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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 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 »

Indian diplomats actively lobbying EU against GSP Plus status for Pakistan

ISLAMABAD: India has started to spoil chances of the expected Generalised System of Preferences (GSP) facility for Pakistan with its diplomats in Europe actively lobbying the member countries of European Union against Pakistan. A voting is expected on the issue by December 16. A letter to the Pakistani authorities from Pakistan’s High Commissioner in New Delhi Salman Bashir reads that ... Read More »

25pc more taxpayers file returns this year

ISLAMABAD: Twenty five per cent more taxpayers from all over the country are submitting annual income tax returns as compared to last year’s income tax returns due to the tax relief package announced by the Prime Minister to get relief from the total audit, an official of Federal Board of Revenue has disclosed. “Long queues are seen at the offices ... Read More »

Dar lauds Bajwa’s efforts in launching new tax incentives scheme

ISLAMABAD: Federal Finance Minister Ishaq Dar has lauded the efforts of Federal Board of Revenue Chairman Tariq Bajwa in formulating the tax incentive scheme and gave FBR a detailed plan for effective implementation of the scheme. Appreciating FBR, the Finance Minister said, “Positive public response is indicating the appropriateness and effectiveness of the incentives announced by Prime Minster Nawaz Sharif.” ... Read More »

MCCs to deal with ATT legal matters

ISLAMABAD: Federal Board of Revenue (FBR) has issued instructions to all Collectors of Customs regarding ‘ISAF container scam- legacy issues, relating to Afghan Transit Trade’. As per the instructions, all the relevant Model Customs Collectorates (MCCs) will handle all the issues of transit trade including adjudication of Afghan Transit Trade (ATT) cases, their appeals and representation at higher appellate fora. ... Read More »

FBR withdraws customs duty concession on import of motorcycle parts

ISLAMABAD: Federal Board of Revenue has withdrawn concessionary rate of customs duty on the import of motorcycle components and kits from December 1, 2013 under new SROs. Sources said that FBR has issued a letter to the Engineering Development Board on the validity status of the SROs 1401, 1402, 1403 & 1404. FBR had previously announced time-bound concessions for the ... Read More »

New sales tax registration system to be launched by Dec 31

ISLAMABAD: Federal Board of Revenue has been striving to avoid anomalies caused by existing ‘defective’ sales tax registration system, so the board is launching a new registration system by December 31 this year. Sources said that under the sales tax law, all the stakeholders including manufacturers, retailers, importers, wholesalers, distributors and commercial exporters are liable to registration. The present registration ... Read More »

FBR yet to implement Federal Tax Ombudsman’s proposals

ISLAMABAD: Federal Board of Revenue has failed to execute the Federal Tax Ombudsman’s proposals regarding submission of details of sales tax refund cases which have been pending for more than twelve months. The FTO, on a complaint filed by a citizen Muhammad Rizawan, ordered FBR to submit report on sales tax refund cases across the country and also ordered to ... Read More »

FBR to install electronic systems in restaurants to stop ST evasion

ISLAMABAD: Federal Board of Revenue is planning to place an invoice monitoring system at all restaurants in the country to control massive sales tax evasion by the industry, sources said. The issue of placing this system was discussed during a meeting chaired by FBR Chairman Tariq Bajwa. Through the system, electronic cash registers will be installed at all the top ... Read More »

Pakistan on track to carry out economic reforms: Dar

ISLAMABAD: Pakistan is on track and following the benchmarks agreed with IMF which was in line with its plans to carry out reforms in the economy. This was stated by Senator Mohammad Ishaq Dar while talking to the German Ambassador Dr. Cyrill Nunn who called on him at his office. The Finance Minister Senator Mohammad Ishaq Dar said that PML-N ... Read More »

Another victim of Torkham blast dies

LANDIKOTAL: A Customs official injured by a suicide bomb blast succumbed to his wounds at a hospital, sources said. Qazi Haseebullah was a Customs Superintendent. He was injured in a suicide attack on November 21inside the Customs compound located at Torkham border. Qazi Haseebullah was seriously injured in the blast. He was under treatment for the last two weeks, the ... Read More »

Committee constituted to review SROs

ISLAMABAD: Federal Board of Revenue (FBR) has told National Assembly that a committee, headed by FBR Chairman, has been formed to review SRO regime to identify tax concessions. In a written reply to the question of Rai Hasan Nawaz Khan, the Ministry of Finance told the House that a report is being prepared on tax expenditures for which expression of ... Read More »

Trade links with neighbouring countries can strengthen economy: Dastgir

ISLAMABAD: State Minister for Commerce and Textile Engineer Khurram Dastgir Khan has said that improving trade links with Afghanistan, India and Iran would strengthen economy, adding that Gwader Port project would link Pakistan with other countries through trade. He said that the government after coming into power had to face many challenges, adding that all out measures are being made ... Read More »

FBR issues SROs for audit and statements’ requirement

ISLAMABAD: Federal Board of Revenue has issued two SRO’s this week, namely SRO.1040 (I)/2013 and SRO.1035 (I)/2013. According to the SRO.1040 (I)/2013, FBR will not select cases for audit of taxpayers who have paid 25 per cent more tax for the current Tax Year as compared to the tax paid or assessed for the previous Tax Year. As per SRO.1035 ... Read More »

New IT system to restrain Sales Tax evasion

ISLAMABAD: The FBR has developed and implemented an integrated IT system known as Computerised Risk Based Evaluation of Sales Tax (CREST) for processing and assessing returns. The system is now operational and running in the whole country. The objective is to have an effective, risk-based, automated compliance model that minimises wrongful adjustment of input tax and ensures correct payment of ... Read More »

FBR considering new policy on areas of tax evasion

ISLAMABAD: Federal Board of Revenue is considering a new policy and administrative proposals to deal with major risk areas in the sales tax regime, to avoid massive revenue loss to the national economy, sources said. The corrupt registered persons are using few methods within the sales tax regime for evasion. If FBR is able to detect these dodges, revenue loss ... Read More »

2-day workshop on Internal Communication held in FBR headquarters

ISLAMABAD: FBR’s Facilitation and Taxpayers Education (FATE) Wing, in collaboration with GIZ, arranged a 2-day workshop on ‘Internal Communication Strategy’ in for FBR Headquarters, Islamabad. The workshop was inaugurated by FBR Chairman Tariq Bajwa and was attended by senior officers of FBR Headquarters and field formations. In his opening remarks, the FBR chairman said that internal communication plays a crucial ... Read More »

Banks bound to submit monthly account holders deposits statement to FBR

ISLAMABAD: Every bank will have to submit to FBR a monthly Account Holders Deposits Statement of persons depositing Rs 1 million or above in a month. FBR has issued SRO.1035(I)/2013 to propose amendments to the Income Tax Rules, 2002 for issuance of the ”banking companies reporting requirements”. The draft will be taken into consideration by FBR after seven days of ... Read More »

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