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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

Collector Sarfraz Warraich reviews performance of Multan‏ Collectorate

MULTAN: Collector Sarfraz Ahmad Warraich held a meeting with officers of MCC Multan to discuss the overall performance of the Collectorate during the economic year 2014-15. The meeting was held at the Customs office During the meeting, all officials of the MCC Multan including Additional Collector Ghulam Mustafa, Deputy Collector Dr. Muhammad Ali Malik, Deputy Collector Headquarter Farhat Ali, Deputy ... Read More »

ASO Hyderabad seizes non-duty paid Toyota land cruiser

HYDERABAD: Hyderabad Anti-Smuggling Organisation has impounded a smuggled non duty paid Toyota land cruiser worth Rs 1,000,000 during action in Hyderabad As per details,  Additional collector ASO Hyderabad Omer Shafique received a credible information regarding above said smuggled vehicle. Soon after receiving information, the ASO Hyderabad formed a riding team comprising inspector Shafi Jamali, inspector Waqar Baig and other staff. ... Read More »

Customs prepares contravention report against GlaxoSmithKline for alleged tax evasion of Rs 43.6m

KARACHI: Directorate General of Customs Intelligence and Investigation FBR-Karachi region has prepared a Contravention Report against M/s. GlaxoSmithKline Karachi (NTN No. 710501), for evading customs duties/ taxes of Rs 43.6 million by misusing SRO.567(I) 2007 on aluminum caps which is fixed on the neck of the bottles. The officers who processed the case include Director Customs Intelligence and Investigations, Karachi region, ... Read More »

FBR dismisses Audit Officer Khurram Shehzad for absence from duty

ISLAMABAD: The Federal Board of Revenue (FBR) has dismissed Khurram Shehzad, Audit Officer (BS-16) Inland Revenue from service. According to details, Federal Board of Revenue Mr. Khurram Shehzad, Inland Revenue Audit Officer (BS-16) is dismissed from service due to his continued unauthorized absence from duty. Well informed sources told this correspondent that disciplinary action was initiated against Kurram Shehzad Inland ... Read More »

Customs Court hears 26 cases on Wednesday

LAHORE: The Special Court of Customs Taxation and Anti-Smuggling heard 26 important cases on Wednesday, including those of pre-arrest bail pleas. The court adjourned the bail pleas of accused until the next given dates. The cases that were scheduled for the day’s hearing included those of tax evasion, customs, smuggling and narcotics. The cases of pre-arrest bail pleas were also ... Read More »

Employees of RTO I&II, LTU unhappy over distribution of rewards

LAHORE: The employees of the Federal Board of Revenue in Regional Tax Office I and II and Large Tax Payer Unit are disappointed over, what they called, unfair distribution of efficiency rewards. The Federal Board of Revenue distributes cash rewards every year among the employees who show outstanding performance in tax collection for the financial year. The employees of RTO ... Read More »

Court awards life imprisonment to drug trafficker

LAHORE: The Federal Court of Anti-Narcotics has sent culprit Nisar Ahmad to jail for life, as his crime was proved in the court. According to details, during hearing of a case against the accused, the Anti-Narcotics Force submitted a complete challan against him, including his statements and other allegations, while the prosecutor presented witnesses against the accused. In the presence ... Read More »

Government imposes tax on utility bills

ISLAMABAD: The Federal Board of Revenue (FBR) has reportedly imposed tax on utility bills. According to sources, the Federal Board of Revenue has imposed tax on electricity and telephone bills. They said that 7.5 percent withholding tax had been imposed on household consumers whose electricity bill is Rs 75,000 or more. Moreover, commercial and industrial consumers whose electricity bill is Rs ... Read More »

Punjab Excise renews another 500 alcohol permits

LAHORE: The Punjab Excise and Taxation Department has renewed another 500 alcohol permits, bringing the total number of permits renewed so far to 4,000. These permits were issued to only the members of the Christian community for the sale and purchase of alcohol. Well-informed sources within the Excise Department told Customs Today that renewal of these permits had been speeded ... Read More »

Transnet expects capital expansion to cost R336.6bn

CAPE TOWN: State-owned logistics firm Transnet expects its capital expansion plan will now cost R336.6bn, up from R312.2bn a year ago, the company said on Tuesday. Transnet is four years into a seven-year plan to expand railways, pipelines and ports in Africa’s most advanced economy where growth is hovering around 2%. The state-owned firm still has room to borrow more ... Read More »

Turkish Finansbank offering approval request withdrawn

ANKARA: Turkey’s Capital Markets Board said the request of Turkey’s Finansbank, a unit of National Bank of Greece (NBG), for approval of a share offering had been withdrawn. The move, announced in the board’s weekly bulletin, came after brokerage Finans Invest said the offering was planned to be held at a later date when market conditions were more appropriate. NBG ... Read More »

FBR officers directed to submit assets, liabilities declaration by Aug 15

ISLAMABAD: All the officers of Federal Board of Revenue have once again been directed by the Establishment Division to submit their declaration of assets and liabilities by August 15, 2015 on the prescribed proforma available on the Board’s website. All the officers of Inland Revenue Service (IRS), Pakistan Customs Service (PCS) and all concerned serving under the administrative control have ... Read More »

FirstGroup hails revenue growth in UK bus business as turnaround programme continues

LONDON: First group has hailed continuing growth in revenues in its UK bus business, as it pursues its turnaround plan, and underlined hopes that this growth will help offset the impact of losing key train franchises including ScotRail. The Aberdeen-based company said that revenues in its UK bus business in its first quarter, which started on April 1, were up ... Read More »

China’s Tsinghua Unigroup preparing $23b bid for Micron

BEIJING: Tsinghua Unigroup Ltd, the State-backed technology giant, is planning the biggest-ever Chinese takeover of a United States firm, but it is likely to face both financial and US regulatory challenges if it is to succeed. The integrated circuit manufacturing specialist is believed to be bidding a record $23 billion to buy US chipmaker Micron Technology Inc, sources said here ... Read More »

China’s box office exceeds $3.3b in H1 of 2015

BEIJING: China’s box office totaled 20.4 billion yuan ($3.3 billion) in the first half of 2015, according to State Administration of Press, Publication, Radio, Film and Television (SARFT) here the other day. Domestic films raked in very respectable 9.5 billion yuan, compared to foreign movies which grossed a total of 10.8 billion yuan. The Man from Macao II featuring Chow ... Read More »

China’s digital publishing grosses up 33.4% YoY to $55.5 in 2014

BEIJING: China’s digital publishing industry grossed 338.8 billion yuan ($55.5 billion) in 2014, up 33.4 percent year on year, said Sun Shoushan, deputy chief of the State Administration of Press, Publication, Radio, Film and Television here the other day. China had an online population of 649 million at the end of 2014, and 557 million of them access the internet ... Read More »

Iranian nuclear deal helps to boost trade with China

BEIJING: Teheran and six world powers reached a historic nuclear deal in Vienna, Austria, on Tuesday that will enable a revitalized sanction-free Iran to boost trade and cooperation with China, analysts said. The long-awaited agreement with China, Britain, France, Germany, Russia and the United States aims to limit Iran’s nuclear program in exchange for the gradual suspension of sanctions. The ... Read More »

Chinese economic growth stable with 7% GDP rate in Q2

BEIJING: China’s economic growth shows sign of stabilization, with the GDP posting a 7 percent growth rate in the second quarter, the National Bureau of Statistics said on Wednesday. Economists said the stable growth momentum is underpinned by the slight rebound in industrial production. They expect the government to continue escalate policy supports in the coming months. The service sector, ... Read More »

China’s property investment jumps 4.6% to $708.8b in H1

BEIJING: Investment in China’s property sector rose 4.6 percent year on year to 4.4 trillion yuan (708.8 billion U.S. dollars) in the first half of 2015, the National Bureau of Statistics announced Wednesday. Read More »

China’s foreign trade to drop 6.9% to $1.89t in H1

BEIJING: China’s foreign trade volume continued to drop in the first half (H1) of the year, but an unexpectedly strong exports rebound in June was an encouraging sign for the pressured economy, official data showed on Monday. Total foreign trade dropped 6.9 percent year on year to 11.53 trillion yuan (1.89 trillion U.S. dollars) in the first six months of ... Read More »