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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

Dar launches 2nd round of FICF today

KARACHI: Federal Finance Minister Senator Muhammad Ishaq Dar will launch 2nd round of Financial Innovation Challenge Fund (FICF) here in Islamabad here on Thursday (today). The FICF is a component of the larger Financial Inclusion Programme being implemented by State Bank of Pakistan (SBP) with the financial assistance from the United Kingdom Aid. According to an SBP press communiqué, the ... Read More »

MCC-Port Qasim collects revenue of Rs957m in January

KARACHI: Model Customs Collectorate (MCC) of Port Muhammad Bin Qasim under the vibrant leadership of Chief Collector (South) Nasir Masroor and Collector MCC-Port Muhammad Bin Qasim, Dr Owais Agha Jawwad has collected revenue of over Rs 957 million in the month of January. Total revenue includes Rs 355,431,135 in share of bulk cargo; revenue of Rs 46,055,020 by Qasim International ... Read More »

Customs officers and staff at MCC Quetta showered with praise

QUETTA: Collector of Model Customs Collectorate Quetta, Zahoor Akhtar Raja has said that customs officials at MCC Quetta are working day and night to get rid of the menace of smuggling. Officers and staff have performed tremendously in executing their responsibilities. He shared these views while hosting a farewell party given to Assistant Collector Amanullah Tareen and Assistant Collector Mumtaz ... Read More »

Collectorate of Adjudication faces shortage of staff

KARACHI: The Collectorate of Adjudication is facing acute shortage of the office staff which badly hampers its daily affairs, it is learnt here. One of the senior officers in Adjudication Collectorate informed Customs Today that the collectorate is facing shortage of lower staff including appraisers, lower divisional clerks (LDCs), upper divisional clerk (UDCs) and superintendents, which is affecting the working ... Read More »

MFN status: APTMA demands India to grant NDMA

KARACHI: The All Pakistan Textiles Mills (APTMA) has urged India to grant non-discriminatory market access (NDMA) before seeking MFN status from Pakistan, stressing that without level playing field there will be no trade liberalisation between the two neighbouring countries. In statement issued here, APTMA Chairman Muhammad Yasin Siddik said that currently trade balance heavily tilted in favour of India due ... Read More »

SRB modernisation to help raise revenue

KARACHI: The Sindh Board of Revenue (SRB) is being transformed into a modern and vibrant entity, having the capacity for facilitating all taxpayers, protect their rights and raise the government revenue. Sindh Chief Minister Syed Qaim Ali Shah stated this while presiding over a meeting held to review the SRB performance, especially the tax collection and pace of implementation of ... Read More »

R&A Chief convenes meeting of directorate officers

KARACHI: Chief of Directorate of Reforms and Automation (R&A), FBR Rubina Athar has held a meeting with the Director General Transit Trade Khawar Farid Maneka; Project Director, Directorate of Reforms and Automation, Majid Youswani and other officers at the office of the Directorate of Reforms & Automation. During the meeting, the performance of the Directorate of Reforms & Automation was ... Read More »

Encroachments: KPT, PQA among others sent notices by Sindh Revenue Board

KARACHI: Land Utilisation Department of Sindh has issued notices to Karachi Port Trust, Port Qasim Authority (PQA) and other federal entities against the possession of the Sindh Board of Revenue’s 32,353 acres. Filing a compliance report before the Supreme Court in compliance with its order in the Karachi law and order suo motu implementation case, Sindh Board of Revenue’s senior ... Read More »

Q1 witnesses import pressures, trade deficit increases

KARACHI: The State Bank of Pakistan has released its First Quarterly Report for fiscal year 2013-14 on the State of Economy. The report says that as the industrial sector revived, import pressures reappeared, especially for capital goods and raw materials. The import of petroleum, machinery, and metal, was particularly strong, which increased the trade deficit by $ 0.6 billion during ... Read More »

Pakistan Customs faces SSGC in first match

KARACHI: Pakistan Customs has named their 20-member squad for the Patron’s Trophy Grade-II starting on Saturday, March 1. Customs takes on the Sui Southern Gas Company in their first round group ‘A’ match at the UBL Sports Complex here. Squad announced includes the following: Saad Alam, Zia-ul-Haq, Bilal Qureshi, Zeeshan Ali, Waqas Khan, Faisal Mubashir, Sheran Malik, Hafiz Akmal, Akbar ... Read More »

63pc revenue shortfall: LTU may miss TY13 target

KARACHI: The looming 63 percent shortfall in revenue collection from sugar sector has dashed the Large Taxpayers Unit (LTU) hopes for achieving annual budgetary target. The LTU has collected Rs364 million from sugar sector in tax year 2013 as compared to Rs1.1 billion in tax year 2012, showing a decline of 63 percent. The tax refunds in sugar sector in ... Read More »

Implementation of 96-item valuation guideline on Karachi Port slated

KARACHI: Muttahidda Qaumi Movement has expressed deep concern over the implementation of discriminatory and unjustified 96-items valuation guideline on imported consignments at Karachi Port. In a joint statement, seniors members of MQM demanded of the Prime Minister Nawaz Sharif and Federal Minister for Finance Ishaq Dar to take immediate notice of this biased attitude of the officials of FBR and ... Read More »

AIB/R&D Section of MCC-Appraisement (West) recovers Rs21m in Jan

KARACHI: The Appraisement Intelligence Bureau (AIB) and Research and Development (R&D) Section of Model Customs Collectorate (MCC) of Appraisement (West) has recovered an amount of Rs 21,382,996 in share of tax/duty evasion, mis-declaration and under invoicing, as 30 such types of cases have been detected by the mentioned departments. Rs 313, 497 have been recovered from Lasani Auto parts in ... Read More »

Pakistan Tax Forum seeks extension for tax amnesty scheme

KARACHI: Pakistan Tax Forum has sought extension in the last date of tax amnesty scheme by Federal Board of Revenue saying that it holds the potential to add up to Rs 718 billion in the gross domestic product (GDP) annually. The demand was raised by Pakistan Tax Forum President Zulfiqar Khan while speaking at a meeting. He said that the ... Read More »

Port Qasim provides best standard facilities: Kamran Michael

KARACHI: Federal Minister for Ports and Shipping Kamran Michael has said that facilities being provided by Port Qasim Authority (PQA) to International Shipping lines and other companies concerned were on par with international standards. The minister said that the facilities include docks, wharves, quays, stages, mooring, jetties, piers and anchorages by ships. Other facilities include storage of goods, use of ... Read More »

Tax collection termed vital for resource generation

KARACHI: Tax collection is gaining importance in resource generation mechanism which necessitates the need for computerisation and automation of provincial tax collection system to enhance revenue collection. Adviser to Sindh Chief Minister on Finance and Energy Murad Ali Shah stated while speaking at the “Taxation Forum” held here. The event was organised by the Sindh Finance Department in collaboration with ... Read More »

Pak Customs, Maritime Security Agency foil bid to smuggle Iranian diesel

KARACHI: Directorate of Intelligence and Investigation Customs and Maritime Security Agency have seized two launches filled with Iranian diesel during a joint operation in deep sea near Karachi seaport. According to details, a joint team comprised of the officials of Pakistan Customs and Maritime Security Agency, on a tip off conducted deep sea operation and seized two launches containing hundreds ... Read More »

MCC-Appraisement (East) recovered Rs4, 536,544 in Jan

KARACHI: Under the supervision of Collector Abdur Rashid Sheikh, the Research and Development (R&D) Section of Model Customs Collectorate (MCC) Appraisement-East detected nine cases of tax evasion and under-invoicing in the month of January and recovered a total amount of Rs4,536,544 from the tax evaders. According to details, the R&D Section of MCC-Appraisement (East) efficiently detected these cases pertaining to ... Read More »

Customs values of light fittings, canned Mushroom issued

KARACHI: Directorate General of Customs Valuation has determined the customs values of light fittings/fixtures through Valuation Ruling No. 638/2014 and canned mushroom through Valuation Ruling No. 639/2014 under Section 25-A of the Customs Act, 1969. According to details, the customs values of LED Lighting fixtures (with bulbs) from China having Pakistan Customs Tariff (PCT) codes 9405.1090 and 9405.4090 and proposed ... Read More »

KCCI expresses concern over sharing of accountholders’ info

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki has shown his discontent about SRO 115 (I)/ 2014 issued by the Federal Board of Revenue through which banks will provide information about their accountholders without national tax numbers (NTN) and who deposit more than one million rupees or pay Rs100,000 in credit card bills in a month. In a ... Read More »