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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

Customs Preventive seizes smuggled items, vehicles worth Rs 8.38 million

ISLAMABAD: A team of Customs Preventive, under the supervision of Superintendent Zargham Dil, has seized smuggled goods and vehicles worth Rs 8.38 million in five late-night raids during a special operation. According to details, the post-midnight operation was launched on a tip-off, which came from reliable sources. The team also impounded the five vehicles on which the smuggled goods were ... Read More »

IR-II Commissioner Qasim Khan restores GST registration of defaulter contractor

ISLAMABAD: Inland Revenue-II Commissioner Qasim Khan has restored the general sales tax (GST) registration of government contractor Muhammad Ayyub Khan after the payment of fine/penalty. The IR authorities had issued a notice to Ayyub Khan, a resident of House # 183, St # 24, Sector I-9/1, for not filing his GST returns for the period between February 2010 and January ... Read More »

Iftikhar Qutab assumes charge as FBR Member

ISLAMABAD: Iftikhar Qutab, an Inland Revenue Service (IRS) of BS-21, has assumed the charge of the post of Member, Federal Board of Revenue (HQ), Islamabad. The officer assumed the charge of the said post in pursuance of Punjab Revenue Authority, Finance Department’s Notification No SI-2-2/2015. Meanwhile, Tanveer Iqbal, (IRS/BS-18), assumed the charge of the post of the Second Secretary, FBR ... Read More »

SRO 246(1)/2015: Govt imposes 12% regulatory duty on auto parts raw material, industrialists flay decision

ISLAMABAD: The Ministry of Finance has imposed 12.5 per cent regulatory duty on the imports of tubes, pipes, hollow profiles of cast iron, and hollow profiles of iron (other than cast iron) or steel and flat rolled products of iron or non-alloy steel with (width of 600mm or more) with the objective of protecting the local steel industry. The ministry ... Read More »

Dastgir apprises Sri Lankan President about MoC’s determination to expand Free Trade Agreement

ISLAMABAD: The Minister for Commerce Engr Khurram Dastgir, Monday, reiterated Ministry of Commerce’s (MoC) determination to incorporate few new chapters in the agreement to further expand the jurisdiction of Pakistan and Sri Lanka Free Trade Agreement (PSFTA). Bilateral trade between Pakistan and Sri Lanka both the countries in 2013-2014 was US $ 322.172 million. Pakistan exported worth US $ 260.239 ... Read More »

Ease of doing business essential for more revenue generation: Dar

Bajwa says FBR collectes Rs 1538 million during July-February of 2014-15 ISLAMABAD: Finance Minister Ishaq Dar Saturday issued instructions for formation of special committee to suggest ways and means for ease of doing business, trade and investment in country. “If we want to enhance business activity, generate more revenue for the national exchequer, we must take measures to enhance ease ... Read More »

TAC links approval of proposals moved by participants to TRC’s report

ISLAMABAD: The Tax Advisory Council (TAC), Saturday, extended full support to the Federal Board of Revenue (FBR) to make it a vibrant organization capable to meet futuristic economic challenges with a dynamic approach. Federal Board of Revenue (FBR) formed TAC to recommend new measures for the next budget 2014-15 last year. The idea to constitute a tax advisory body had ... Read More »

Rs1,538b revenue collected in July-Feb: Dar says govt achieves economic stability in 20 months instead of 36

ISLAMABAD: Federal Finance Minister Ishaq Dar, chairing the Tax Advisory Council meeting, has said that the government has achieved the economic stabilisation in just 20 months, which was planned to be met in 36 months. The said that the government has decided to take steps in the budget for 2015-16, ensuring further strengthening of the economic gains. The minister said ... Read More »

FBR to take action against corporate companies for not following Finance Bill 2014-15

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to deal strictly with corporate companies failing to comply with instructions, prescribed in the Finance Bill 2014-15. FBR has granted one week to corporate companies either to deposit 5 percent tax on total value of shared bonus out of profit or pay 5percent SHARES of total amount of dividends given to ... Read More »

Ayyan in hot waters as FBR officials ruthlessly pursue case; Tariq Bajwa hails progress

ISLAMABAD: Investigators of what is now being termed as the ‘Ayyan money smuggling case’ are confident of the Pakistani supermodel’s conviction in the money smuggling case, but there are doubts that any other ‘big fish’ will be netted during the course of investigation. Customs Preventive and Inland Revenue Intelligence officials recently gave separate briefings to Federal Board of Revenue (FBR) ... Read More »

FBR all set for today’s TAC meeting, Member Customs to give briefing on taxation issues

ISLAMABAD: Federal Board of Revenue (FBR) has made all arrangements for today’s (Saturday) important meeting of the Tax Advisory Council (TAC).  In response to the invitations dispatched by the FBR to of 22 members to attend the meeting, some 18 members of the TAC have confirmed their participation in today’s meeting.  FBR has key focus to get recommendations from TAC ... Read More »

Participants of 102nd National Management Course visit Peshawar RTO

PESHAWAR: The participants of 102nd National Management Course, National Management College, Lahore, during an Inland Study Tour, have visited RTO, Peshawar along with Sponsor Directing Staff Brig (R) Anwar ul Haq. Dr Ikram Ghani, Chief Commissioner Inland Revenue, RTO, Peshawar, received the distinguished guests and give presentation on history and performance of FBR & RTO, Peshawar. Read More »

Customs duty on imported coal mining equipment exempted

ISLAMABAD: Federal Board of Revenue (FBR) has exempted customs duty on import of coal mining equipment and machinery including vehicles for site use. The top revenue authority, exercising the powers conferred upon it by Section 19 of the Customs Act, 1969 (IV of 1969), exempted the customs duty if the equipment and machinery including vehicles are not being manufactured locally ... Read More »

FBR extends amendments of Active Taxpayers List till 10th

ISLAMABAD: Federal Board of Revenue (FBR) has extended amendment made in Income Tax Rules, 2002 of Active Taxpayer List published for financial year 2013-14 up to April 10, 2015. The revenue authority, exercising the powers conferred upon it by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), extended the amendments of Active Taxpayers List. ... Read More »

Govt urged to focus on IT industry for boosting economy, exports

ISLAMABAD: A delegation of Pakistan Computer Association (PCA) led by its Chairman Munawar Iqbal visited Islamabad Chamber of Commerce and Industry and called upon the government to focus on development of IT industry that has huge potential to stimulate economic growth and exports. Speaking on the occasion, Munawar Iqbal said that current tax regime were not supportive for the growth ... Read More »

Pakistan, China finalise free trade agreement in banking sector

ISLAMABAD: Pakistan and China have finalized the text of agreement on banking sector after two days’ hectic deliberations at the fourth round of second phase negotiations on Pak-China Free Trade Agreement (PC-FTA). PC-FTA is in effect since 2006 and the Ministry of Commerce (MoC) expressed its concern over the insufficient utilisation of the facilities provided under the PC-FTA in which ... Read More »

FBR Chairman Tariq Bajwa meets chief of International Customs

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa held a meeting with International Customs Chief Dr Zubair and discussed the agreements, to end dual taxation with different countries. As per detail, both high ups also inter-shared their views and suggestion on elimination of dual taxation’s agreements to make it more effective for the local businessmen. During the meeting, they also ... Read More »

Customs Preventive, Customs Intelligence to launch joint operation against smuggling

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has directed Customs Intelligence and Investigation Director General Lutfullah Virk to take stern measures against illegal trade and smuggling. Following the direction of Chairman, DG Lutfullah visited the Karachi, Lahore, Quetta, Islamabad and other collectorates chalk out a strategy to curb the menace of smuggling and illegal trade. DG in a meeting ... Read More »

Collector Customs Islamabad orders to reopen Iqbal Minhas promotion case

ISLAMABAD: Collector Customs Collectorate Islamabad Zeba Hai has decided to solve Iqbal Minhas’s case on merit, who was promoted on inspector rank through sports award, but after some time again demoted to the previous rank. As per details Deputy Collector Headquarter Yawar Nawaz has been ordered to represent the file of Iqbal Minhas case again in the Collectorate and expect ... Read More »

Member IR Shahid Hussain Asad to assume charge today

ISLAMABAD: Federal Board of Revenue (FBR) Inland Revenue (IR) Member Shahid Hussain Asad has reached Pakistan after offering Umrah and will assume charge today. As per detail, Member IR Shahid Hussain Asad left for Saudi Arabia to offer religious obligation on March 25 and after a week-long stay and now, he is now in Islamabad. Shahid Hussain Asad, a BS-22 ... Read More »