (IT) Raana Ahmed and the decision ... Read More »

Tax stamps, security labels: Experts urge FBR to exercise caution

ISLAMABAD: Experts put forwards three suggestions to the Federal Board of Revenue, urging the broad to consider these fundamental questions while deliberating the proposal to affix security labels or tax stamps to excisable goods including cigarettes. As per details, the experts questioned as to why Turkish government did not renew the contract with the international company offering tax stamping in ... Read More »

Promotions of two senior customs officials impeded

ISLAMABAD: As the Prime Minister has been sent the summary of approval of promotions in various public sectors by the Central Selection Board, promotions of two out of four customs officials have been halted. The two customs officials among four whose promotions have been rejected by the Prime Minister himself along with many others belonging to various public sectors. Sources ... Read More »

FBR bags cooperation from HM Revenue and Customs

ISLAMABAD: Federal Board of Revenue has been assured of assistance in certain fields of revenue generation in Pakistan by Her Majesty’s Revenue and Customs. In this regard FBR Chairman Tariq Bajwa has visited United Kingdom last week with delegation of FBR high officials including Member Customs Nisar Muhammad, Member Inland Revenue Shahid Hussain Asad, Member IT Raana Ahmed and Chief ... Read More »

Four slabs 0 to 25pc to be enforced: Simple customs tariff structure sets to phase in

ISLAMABAD: In bid to fulfill a commitment made with the IMF under $6.6 billion EFF facility, the government has decided to implement a simple import tariff structure with four slabs between zero and 25 percent rates in a phase-wise manner in the next three years. According to details, the government has decided to phase out maximum statutory rate of customs ... Read More »

FATE begins series of workshops to interact with taxpayers

ISLAMABAD: Federal Board of Revenue Member Facilitation and Taxpayers Education (FATE) Riffat Shaheen Qazi has taken the initiative of holding series of workshops and seminars all over the country to interact with the taxpayers. The objectives of these seminars and workshops are to communicate with the taxpayers and to educate them about the various initiatives undertaken by FBR and FATE ... Read More »

Trading posts to be upgraded scientificaly: Dastgir

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has said that all trading border posts would be upgraded on scientific basis to promote trade in the region. “The government is re-assessing country’s trade strategy and in future it would focus its attention on those regions where there is high demand of Pakistani goods,” he said in a statement. Read More »

Govt to spend $34b on infrastructure in 4 years: Ishaq Dar

ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has said that the government would spend $ 34 billion in the next four years in various sectors of economy particularly for the expansion of motorways, power transmission lines and development of energy sector. Talking to Minister of Finance of the Canadian Province of Ontario, Charles Sousa, Ishaq Dar said that his ... Read More »

Senate’s committee summons FBR officials on April 10

ISLAMABAD: Senate’s Standing Committee on Finance and Revenue has summoned high-ups of Federal Board of Revenue on April 10. The committee seeks explanation and details of tax relief worth Rs 320 billion given to business community during the ongoing fiscal year. Similarly, the committee has asked the tax officers to inform on the impact of tax relief on the country’s ... Read More »

People will hear good news on SROs soon: Khurram Dastgir

RAWALPINDI: Dastgir said that the Ministry of Commerce was in constant consultation with Federal Board of Revenue to seek an agreeable solution of the issuance of SROs and the nation would be hearing good news in next budget. Federal Commerce Minister Khurram Dastgir said this while addressing a function at Rawalpindi Chamber of Commerce and Industry (RCCI). The minister said ... Read More »

Revenue collection in March stands around Rs214b

ISLAMABAD: Updated data compiled by Federal Board of Revenue has revealed that it has provisionally collected over Rs 214 billion during March 2014 against target of Rs 213.9 billion, reflecting an increase of Rs 100 million. The provisional collection during March 2014 stood at over Rs 214 billion against Rs 182 billion in March 2013, showing an increase of 16 ... Read More »

Customs Rules, 2001 amended: FBR relaxes licencing rules for warehouses

ISLAMABAD: The Federal Board of Revenue amended Customs Rules, 2001 through an SRO 202(I)/2014, relaxing customs licencing rules for persons/firms planning to operate a warehouse. Under the customs rules, ‘warehouse’ means a common bonded warehouse, a manufacturing bond, a private bonded warehouse or a public bonded warehouse licensed by the collector. According to the amended customs rules, the applicants will ... Read More »

IMF dissatisfied with low tax-to-GDP ratio

ISLAMABAD: The International Monetary Fund (IMF) has stressed the need for raising tax-to-GDP ratio drastically to allow for the much needed social and investment expenditures while lowering the deficit. According to IMF Programme note, Pakistani authorities are grappling with several key challenges like ensuring medium-term fiscal sustainability, rebuilding external buffers and maintaining price stability over time, implementing structural reforms to ... Read More »

Chief Collectors, Collectors to meet Bajwa on April 11

ISLAMABAD: Meeting of Chief Collectors and Collectors of Customs would be held on Friday April 11 to check revenue leakage regarding tax collection at the import stage including for improving collection through clearance of imported consignments. The meeting will be chaired by FBR Chairman Tariq Bajwa. Chief Collectors and Collectors of Pakistan Customs from all over the country are being ... Read More »

Amid reluctance treasury agrees to MPs’ tax probe

ISLAMABAD: Despite reluctance to a perceived attempt to ‘belittle’ parliament, the treasury benches joined the Opposition in adoption of a unanimous motion in the National Assembly, asking the speaker to constitute a committee to investigate allegations of tax non-payment by the parliamentarians. Speaker Sardar Ayaz Sadiq had earlier agreed to take up, out of turn, the motion tabled by Asad ... Read More »