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FBR asks officers on deputation to report back immediately

ISLAMABAD: Due to acute shortage of officers in FBR headquarters, the Board would call back its officers serving on deputation in other government departments/ organisations for the period of more than three years. According to a notification, FBR officers with completion of five years of deputation are needed to report back immediately to their parent department. FBR would also not ... Read More »

US Ambassador, Finance Minister discuss bilateral economic issues

ISLAMABAD: The US Ambassador Richard G. Olson called on the Finance Minister Senator Mohammad Ishaq Dar at his office and discussed matters relating to bilateral economic issues between the two countries. Ambassador Richard Olson while talking to the Finance Minister reiterated that United States has a strong sense of the energy crisis in Pakistan and is willing to support Pakistan ... Read More »

Govt requests SC to declare 891 appointments at PQA as illegal

ISLAMABAD: The federal government has requested the Supreme Court to declare all the appointments and promotions in the Port Qasim Authority (PQA) made from 2007 to 2013 as illegal. Hafiz SA Rehman Advocate has submitted a written reply in the apex court on behalf of the Federation regarding appointments and promotions in the PQA from 2007 to 2013. The Federation ... Read More »

Kamran Micheal lauded for steps taken in maritime trade

ISLAMABAD: Federal Minister for Ports and Shipping Kamran Micheal has said that security level in International Waters has been a cause of concerns for all the countries which needs to be fully addressed, adding that sea trade and secure shipping is the most important thing. He was addressing to 152 states in General Assembly of International Maritime Organization’s 28th session ... Read More »

KP customs agents upset over blockade

PESHAWER: Frontier Customs Agents Group (FCAG) Khyber Pakhtunkhwa Chairman Zia-ul-Haq Sarhadi and senior Vice President Arooj Ahmad Ansari have said that the breaking of the seal of containers carrying Afghanistan-bound commercial cargo is detrimental for bilateral trade between Pakistan and Afghanistan. In a statement issued by FCAG, the office-bearers expressed concerns over the halting of Nato supply which according to ... Read More »

Textile Ministry rejects gas suspension plan

ISLAMABAD: Ministry of Commerce and Textile has strongly refused to accept the projected suspension of gas to textile sector during winter 2013-14, saying that such a situation might result in a loss of $3 billion export earnings in the next three months, sources said. Officials of the Commerce and Textile Ministry were quoted as saying, “If the existing gas requirements ... Read More »

FBR proposes monthly banking reports of specific account holders

ISLAMABAD: Federal Board of Revenue has proposed that all the banks will provide a monthly account holders’ deposit statements and credit card payments statements of all who have deposited Rs1 million or more and made credit card payment of Rs 100,000 or more in that month, sources said. They added that persons with National Tax Number (NTN) or having filed ... Read More »

Govt taking concrete steps to cover revenue shortfall: Dar

ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has said that the decline in tax base and dutiable imports are disturbing the revenue collection in general. He told the Upper House while replying to Senator Saleem Mandviwalla’s question regarding shortfall in revenue collection during the current fiscal year. The federal minister informed the House that revenue collection target for 2013-14 ... Read More »

Govt all set to reduce expenses of foreign missions by Rs3.5b

ISLAMABAD: The government is all set to reduce expenditures on foreign missions abroad by Rs 3 to Rs 3.5 billion per annum. The decision to this effect was taken during the meeting of the Committee to Review the Performance of Pakistani Missions abroad here on Wednesday which met under the chairmanship of Senator Mohammad Ishaq Dar. The Committee deliberated on ... Read More »

Dar vows to bring down dollar rate to Rs98

ISLAMABAD: Federal Minister for Finance Ishaq Dar has said that the increasing price of dollar against rupee will be brought back to 98 rupees. He said that the industrial expansion and investment is the need of hour. He said the income support levy has now become part of the budget and this is not a tax as it will be ... Read More »

Dastgir given portfolio of Commerce Minister

ISLAMABAD: Prime Minister Nawaz Sharif has changed the portfolio of Minister of State Khurram Dastagir Khan by taking away the portfolio of Privatisation from him. According to a notification, Dastagir has been appointed Minister of State for Commerce and Textiles. The portfolio of Privatisation is now vacant. In addition to his current portfolio, Dastagir also heads the National Assembly’s Standing ... Read More »

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 »

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