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Author Archives: Faiza Israr

FBR working to arrest declining exports: Chief Customs Exports Arslan

ISLAMABAD: Despite offering duty drawback schemes and removal of duty on import of raw material, the exports from Pakistan are declining as compare to previous years, which is a matter of concern. Chief Custom Exports Arslan Subuctageen has stated this while giving an exclusive interview to Customs Today, adding that the incumbent government and the Federal Board of Revenue (FBR) have ... Read More »

Senator Mohsin Khan urges FBR to adopt latest techniques to increase tax net

ISLAMABAD: Senator Mohsin Khan Leghari, member of Senate Committee on Finance, has said that instead of imposing new taxes, the Federal Board of Revenue (FBR) should focus on modernising the techniques in the field to collect taxes at higher level and broaden the tax base. He shared these views while talking to Customs Today. He added that the FBR should be ... Read More »

Market research, improved policies to raise tax-to-GDP ratio: Ali Salman Abbasi

Taxpayers and tax administration should have best liaison between them in order to tackle the issues faced by both sides due the lack of confidence ISLAMABAD: Federal Board of Revenue (FBR) Member Research, Analysis and Reforms (RA&R) Ali Salman Abbasi has said that market research and new improved policies will increase the tax to GDP ratio, adding that department was ... Read More »

FBR may take stern action against big guns

ISLAMABAD: Federal Board of Revenue has reportedly decided to act sternly against the tax defaulters amongst the big guns of the country as the task to achieve the target of tax collections during the current fiscal year seems out of reach otherwise. Sources within FBR told Customs Today that Finance Minister Ishaq Dar has attained permission from the Prime Minister ... Read More »

100,000 taxpayers to be brought into net within current FY

ISLAMABAD: Federal Board of Revenue has planned to bring one hundred thousand individuals and businesses in the tax net before the end of the current fiscal year. According to sources within FBR it has been decided to ensure that the tax collections are equal to at least 12 per cent of the GDP at the end of the current fiscal year. ... Read More »

Increased reliance on foreign debt termed country’s mortgage

ISLAMABAD: Economists and former in office politicians have warned that the future of Pakistan’s economy is being mortgaged the way government is increasing its reliance on foreign debt. While exclusively talking to Customs Today, former commerce minister Jehangir Tareen, former finance minister Salman Shah and Chairman Institute of Policy Studies, Islamabad Professor Khurshid Ahmed expressed their deep concerns on this ... Read More »

GSP Plus to spur industrialization in Pakistan: Gul Afridi

ISLAMABAD: While terming GSP plus status as great achievement of the incumbent regime, Member of NA Panel on Commerce Alhaj Shah Jee Gul Afridi said that clinching of this status would usher new era of growth by boosting industrialization and creating job opportunities in Pakistan. The European Union (EU) had granted Generalized System of Preference (GSP) plus status to Pakistan ... Read More »

Promotions of two senior customs officials impeded

ISLAMABAD: As the Prime Minister has been sent the summary of approval of promotions in various public sectors by the Central Selection Board, promotions of two out of four customs officials have been halted. The two customs officials among four whose promotions have been rejected by the Prime Minister himself along with many others belonging to various public sectors. Sources ... Read More »

FBR bags cooperation from HM Revenue and Customs

ISLAMABAD: Federal Board of Revenue has been assured of assistance in certain fields of revenue generation in Pakistan by Her Majesty’s Revenue and Customs. In this regard FBR Chairman Tariq Bajwa has visited United Kingdom last week with delegation of FBR high officials including Member Customs Nisar Muhammad, Member Inland Revenue Shahid Hussain Asad, Member IT Raana Ahmed and Chief ... Read More »

Lack of data sharing by FBR delaying policy pattern

ISLAMABAD: Ministry of Textile and Industry has written a comprehensive letter to the Federal Finance Minister Ishaq Dar in which it has put forward a complaint against Federal Board of Revenue. The ministry clarifies in the letter that FBR is not providing data regarding figures of exports and imports during fiscal year 2013-14 to the Ministry of Textile and Industry. ... Read More »

FBR to gather budget proposals by April 15

ISLAMABAD: Federal Board of Revenue has demanded the proposals for upcoming budget from all the stake holders till 15th of this month. Budget for the fiscal year 2014-15 is relatively more important as compared to the previous budgets as the Government has to fulfil a lot of commitments which it has made to the International Monetary Fund and the World ... Read More »

Dastgir announces July-Feb trade deficit at $12.542b

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has announced the trade deficit for the first eight months of the current fiscal year during the session of the National Assembly. While explaining the declining trend in trade deficit in the recent years, Khurram Dastgir said that this fiscal year from July 2013 to February 2014 the difference in national export and import ... Read More »

New venues must to boost exports: Karim Ahmed Khawaja

ISLAMABAD: The performance of the Commerce Ministry has been impressive under the leadership of Federal Commerce Minister Eng. Khurram Dastgir so far but there is always room for improvement and the Ministry has to focus on the enhancement of trade. There is a dire need for hard work to explore new venues to boost exports and cater to the modern-day ... Read More »

Customs I&I seizes 2,100 yards bootleg cloth

ISLAMABAD: The Customs Intelligence and Investigation has seized 2,100 yard China-made women cloth being smuggled from Peshawar to Lahore via GT Road. Acting on a tip-off, the Customs I&I squad intercept a truck at Rawalpindi station and upon search recovered 2,100 woman China-made cloth being smuggled to Lahore. The Customs officials also arrested two traffickers identified Farooq, son of Yar ... Read More »

Gwadar way to future prosperity: Sardar Yaqoob

ISLAMABAD: Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir has said the government was actively pursuing a comprehensive strategy for the development of ports and coasts of the country but unfortunately lack of financial resources was hurdling progress in this regard. Member Senate Standing Committee on Ports and Shipping Sardar Yaqoob Nasir made the observations during an ... Read More »

WHT computerisation to plug tax loopholes: Seema Majid

ISLAMABAD: Federal Board of Revenue (FBR) Member and Director General Withholding Tax Seema Majid has said that it is very heartening to see the public, in general, is getting aware and being sensitized to the significance of paying taxes. It is still not enough to manage issues as only one third of the total potential taxpayers are paying taxes, which ... Read More »

Lowering of set revenue target most likely

ISLAMABAD: The finance ministry is likely to revise the targets of revenue collection designed by Federal Board of Revenue, it is learnt. This issue has been raised because FBR has not achieved the desired targets of this fiscal year up until now. Sources told Customs Today that the initially revised target was expected to be set at Rs 2,400 billion ... Read More »

AfPak trade in dollar to open up new vistas: Collector Qurban Ali Khan

ISLAMABAD: Collector Sialkot Qurban Ali Khan admired the government decision to change rupee with dollar as currency for payments of business transactions with Afghanistan. The government decision to bind businessmen to carry out trade with their Afghan counterparts in dollar is definitely a sagacious decision at a right time which will surely boost trade and help strengthen foreign exchange reserves. ... Read More »

Foreign currency worth Rs2.1m recovered from passenger

ISLAMABAD: A passenger has been arrested at International Departure Hall of Benazir Bhutto International Airport, Islamabad carrying different foreign currencies worth over Rs 2.1 million. The search of the passenger at ASF scanning machine in the presence of the customs staff led to the recovery of foreign currency exceeding prescribed limit for an international outbound passenger i.e., $ 5000. The ... Read More »

Customs seizes heroin concealed within pencils

ISLAMABAD: During the clearance of outgoing parcels at international mail office in Rawalpindi, a parcel weighing 10.740 kg booked by a resident of Peshawar for a recipient in Canada turned out to be containing concealed heroin. The parcel was presented to the customs staff for its examination. Apparently the said parcel consisted of items like kids clothing. Lead pencils were ... Read More »