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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

Duty-free imports increase by 18.5pc

ISLAMABAD: Duty-free imports and dutiable imports have shown an increase of 18.5 percent and 1.5 percent, respectively during first quarter of current fiscal year. Around 34 percent of the total imports have been dutiable while the remaining portion is duty-free. Moreover, duty-free imports have improved strongly by 18.5 percent while dutiable imports grew by only 1.5 percent. The quarterly report ... Read More »

21.5pc growth in WHT collection registered

ISLAMABAD: Federal Board of Revenue has witnessed 21.5 per cent increase in withholding tax collection from salaried class during the first quarter of current fiscal year against the corresponding period of previous fiscal year. According to FBR quarterly report of first quarter of the current fiscal year, withholding tax collection from salaries stood at Rs 12.137 billion against Rs 9.989 ... Read More »

Yasmin Saud assumes charge as Member HRM at FBR headquarters

ISLAMABAD: Ms. Yasmin Saud, officer of Inland Revenue Service, has assumed the charge of the upgraded post of Member (HRM) (BS-22) FBR (Hq), Islamabad. In pursuance of Board’s Notification No: 2905-IR-I/2013 dated 20.12.2013, Ms. Yasmin Saud, relinquished the charge of the post of Chief Commissioner, Large Taxpayers Unit, Karachi (BS-21) w.e.f. 20.12.2013. Read More »

FBR planning to broaden tax base

ISLAMABAD: Federal Board of Revenue (FBR) has envisaged a wide-ranging plan to expand the tax base, improve resource enlistment and increase tax-to-GDP ratio in the current fiscal year. According to the FBR’s quarterly review, taking into consideration the various fiscal challenges, FBR has embarked upon various strategies to broaden the tax base and enhance resource mobilization. This step would improve ... Read More »

Fiscal adjustments remain key problem for five years: report

ISLAMABAD: The effective sales tax rate is very low because of exemptions, and huge input adjustments. This has been specifically noted in a paper prepared by Umar Wahid, Chief Strategic Planning Reforms & Statistics FBR and Zafar-ul-Hassan, Chief Planning Commission on ‘Structural Reforms to Boost Economic Growth’ contained in the FBR’s quarterly report. The report said that fiscal adjustment has ... Read More »

IMF shows satisfaction over govt’s performance so far

ISLAMABAD: With releasing the second tranche of $553.3 million, International Monetary Fund has expressed satisfaction over the Pakistani authorities’ performance under the Extended Fund Facility so far. However, it has expressed concerns that overall vulnerabilities remain high and it will be crucial to consolidate the fiscal adjustment, boost external buffers, and deepen structural reforms. IMF has stressed the Pakistani government ... Read More »

SRO issued, WHT on laden weight reduced to Rs 2

ISLAMABAD: Federal Board of Revenue has reduced the rate of withholding tax of the laden weight for the period from July 1, 2012 to November 17, 2013 in case of goods transport vehicles owners. In this regard, FBR has issued SRO.1064 (I)/2013 according to which the rate of tax shall be reduced to Rs 2 per kilogram for the above ... Read More »

Tax amnesty scheme for new investors announced

ISLAMABAD: Federal Board of Revenue has notified a tax incentive package for new investors under which the source of investment would not be asked if it is made on or after the 1st day of January, 2014, and commercial production commences on or before the 30th day of June, 2016 in Greenfield industrial projects. Through an SRO 1065(I)/2013, the FBR ... Read More »

Tax collection shows 25% increase in December: Bajwa

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired a meeting at his office to review the implementation and progress made so far on the reforms and economic targets set by the PML-N Government. The Chairman Federal Board of Revenue Tariq Bajwa informed the Finance Minister that the number of tax returns filed this year were 814981 as ... Read More »

FBR, EOBI, SECP sign MoU to facilitate businesses

ISLAMABAD: A Memorandum of Understanding (MOU) was signed by Chairman Federal Board of Revenue (FBR), Tariq Bajwa, Chairman Employees Old age Benefits Institution (EOBI), M. Ayub Sheikh,  and Chairman Security Exchange Commission of Pakistan (SECP), Tahir Mahmood in Islamabad  to facilitate businesses in their registration with these organizations. The MOU envisages that registration of companies with one organization would mean that ... Read More »

FBR establishes project directorate for ITTMS

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that a project directorate on the Integrated Transit Trade Management System at FBR headquarters is established to provide a solo-point of contact for development partners, tax management and other stakeholders for smooth implementation of the project. He said this while addressing a conference on Integrated Transit Trade Management. He said ... Read More »

Govt to put in place integrated transit trade management system: Dar

ISLAMABAD: The potential of transit trade through Pakistan warrants immediate attention of the government to put in place a robust and efficient transit trade management system that is capable of providing maximum facilitation to Pakistan’s trading partners as well as countering the threat of illegal trade by strengthening Customs controls. This was stated by Minister of Finance Ishaq Dar while ... Read More »

SC orders PQA authorities to get rid of illegal appointees

ISLAMABAD: The Supreme Court of Pakistan has directed Port Qasim Authority (PQA) to remove illegal appointees within a month. A three-member bench led by Chief Justice Tassaduq Hussain Jillani resumed the hearing of the petition of Abdul Jabbar Memon who contended that in the former regime, appointments in PQA were made in violation of the rules and regulations. The bench ... Read More »

Customs clearance through WeBOC only from Jan 1: Nisar Muhammad

ISLAMABAD: Member Customs of Federal Board of Revenue Nisar Muhammad has said that all transit cargo movement and domestic clearance of imported consignments would be done through Web-Based One Customs (WeBOC) clearance system from January 1, 2014. He said this at Integrated Transit Trade Management System conference organised by the FBR. Nisar said that we are moving towards one customs ... Read More »

Penalty to be imposed on non-filers of IT returns

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that FBR will impose penalty for non-filing of income tax returns. FBR will now issue notices to the non-compliant existing taxpayers, who failed to file their income tax returns by the extended deadline of December 16, 2013, he said. Bajwa stated that the non-filers will be liable to pay penalty ... Read More »

Bajwa, Asad, Marwat promoted to Grade 22

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Thursday promoted 23 officials of deferral services to Grade 22 including FBR Chairman Tariq Bajwa and Official Spokesperson of FBR Shahid Hussain Asad. The Board approved promotions of S.M. Tahir, Najeeb Khawar Awan, Abdul Khaliq (Secretariat Group); Farkhanda Waseem, Azmat Orkazai, Shahid Khan, Tariq Bajwa, Raja Hassan Abbas, Nadeem Hassan Asif, Syed Arshad ... Read More »

FBR compiling data of stuck-up goods at state warehouses

ISLAMABAD: Federal Board of Revenue has started to determine the exact revenue involved in stuck-up goods at the state warehouses as delay in auction of stuck-up goods including vehicles at the state warehouses is causing huge revenue loss to national exchequer, sources said. The valuation of these goods along with the applicable duties and taxes on them will be worked ... Read More »

Finance Minister expresses satisfaction over revenue collection

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has expressed satisfaction over the performance of FBR on the collection of revenues in the last 5 months of the tax year 2013-14. These observations were made by him during the presentation made by FBR at the Finance Ministry. The Finance Minister was informed by Chairman FBR Tariq Bajwa that an amount of ... Read More »

EEC diverts gas from power sector to textile industry

ISLAMABAD: The Cabinet’s Economic Coordination Committee (ECC) has approved the diversion of 85 mmcfd of power sector gas to textile industry for a period of two months with immediate effect. The ECC meeting was presided by Finance Minister Ishaq Dar who gave the formal approval to the decision taken earlier by Prime Minister. Sources said that gas was especially diverted ... Read More »

SRO for investment-cum-amnesty scheme approved

ISLAMABAD: Ministry of Finance has approved the Statutory Regulatory Order (SRO) covering investment scheme for new investors and immunity from audit to dormant and new taxpayers. Sources said that Federal Board of Revenue has received the approved SRO regarding new investment scheme announced by the Prime Minister. The notification would be sent to Law and Justice Division for vetting. The ... Read More »