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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

SAVDEX 2020: Suppliers & Vendors Defence Exhibition is in progress

LAHORE: The 2nd edition of Suppliers and Vendors Defence Exhibition, SAVDEX 2020 is in progress at Lahore Expo Centre. The exhibition is being organized as a joint venture of Defence Export Promotion Organization (DEPO) and Lahore Chamber of Commerce & Industry(LCC&I).  General Nadeem Raza, NI (M), Chairman Joint Chiefs of Staff Committee inaugurated the SAVDEX. During his inaugural address, the ... Read More »

FBR issues special instructions to field formations regarding coronavirus

MULTAN: The Federal Board of Revenue has issued special instructions to all heads of field formation of Inland Revenue and Customs for adopting special measures to prevent corona virus (COVID-19). Chief Management –Inland Revenue Dr. Tariq Ghani issues circular in which he stated that outbreak of corona virus (COVID-19) in China and its subsequent spread across the globe and detection ... Read More »

SHC seeks reply on petition filed by M/s Assher Trading against enhancement of valuation

KARACHI: The Sindh High Court (SHC) issued notices to the customs officials and deputy attorney general and directed them to file their comments on a constitutional petition filed by M/s Assher Trading Company against enhancement of value of imported comprising of coir-mattress fiber/ coir bristle fiber/ coir yarn 2 ply. On 28 February 2020, a two-member bench, headed by Justice ... Read More »

EU to provide €13m to Pakistan under PFMSP

ISLAMABAD: The European Union agreed to provide €13 million grant to Pakistan improve its fiscal policies and budget preparations, said an announcement issued on Friday. The agreement was signed in Islamabad in the presence of Minister for Economic Affairs Hammad Azhar and the grant will be provided under EU’s Public Financial Management Support Programme. Secretary Economic Affairs Division, Syed Pervaiz ... Read More »

Customs Preventive seizes Indian origin smuggled katha in Shershah

KARACHI: Collectorate of Customs Preventive apprehended huge quantity of smuggled Indian prohibited katha worth millions of rupees. According to the details, Collector Preventive Saqif Saeed received credible information regarding the presence of the smuggled Indian origin katha in huge quantity at a godown in Shershah over which a team was constituted to take rapid action. Taking leads the staff of ... Read More »

Banking Court orders to put Ali Imran’s properties on auction

LAHORE: Banking court on Friday has directed to put properties of PML-N President Shehbaz Sharif’s son-in-law Ali Imran Yousaf on auction. During the hearing, private bank’s lawyer Ahsan Masood has alleged Ali Imran of not returning loan worth Rs25.4 million. The accused has only paid 120 leases out of 270, he told. The counsel said that Ali Imran Yousaf was ... Read More »

Customs Court approves bail of suspect booked in betel nuts smuggling case

KARACHI: The Customs Court granted after arrest bail to suspect namely Abdul Wali son of Amir Muhammad, who was booked in a case of attempting to smuggle non-duty paid betel nuts etc. On 27 February 2020, investigation officer of Customs Collectorate Preventive ASO submitted charge sheet against the above mentioned suspect and informed that on an actionable information, customs officials ... Read More »

SHC seeks comments on petition filed by more than 60 importers

KARACHI: The Sindh High Court (SHC) directed high officials of Federal Board of Revenue (FBR) and others to make sure filing their para wise comments on a constitutional petition filed by several importers against issuing Sales Tax General Orders No 102, 103 for printing retail price after clearance of goods and fixation taxes. On Feb, 27, 2020, a two-member bench, ... Read More »

ePay Punjab generates Rs1b revenue in five months

LAHORE: ePay Punjab, the first-ever government payment aggregator for citizens’ facilitation and ease of business, has collected over Rs1 billion in tax revenues from multiple levies across Punjab since its launch. The revenue figures were disclosed during a progress review meeting of the Punjab Information Technology Board. PITB Chairman Azfar Manzoor, Director General IT Operations Faisal Yousaf and other senior ... Read More »

Gold drops Rs300 per tola, traded at Rs94,450

KARACHI: The per tola price of 24 karat gold depreciated by Rs300 on Thursday and was traded at Rs94,450 as compared to Rs 94,750 on last trading day, Karachi Sarafa Association reported. Likewise, the price of 10 gram gold witnessed decrease of Rs257 and was traded at Rs80,976 against last closing of Rs81,233. The price of silver decreased Rs30 and ... Read More »

FBR clarifies news about refunds, ST collection

ISLAMABAD: The Federal Board of Revenue (FBR) Thursday clarified that refund claims (filed in Annex-H) were only Rs37 billion, out of which Rs29.5 billion had been issued and the rest were deferred due to data feeding errors. The board categorically rejected a news item titled “stuck refunds pile up to Rs100 billion in eight months” published in a section of ... Read More »

POL prices likely to witness significant cut

ISLAMABAD: A cut in the prices of petroleum products is expected in the next couple of days. According to a media report, the officials said the ministry has recommended a decrease in the prices of petroleum products, making a strong prediction that petrol prices would be slashed by Rs9 per litre. The finance ministry, sources said, would announce the new ... Read More »

KPT shipping intelligence report Feb 27

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-II Khairpur D.Mogas Alpine 25/02/20 ALONG SIDE (East Wharves): 1 Al Mahboobah D. Chemical Wilhelmsen 26/02/20 2 Liana D. Jet Oil East Wind 22/02/20 13/14 Bao Grand L. Clinkers Crystal Sea 22/02/20 16/17 Es ... Read More »

Coronavirus threat: PSX loses 1,002 points

KARACHI: The bench mark 100-index of the Pakistan Stock Exchange (PSX) on Thursday plunged 1,002 points at the start of the trading day, amid novel coronavirus threat, ARY News reported. The market continued to show bearish trend due to increasing threat of coronavirus outbreak and specially after detection of two cases in Pakistan, yesterday. The market is currently trading at ... Read More »

Coronavirus in Pakistan: Surgical masks prices go skyrocketing

KARACHI: Amid coronavirus outbreak Pakistan running out of surgical masks and the cost has been surged by thousand percent. According to media, there is a shortage of surgical masks in the market. The packet of surgical masks is being sold at Rs1000 in the market as the profiteers have become active to make a good fortune out of opportunity. Two ... Read More »

FBR allows filing of ST & FED returns up to Feb 28

ISLAMABAD: Federal Board of Revenue (FBR) has allowed taxpayers to file their monthly sales tax and federal excise returns up to February 28, 2020. The FBR on Thursday issued a notification for extension in date of submission of sales tax and federal excise return for the tax period of January 2020. The notification said that the FBR further extended the ... Read More »

Pakistan urges US commerce secretary for JVs, direct market access

LAHORE: Chairman Pak-US Business Council Iftikhar Ali Malik urged the visiting US Commerce Secretary Wilbur Ross for Joint Ventures (JVs) in economic sphere and free direct market access to Pakistan at zero duty in the wake of war against terrorism. In a statement issued here, he said US should convene meeting of Trade and Investment Framework Agreement (TIFA) to move ... Read More »

Pakistan’s continued inclusion in FATF grey list negative for banks: Moody’s

ISLAMABAD: Pakistan’s continued inclusion in Financial Action Task Force (FATF) grey list is credit negative for the country’s banking system, rating agency Moody’s said on Thursday. Global watchdog Financial Action Task Force (FATF) said last week that Pakistan would remain on the grey list, and asked the country to implement the agreed-upon action plan until June. “The announcement is credit ... Read More »

Multan Appraisement issues recovery notice to M/s Thaheem International

MULTAN: Collectorate of Customs Appraisement Faisalabad recovery branch issued attachment warrant to M/s. Thaheem International for the recovery of outstanding dues worth Rs1.114 million. Sources told Customs Today that Customs Collectorate Appraisement has initiated recovery of government dues from defaulters on the directions of Collector Saima Shehzad. The Customs Collectorate Appraisement Faisalabad recovery branch of Multan Dry Port has issued ... Read More »

FBR clarifies Customs Collectorates about S. No 26 of Section 33 of Sales Tax Act 1990

MULTAN: The Federal Board of Revenue (FBR) directed Chief Collector Customs and collectors regarding clarification of newly inserted serial no. 26 of section 33 of sales tax act 1990. The Federal Board of Revenue has received several queries from various clearing agents and Customs Collectorates regarding applications of newly inserted serial no.26 in section 33 of the Sales tax act ... Read More »