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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

Finance ministry releases monthly economic outlook for July

ISLAMABAD: Finance Ministry issued the monthly economic outlook of the country for July 2020, showing a decline in exports and imports of the country during the previous fiscal year 2019-20. According to the finance ministry, the exports have witnessed a 7.2 percent decline in the previous year and stood at United States Dollar (USD) 22.5 billion. Imports also witnessed a ... Read More »

Govt plans to sell shares of OGDCL, other petroleum companies 

ISLAMABAD: Federal Minister for Privatization Muhammad Mian Somroo chaired a meeting of the privatization board and mulled over selling shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Mari Petroleum Company Limited. The meeting mulled over the divestment plan for the three companies while deferred a plan to sell shares of Pakistan Engineering Company Limited ... Read More »

ECC approves mechanism to change petroleum prices after 15 days

ISLAMABAD: Economic Coordination Committee (ECC) meeting headed by Abdul Hafeez Shaikh on Tuesday approved a recommendation for regulating petroleum prices in the country after every 15 days. The ECC meeting mulled over the price mechanism of the petroleum prices besides deciding on fuel prices for the next month. The committee also approved the import of 300,000 metric tonnes of sugar, ... Read More »

NAB approves references against Shehbaz Sharif, Shahid Khaqan, ex-envoy

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice Javed Iqbal has approved filing of three corruption references in Accountability Courts as per law. The detail is as under: First reference has been approved against Mian Muhammad Shahbaz Sharif, Muhammad Hamza Shahbaz Sharif, Salman Shahbaz Sharif and others in accumulation of assets disproportionate to their known sources of income to the tune ... Read More »

FBR to issue exemption from WHT on import of wheat

ISLAMABAD: Federal Board of Revenue (FBR) soon to issue exemption from withholding tax on import of wheat in order to ensure availability of the commodity in the country. Omar Hamid, Secretary Ministry of National Food Security and Research (NFS&R), said while chairing a meeting on wheat import on Monday. He said that taxes and duties have already been abolished by ... Read More »

FBR to obtain CNIC details of unregistered persons making purchases above Rs100,000

ISLAMABAD: Federal Board of Revenue (FBR) will get CNIC details of unregistered persons making purchases above Rs100,000 through monthly sales tax return for July 2020 to be filed by registered persons in August 2020. According to the details, the registered persons are required to provide details of all those unregistered persons who made purchases above Rs100,000. The information of CNIC ... Read More »

Three Faisalabad FBR officials dismissed from service

ISLAMABAD: Federal Board of Revenue (FBR) has dismissed three employees of Regional Tax Office, Faisalabad from service. FBR has issued dismissal orders in accordance with Efficiency and Discipline Rules-1973 after their official misconduct was confirmed during official inquiry. The criminal investigation was underway against these employees and an FIR was also registered against them. The dismissed officials include Abid Iqbal, ... Read More »

Talks on tariff rationalization to start next month: Razak Dawood

ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment, has said that consultations on tariff rationalization with stakeholders will start from next month. He said that tariff rationalization is vital for export-led industrialization in Pakistan and discussions would start with the relevant stakeholders from next month to develop a three year roadmap in this regard. He ... Read More »

FBR provincial authorities discuss single return filing portal

ISLAMABAD: Federal Board of Revenue (FBR) has discussed with the provinces about common portal for single return filing, a statement said on Monday. At the meeting the tax authorities deliberated on ways to facilitate taxpayers under jurisdictions of the federal and the provincial authorities. Member IR Operations D. Muhammad Ashfaq Ahmed presided over the meeting. On the occasion, Director Intelligence ... Read More »

Banks not ready to share client data with FBR: report

ISLAMABAD: Commercial banks are not willing to share details of their account holders with the Federal Board of Revenue, according to media reports on Saturday. According to an FBR document, the board’s anti-benami zones had filed 51 references worth Rs22.8 billion in the last 12 months. These include valuables, commercial assets, luxury vehicles, 60,000-kanal anonymous property and shares worth millions ... Read More »

FBR stops public auction of seized foreign origin cigarettes

ISLAMABAD: Federal Board of Revenue (FBR) has stopped public auction of foreign origin smuggled cigarettes as those goods do not comply with the national health regulations. In a statement issued on Saturday, the FBR clarified that the auction of confiscated smuggled cigarettes of foreign origin have been stopped which were earlier decided to hold by field formations. The decision to ... Read More »

SPI based weekly inflation rate up by 0.21pc

ISLAMABAD: The Sensitive Price Indicator (SPI)-based inflation this week increased by 0.21 percent for the combined income group, according to the Pakistan Bureau of Statistics (PBS). As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 10.50 percent. The Sensitive Price Indicator for the lowest ... Read More »

Services rendered by Dr Arslan Subuctageen will be remembered:  FBR chairman

  ISLAMABAD: Federal Board of Revenue (FBR) held farewell party to recognize the outstanding services of Dr Arslan Subuctageen Member Legal and accounting- Customs FBR on his retirement. According to the details, a farewell party was arranged in honor of Member Legal of FBR on his retirement, it was attended by the Chairman FBR Javed Ghani, Member Customs Operations, S.M. ... Read More »

Cabinet approves amendments in Companies Act, 2017, to meet FATF’s demands

ISLAMABAD: The federal government has approved amendments in the Companies Act, 2017, to meet the demands of the Financial Action Task Force (FATF). According to sources, the Finance Ministry had proposed amendments in the aforementioned act during the last meeting of the federal cabinet. They also disclosed the details of the proposed amendments. Section 60 would be amended through the ... Read More »

Pakistan earns US$464m from travel services’ export

ISLAMABAD: Pakistan earned US $ 464.994 million by providing different travel services in various countries during the first eleven months of fiscal year 2019-20. This shows growth of 19.19 percent as compared to US $ 390.130 million same services were provided during the corresponding period of fiscal year 2018-19, Pakistan Bureau of Statistics (PBS) said. During the period under review, ... Read More »

FBR approves provisional release of consignments stuck up at ports

ISLAMABAD: Federal Board of Revenue (FBR) has approved provisional clearance of consignments stuck up at ports due to the confusion regarding classification of the imported goods. According to sources, Federal Board of Revenue (FBR) has received various representations regarding classification of certain goods in Part-III of the 12th Schedule to the Income Tax Ordinance, 2001, whereas the importers claim the ... Read More »

Persons not on ATL to pay advance tax on educational fee: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that persons not appearing on Active Taxpayers List (ATL) are liable to pay advance income tax at the time of paying educational fee. Officials at FBR  said that through Finance Act, 2020 the condition of paying advance tax under Section 236I of Income Tax Ordinance, 2001 on educational fee had been abolished ... Read More »

Govt signs agreements of $750m with WB, AIIB for RISE Programme

ISLAMABAD: Pakistan Thursday signed two financing agreements valuing US$ 750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme. The World Bank will extend financing of US$500 million and AIIB will provide co-financing of US$250 million for the RISE programme, said a press release. This is concessional ... Read More »

Banks urged to facilitate power plants’ privatization process

ISLAMABAD: Federal Minister for Privatization Muhammad Mian Soomro on Thursday met with the heads of commercial banks and discussed their role in facilitating the privatization process of Balloki Power Plant and Haveli Bahadur Shah Power Plant. While flanked by Adviser to PM on Petroleum Affairs Nadeem Babar, the federal minister for privatization said during the meeting that assistance from banks ... Read More »

Car sales, production slump over 50pc during FY2019-20

ISLAMABAD: The sale and production of cars witnessed decrease of 53.54 and 54.92 percent respectively during the fiscal year 2019-20 compared to corresponding period of last year. During the period under review, as many as 96,455 cars were sold against the sale of 207,630 units while the production of cars decreased from 209,255 units to 94,325 units, showing negative growth ... Read More »