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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

FBR collects Rs806b in July-Nov, misses target

ISLAMABAD: Federal Board of Revenue has collected Rs806 billion during the period between July to November 2013-14 against the target of Rs 841 billion, showing a shortfall of Rs35 billion. According to sources, FBR has collected Rs120 billion more revenue as its provisional collection has crossed Rs806 billion during first five months of the current tax year against Rs686 billion ... Read More »

Victim of Torkham Customs House blast dies

LANDIKOTAL: A victim of Torkham Customs House suicide attack has died at the Lady Reading Hospital in Peshawar, family and hospital sources said. Asadullah, 29, resident of Khogakhel area in Landikotal, had received head injuries and died after two-week treatment at the LRH. He was among the 24 victims of the November 21 attack at the Torkham Customs House. Asadullah ... Read More »

FBR announces relieving exceptions in tax audit

ISLAMABAD: Federal Board of Revenue will exclude cases from selection process for audit of current Tax Year, where taxpayers would pay 25 percent more tax for the current fiscal year against tax paid or assessed previous year, official sources said. However, this facility would not be applicable on the cases selected for audit for Tax Year 2012, sources added. The ... Read More »

PM’s investment package lauded

ISLAMABAD: Experts and businessmen from across the country have lauded Prime Minister’s recently announced tax-incentive package. Former finance minister Dr Salman Shah has said that the amnesty package announced by the PM allowing investment without any question about the source of income is suitable to restrain increasing unemployment and improve growth course. He added that this would help tackle severe ... Read More »

Saudi ambassador enquires after Dar’s health

ISLAMABAD: Saudi Ambassador H.E. Abdul Aziz Bin Ibrahim Al-Ghadeer has enquired after Finance Minister Senator Ishaq Dar’s health at Punjab House, Islamabad. The Ambassador conveyed the best wishes and prayers of the Saudi Royal Family for his full recovery. Abdul Aziz remained with the Finance Minster for some time and wished him an early recovery. The Finance Minster asked the ... Read More »

PM’s tax package for industrialists to attract $5-10b investment

ISLAMABAD: Through money whitening scheme and different tax incentives, Prime Minister’s package for industrialists is aimed at promoting investment to the tune of $5 to $10 billion over the medium term. It basically aimed at allowing informal economy coming into formal sectors of the economy. However,  these incentives would not be available to certain sectors for investment purposes such as ... Read More »

Pakistan’s foreign currency reserves at lowest ebb

ISLAMABAD: Pakistan’s official foreign currency reserves have decreased to lowest ebb by touching $2.9 billion and putting pressure on exchange rate and causing price hike on imported items. This peculiar situation is moving rapidly towards the worst scenario as exchange companies have threatened to go on strike for indefinite period if the central bank remained unable to provide them foreign ... Read More »

Dastgir slams hurdles in exports enhancement

ISLAMABAD: Minister of State for Commerce and Textile Engineer Khurram Dastgir has resented the inconsistent economic policies of the country which, according to him, is the main obstacle to enhance exports. He said this at a meeting of the Senate Standing Committee on Commerce, presided by Senator Haji Ghulam Ali. “There is no predictability in Pakistan’s economic policies. One day ... Read More »

FBR Members given new responsibilities

ISLAMABAD: Federal Board of Revenue, revising job description of all the FBR Members, has given them new responsibilities and powers under various statutes and FBR Act, 2007. According to sources, FBR has delegated the new responsibilities and powers to Member Customs, Member Inland Revenue-Policy, Member Inland Revenue-Operations, Member Legal, Member Administration, Member SPR&S, Member Accounting, Member Facilitation and Taxpayer Education ... Read More »

Sack kraft paper manufacturers seek increase in customs duty

ISLAMABAD: Local manufacturers of sack kraft paper have asked National Tariff Commission (NTC) to augment the customs duty on its import from 15% to 25% and impose Federal Excise Duty as well. They have pointed out the fact that low customs duty renders local producers uncompetitive along with massive under-invoicing of sack kraft paper. The manufacturers have demanded of Chairman ... Read More »

Dastgir wins Polish support for GSP Plus status

ISLAMABAD: Minister of State for Commerce and Textile Engineer Khurram Dastgir has said that he is delighted that Polish ministers as well as parliamentary leaders extended their fullest support to granting of GSP Plus status to Pakistan by EU Parliament. He said this in a statement issued by the Pakistan Embassy after his return to Pakistan after a weeklong official ... Read More »

FBR committees to keep check on smuggling, under-invoicing

ISLAMABAD: Federal Board of Revenue has constituted two high-level committees for taking appropriate measures to control smuggling, under-invoicing and issuing sales tax refunds besides resolving the issues facing the steel industry. It is learnt that FBR has issued a letter to the Lahore Chamber of Commerce and Industry (LCCI) for constitution of special committees to resolve problems of the business ... Read More »

FBR closely monitoring collection of Customs duty: Member Customs

ISLAMABAD: Member Customs Nisar Muhammad said that Pakistan has an edge of long route through northwest border and coastal belt but smuggling of contrabands, industrial raw material and petroleum products is continued through this route, damaging the economy of Pakistan. While talking to Customs Today in an exclusive interview, Member Customs said another element which should not be ignored is ... Read More »

SHC judgment on salaried individuals’ tax rates suspended

ISLAMABAD: FBR has asked salaried individuals who have paid less tax in view of the judgment of the Sindh High Court (SHC), should calculate the short paid tax and deposit the balance amount by November 30 to avoid default surcharges. FBR stated that the Supreme Court suspended the judgment of the SHC regarding the rates of tax. FBR had filed ... Read More »

Customs Houses to remain open on Saturdays

ISLAMABAD: In order to facilitate the trade and industry in getting their cargo cleared for imports/exports and payment of duty and taxes, FBR has decided that all the Model Customs Collectorates shall remain open and observe normal working hours on Saturdays till further orders. Federal Board of Revenue has directed all the Chief Collectors to coordinate with management of State ... Read More »

Traders worried, transporters satisfied over KP blockades

PESHAWAR: The traders associated with the Afghan Transit Trade and transporters have expressed different views over the prevailing situation on the transit trade routes in Khyber Pukhtunkhwa. Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI) President Zahidullah Shinwari raised concern over the situation saying that the political leaders should have taken the stakeholders into confidence before launching the blockade which ... Read More »

FBR receives proposals to facilitate foreign investors

ISLAMABAD: Federal Board of Revenue has received three tax policy proposals from the Board of Investment (BoI) for fixation of an investment threshold to grant tax holidays to foreign investors, reduction in corporate income tax rate and cut in the standard rate of 17 percent sales tax, sources said. Sources said that BoI had requested its Executive Committee Members to ... Read More »

Dastgir in Romania to fetch support for GSP Plus status

ISLAMABAD: Engineer Khurram Dastgir Khan, Minister of State for Commerce and Textile Industry visited Bucharest, Romania, to mobilise support of Romanian parliamentarians in the European Parliament for their support for Pakistan’s candidature of GSP Plus status in the European Union. The other objective of the visit was to kick start the bilateral trade and investment relations between the two countries, ... Read More »

FBR to extend assistance to provinces

ISLAMABAD: Federal Board of Revenue (FBR) has assured provinces of full assistance towards strengthening provincial revenue authorities through introduction of tax reforms including drafting of tax laws/regulations for tax enforcement and increasing sales tax collection from services’ sector, sources said. Sources say that the issue of FBR’s co-ordination with provinces in fiscal matters was discussed during the last meeting of ... Read More »

FBR to minimise chances of tax evasion, issue ruling for valuation

ISLAMABAD: Federal Board of Revenue is identifying several import items that are prone to under-invoicing in a move to assess their actual value for levying customs duty and allied taxes, senior official of FBR have said. Wrong declarations and under-invoicing result in a significant loss of revenue. FBR Chairman Tariq Bajwa has said that products at high risk of being ... Read More »