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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 releases refunds worth Rs5.5b under automated system

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Wednesday said that FBR has released refunds worth Rs5.5 billion under the fully automated faster system. The FBR chairman in a tweet said the most important change in paradigm is that such refunds have been issued under fully automated, impersonal, harassment and corruption-free system. Earlier, on December 2,  FBR Chairman ... Read More »

FBR to amend tax laws to cut electricity & gas connections of non-filers

ISLAMABAD: Federal Board of Revenue (FBR) has decided to amend tax laws for disconnecting electricity and gas supplies to non-compliant clients from next month. According to media, the need for bringing change in the tax laws came in the wake of poor response from power distribution companies (Discos). In the last six months, Discos have been unable persuade non-compliant industrial ... Read More »

Deputy collector transfers principal appraiser, superintendents

ISLAMABAD: Collectorate of Customs Deputy Collector (HQ) Muhammad Hassan Farid issued orders for transfer and postings of following principal appraiser and superintendents with immediate effect and until further orders:- Principal Appraiser Humayun Mukhtar is transferred from AFU (Import) to Islamabad Dryport. Superintendent Mian Obaid-ur-Rehman is transferred from Islamabad Dryport to AFU (Import) as principal appraiser. Superintendent Nasir Qadir Barlas is ... Read More »

US appreciates Pakistan credit outlook’s revision by Moody’s Investor Service

ISLAMABAD: Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs Alice Wells on Wednesday appreciated “bold economic reforms” formulated and implemented by the Pakistan’s foreign ministry to “boost growth, attract private capital, and expand exports” while welcoming welcomed Moody’s revision in Pakistan’s credit outlook from negative to stable. In a tweet shared by the State ... Read More »

Govt committed to enhance capacity of micro-finance sector: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Wednesday said the government was committed to increasing production capacity of micro-finance sector to grab maximum benefits out of minimum resources. Addressing a two-day micro-finance conference here, the adviser said that stable economy was pivotal for promotion of micro-finance sector and due to timely and effective measures ... Read More »

Global organizations affirmed Pakistan’s economic progress: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance Hafeez Shaikh on Tuesday said that international organizations were affirming Pakistan’ economic progress. Addressing a press conference along with Minister for Economic Affairs Hammad Azhar and FBR Chairman Syed Shabbar Zaidi in Islamabad, Hafeez Shaikh said that Moody upgraded Pakistan’s sovereign outlook to stable from negative which affirmed the government’s success in economic ... Read More »

FBR chairman vows ‘penal action’ against income tax non-filers

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi reiterated that every person owning a car above 1000 cc and a house measuring 500 square yards or above is required to file tax returns. “FBR reiterates that every person owning a car above 1000 cc and a house measuring 500 sq. yards or above is mandatorily required to file ... Read More »

Economic Indicators of Fiscal Year 2019-20

ISLAMABAD: Ministry of Commerce released following economic indicators of Fiscal Year 2019-20. Fiscal deficit is down from 1.4pc of GDP to 0.7pc of GDP in 1Q (July-Sep). Goods exports in dollar value are up by 4.8pc, trade deficit down by 34.42pc in July-Nov. Exports up by 9.6pc in November 2019 & trade deficit down by 35.50pc (source; Ministry of Commerce) Current ... Read More »

APM Hafeez Shaikh directs FBR to simplify H-Form to clear ST refunds within week

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed FBR to take input and suggestions from the textile exporters and simplify the H-Form within a week to ease and expedite the processing and payment of Sales Tax refunds to textile exporters. He gave the instruction during a meeting with the office-bearers and members ... Read More »

Pakistan submits implementation report of FATF action plan

ISLAMABAD: Pakistan has expedited efforts to come out of the grey list as the country submitted a report of its final quarter of the year to the Financial Action Task Force (FATF) authorities. According to sources, the Paris-based FATF will make an initial review of the implementation report submitted by Pakistan on December 7 for its action plan for uprooting ... Read More »

Second phase of China-Pakistan FTA comes into effect

ISLAMABAD: The second phase of China-Pakistan Free Trade Agreement (CPFTA) has come into effect, allowing Pakistani manufacturers and traders to export more than 300 new products to the Chinese market for zero duty charges. The two neighbouring countries have already completed all legal procedures and formalities to start implementation of the agreement. Pakistan and China signed a protocol for implementation ... Read More »

Trade deficit declines by 34pc in five months of FY2020

ISLAMABAD: Pakistan’s exports of goods during November 2019 have increased by 9.6 percent to $2.02 billion while imports declined by 17.53 percent to $3.815 billion over corresponding month of last year, the Ministry of Commerce’s data. According to media, exports were recorded at $1.843 billion while imports at $4.626 billion in the same month of last year (November 2018). During ... Read More »

FBR collects 17pc more taxes from previous year: FBR chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that they have collected 17 percent more taxes during the five months of the ongoing fiscal year till November 2019 as compared to same period during the previous year. In a post shared on micro-blogging site Twitter, detailing the amount of revenue collected in month of November 2019, ... Read More »

Strong rally in PSX shows investor’s confidence on govt: Hafeez Shaikh

ISLAMABAD: Advisor to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said that strong rally in stock market showed increasing investor confidence on stabilization measures taken by the government. He said the KSE-100 index had shown tremendous performance during November showing a positive change of 14.9%. In his tweet, Shaikh said that in November 2019, stocks recorded ... Read More »

FBR extends deadline for filing of income tax returns till Dec 16

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday extended the deadline for filing of income tax returns for the tax year 2019 to December 16. “In exercise of the powers conferred under Section 214-A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax returns/statements for the ... Read More »

Pakistan recorded lowest 1Q fiscal deficit in 13 years: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Saturday said that the country has recorded the lowest first-quarter fiscal deficit in 13 years. Taking to the social networking website Twitter, Hammad Azhar said that the current account is in surplus after four years. He maintained that the Foreign Portfolio Investment has returned to the country after three years. The ... Read More »

Auction for 40 new gas, oil sites will be held next month: Omar Ayub

ISLAMABAD: Federal Minister for Power and Petroleum, Omar Ayub Khan said that the petroleum sub-sector will be offering huge oil and gas exploration opportunities of around 40 new sites for which auction will be conducted in the month of December 2019. In a meeting with German Ambassador Bernhard Schlangheck who called on him at his office, he said that Pakistan’s ... Read More »

FBR chairman thanks banks for agreeing to provide data of account holders

ISLAMABAD: Federal Board of Revenue (FBR) chairman Syed Shabbar Zaidi on Friday expressed gratitude to the Pakistan Banks Association (PBA) and presidents of all banks for showing willingness to withdraw pending litigation on furnishing of certain information. “On behalf of FBR, I thank Pakistan Bank Association and Presidents of all the banks for agreeing to withdraw pending litigation on the ... Read More »

FBR inks accord with PBA to obtain details of account holders

KARACHI: Federal Board of Revenue (FBR) signed agreement with Pakistan Banks Association (PBA) to share details of their account holders to check suspected undocumented money in the banking channels. The agreement was signed between Federal Board of Revenue Chairman Syed Shabbar Zaidiand chief executives of commercial banks on November 27, 2019 at the Large Taxpayers Unit (LTU) Karachi. “The PBA ... Read More »

No raids at business centers: FBR chairman

RAWALPINDI: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has assured business community that no raids would be conducted on registered taxpayers for income tax or sales tax purposes. According to a statement issued on Friday, the delegation of the Rawalpindi Chamber of Commerce and Industry (RCCI) led by President Saboor Malik met with him at his office. The FBR ... Read More »