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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

ADB annouces to give $3.2b under CPS

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday announced to provide $3.2 billion under Country Partnership Strategy (CPS) over the next three years (2014 to 16). Announcing its CPS on Tuesday, the ADB’s Country’s Director Werner E Liepach said that the government was quite serious about putting the country’s economy back on the right track and the ADB took decision ... Read More »

FBR for swift customs clearance of gems, jewellery export consignments

ISLAMABAD: Collectors of Customs are directed to provide easy customs clearance of export consignments of gems and jewellery for promoting exports of precious metals. According to FBR instructions to all Model Customs Collectorates (MCCs), the decision may please be implemented in letter and spirit. Sources said that Chief Executive Officer, Pakistan Gems and Jewellery Development Company (PGJDC) briefed the committee ... Read More »

Gwadar-Kashghar Motorway to ease transit trade

ISLAMABAD: The tentative alignment for the Gwadar-Kashghar Motorway has been cleared subject to feasibility studies containing commercial, technical and hydraulic aspects of the project. An official of the Communications Ministry informed that the project would facilitate transit trade in the country. It would have economic zones en-route and allow reaping of full benefits of development including economic and social uplift ... Read More »

Dastgir, Niaz urge industrialists to take benefit of GSP Plus scheme

ISLAMABAD: Federal Minister for Commerce and Textile Industry Engineer Khurram Dastgir Khan said that the government was encouraging the industrialists and exporters to take benefit of GSP Plus status given by the European Union which could raise Pakistan’s exports by $1 billion annually. The Generalized System of Preference Plus (GSP+) provided concessions on about 6,000 tariff lines, while Pakistan had ... Read More »

Govt to accelerate efforts to attract investment: Dar

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar said that the economic measures taken by government have led to the improvement of macro-economic indicators. The Finance Minister stated this while chairing a high level meeting at the Finance Ministry to accelerate the efforts of the government to attract investment in the country. The meeting was attended by Federal Minister for Commerce ... Read More »

Govt aims at expanding tax amnesty scheme: Asad

ISLAMABAD: The government is planning to expand the tax amnesty scheme for rich people along with provision of exemption from tax audit for a maximum of 10 years in a bid to extend the country’s tax net. The scheme targets 3.3 million NTN holders who do not file tax returns. This was stated by Federal Board of Revenue official spokesperson ... Read More »

IR officials demand transfer of ship-breaking cases back to Karachi

ISLAMABAD: Inland Revenue officials of Karachi and Quetta are facing hurdles in collection of sales tax and in related matters of the ship-breaking industry. Sources said that Regional Tax Office-III Karachi has approached the Federal Board of Revenue against transfer of ship-breakers’ cases from Karachi to Quetta for sales tax collection. The head offices of most of the ship-breaking companies ... Read More »

Turnout of filing IT returns extremely low

ISLAMABAD: Despite repeated extensions in the date of filing, Federal Board of Revenue has witnessed a declining trend in filing of income tax returns for Tax Year 2013, an FBR official has revealed. He said that up to December 14, only 230,000 taxpayers have filed their returns electronically. A lesser number of returns have been filed manually, he said, adding ... Read More »

FBR restricts import of phones without IMEIs

ISLAMABAD: Federal Board of Revenue (FBR) has restricted import of new phones including cellular phones without proper International Mobile Station Equipment Identity (IMEIs). The Board has issued instructions to the Collectors of Customs Model Customs Collectorates regarding the Supreme Court of Pakistan’s order dated 29.4.2013 in suo moto case No 16 of 2011 (regarding Law & Order situation in Karachi), ... Read More »

Last date for filing of income tax returns extended

ISLAMABAD: The Federal Bureau of Revenues has extended last date for filing of income tax returns by one day to Monday. According to FBR, the extension is being granted in view of weekly holiday on Sunday, which was previously the deadline for the purpose. Read More »

Pakistan’s foreign debt up by Rs400b in 6 months: Dar

ISLAMABAD: Finance Minister Ishaq Dar has told the National Assembly that foreign debt, including first installment of the $6.64 billion Extended Fund Facility from the International Monetary Fund, raised by a whopping Rs 403.064 billion as a result of depreciation of rupee during the past nearly half a year. The minister said total that an amount of domestic and foreign ... Read More »

Revised performa notified for audit immunity

ISLAMABAD: Federal Board of Revenue has revised the Performa under SRO.1040(I)/2013 to seek additional information from persons intending to obtain exemption/immunity from audit by paying 25 percent higher tax for Tax Year 2013 against tax paid/assessed for Tax Year 2012. In this regard, the FBR has issued Income Tax Circular 16 of 2013 to revise the Performa to claim exemption/immunity ... Read More »

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 »