Thursday , August 6 2020
Breaking News
Home / Islamabad

Islamabad

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

Recent hike in petroleum prices to add about Rs 4b to FBR’s revenue in August

ISLAMABAD: The Federal Board of Revenue (FBR) has estimated additional revenue of Rs 3-4 billion in August 2020 as a result of increase in the price of petroleum products by up to 11.8 percent. According to a senior FBR official the federal government has raised the ex-refinery price of all petroleum products across the board to generate additional revenue under ... Read More »

FBR announces to release of simplified salary return video tutorial

ISLAMABAD: Continuing the awareness and technical training campaign of educating the general public on filing taxes and other online services being provided by the Federal Board of Revenue (FBR), the authority will release a video tutorial for filing of simplified salary return form for Tax Year 2020. An announcement of the FBR displayed on its website Tuesday says, “Video tutorial ... Read More »

FBR upgrades posts of 11 PCS officers to BS-19

ISLAMABAD: The posts of following BS-18 officers of Pakistan Customs Service who were promoted to BS-19 vide FBR’s Notification No. 1013-C-II/2020 dated 18-06-2020, are upgraded to BS-19 mentioned against each, as personal to these officers and for as long as they are held by them:- 1.Dr. Imran Rasool Khan, Deputy Collector (BS-19), Model Customs Collectorate of Hyderabad. (2) Ghulam Hyder ... Read More »

FBR updates WHT rates on payment to non-residents

ISLAMABAD: Federal Board of Revenue (FBR) updated withholding tax rates on payment made to non-residents for tax year 2021 under Section 152 of Income Tax Ordinance, 2001. The FBR updated withholding tax card 2020-2021 (up to June 30, 2020) after incorporating amendments made through Finance Act, 2020. According to the withholding tax rates: Under Section 152(1), every person shall deduct ... Read More »

ECNEC okays Pakistan Single Window project & establishment of dry port near Havelian

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Executive committee of the National Economic Council (ECNEC) today. During the meeting, the project of Pakistan Railways for”Up gradation of Pakistan Railways existing Mainline-1 (ML-1) and establishment of dry port near Havelian “was also approved by ECNEC at the rationalized cost ... Read More »

Excellent performance: Missing Persons Commission settles 4616 cases up to July 30

ISLAMABAD: Missing Persons Commission has disposed of 4616 cases upto July 30, 2020 as per monthly progress report released by Farid Ahmed Khan, Secretary (ColoED) on cases of alleged enforced disappearances for the month of July 30, 2020. A total number of 6686 cases were received by the Missing Persons Commission up to June 2020. During July 2020, 43 more ... Read More »

FBR exempts builders, developers from withholding income tax

ISLAMABAD: The Federal Board of Revenue (FBR) has announced that builders and developers opting for the Fixed Tax Scheme (FTS) are not required to withhold income tax on the purchase of building material except steel and cement. Responding to different queries of developers and builders, the FBR responded that the builders and developers are not required to withhold tax on ... Read More »

FBR shares CNICs of 0.1m unregistered persons to NADRA to expand tax base

ISLAMABAD: The Federal Board of Revenue (FBR) provided a list of 100,000 Computerised National Identity Card (CNIC) numbers of unregistered persons to the National Database and Registration Authority (NADRA) for data enrichment to broaden the tax base, according to media. NADRA had asked the FBR to provide third-party data including property/land data, vehicles/utilities’ information, telecom, banks/stock market data, etc. for ... Read More »

Promotion to next grade: FBR seeks performance evaluation reports of BS-19-20 officers

ISLAMABAD: Federal Board of Revenue (FBR) has directed officers of BS-19 and BS-20 to complete their performance evaluation reports (PERs) for the consideration of promotion to next grade in the upcoming central selection board (CSB). The FBR in a circular issued on Monday said that the Establishment Division had informed that a meeting of CSB for consideration of promotion of ... Read More »

Rates of WHT on profit on debt updated for tax year 2021

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on profit on debt to be prevailed during Tax Year 2021. The FBR issued withholding tax card 2020/2021 after incorporating changes made through Finance Act, 2020. The rates of withholding tax on profit on debt under Section 151 of Income Tax Ordinance, 2001 to be collected by person making ... Read More »

FBR exempts sales tax on import of oxygen gas, cylinders for three months

ISLAMABAD: Federal Board of Revenue (FBR) on Monday granted sales tax exemption on import of oxygen gas and cylinders (for oxygen gas) for a period of three months. The FBR issued SRO 649(I)/2020 dated August 03, 2020 to exempt the sales tax from June 23, 2020 on import of the following: Oxygen gas under PCT 2804.4000 Cylinders (for oxygen gas) ... Read More »

Transparency Int’l appreciates NAB’s anticorruption efforts under leadership of Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting at NAB Headquarters. The meeting reviewed overall performance of NAB especially media report of Transparency International (TI) Pakistan dated July 30, 2020 in which  Sohail Muzaffar Chairman TI Pakistan has stated that NAB under the leadership of Justice Javed Iqbal, Chairman NAB, anti-corruption drive in the last 34 ... Read More »

FBR updates WHT card for salary income

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax card for salary income to be prevailed during Tax Year 2021 (2020-2021). The FBR issued the withholding tax card 2020-2021 (updated up to June 30, 2020) after incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. According to the withholding tax card, every person responsible for ... Read More »

Inflation rises to 9.3pc in July

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.3 percent on Year-on-Year (YoY) basis in July 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Monday. The latest increase was compared to an increase of 8.6 percent in the previous month and 8.4 percent in July 2019. On month-on-month (MoM) basis, it ... Read More »

ADB predicts fall in remittances for Pakistan

ISLAMABAD: the Asian Development Bank (ADB) has predicted remittances to go down drastically in wake of the ongoing coronavirus pandemic. ADB’s latest report, titled ‘COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia’ released on Monday and said, “The COVID-19 pandemic is expected to hit remittances hard in Asia and the Pacific. In 2019, 6 of the ... Read More »

FBR announces updated WHT rates for imported goods

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax rates for imported goods. The FBR issued withholding tax card 2020-2021 after incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR issued updated withholding tax rates applicable for imported goods under Section 148 of Income Tax ordinance, 2001. The withholding tax shall be collected ... Read More »

MoF notifies new rules for treasury single account system

ISLAMABAD: The ministry of finance has notified Cash Management and Treasury Single Account Rules, 2020 under which treasury single account system has been explained. According to the rules the Treasury Single Account system shall be: (1) Federal Consolidated Fund Account, Public Account, assignment accounts, their sub-accounts and linked accounts as approved by the Finance Division, shall form part of the ... Read More »

Surpassing tax collection target of July reflects dedication of new FBR team: Asad Umar

ISLAMABAD: Federal Minister for Planning and Development Asad Umar has lauded the Federal Bureau of Revenue’s (FBR) performance after the Bureau surpassed its assigned tax collection target by a margin of Rs57 billion in July. “Excellent FBR tax collection in July, Rs57 bn more than target, reflect good performance of new FBR team and a sharp bounce back of Pakistan ... Read More »

FBR issues orders for transfer of 18 IRS officers of BS-16-20

ISLAMABAD: Federal Board of Revenue (FBR) notified transfers and postings of BS-16 to BS-20 officers of Inland Revenue Service (IRS) with immediate effect and until further orders. The FBR notified transfers and postings of following officers: Mohammed Nasser Janjua (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (IR-Analysis) (IR-Operations Wing) Federal Board of Revenue (Hq), Islamabad from the ... Read More »

FBR suspends 41 customs officials for three months

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday suspended 41 officials of Pakistan Customs Department for a period of three months with immediate effect. Following inspectors of BS-16 have been suspended: S.No. Names & Designation 1       Rehamtullah Khan, Inspector,                   MCC, (E&C), Quetta 2       Shehzada Aamir, Inspector               MCC, (E&C), Quetta 3       Mehmood -ul-Hassan, Inspector    Directorate of Transit Trade, Peshawar ... Read More »