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Juneid Akram posted as DG Post Clearance Audit

ISLAMABAD: Juneid Akram, a BS-20 officer of Pakistan Customs Service, has been transferred and posted as Director General (OPS), Directorate General of Post Clearance Audit, Islamabad with mediate effect. The officer, who was posted as Director, Directorate of Intelligence & Investigation, FBR, Faisalabad, has been asked to relinquish/assume charge using online HRMS facility made available at all FBR major field ... Read More »

12.2% growth: FBR collects Rs1,157b in July-Dec 2014 against Rs1,031b of last year; Rs30b shortfall in Dec

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs1,157 billion during July to December of the current fiscal year as it collected Rs1,031 billion during the same period of last financial year, reflecting the growth of 12.2 per cent. During the month of December 2014, the Board faced Rs30 billion revenue shortfall as it collected Rs253 billion against the target ... Read More »

Dar to defend imposition of 5pc GST on POL products in Senate

ISLAMABAD: Finance Minister Ishaq Dar will give arguments on the increase in General Sales Tax (GST) on petroleum products from 17 to 22% in the Senate in a next few days. On Tuesday, the government decided to increase sales tax on petroleum products from 17 percent to 22 and the Federal Board of Revenue (FBR) issued a notification in this ... Read More »

Two-day Pak-Afghan meeting to discuss bilateral, transit trade

ISLAMABAD: All is set for two-day meeting of Afghanistan-Pakistan Transit Trade Coordination Authority (APTTCA) starting from Thursday (today) at the federal capital. Secretary Commerce and Afghan Acting Minister for Commerce will co-chair the meeting to discuss issues pertaining to bilateral trade as well as to overcome the impediments in this regards. The APTTCA was formed in 2011 when both Pakistan ... Read More »

FBR delegation to attend seminar in Malaysia

    ISLAMABAD: Two officers of the Federal Board of Revenue (FBR) will participate in four-day seminar on Tax Compliance Mechanism and Design in Malaysian capital Kuala Lumpur from January 12 to 16, 2015. Seminar is being organised by Organisation for Economic Cooperation and Development (OECD) in collaboration with Malaysian Tax Authority. OECD has mission to promote policies that will improve ... Read More »

Communication gap main hurdle in export promotion to Spain

    ISLAMABAD: The Ministry of Commerce (MoC) has found out lack of information and lack interaction among business communities as a major hurdle in promotion of Pakistan’s exports to European countries especially Spain. “Although business communities of Pakistan and Spain possess enormous potential and capacity to higher bilateral trade and trade activities yet lack of knowledge and lack of ... Read More »

Finance Ministry goes extra miles to ensure welfare of KSSL employees

ISLAMABAD: The Finance Ministry has taken additional steps for the welfare of employees of Kissan Support Services (Pvt) Limited (KSSL). The KSSL was established in 2006 as a subsidiary of Zarai Taraqiati Bank Ltd (ZTBL) with a purpose to outsource bank’s no core activities including, sports, security services, provision of man power (clerical and non-clerical staff), janitorial services and canteen ... Read More »

Rs20 per litre cut in oil prices: FBR to face Rs70b revenue loss, collects Rs900b in July-Nov

ISLAMABAD: The government has to face Rs70 billion loss annually after declining trend in petrol prices. This was disclosed by Federal Board of Revenue (FBR) officials during a meeting under the chair of Finance Minister Senator Ishaq Dar. The meeting was convened to devise a strategy for revenue collection in second half of current fiscal year. The government has reduced ... Read More »

Customs intelligence to write to RTOs to check record of Smart Zone-linked traders

ISLAMABAD: In the smuggling case against TCS and Smart Zone, the Directorate General of Customs Intelligence and Investigation has decided to write to regional tax offices to check record of traders and dealers who bought non-duty paid items from Smart Zone. Customs intelligence sources said the officials had sent notices to the dealers for buying goods without sales tax invoice ... Read More »

Pakistan’s exports of mineral products stand at over 2.3 metric tonnes

ISLAMABAD: Pakistan exported over 2.3 metric tonnes of some 23 species of minerals to dozens of countries in last year. The Pakistan Mineral Development Corporation (PMDC) is an autonomous corporation attached to the Ministry of Petroleum and Natural Resources. It was created in 1974 with an authorized capital of Rs 1,000 million to expand and help mineral development activities in the country. The ... Read More »

Finance Ministry to study monetary practices in regional countries

ISLAMABAD: To understand the prevalent monetary policy practices in regional countries, the Finance Ministry has decided to conduct a study on the basis of information collected through a survey. “Representatives from the Finance Ministry, Federal Board of Revenue (FBR) and other departments concerned are sent to attend seminars, workshops, symposiums and other such activities in regional countries to gather more ... Read More »

Traders plan to go on strike against SRO-608

ISLAMABAD: All Pakistan Traders Union has postponed the call of strike until December 31 due to Peshawar incident. The union president Ajmal Baloch told Customs Today that the government had decided to remove SRO-608 but did not implement the decision. “We have not taken back the decision of strike but postponed due the tragic incident of Peshawar. The second problem ... Read More »

Proposals for Afghanistan-Pakistan-Tajikistan Transit Trade Agreement being finalised

ISLAMABAD: The Commerce Ministry has started finalisation of proposals and recommendations for trilateral Afghanistan-Pakistan-Tajikistan Transit Trade Agreement (APTTA). The recommendations will be presented in the fifth meeting of Afghanistan-Pakistan Transit Trade Coordination authority (APTTCA) to be held on 2-3 January 2015 in Islamabad. At the fourth meeting in Kabul last year, all sides expressed the resolve to intensify efforts to ... Read More »

Mills will have to get clearance certificate for sugar export

ISLAMABAD: Sugar mills will have to seek clearance certificates regarding outstanding arrears of growers from the cane commissioner prior to applying for export of sugar. According to the Sugar Factories Control Act 1950, the cane commissioner has powers of a collector under the Punjab Land Revenue Act 1887 and the Punjab Tenancy Act 1887 or any other enactment relating to ... Read More »

Chairman FBR Tariq Bajwa likely to become next Punjab Chief Secretary

ISLAMABAD: It is expected that after the retirement of current Punjab chief secretary Naveed Akram Cheema, Chairman FBR Tariq Bajwa is expected to be the next Punjab chief secretary. He has been very active throughout his career and especially he collected maximum revenue in his tenure during his services for FBR. His name is becoming popular for the Punjab chief ... Read More »

FBR completes audit of 1200 cases against tax evaders

ISLAMABAD: The Federal Board of Revenue (FBR) has given directions to the field formations that audit of 40 percent cases should be completed until December 31. As many as 3200 cases had been sent to the RTO Islamabad out of which 400 cases have been given to zone two and 1400 each have been given to zone one and zone ... Read More »

ANF seizes 3.3-ton drugs worth Rs333m, arrests 12 drug traffickers

ISLAMABAD: Anti-Narcotics Force (ANF) recovered huge quantity of drugs including 3331.850kg charas and heroin-filled capsules worth Rs333 million and arrested arrests 12 drug traffickers & seized four vehicles during seven different operations launched across the country. As per details, the ANF Quetta conducted a successful intelligence-led operation and seized 3281kg charas (garda) from uninhabited area of Killi Habib Zai, Dashti ... Read More »

Govt starts registering traders under SRO-608

ISLAMABAD: The government has started registration of the traders as prescribed in SRO-608 and notices have been issued to them. The traders have to pay tax on the sales. The government did not remove the SRO even after the calls of strike. The traders are doing their dire struggles to remove SRO but the Finance Minister Ishaq Dar has made ... Read More »

FBR starts deliberations to convert CNICs into NTNs

    ISLAMABAD: The Federal Board of Revenue (FBR) has started deliberations to convert computerized national identity cards (CNICs) into national tax numbers (NTN). “The main objective to adopt this system is to facilitate the taxpayers,” a source at the FBR told this scribe, adding that this system would enable the FBR to trace out anybody with lavish lifestyle but ... Read More »

Net Domestic Assets of banking system expand up to Rs 743 billion

ISLAMABAD: The Net Domestic Assets (NDA) of the banking system of Pakistan have expanded up to Rs 743 billion in the first half of the current fiscal year which marked a growing economic activity in the country. “Volume of NDA of country’s banking system in the first half of the previous fiscal year was Rs 595.3 billion,” a well placed ... Read More »