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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

GDP up from 2.9 to 5.1pc, projected at 7pc: PM

ISLAMABAD: Prime Minister Nawaz Sharif has said that the country’s economy had improved as compared to last year with GDP growth raised from 2.9 to 5.1 per cent. “We want to take GDP rate to 7 percent in next four years,” the Prime Minister said. The Prime Minister said the GSP plus would benefit many sectors including textiles and leather ... Read More »

FBR starts crackdown against tax defaulters

ISLAMABAD: FBR, in a rare move, has started crackdown against 30 big tax defaulters of steel sector in Lahore and has registered six FIRs so far. The steel sector in the country is ruled under the Sales Tax Special Procedure Rules, 2007 which provides two regimes for payment of sales tax by the steel melters and re-rollers. As per calculation, ... Read More »

Pakistan likely to receive second IMF instalment in days

ISLAMABAD: The board of International Monetary Fund (IMF) is scheduled to meet on the first review of the $6.7 billion Extended Fund Facility (EFF) on December 19, and if the staff-level agreement with the authorities is approved, about $550 million would be made available to Pakistan. This was stated by Gerry Rice, Director Communications Department of the IMF at a ... Read More »

FBR issues revised tax rate for freight, passenger vehicles

SLAMABAD: Federal Board of Revenue (FBR) has issued revised income tax rates for freight and passenger vehicles under section 234 & 231B of Income Tax Ordinance, 2001. According to the notification issued here, FBR has reduced tax rates on goods transport vehicles from Rs3 per kg to Rs2 per kg of the laden weight. Tax rates on transports vehicles with ... Read More »

FBR kiosks to collect tax returns till Dec 16 midnight: Shahid Asad

ISLAMABAD: About 212 tax facilitation kiosks of the Federal Board of Revenue (FBR) will remain open till midnight (23:59 hours) on Dec 16 to receive tax returns across the country. “The deadline for filing tax returns was Dec 15, but as this date falls on Sunday, the last date has been further extended for one day,” FBR spokesman Shahid Hussain ... Read More »

IR proposes compulsory NTN showing at airports

KARACHI: The office of Inland Revenue has proposed a compulsory requirement of National Tax Number for every person taking with him foreign currency from Pakistan to prove that the money is legitimate, official sources in Federal Board of Revenue said. It is also proposed to depute officers of Inland Revenue at all the airports to check NTN and other record ... Read More »

Trade deficit down by 5.5pc

ISLAMABAD: Pakistan’s trade deficit has reduced by 5.52 per cent in the period from July to November this year as against the same period last year. The data released by Pakistan Bureau of Statistics shows that trade deficit has gone down to $7.743 billion in July-November 2013 as compared to $8.195 billion last year after a 3.10 per cent increase ... Read More »

Survey begins for ST registration of restaurants

ISLAMABAD: A tax survey has been instigated in Islamabad to register restaurants, hotels and guest houses with the sales tax department. Sources said that officers will physically inspect all markets and well-to-do locations in Islamabad. The tax survey is expected to register many unregistered restaurants, where sales tax has been charged from consumers, but never dropped to its end, they ... Read More »

Pakistan gets GSP Plus status; exports likely to increase by $2b per annum

ISLAMABAD: Pakistan has obtained the status of Generalized System of Preference (GSP) plus from its largest trading partner of 27-member block of European Union which will become effective from January 1, 2014. This move will increase exports by $2 billion on per annum basis. The European Parliament voted on a resolution objecting to the delegated act presented by the European ... Read More »

Plan afoot to do away with tax exemptions by Dec 31: Dar

ISLAMABAD: Federal Minister for Finance and Revenue Ishaq Dar said that the government was working on a plan for doing away with tax exemptions and it would be finalized by December 31, 2013. “Yes, we are working on the plan to do away with tax exemptions,” the minister said while briefing reporters. He said that tax exemptions would be identified ... Read More »

New CSTRO chief assigned

ISLAMABAD: FBR Taxpayers Audit Wing Chief Najeeb Qadir has been assigned the additional charge of the post of Chief Centralised Sales Tax Refund Office FBR Headquarters, Islamabad, with immediate effect. According to a notification issued by FBR, Dr Ashfaq Ahmad Tunio (IRS/BS-20) has been relieved from the additional charge of the post of Chief CSTRO, FBR. Read More »

FBR launches recovery proceedings against 600 importers

ISLAMABAD: Federal Board of Revenue has launched recovery campaign against about 600 importers, who failed to deposit 3 per cent minimum value addition tax on the imported goods during 2013. Sources said that the Project Director Computerised Risk-Based Evaluation of Sales Tax (CREST) system has issued the lists of importers containing profiles of units to the Collectors concerned of relevant ... Read More »

Customs seizes gold worth Rs15m, arrests smuggler

ISLAMABAD: Pakistan Customs has seized non-customs paid gold jewellery worth Rs15 million and arrested a passenger from Benazir Bhutto International Airport. Sources told Customs Today that after receiving a tip-off, a special team headed by Additional Collector Dr Moinuddin Ahmed Wani maintained a secret vigilance to track the alleged smuggler. On arrival of flight No PA-213 from Sharjah, the Customs ... Read More »

FBR striving to boost revenue generation: Khawaja Tanveer

ISLAMABAD: FBR Member Internal Audit/Accounting Khawaja Tanveer Ahmed has said that Federal Board of Revenue is trying its best for generating more revenue through widening of the tax base and implementing some revolutionary policies to properly collect the taxes. Describing Audit Wings responsibilities during an exclusive interview with Customs Today, Khawaja Tanveer Ahmed said that the role of this wing ... Read More »

Dar chairs ECC meeting, decreases sugar prices

ISLAMABAD: The meeting of the Economic Coordination Committee (ECC) of the Cabinet was held at the Prime Minister’s Office under the chairmanship of Federal Minister for Finance Senator Mohammad Ishaq Dar. The meeting was attended by Minister for Information and Broadcasting, Senator Pervez Rashid, Minister of Food and National Security Sikandar Bosan, Minister for Commerce Khurram Dastagir, Minister for Science ... Read More »

Bomb hits customs agent office in Torkham

LANDIKOTAL: A bomb has exploded in a customs clearance office near Torkham. The incident occurred on Tuesday night in the office of Faraz Customs Clearance Agency, sources said. They added that at the time of the explosion one worker was present in the office but he remained unharmed. The office, however, was completely destroyed. Following the incident, security officials swiftly reached the site ... Read More »

FBR announces immunity from tax audit

ISLAMABAD: Federal Board of Revenue has announced immunity from tax audit for the individual, Association of Persons and companies upon upward revision in payable tax through revised income tax returns. The immunity from audit is available under Clause 84 through SRO 1040 (I)/2013 to all persons like an individual, Association of Persons and company. The persons who have already filed ... Read More »

Remittances rise to $6.4b during current FY

Islamabad: Overseas Pakistani workers have remitted $6.407 billion from July to November this year. It is accounted as a growth of 7.1 per cent as compared to $5.982 billion received during the corresponding period last year. Most of the inflow of remittances in the current fiscal year came from Saudi Arabia, UAE, USA, UK, and EU countries. Read More »

FBR announces last date for filing of IT returns

ISLAMABAD: Federal Board of Revenue has announced December 16 as the last date for filing of income tax returns. In this regard, FBR has issued instructions to the Chief Commissioners of Large Taxpayer Units and Regional Tax Offices regarding tax facilitation kiosks and tax facilitation centres. According to FBR instructions, all Chief Commissioners are requested to ensure that all Tax ... Read More »

Govt redoubles efforts to increase foreign exchange reserves: Dar

ISLAMABAD: Senator Mohammad Ishaq Dar Federal Minister for Finance met the heads of Commercial Banks at the Ministry of Finance and exchanged views on the current economic, monetary and fiscal situation of Pakistan. In his opening remarks, the Finance Minister said that the Government has constituted a steering committee which will submit its recommendations for promotion of Islamic Banking in ... Read More »