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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

New measures to help achieve $24b remittances target for FY2020

ISLAMABAD: The growth in foreign remittances that soared to $ 11.4 billion during the July-December period of FY 2020 is likely to continue for the rest of the year due to a host government measures that may help achieve the target of $ 24 billion set for the financial year 2020. “Due to this increasing trend in remittances, the target ... Read More »

Fitch affirms Pakistan at ‘B-‘, stable outlook

ISLAMABAD: Fitch Ratings, on Monday issued rating with regard to Pakistan’s economy and affirmed a “B-” status with a stable outlook. According to Fitch Ratings, the ‘B-’ rating reflects a challenging external position characterised by a high external financing requirement and low reserves, weak public finances including large fiscal deficits and a high government debt-to-GDP ratio, and weak governance indicators. ... Read More »

FBR collects additional Rs209b revenue in first 5 months

ISLAMABAD: The Federal Board of Revenue (FBR) says it collected additional Rs209 billion during the first five months of this fiscal year 2019-2020 due to structural changes in taxation system, procedures and withdrawal of exemptions. The FBR data shows that these much-needed reforms in taxation system are already producing fruit despite a huge import compression of around $5billion and slowingdown ... Read More »

PM to announce concessions for trade bodies on Jan 20: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Saturday said that Prime Minister Imran Khan has graciously consented to preside over a meeting with all the traders on Jan 20. He took to Twitter and expressed that PM Imran will formally announce the concession given to the traders community. He added that the government will seek assistance of ... Read More »

FBR detects 10,000 individuals involved in tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR) investigations have unearthed that close to 10,000 people were allegedly involved in tax evasion and possible money laundering after tracing their cash transactions. According to media, FBR is also looking into affairs of non-governmental organisations (NGOs) and international non-governmental organisations (INGOs) for their alleged involvement in money laundering and terror financing. FBR sources ... Read More »

PM Imran inaugurates state-of-the-art Azakhel Dry Port

NOWSHERA: Prime Minister Imran Khan Friday inaugurated the newly constructed state-of-the-art Azakhel Dry Port to provide quality transportation and logistics services to people with assistance of Pakistan Railways. The Prime Minister formally inaugurated Azakhel Dry Port by unveiling the plaque. Governor Khyber Pakthunkhwa, Shah Farman, Chief Minister Khyber Pakthunkhwa, Mahmood Khan, Federal Minister for Railways, Sheikh Rasheed Ahmed, Defense Minister ... Read More »

CNIC condition: FBR, traders resume talks

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday met with representatives of traders’ to review progress on the agreement towards implementing CNIC condition on sale and purchase of goods from Feb 1. This was the first time both sides have met since the relief package for traders was announced through a Presidential Ordinance in December 2019. Acting Chairperson Nausheen Amjad, ... Read More »

FBR assigns look after charge to Wasif Memon

ISLAMABAD: Federal Board of Revenue (FBR) assigned look after charge to Chief Collector of Customs Enforcement Wasif Ali Memon. A notification issued in this regard read as “Wasif Ali Memon, a Pakistan Customs Officer/BS-21 presently posted as Chief Collector of Customs (Enforcement), Karachi is assigned to look after the charge of Director General, Directorate-General of Customs Valuation, Karachi in addition ... Read More »

FBR issues procedure for refund/adjustment of ST for steel & ghee mills

ISLAMABAD: Federal Board of Revenue (FBR) (Inland Revenue Policy Wing) has issued general procedure for adjustment/refund of sales tax. Follow up to the STGO 105 of 2019 dated 13.9.2019 following instructions as (I) (a) shall be considered as part of the STGO 105/2019 after sub para (I) of para 2. Steel sector-re-rollers and composite units: It is clarified that work ... Read More »

Special secretary finance’s father passes away, funeral to be held tomorrow

ISLAMABAD: Wing Commander Chaudhry Abdul Hamid (retd), the father of Omar Hamid Khan, Special Secretary Finance & Spokesperson Finance Division, passed away here Friday after a protracted illness. He was 98. The deceased had been bedridden for some time due to illness and breathed his last this morning at a local hospital. The body of the deceased would be taken ... Read More »

FBR extends date of submission of ST & federal excise return up to Jan 13

ISLAMABAD: Federal Board of Revenue (FBR) has extended date of submission of sales tax and federal excise return for the tax period of November, 2019. A notification issued by the Board read as “in exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, the Federal Board ... Read More »

Customs Islamabad earns Rs173.78m extra revenue: Collector Seema Raza Bokhari

ISLAMABAD: Customs Collector Seema Raza Bokhari said that the Collectorate is following speedy clearances to encourage legal businesses, subsequently adopting all possible measures to discourage smuggling activities within its jurisdiction. Talking with Customs Today during an exclusive interview, Seema Raza Bokhari said that she has instructed her staff to maintain the surplus current revenue and anti-smuggling performance throughout the financial ... Read More »

Rawalpindi I&I earns Rs200m through auctions

ISLAMABAD: Directorate of Customs Intelligence and Investigation Rawalpindi earned Rs200 million of revenue by conducting public auctions of non-duty paid vehicles and miscellaneous seized smuggled goods from January to December 2019. Sources told Customs Today that from January to December 2019 the Directorate of Customs Intelligence and Investigation held four auctions of smuggled goods and vehicles following the Customs Act ... Read More »

FBR establishes help desk to facilitate exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has established help desk for resolving grievances of exporters for filing of Annex-H (stock statement) of the sales tax return for claiming refunds under the FASTER system. In this regard, the FBR has issued an order here on Wednesday. According to the FBR, the Board has nominated 18 officials in Large Taxpayer Units ... Read More »

Economy moving progressively due to govt’s extensive measures

ISLAMABAD: The Ministry of Finance has said that the government’s extensive measures have helped the economy move progressively along the adjustment path and stabilization process and economic recovery is expected towards the end of FY2020. “The government is focused on bringing improvement in the real sector growth through inclusive growth in agriculture, industrial and services sectors,” said a statement by ... Read More »

Pace of external debt, liabilities slows down in Q1 of FY20: SBP

ISLAMABAD: The State Bank of Pakistan (SBP) has said that the pace of external debt and liabilities had slowed down during first quarter (July-September) of fiscal year 2019-20 as compared to same period of last year. The external debt and liabilities increased by US $ 0.5 billion during the period under review compared to an increase of $0.9 billion during ... Read More »

FATF compliance: Pakistan despatches compliance report on money laundering

ISLAMABAD: Pakistan on Wednesday despatched a detailed reply to a Joint Group of the Financial Action Task Force (FATF) in order to share progress on curbing money laundering and terror financing in Pakistan. According to a report, a top government official has confirmed the development. The progress report, which is 120 pages in length and has a 500-page long annex ... Read More »

Govt rejects news report about delay in sanctioning of posts of teaching staff

ISLAMABAD: Ministry of Finance has described as factually incorrect a news report published in a section of the press claiming that the Ministry of Finance had been using bureaucratic procedures to delay the sanction of 64 posts of teaching and non-teaching staff for federal colleges despite their approval and recommendation by the Planning Commission. In a statement, the Finance Division ... Read More »

FBR to launch simplified tax return form for small traders

ISLAMABAD: Federal Board of Revenue (FBR) is set to launch simplified income tax return form for small retailers. According to sources, “the FBR is likely to issue the return form for small traders in pursuance to the agreement between the tax authorities and traders associations signed on October 30, 2019”.. The sources said that the FBR had finalized all the ... Read More »

FTO directs FBR to audit smuggled vehicles’ auctions

ISLAMABAD: The Federal Tax Ombudsman (FTO) while deciding a suo-moto case against the “irregularities” of the Federal Board of Revenue’s field formations in seizing smuggled (non-customs paid) vehicles, determining their value and conducting an auction. FTO has directed the FBR to conduct a detailed audit of auctions conducted in the last three years. The Directorate General of Customs Internal Audit ... Read More »