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Islamabad

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 updated units of measurements to facilitate legitimate trade

ISLAMABAD: Federal Board of Revenue (FBR) notified the updated units of measurements through Customs General Order (CGO) 15 of 2019 in a bid to facilitate legitimate trade while eliminating discretion and data distortion in application of units of measurements. The board had notified standards units of measurements in 2012, however despite the issuance of updated recommendations by the World Customs ... Read More »

CPEC meeting decides to counter challenges on fast-tract basis

ISLAMABAD: A meeting was held to review the progress on China-Pakistan Economic Corridor (CPEC) projects on Friday discussed the challenges impeding the development work and decided to counter them on a fast-track basis to ensure timely completion of the projects. Planning and Develop­ment Minister Makhdum Khusro Bakhtiar, who chaired the meeting, emphasised the need for gearing up the momentum to ... Read More »

FBR allows refund, input tax adjustment of ST, FED paid by ghee manufacturers

ISLAMABAD: The Federal Board of Revenue (FBR) has allowed refund/input tax adjustment of sales tax/federal excise duty paid by ghee/cooking manufacturers, oil mills, steel and other sectors which earlier operated under the sales tax special procedure. In this regard, the FBR has issued sales tax general order here. According to the FBR’s General Guidelines on the issue, there shall be ... Read More »

MoC to conduct interviews for new trade officers

ISLAMABAD: Commerce Ministry has decided to conduct interviews for the recruitment of new trade officers in foreign countries, according to media. The progress is made on the appointment of 43 trade officers in foreign countries by the Commerce Ministry. The ministry took the decision to conduct interviews of the successful 80 candidates from September 16 to 18 as the Balochistan ... Read More »

FBR transfers 19 PCS officers of BS17-19 with immediate effect

KARACHI: Federal Board of Revenue (FBR) on Friday announced transfers and postings of Pakistan Customs Service (PCS) officers in BS-17-19 with immediate effect until further orders. The FBR notified transfers and postings of following officers: Muhammad Nayyar Shafiq (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Collector, Model Customs Collectorate (AIIA), Lahore from the post of Secretary, Federal ... Read More »

FBR to launch mobile app for tax return filing today: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that the revenue collection body will launch a mobile app for salaried persons to file tax returns on Friday. Talking to media, Shabbar Zaidi said that the mobile app will help citizens and salaried people to file their tax returns. He said that FBR decided to introduce the mobile ... Read More »

Pakistan needs to mobilise tax revenue to fund development: IMF

ISLAMABAD: The International Monetary Fund (IMF) on Friday said Pakistan needs to increase its tax revenue in order to fund development. In a press briefing, IMF Director Communications Gerry Rice said, “One of the key elements of the program that the IMF is supporting in Pakistan, Pakistan’s program, is the need to mobilise domestic tax revenue to fund much needed ... Read More »

Pakistan trade deficit shrinks by 38pc during first two months of FY2019-20

ISLAMABAD: The country’s trade deficit dashed by nearly 38 per cent in the first two months of current fiscal year, driven largely by a decline in imports of non-essential luxury items. The constant decline in trade deficit shows the government’s battle against bloated trade deficit is finally bearing fruit as imports have plummeted despite paltry growth in exports proceeds. According ... Read More »

Govt abolishes special tax regime for multiple sectors

ISLAMABAD: The federal government through Finance Act 2019 has abolished special sales tax treatment, special procedures, fixed sales tax regime and extra tax payment system applicable on different sectors/industries. According to media, special tax treatment to Special Economic Zones (SEZs), including tax holiday for 10 years to all units which will commence commercial production by June 30, 2020 in SEZs ... Read More »

Citibank president calls on APM Hafeez Shaikh

ISLAMABAD: A delegation comprising senior management of Citibank led by its President and Country Corporate Officer Nadeem Lodhi called on Adviser to Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh, here today. During the meeting opportunities and incentives available for investment in the country’s capital market were discussed. The visiting bankers expressed their trust and confidence in economic ... Read More »

Ease of doing business govt’s top priority: PM Imran Khan

ISLAMABAD: Prime Minister Imran Khan on Thursday said that ease of doing business and provision of all possible facilities to the business community were the government’s top priorities, according to media. Chairing a meeting on Ease of Doing Business in the construction sector in Islamabad, the PM Khan declared the construction sector as an industry by giving in-principle approval. The ... Read More »

Income, sales tax collection increased by 12pc in August: FBR

ISLAMABAD: Federal Board of Revenue (FBR) said that the collection of income tax and sales tax was boosted by 12 percent in the month of August. According to FBR, collection of sales tax was increased from 30.4 to 42.7 percent.FBR directed its offices to further raise the revenue in coming months. Federal Board of Revenue Chairman Shabbar Zaidi urged the ... Read More »

FATF to decide Pakistan’s fate in its Paris meeting next month

ISLAMABAD: After a demonstration of strong ‘political commitment’ for moving against proscribed outfits, the upcoming plenary meeting of FATF will decide the fate of Pakistan on the possibility of exclusion or keeping on grey list for an extended period. The next FATF’s plenary meeting is scheduled to take place from October 13 to 18 in Paris and the Pakistani side ... Read More »

Better governance, active supervision key to reviving SOEs: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh has underscored efforts to contain losses in a number of State-Owned Enterprises (SOEs) through better governance and active supervision. He made this observation while chairing a meeting on improving governance structure of SOEs and role of Sarmaya Pakistan Limited (SPL) established earlier this year by the ... Read More »

FBR rejects reports regarding issuance of IFL for tobacco products

ISLAMABAD: The Federal Board of Revenue has rebutted a media report, published on 5th August 2019, regarding issuance of Invitation for License (IFL) for ‘Electronic Monitoring Track and trace System for Tobacco Products’. FBR has clarified that the news item is “totally baseless and allegations levelled against the FBR chairman are basically an effort to sabotage the fair and open ... Read More »

Tax refund can be claimed within two years: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has stated that income tax refund can be claimed within two years from the date of filing return of from the date on which the tax was paid, whichever is later. According to FBR, refund can be only claimed if the person has filed their Income Tax Return electronically. “A manual Return does not ... Read More »

Russian tech firm Nano Tubes to invest in Pakistan

ISLAMABAD: A Russian Technology firm on Wednesday expressed interest to invest in electric vehicle industry of Pakistan with the latest technology called Nano Tubes, according to media reports. According to a statement issued by the Press Information Department (PID), a delegation of Russian private company, led by Mr. Igor Kim, called on Federal Minister on Climate Change Malik Amin Aslam. ... Read More »

President Alvi emphasizes on introducing modern technology in audit process

ISLAMABAD: President Dr Arif Alvi has emphasized on introducing modern technology in the audit process to ensure transparency and further enhance efficiency. He was talking to Auditor General of Pakistan Javaid Jehangir on Wednesday. Highlighting the constitutional importance of the office of Auditor General of Pakistan, the President said that transparency had to be the priority of any government to ... Read More »

FBR to launch ‘Tax Asan’ to facilitate taxpayers: Shabbar Zaidi

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi during a briefing to the Prime Minister Imran Khan presented a very optimistic picture about the measures taken by the FBR and tax collections during the first two months of the current fiscal year. Tax registration, issuance of tax certificates and filing of tax returns is being automated. The web portal ... Read More »

Hammad briefs FATF APG over anti terror measures

ISLAMABAD: A senior level Pakistan delegation led by Minister of Economic Affairs Division Muhammad Hammad Azhar attended two days Face-to-Face meetings with FATF’s Asia-Pacific Joint Group (AP-Joint Group), to discuss Pakistan’s progress on FATF Action Plan. The Pakistan delegation effectively presented Pakistan’s progress on each of the FATF Action Plan items and provided additional information/clarification to the AP-Joint Group. The ... Read More »