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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 proposed to make CNIC mandatory for purchase of properties

KARACHI: Federal Board of Revenue (FBR) has been proposed to make computerized national identity card (CNIC) mandatory for purchase of movable and immovable properties for bringing potential taxpayers into the tax net. A presentation made on behalf of Pakistan Tax Bar Association (PTBA) for submission of proposals for budget 2020/2021, it is highlighted that Pakistan has a lower tax-to-GDP ratio ... Read More »

Sindh govt lifts ban on fishing

KARACHI: In view of the growing economic hardships being faced by the fishermen community, the Sindh government on Monday lifted ban on fishing. According to a notification, the provincial government has allowed the fishermen to resume work under strict standard operating procedures (SOPs). The fishermen can now catch fishes until June 30, read the notification. Fishermen Cooperative Society chairman thanked ... Read More »

Karachi to receive additional 1400 MW by 2023: Asad Umar

ISLAMABAD : Federal Minister for Planning and Development Asad Umar chaired a special meeting on Monday to review the future electricity demand-supply outlook of Karachi, and deliberated upon the possible measures to supply additional electricity to Karachi through the national grid to meet the future requirements. The meeting was informed that the electricity demand in Karachi was expected to rise ... Read More »

SBP warns of adverse economic impact due to extensive duration of coronavirus measures

KARACHI: The State Bank of Pakistan (SBP) said Monday the extensive duration of pandemic measures, including the widespread and long-lasting coronavirus lockdown, would adversely impact the economy. In a report on the overall effect of the deadly coronavirus on the economy, the central bank noted that the outbreak had limited the scope of economic activity across Pakistan, with shopping malls, ... Read More »

Commercial importers demand abolishing of condition of CNIC

KARACHI: Commercial importers have demanded the government of abolishing condition of Computerized National Identity Card (CNIC) and restoring Final Tax Regime (FTR) in order to save businesses from adverse impact of COVID-19. Amin Yousuf Balgamwala, Chairman Pakistan Chemical Dyes and Merchants Association (PCDMA) and former Director of Karachi Stock Exchange has appealed to Prime Minister Imran Khan to restore FTR ... Read More »

FBR urged to allow tax holiday to import of industrial raw material

KARACHI: Federal Board of Revenue (FBR) has been urged to allow tax holiday to import of industrial raw material in order to help the country to fetch much needed foreign exchange through enhanced exports. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2020/2021 submitted to the FBR, said that Pakistan’s exports are limited to very few ... Read More »

KCCI, BMG urge PM Imran Khan to avoid ‘pick and choose’ strategy for providing relief to businesses

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has urged the government functionaries to avoid ‘pick and choose’ strategy for providing relief to businesses as it will never benefit the national economy. Chairman Businessmen Group (BMG) & Former President KCCI Siraj Kassam Teli and President KCCI Agha Shahab Ahmed in a statement on Thursday appealed the Prime Minister Imran ... Read More »

Govt likely to set ambitious revenue collection target in budget 2020/2021

KARACHI: The government is likely to set an ambitious revenue collection target for budget 2020/2021 with less focus on documentation of economy in order to promote business. According to Budget 2020/2021 preview released by Topline Securities on Thursday, the government is expected to announce the Federal Budget for FY21 on June 12, 2020. The budget is likely to take into ... Read More »

Customs Port Qasim re-distributes work among 9 principal appraisers

KARACHI: Collectorate of Customs Port Mohammad Bin Qasim (PMBQ) Assistant Collector Tariq Hussain has issued office order for re-distribution of working among following principal appraisers with immediate effect and until further orders: Principal Appraiser Abdul Rashid Khan from Group-I, pre-refund audit, bank guarantee & law to Bulk, One Customs (assessment), bonds, pre-refund audit, PRV, bank guarantee & law. Principal Appraiser ... Read More »

Director Valuation issues customs values of PU/PVC coated fabric, textile lining material fabric vide VR No 1450/2020

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki has issued customs values of PU/PVC coated fabric, textile lining material fabric and textile, invisible coated lining material, fabric under Section 25-A of the Customs Act, 1969. Read More »

Customs values of polyester, cotton & Viscose suiting fabrics issued vide VR No 1449/2020

KARACHI: Directorate-General of Customs Valuation Director Shafiq Ahmad Latki has issued customs values of polyester, cotton & viscose suiting fabrics under Section 25-A of the Customs Act, 1969. Read More »

KCCI to oppose tax officials’ powers regarding opening cases of past 10 years

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) said it will oppose any move to grant powers to tax officials regarding opening cases of past 10 years. KCCI President Agha Shahab Ahmed Khan in a statement expressed serious concern on reports that officials of Inland Revenue are seeking more powers to probe and reopen cases of taxpayers for as long ... Read More »

SBP generates Rs146.5b from T-bill auction

KARACHI: The State Bank of Pakistan (SBP) has reported that the government raised Rs146.5 billion through T-bills, against the auction target of Rs325 billion. The SBP conducted the auction for the sale of 3-month, 6-month and 12-month Government of Pakistan Market Treasury Bills (MTBs) and received bids amounting to over Rs772.8 billion. Bids worth Rs268.7 billion were received for 3-month ... Read More »

Pakistan’s foreign reserves decline by US$1,712m: SBP 

KARACHI: Pakistan’s foreign reserves on Thursday witnessed a decline of United States Dollar (USD) 1,712 million during the week ended on May 29, ARY NEWS reported citing details shared by State Bank of Pakistan (SBP). According to the central Bank’s statistics, the total liquid foreign reserves held by the country stood at US$ 16,920.1 million on 29 May. Giving a ... Read More »

Customs Preventive impounds non-duty paid blankets worth Rs36m

KARACHI: Collectorate of Customs Anti-Smuggling Organization (ASO) impounded huge quantity of non-duty paid blankets from a warehouse located in Shershah area. According to sources Chief Collector Saifuddin Junejo who immediately after assuming the charge as chief collector directed to adopt zero tolerance policy against smuggling received credible information regarding presence of smuggled goods in Shershah area. He directed Collector Customs ... Read More »

KCCI rejects more powers for income tax officials in the Budget

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has expressed serious concern on reports that the Income Tax officials are seeking more powers to probe and reopen cases of taxpayers for as long as past 10 years.  In their proposals for budget 2020-21, the officials of tax department have recommended that they may be authorized ... Read More »

Director Valuation issues customs values of mobile accessories vide VR No 1448/2020

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki has issued customs values of mobile accessories under section 25-A of the Customs Act, 1969 as follows:- Earlier customs values of mobile accessories were determined under section 25-A of the Customs Act, 1969, vide Valuation Ruling No. 908/2016. The valuation ruling was very old and valuation in the international market had shown ... Read More »

K-Electric hints at increased loadshedding this summer

KARACHI: Due to the ease in lockdown and a spike in business activities, the surge in demand of electricity has made loadshedding inevitable in Karachi, said a K-Electric spokesman on Wednesday. According to KE, in the current situation, an increase in loadshedding can be expected. The KE spokesman said that the power supply company is not getting the required amount ... Read More »

Shipping lines, agents taking full advantage of COVID-19 situation: KCCI

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) has expressed its dismay and concern at the helplessness of the importers and exporters who are being exploited by shipping lines operating to Pakistani ports by taking advantage of lockdowns of over two months and charging hefty amounts of container detention charges and penalties from consignees. Due to the long period ... Read More »

COVID-19 outbreak: Sindh govt agrees to resume public, online transport

KARACHI: The Sindh Government gave the green signal to resume public and online transport services across the province on Tuesday. This was announced by Sindh Transport Minister following successful negotiations between transporters and the Sindh government. A monitoring and inspection team has been constituted to ensure that social distancing guidelines and SOPs are followed by transporters to stem the spread ... Read More »