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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

Pakistan’s tax revenues could reach $82.4b in nine years: World Bank

ISLAMABAD:M The World Bank (WB) has projected that Pakistan’s tax revenues, even without any intervention, could reach $82.4 billion (Rs12,788 billion) over the next nine years. With intervention in the shape of taxation measures under the $400 million Pakistan Raises Revenues programme, the country’s revenues, the bank predicts, can increase up to $96.6 billion (Rs14,992 billion). On the issue of ... Read More »

SBP Governor shares developments in financial inclusion with Queen Maxima

ISLAMABAD: State Bank of Pakistan (SBP) Governor Dr Reza Baqir shared developments in financial inclusion and roadmap with special focus on gender mainstreaming with Queen Maxima of the Netherlands in her role as the United Nations, Secretary General’s Special Advocate (UNSGSA) for Inclusive Finance for Development. Queen Maxima of the Netherlands called on Dr Reza Baqir , a statement issued ... Read More »

Pakistan earns $120m from travel services’ export in 1Q

ISLAMABAD: Pakistan earned $120.070 million by providing different travel services in various countries during the first quarter of the current financial year 2019-20. This shows growth of 19.99 percent as compared to $100.070 million same services were provided during the corresponding period of fiscal year 2018-19, Pakistan Bureau of Statistics (PBS) reported. During the period under review, the personal travel ... Read More »

Prime reason for limited access to loans is lack of planning: FBR Chairman Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR), Chairman Shabbar Zaidi has highlighted the reasons for limited access to loans for small and medium-sized enterprises (SMEs) due to lack of planning. Shabbar Zaidi, in his statement to the media, elaborated that the low rate of loans to the small and medium-sized sector is witnessed due to undocumented businesses which restricted the SMEs ... Read More »

Member Customs Jawwad Agha forms body to design centralized & automatic system for swift clearance

ISLAMABAD: The Federal Board of Revenue (FBR) considering launch an Artificial Intelligence (AI) based centralized scanning of all imported cargo and automatic customs declarations verification system. The verification of declarations will be through intelligent system based analyses and inference based on cargo images and customs declaration data with color coding library. This Artificial Intelligence (AI) software is internationally available and ... Read More »

LNG case: IHC approves former PSO MD Imranul Haq’s bail

ISLAMABAD: The Islamabad High Court (IHC) has on Tuesday approved former Pakistan State Oil (PSO) Managing Director (MD) Sheikh Imranul Haq’s bail plea in the Liquefied Natural Gas (LNG) case. According to details, the court has directed to release the suspect and ordered him to submit surety bond worth one million rupees. The National Accountability Bureau (NAB) had requested the ... Read More »

DGTR holds seminar on “Financial Crime Intelligence, Investigation & Asset Recovery”

ISLAMABAD: Directorate of Training and Research (DGTR) Islamabad in collaboration with City of London Police held a “Two Weeks Second Train-The-Trainers Course on Financial Crime Intelligence, Investigation And Asset Recovery” for BS-17 to BS-20 officers of Pakistan Customs Service (PCS). DGTR Director Iram M Aamir while talking with Customs Today said that the Directorate of Training & Research (Customs), Islamabad  ... Read More »

FBR extends tax, FED filing deadline up to Nov 29

ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date of submission of Sales Tax and Federal Excise returns up to November 29, 2019, for the tax period of October 2019. According to the FBR’s instructions issued to all chief commissioners Inland Revenue, Large Taxpayers Units (LTUs)/ Regional Tax Offices (RTOs), in exercise of the powers conferred under section ... Read More »

Impacts of macroeconomic stability to reach common man soon: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh on Monday said the government had restored macroeconomic stability in the country and a current account and primary balance surplus for the first time in many years as well as country’s booming stock market, stabilised exchange rate and a renewed interest from international community in Pakistani market ... Read More »

Smuggled goods, vitamin supplements recovered from godown of M/s Sheheen Chemists

ISLAMABAD: Collectorate of Customs Anti-Smuggling Organization with coordination of local police seized high value smuggled goods, counterfeit food and vitamin supplements with M/s Sheheen Chemists stamps from a godown in Rawalpindi. Talking with Customs Today, Assistant Collector Fahad Iqbal said that after instructions from Member Customs, Jawwad Agha and Chief Collector Customs Dr. Asif Jah, a special anti-smuggling team was ... Read More »

Central Power Pourchasing Agency wins Rs1b damages case against M/s Zonergy Company Limited

ISLAMABAD: The London Court of International Arbitration (LCIA) issued its final awards related to a dispute between Central Power Purchasing Agency (CPPA-G) and Zonergy Company Limited earlier this week. In the determination of the disputes between the parties, the sole arbitrator decided the required commercial operations date, “as agreed between the parties under the respective energy purchase agreements, represented a ... Read More »

FATF conditions: Pakistan cancels 25,000 licenses of NPOs

ISLAMABAD: Pakistan has taken various steps so far to address the tasks especially related to terror financing and money laundering. It has cancelled cancels licenses of over 25,000 Non Profit Organizations (NPOs) besides categorizing 140 NPOs as high-risk under further scrutiny. According to media, the govenrment has speeded up the process of cash seizure by 220% while taking number of ... Read More »

Asad Umar meets German envoy to discuss bilateral relations

ISLAMABAD : Federal Minister for Planning, Development and Reform and Special Initiative, Asad Umar met with German Ambassador Bernhard Schlagheck for discussing bilateral relations here Monday. During the meeting they discussed mutual interest in bilateral relationships, particularly improving trade and enhancing investment for scope of German companies in Pakistan, said a statement issued here. Both dignities expressed interest in exploring ... Read More »

FBR to launch ‘Point of Sale’ system next month

ISLAMABAD: The Federal Board of Revenue (SBR) will launch an automated ‘Point of Sale’ (POS) system for all mega retailer outlets and shopping malls in order to bring them into registration. This was stated by FBR chairman Syed Shabbar Zaidi in a Twitter statement on Saturday. He said FBR will launch the automated ‘Point of Sale’ (POS) for all large ... Read More »

Gen (r) Asim Bajwa to head CPEC Authority

ISLAMABAD: The federal government has decided to appoint former Inter-Services Public Relations (ISPR) chief Lt Gen (r) Asim Saleem Bajwa as the head of the China-Pakistan Economic Corridor Authority (CPECA) for a period of four years. A summary has been sent to the federal cabinet for approval, which will be accepted in the next meeting. President Dr Arif Alvi had ... Read More »

EDB seeks comments regarding duty free import of cars by privileged Pakistanis

ISLAMABAD: Engineering Development Board (EDB) sought comments from Ministry of Overseas Pakistani regarding import of cars for overseas Pakistanis. A memorandum issued by DGM-Incharge (Policy) stated that views/comments should be submitted at  the earliest on “duty free import of one hybrid car up to (3000 cc) to Foreign Exchange Remittance Card (FERC) holders, who remit USD 100,000/- over a period ... Read More »

FBR starts scrutiny of real estate transactions

ISLAMABAD: The Federal Board of Revenue (FBR) has started scrutiny of real estate transactions under one-time tax amnesty to see if they complied with the valuation table. Sources said FBR started scrutiny of payment made by purchasers of properties while availing immunity from disclosing source of income. The sources in the local tax office said the FBR had dispatched thousands ... Read More »

FBR directs field formations to identify distributors selling goods originating from AJ&K

ISLAMABAD: Federal Board of Revenue (FBR) has directed field formations to identify distributors/dealers who are engaged in selling goods originating from Azad Jammu & Kashmir (AJ&K) to ensure payment of sales tax on such items.In this regard, the FBR has issued sales tax general order 107 of 2019 here on Wednesday. According to media, the question has been raised regarding ... Read More »

World Bank restores budgetary support to Pakistan: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has on Friday stated that the World Bank (WB) has restored Budgetary Support to Pakistan on account of strengthening of economic stability. The minster took to Twitter and wrote that both the Asian Development Bank (ADB) and WB had suspended budgetary support to Pakistan during 2017 due to rising macroeconomic imbalances that ... Read More »

FBR decides to implement reforms package from July 1, 2020

ISLAMABAD: Federal Board of Revenue (FBR) has envisaged its internal deadline for preparation of blueprint of proposed reform package till January 2020 with the expectation that the government will start implementation on it from July 1, 2020. According to media, the objective of the reform package is to bring drastic changes into structure of the FBR. The government has placed ... Read More »

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