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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

FBR inks accord to launch track and trace system from July 1

ISLAMABAD: Federal Board of Revenue (FBR) signed a contract with AJCL along with its lead partner Authentix Inc. USA and Mitas Corporation of South Africa to operationalize Track and Trace Solution on Tobacco, Cement, Sugar and Fertilizer Sectors. Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR, Kevin McKenna, CEO, Authentix, Sten Bertelsen, from Mitas Corporation and Omer Jaffer CEO of AJCL ... Read More »

Pakistan to chair WTO committee keen on developing conutries’ interests

ISLAMABAD: The adviser to Prime Minister Imran Khan on Commerce, Abdul Razak Dawood, announced that the country has been elected to Chair the World Trade Organization (WTO) 2021 committee on trade and development (CTD). In a tweet, the commerce advisor said the Ministry of Commerce is happy to share that Pakistan has been elected to chair the CTD this year. ... Read More »

Weekly inflation goes up 0.61pc

ISLAMABAD: The Sensitive Price Indicator (SPI) based weekly inflation for the week ended on March 4, for the combined consumption group, witnessed increase of 0.61 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 147.99 points against 147.09 points registered in the previous week, according to the ... Read More »

MoF announces 25pc grant of disparity reduction for government employees

ISLAMABAD: The finance division has notified grant of disparity reduction allowance at 25 percent of the basic pay to the civil employees in BS-1-19 of the federal government. Sources on Friday said that the finance division had issued a notification for the approval of the Federal Government for grant of Disparity Reduction Allowance at 25percent of the basic pay of ... Read More »

Flaws in tax system to be removed through reforms: PM Imran

ISLAMABAD: Prime Minister Imran Khan has said that flaws in tax system will be removed through reforms. He was chairing a meeting regarding tax reforms in Islamabad. The meeting was attended by Federal Ministers Makhdoom Khusro Bakhtiyar, Hafeez Sheikh , Asad Umar, Hammad Azhar; Advisers Abdul Razaq Dawood, Dr Ishrat Hussain as well as Special Assistants Dr Waqar Masood, Tabish ... Read More »

PM Imran Khan okays cross-border yarn import

ISLAMABAD:  Prime Minister Imran Khan has approved the cross-border import of cotton yarn. Commerce Adviser Razak Dawood wrote on Twitter that PM Khan expressed his concern about the shortage and escalation of cotton yarn prices in the country during a meeting. Dawood said the premier gave instructions to take necessary measures, including cross-border trade of cotton yarn, to keep the ... Read More »

ECC likely to approve Rs114b subsidy for Power Division

ISLAMABAD: The federal cabinet’s Economic Coordination Committee (ECC) is likely to approve the allocation of Rs114.5 billion as technical supplementary grant (TSG) from the current financial year’s power subsidy budget to the Power Division. According to sources, out of Rs147 billion earmarked as power sector subsidy during FY21, an amount of around Rs32.50 billion has so far been disbursed. “Now ... Read More »

Trade deficit widens to $17.3b in July – February

ISLAMABAD: Pakistan’s trade deficit widened by 9 percent or $17.3 billion during first eight months (July – February) 2020/2021 of the current fiscal due to surge in import bill for the period, according to provisional data released by the ministry of commerce. The trade deficit widened to 17.3 billion during first eight months of the current fiscal year as compared ... Read More »

CDNS receives Rs29b new investments

ISLAMABAD: Central Directorate of National Savings (CDNS) has received Rs29 billion new investments by February 28, through registered Premium Prize Bonds of Rs40,000 and Rs25000 introduced by the institution. The CDNS has introduced the new registered Premium Prize Bonds after the termination of both major Prize bonds of Rs40,000 and Rs25000. This initiative documentation of the country’s economy, senior official ... Read More »

FBR appoints Dr. M. Ali Khan as chairman of Benami Adjudicating Authority

ISLAMABAD: The government has appointed Dr. Muhammad Ali Khan as chairman of Benami Adjudicating Authority under the Benami Transactions (Prohibition) Act, 2017. The Federal Board of Revenue (FBR)  issued the notification for the posting. Dr. Muhammad Ali Khan, is a BS-22 officer of Inland Revenue Service (IRS) and was posted as Member (Admin Pool), FBR HQ Islamabad. The FBR also ... Read More »

Taxpayers to get active status after surcharge payment: FBR

ISLAMABAD: Federal Board of Revenue (FBR) advised late filers to pay surcharge to appear on the Active Taxpayers List (ATL) for tax year 2020. The FBR a day earlier issued the ATL for tax year 2020. The total number of active taxpayers for the tax year 2020 is 2.18 million. However, according to the FBR received 2.63 million income tax ... Read More »

PTA issues mobile device manufacturing regulations

ISLAMABAD: Pakistan Telecommunication Authority (PTA) has said it has issued Mobile Device Manufacturing (MDM) regulations and has started receiving applications for mobile device manufacturing. In a statement, PTA said that the implementation of the authority’s Device Identification, Registration and Blocking System (DRIBS) in 2019 had resulted in significant increase in legal import of mobile devices and establishment of over 33 ... Read More »

FBR extends pre-arrival customs clearance facility to five airlines

ISLAMABAD: Federal Board of Revenue (FBR) said that it has extended the pre-arrival custom clearance facility to five airlines. A FBR spokesman on a pilot project on customs clearance in the Sky that was started with Qatar Airways has now been rolled out to five other airlines. Urgent shipments on Turkish Airlines, Fly Dubai, Air Arabia and YTO cargo are ... Read More »

FBR devises mechanism for release of consignments stuck-up at Karachi ports

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday devised a mechanism for release of imported goods of FATA/PATA residents stuck-up at Karachi ports. A meeting was held under the Chairmanship of the FBR chairman with Inland Revenue-Operations and Customs Operations Wings to sort out the issues of imported goods of FATA/PATA residents stuck-up at Karachi Ports, Consumption/Installation Certificates, Postdated Cheques ... Read More »

FBR starts harmonizing IR codes to simplify & consolidate tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has started harmonizing Inland Revenue codes in order to simplify and consolidate the tax laws. According to sources, the harmonization of IR codes has been started under World Bank funded ‘Pakistan Raises Revenue Project’.  The FBR said that it had received financing from the World Bank towards the cost of the Pakistan Raises Revenue ... Read More »

Eurobonds, Sukuks granted income tax exemption by FBR

ISLAMABAD: Federal Board of Revenue (FBR) granted income tax exemption on profits derived by foreign nationals on yield of Eurobonds and International Sukuk issued by the government of Pakistan. In this regard the FBR issued two notifications to make changes in Income Tax Ordinance, 2001. The FBR issued SRO 268(I)/2021 and SRO 269 (I)/2021. The FBR granted the exemption while ... Read More »

FBR suspends IR officer of BS 18 Jamshed Khan for four months

ISLAMABAD: Federal Board of Revenue (FBR) suspended a BS-18 officer of Inland Revenue Service (IRS) for four months with immediate effect. A notification said that the FBR while exercising powers conferred under Rule 5 of the Civil Servants (Efficiency & Discipline) Rules, 2020, placed Muhammad Jamshed Khan (IRS/BS-18), presently posted as deputy commissioner, Regional Tax Office, Rawalpindi under suspension for ... Read More »

Pakistan improves position on WB Ease of Doing Business Index: report

ISLAMABAD: Pakistan has improved its position on World Bank (WB) Ease of Doing Business Index for the second consecutive year, according to the annual report issued by Security and Exchange Commission of Pakistan (SECP). As per World Bank’s latest rankings on ease of doing business for 2020, Pakistan has improved its position by 28 points from 136 to 108 which ... Read More »

ATL registers 30pc drop

ISLAMABAD: The number of active taxpayers has declined by 30 per cent or 935,000 to just under 2.2 million, according to the latest Active Taxpayers List (ATL) released by the Federal Board of Revenue (FBR). The 2.2 million tax return filers were just one-third of those who have valid National Tax Numbers (NTNs) and are doing business in Pakistan but ... Read More »

FBR launches new complaint redressal mechanism to target corruption

ISLAMABAD: The Federal Board of Revenue (FBR) has announced to launch a new complaint redressal mechanism aimed at solving complaints of taxpayers against corruption and other malpractices in Inland Revenue Field Formations. Sharing the policy via series of messages from its Twitter handle, the FBR’s spokesman said that the new mechanism will conceal the identity of the complainant in order ... Read More »