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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

Pakistan obtains over $3,098m in loans in 1Q of FY22

ISLAMABAD: Pakistan has obtained $3098.06 million in loans from multilateral and commercial banks during the first three months of the current fiscal year (3MFY22). The government has received $76.97m on a bilateral basis, $1563.55m from multilateral organisations and $457m from commercial banks. The government has also received $106.87m grants from different countries, including the USA, Japan, Germany and multilateral organisations ... Read More »

Power Division devising framework for recruitment of locals in power companies

ISLAMABAD: The Power Division informed the National Assembly (NA) Standing Committee on Power that the division has been preparing a new framework for the recruitment of local people in power companies of the country. This disclosure was made by the secretary Power Division while briefing the NA panel on power which was held under the chairmanship of NA member Sabir ... Read More »

IMF asks Pakistan to shift deposits of Rs2,900b into Federal Consolidated Fund: report

ISLAMABAD: The International Monetary Fund (IMF) has expressed serious concerns over Pakistan’s failure in operationalising the Treasury Single Account (TSA-1) under which Islamabad had to close down the accounts of federal and provincial governments into private commercial banks with whopping deposits of Rs2,900 billion, according to media reports. The IMF hinted at bringing attached autonomous bodies and entities, including those ... Read More »

Pakistan, IMF deadlock over rupee devaluation, tax exemption persists

ISLAMABAD: Talks between Pakistan and the International Monetary Fund (IMF) failed to make headway on Saturday as the two sides are yet to reach agreement on a number of key issues. The IMF demanded the Pakistani authorities to take immediate action to do more to devalue the green back and end tax exemption. According to the finance ministry, no progress ... Read More »

Rawalpindi I&I impounds smuggled goods & vehicles worth Rs55m

ISLAMABAD: The Directorate of Customs Intelligence and Investigation Rawalpindi have seized Rs55 million of smuggled goods and non duty paid vehicles during first quarter of financial year 2021-22. Talking with Customs Today ,Asghar Khan Deputy Director Intelligence and Investigation have told that during first quarter (July to September) 2021-22 the Directorate have showed good performance he said that during month ... Read More »

Customs I&I detects valuation fraud worth billions

ISLAMABAD: Directorate of Customs Intelligence and Investigation has unearthed a valuation fraud worth billions of rupees within the department. Sources said that Customs Intelligence has sent a report to the Federal Board of Revenue (FBR) chairman on the fraud allegedly committed by senior officers who are now working on important positions in FBR Headquarters, Islamabad. They said that Customs collectors ... Read More »

Premature to say IMF talks have failed; announcement to be made by IMF itself: Muzzammil Aslam

ISLAMABAD: The Ministry of Finance on Saturday said that Pakistan has accepted most of the International Monetary Fund’s (IMF) new conditions and any reports that talks have failed are ‘premature’ at this stage. Finance Ministry Spokesperson Muzzammil Aslam said Pakistan will have to ensure the implementation of a privatization programme to secure the IMF loan programme. In a statement, the ... Read More »

Islamabad Customs foils bid to smuggle imported phones, drone cameras worth Rs90m

ISLAMABAD: The Pakistan Customs has foiled an attempt to smuggle large quantities of imported phones and drone cameras. Sources said that Pakistan Customs confiscated more than 350 imported luxury phones as well as drone cameras worth Rs90 million from Islamabad airport. Two passengers namely Nabeel Ahmad and Shahzad made an attempt to smuggle the huge quantity of imported iPhones, including ... Read More »

FBR warns inquiry officers of action in case of delayed reports

ISLAMABAD: The Federal Board of Revenue (FBR) has warned inquiry officers of disciplinary action for delaying inquiry reports. In an official letter, the FBR directed all inquiry officers to complete pending inquiry reports within 15 days; otherwise, disciplinary proceedings would be initiated against them. The FBR has noted that the officers, who are assigned with inquiries and fact-finding inquiries, are ... Read More »

Shibli approves exemption of marking fee for SMEs

ISLAMABAD: Federal Minister for Science and Technology Senator Syed Shibli Faraz approved the exemption of marking fee for small and medium enterprises (SMEs) with a business turnover up to Rs50 million. Shibli said the move was an effort to give industries relief due to market inflation so that they could support the local industry. According to details, the decision was ... Read More »

FBR complete FATF actions on DNFBPs ahead of deadline

ISLAMABAD: The Federal Board Revenue (FBR) has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022. In June 2021, the FATF plenary had approved a seven actions new action plan for Pakistan, focusing on combating money laundering,said a press issued by FBR here Thursday. This ... Read More »

FTO Dr. Asif Mehmood Jah directs to release consignment of tractors

ISLAMABAD: The Federal Tax Ombudsman Dr. Asif Mahmood Jah provides prompt redressal to the complainant ensures release of consignment of agricultural tractors within hours of the complaint. The complainant being regular importer had imported a consignment of Agricultural Tractors to be used by the farmers. However, subsequently, Collectorate of Customs Port Qasim put on hold/blocked the consignment of tractors on ... Read More »

FBR to form bodies for customs valuation of Afghan, Iran goods

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to form committees for the determination of Customs valuation of goods originating from Afghanistan and Iran. In this regard, the FBR proposed amendments in the Customs Act, 1969 through SRO 1352 (I)/2021. According to the proposed amendments, the law would apply for the determination of values of goods of Afghan and ... Read More »

Finance committee summons economic team on soaring inflation rate

ISLAMABAD: While taking notice of soaring inflation rate in the country, the Senate Standing Committee on Finance and Revenue has summoned top officials of the government including the adviser to the Prime Minister on Finance and Revenue and State Bank of Pakistan (SBP) governor, secretary Finance and FBR chairman FBR in next meeting to explain the reasons behind price hike. ... Read More »

Pakistan, IMF ‘close’ to reaching staff-level agreement: Shaukat Tarin

ISLAMABAD: Pakistan is inching closer towards reaching a staff-level agreement with the International Monetary Fund (IMF), Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin said. Both the authorities seconded Tarin’s statement saying that the PM’s aide was making the last-minute endeavor to sign the Memorandum of Economic and Financial Policies (MEFP) with the IMF employees through a ... Read More »

Current Account Deficit reduces in September: Finance Ministry

ISLAMABAD: The Ministry of Finance has said that the current account deficit has reduced to USD 1.13 billion In September from USD 1.47 billion in August. According to the press release issued by Ministry Finance, as per SBP, the current account deficit has reduced to USD$1.13 billion In September from USD 1.47 billion in August. Overall, the deficit in the ... Read More »

Customs North Region functioning sans Chief Collector

ISLAMABAD: The post of Chief Collector North has been vacant for the last one month and should be filled immediately. Earlier, Dr. Asif Mehmood Jah has been performing his duties as Chief Collector of North Region for almost two years, Asif Jah is retired and now working as FTO. Sources informed that the strongest candidate for post of Chief Collector ... Read More »

AGP takes notice of 100-acre land allotment to KIA Lucky Motors

ISLAMABAD: The Auditor General of Pakistan (AGP) has directed the National Industrial Parks (NIP) to submit a comprehensive inquiry report regarding the allotment of 100 acres of land given at an old price to M/s KIA Lucky Motors at Bin Qasim Industrial Park (BQIP). According to details, the AGP, in its audit report for 2020-21, stated that Pakistan Industrial Development ... Read More »

Talks with Pakistan moving in a ‘very good’ manner: IMF official

ISLAMABAD: Talks between Pakistan and the International Monetary Fund (IMF) on the $6 billion Extended Fund Facility (EFF) are progressing in a “very good” manner, said IMF Director of the Middle East and Central Asia Department Jihad Azour on Tuesday. Unveiling the Regional Economic Outlook: The Middle East and Central Asia – October 2021, Azour said: “The discussion around the ... Read More »

FBR transfers 16 PCS officers of BS-16 with immediate effect

ISLAMABAD: The Federal Board of Revenue (FBR) has issued notification for transfers and postings of BS-following Pakistan Customs Service (PCS) officer of BS-16 officers of Pakistan Customs with immediate effect and until further orders. Muhammad Adil (BS-16) is transferred to Appraising/Valuation Officer, Directorate of Post Clearance Audit (South), Karachi from Appraising/Valuation Officer, Collectorate of Customs Appraisement (East), Custom House, Karachi. ... Read More »