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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

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 »

Moody’s & Fitch ratings exercise about Pakistan still ongoing

ISLAMABAD: Ministry of Finance and International Credit Agencies Moody’s and Fitch officials recently held in-depth discussion about current Pakistan’s economic condition. According to the details, as part of their annual rating exercise, Moody’s and Fitch recently visited Pakistan and held detailed discussions with the Ministry of Finance. Government of Pakistan has been maintaining relations with Moody’s since 1994 and with ... Read More »

FBR to replace GST with VAT for all sectors according to World Bank conditions

ISLAMABAD: Federal Board of Revenue (FBR) has decided to move towards replacing the existing General Sales Tax (GST) with Value Added Tax (VAT) across the board for all sectors under the World Bank funded loan conditions. According to media, under the proposed reform plan on which the implementation was so far deferred till establishment of Pakistan Revenue Authority (PRA) and ... Read More »

DG Bashir Ullah starts campaign against owners of benami assets/properties

ISLAMABAD: Director-General Anti Benami Initiative Dr. Bashir Ullah kicked off a far-reaching campaign against corruption veiled in shape of benami assets/properties. With the enactment of access to information, Whistleblower Protection and Vigilance Commission Ordinance 2019 and Benami Transaction Prohibition Act (BTPA), Director General of Anti Benami Initiative has started full-fledged  campaign against people having Benami Assets/Properties. Sources said the government is fully ... Read More »

National economy is moving towards improvement: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said that the national economy is moving towards improvement. Addressing a business forum in Islamabad he said that first time after four years current accounts are reported surplus. The stock market has added 10,000 points to index, while the number of tax filers have also registered increase, the minister said. The ... Read More »

APM Hafeez Shaikh seeks early resolution of issues with Etisalat

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh has called for an early resolution of all outstanding issues regarding the PTCL privatisation with Etisalat and asked the stakeholders to finalise proposals on the subject within the next couple of weeks. He made this statement while presiding over Inter-Ministerial Committee constituted by the Prime Minister ... Read More »

AIIB approves $511.81m for infrastructural projects

ISLAMABAD: Asian Infrastructure Investment Bank (AIIB) will finance $511.81 million for four projects for the infrastructural development in Pakistan, mainly related to roads, energy, sanitation and mass transit. The amount has been approved for the projects including National Motorway M-4 of $100 million, Tarbela Hydropower Extension Projects $ 300 million, Karachi Water and Sewerage Project $ 40 million and $ ... Read More »

PM to strengthen tax culture for wealth creation to spend on human development

ISLAMABAD: Prime Minister Imran Khan Wednesday said the government was firm to strengthen tax culture in the country for wealth creation to further spend on human development. Addressing at the distribution of Rs30 billion refund cheques of sales and income tax among prominent exporters here at the Prime Minister Office, he urged the business community to consider paying taxes as ... Read More »

FBR updates Income Tax Ordinance 2001

ISLAMABAD: Federal Board of Revenue (FBR) updated income tax law paving way for reduction in income tax rate on low cost housing projects by 50 percent. The FBR updated Income Tax Ordinance, 2001 incorporating changes introduced through Finance Act, 2019. As per Second Schedule of the updated Ordinance, the tax payable on profits and gains derived by a person from ... Read More »

FBR extends date for filing sales tax return up to Nov 25

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended the last date for filing sales tax return up to November 25, 2019. The FBR issued a circular dated November 20, 2019 and extended the date of submission of sales tax and federal excise return up to November 25, 2019 for the tax period of October 2019, which was due on ... Read More »

FBR grants duty, tax free import of cars to privileged personnel

ISLAMABAD: Federal Board of Revenue (FBR) has granted duty, tax free import of cars to privileged personnel on first arrival in Pakistan. According to Customs Rules 2001 the expression “privileged personnel” means all foreign experts, consultants or technicians visiting and resident in Pakistan under a proper Aid Agreement in which provision for the application of these Customs concessions has been ... Read More »

PAC body assures full support to FBR over reforming laws related to customs courts

ISLAMABAD: A parliamentary committee stressed the need for reforming the judicial system to avoid longstanding court cases related to tax matters in custom courts, directing the Federal Board of Revenue (FBR) to come up with viable suggestions and the Parliament will support it. According to media, a meeting of a sub-committee of the Public Accounts Committee (PAC) which held here ... Read More »

Restriction on telecom tax costs Rs55b to FBR

ISLAMABAD: Federal Board of Revenue (FBR) has incurred loss of Rs55 billion due to restriction imposed by Supreme Court of Pakistan on collection of tax on phone services. The FBR in its year book 2018-2019, said that during the last fiscal year it had missed the revenue collection target by Rs321.5 billion due to various reasons. The FBR said that ... Read More »

Economic reforms of govt bearing fruit: PM Imran

ISLAMABAD: Prime Minister Imran Khan on Tuesday hailed the $99 million current account surplus posted in October — after a gap of more than four years — saying the country’s economy was finally heading in the right direction. “Pakistan economy finally heading in right direction as more of our economic reforms bear fruit: Pak’s current account turned into surplus in ... Read More »

Cabinet approves National Tariff Policy

ISLAMABAD: The federal cabinet on Tuesday approved the first-ever National Tariff Policy (NTP) with an aim to institutionalise the entire tariff structure of the country. “Although the Federal Board of Revenue (FBR) had earlier expressed concerns over the tariff policy drafted by the Ministry of Commerce, it did not object the draft during the cabinet meeting on Tuesday,” said an ... Read More »

Textile exports record 4.10pc growth, cross $4,586b mark

ISLAMABAD: Textile group exports from the country during first four months (July-October) of current financial year increased by 4.10 per cent as compared the exports of the corresponding period of the previous year. Meanwhile, textile sector exports witnessed about 7.44 per cent growth in month of October against the exports of same month of the last year, according the latest ... Read More »

Exports rose 9.6pc in October: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh said on Tuesday the country’s exports registered a 9.6 per cent increase in October. “Exports of Goods & Services increased by 9.6% in Oct 2019,” he said in a tweet. “To provide easy working capital & funds for expansion, Govt & SBP will give additional Rs ... Read More »

Circular debt has come down by 53.1pc: Hafeez Shaikh

ISLAMABAD: Advisor to the Prime Minister on Finance & Revenue Dr. Hafeez Shaikh met with leading anchorpersons of electronic media and briefed them about the economic performance of the government in the first quarter of the current Fiscal Year-2019-20. The Advisor to the Prime Minister on Finance & Revenue informed them about the precarious economic situation left by the previous ... Read More »

FBR may earn confidence of expats through amendments in Income Tax Ordinance over remittances: FTO

ISLAMABAD: Taking measures in response to a plea of an overseas citizen of Pakistan seeking benefits of certain provision of Income Tax Ordinance 2001 regarding regularization of remittances sent through money transfer companies, Federal Ombudsman’s office said it is possible that Federal Board of Revenue (FBR) may earn the confidence of expats through recommending amendment in the law. According to ... Read More »