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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 optimistic about rollover of $1b UAE loan

ISLAMABAD: The federal government is optimistic about the rollover of $1 billion UAE loan for another year. Senior officials of the finance ministry told that they are confident that UAE “will not withdraw its $1 billion loan as both countries are great friends and enjoy cordial relations”. The said that the payment of $1 billion UAE loan had matured this ... Read More »

Pakistan’s fiscal deficit in six months stands at 2.5pc of GDP

ISLAMABAD: The fiscal deficit of Pakistan in six months, ended in December 2020, stood at 2.5% of the GDP as compared to 2.3% in 2019. According to details, the government released amount of Rs1475 billion under the head of mark-up payments. In the same period last fiscal year, mark-up payments stood at Rs281 billion. Amount released for defense expenditure stood ... Read More »

No sale will be allowed without tax stamp: FBR

ISLAMABAD: Federal Board of Revenue (FBR) said that no product would be allowed to be removed from a production site without affixation of tax stamps with effect from July 01, 2021. The tax stamps to be obtained/procured from and applied by FBR’s Licensee M/s. AJCL/MITAS/Authentix Consortium. The FBR said that after awarding license of the Track and Trace system to ... Read More »

ECNEC gives nod to projects worth Rs322b

Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired a meeting of the Executive Committee of the National Economic Council (ECNEC). Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Industries and Production Hammad Azhar, Federal Minister for Economic Affairs Division Khusro Bakhtiar, Advisor to the Prime Minister for Institutional Reforms and Austerity Dr. ... Read More »

PM Imran directs FBR to take stern action against sugar mafia

ISLAMABAD: Prime Minister Imran Khan expressed resentment over the Federal Board of Revenue’s performance, as it failed to show any recoveries from sugar mills owned by prominent personalities. The FBR presented a report showing recoveries of more than Rs400 billion from sugar mills on the orders of the premier. The report, however, only showed the amount recovered from small companies ... Read More »

FBR to pay refunds through CITRO

ISLAMABAD: The Federal Board of Revenue (FBR) has established a Centralized Income Tax Refund Office (CITRO) to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and transparent manner. According to an FBR press statement issued here, Member IR (Operations) inaugurated the launch of CITRO by processing the 1st batch of Income Tax ... Read More »

Late tax filers penalised: Banks block foreign currency account transactions

ISLAMABAD: Banks in Pakistan have refused to entertain foreign exchange transactions in accounts held by individuals who are not included in the national Active Taxpayers List (ATL) due to late filing of returns and/or nonpayment of late filing surcharge. The publication reported that several account holders have complained that their banks have blocked their transactions citing the fact that their ... Read More »

FBR proposes100pc income tax credit for IT sector

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday said there is proposal to widen the scope of tax concession to IT services and IT enabled services by allowing 100 percent income tax credit. A statement said that there is proposal to widen the scope of tax concessions available to income from the export of software, IT services and IT enabled ... Read More »

FBR goes after Payoneer, freelancers over billions of rupees transferred from abroad

ISLAMABAD: The Federal Board of Revenue (FBR) has said it has uncovered a ‘mega scam’ involving a foreign company transferring around Rs60 billion to more than 70,000 Pakistani citizens without the knowledge of the tax authority. According to media, the amount was sent by Payoneer, which is registered in the US but has no physical presence in Pakistan. ’27 banks ... Read More »

Govt suggests withdrawal of tax exemptions on corporate sector

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh on Tuesday presented the Income Tax (Amendment) Bill, 2021, in the Upper House of the Parliament after necessary approval from the federal cabinet. According to sources, the government has proposed a number of reforms in corporate income tax, including the streamlining of nonprofit organisations (NPOs). Around 15 income tax provisions pertaining to NPOs ... Read More »

ECC approves Ramadan package worth Rs7.6b

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet held today. Federal Minister for National Food Security & Research Syed Fakhar Imam, Federal Minister for Energy Omar Ayub Khan, Federal Minister for Planning, Development and Special Initiatives Asad Umar, Federal Minister for Industries and Production Hammad ... Read More »

CCP issues notice to Hyundai Nishat for deceptive marketing practices

ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued a show cause notice to M/s Hyundai Nishat Motor (Pvt) Limited for, prima facie, deceptive marketing practices in the marketing campaign for its new SUV ‘Hyundai Tucson’. Concluding its inquiry on Tuesday, the CCP said it issued the show cause notice to the company over alleged violation of Section 10 of ... Read More »

FBR adds around 116,801 names to active taxpayers list

ISLAMABAD: Federal Board of Revenue (FBR) has added around 116,801 taxpayers to the updated Active Taxpayers List (ATL) for tax year 2020 issued on Monday. The FBR updates the ATL on every Monday on a weekly basis. The revenue body issued new ATL for tax year 2020 on March 01, 2021. The recent list is the first update to the ... Read More »

Hafeez Shaikh to preside over ECC meeting tomorrow

ISLAMABAD: Finance Minister Abdul Hafeez Shaikh will chair the session of the Economic Coordination Committee (ECC) to discuss a twenty-point agenda on Wednesday (tomorrow), citing sources. The Economic Coordination Committee (ECC) which is meeting nearly after two weeks, will take important decisions. According to the agenda of the meeting, Ramazan Relief Package, urea and cotton import will come under discussion. ... Read More »

Govt proposes absolute autonomy for SBP

ISLAMABAD: The federal government has agreed to grant absolute autonomy to the State Bank of Pakistan (SBP), whereas the federal cabinet will take up the SBP Amendment Bill for approval in its meeting today. According to media, the central bank’s primary objective under the SBP Amendment Bill, 2021, would be to ensure domestic price stability as it would be free ... Read More »

SECP asks listed companies to implement gender diversity policies

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), has asked listed companies to formulate and implement gender diversity policies to attract and retain talented women. Pakistan figures fairly low in the Global Gender Gap report index, prepared by the World Economic Forum and there is a strong need to encourage women participation in the workforce, developing in-demand skills and ... Read More »

Taxpayers require to update profile by March 31: FBR 

ISLAMABAD: Taxpayers are required to update their profile by March 31, 2021 to avoid exclusion their names from Active Taxpayers List (ATL). The last date for updating the profile was December 31, 2020. However, it was extended up to March 31, 2021. Updating profile by all the taxpayers registered under Section 181 of the Income Tax Ordinance, 2001 and other ... Read More »

Hafeez forms committee for speedy implementation of Agriculture Transformation Plan

ISLAMABAD: Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired a meeting on Agriculture Transformation Plan at the Finance Division today. Federal Minister for National Food Security and Research Syed Fakhar Imam, Governor State Bank of Pakistan Dr. Reza Baqir, Secretary Law and Justice Division, Secretary Economic Affairs Division, Secretary Ministry of National Food Security and Research, President ... Read More »

Govt releases 91.6pc of funds allocated under PSDP for petroleum projects

ISLAMABAD: The government has so far released around 91.6 percent funds against the total allocation of Rs1,8441.230 million to execute eight petroleum sector projects under the Public Sector Development Programme (PSDP 2020-21). According to the official data as of February 26 that showed a slight readjustment in funds’ allocation and releases, an amount of Rs1686.644 million had been provided for ... Read More »

Govt borrowing till May to total Rs4.82tr

ISLAMABAD: The government has targeted to borrow Rs4.82 trillion over the next three months from local commercial banks to pay back a portion of previous loans and partly finance budget expenditures in the ongoing fiscal year (FY21). According to local media reports, the government is expected to add fresh debt worth Rs840 billion in the domestic economy over the next ... Read More »