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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

Debt securities system launched: Dar eyes $1.7b from WB, $500m from Eurobond next month

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that Pakistan is expecting to receive $1.7 billion from World Bank for different projects like Dasu Hydro Power Project during ongoing financial year and will also generate $500 million through the auction of Eurobonds. Pakistan will generate $500 million through the auction of Eurobonds in the international market next month, which will ... Read More »

MoU on ST cross-adjustment: KPK service providers yet to get facility

ISLAMABAD: The Federal Board of Revenue has notified that the retrospective cross-adjustment of Sales Tax on goods and services levied by the Centre as well as the provincial governments will not be available to the service providers/registered persons of Khyber Pakhtunkhwa. As per the FBR notification, the federal government has declared the tax levied under the following laws to be ... Read More »

Refund claims delay contrary to law: FTO rules case of misrule come within its purview

ISLAMABAD: The Federal Tax Ombudsman (FTO) has declared that appeal to Commissioner (Appeals) is not the only option left for a taxpayer/refund claimant when the department fails to dispose of refund claim. The FTO exercises jurisdiction without any restraint in all cases involving maladministration by FBR functionaries. According to details, in verdict, the FTO ruled that the department had failed ... Read More »

ST evasion under zero-rating: FBR gears up for recovery

ISLAMABAD: Awaking to the massive misuse of zero-rated regime, the Federal Board of Revenue has geared up for recovery from textile units and other leading export-oriented companies involved in misuse of SRO 283(I)/2011 and SRO 1125(I)/2011 to avail zero-rating or reduced sales tax facility by supplying goods to non-zero rated sector or unregistered persons. The FBR has issued instructions to ... Read More »

FBR up to probe Iranian diesel smuggling, Gadani incident

ISLAMABAD: The Federal Board of Revenue has constituted a committee comprising customs intelligence and other officials to carry out an investigation into Gadani incident, in which collision between two passenger coaches and a petrol tanker carrying smuggled Iranian diesel killed 35 people in Hub. As per details, the FBR wants to investigate the unabated smuggling of Iranian POL products through ... Read More »

Price stability promised: Dar says economy starts picking up

ISLAMABAD: Finance Minister Ishaq Dar has said that all macroeconomic indicators are reflecting positive direction, showing that the economy has started picking up. “Remittances have increased by 11 percent; revenues up by 17 percent, exports by 6 percent and rupee appreciated by 7 percent and foreign exchange reserve are also improving,” he elaborated on, adding that the impact of rupee ... Read More »

Retailer sector registration: Ex-FBR adviser’s findings offer solution

ISLAMABAD: The findings of former adviser to Federal Board of Revenue chairman can prove to be guidepost for the task force constituted by the FBR chairman to bring retail sector into tax net The former adviser, in a special report on retailers, have recommended reduction in registration threshold from Rs5 million to Rs2.5 million for retail sector. As per details, ... Read More »

3rd tranche of EFF: IMF okays $555.6m for Pakistan

ISLAMABAD: The Executive Board of the International Monetary Fund (IMF) approved third tranche of $555.6 million for Pakistan under the Extended Fund Facility after reviewing the country’s economic performance of second quarter (Oct to Dec) of the ongoing financial year (2013-2014). The completion of the review by the IMF Executive Board enables immediate disbursement of an amount equivalent to SDR ... Read More »

17pc ST on CNG sector: Govt promulgates ordinance

ISLAMABAD: In compliance with the Supreme Court verdict, the government has promulgated Sales Tax Amendment Ordinance to charge 17 percent sales tax, covering net ‘value addition’ tax on Compressed Natural Gas (CNG) stations on the basis of sale price fixed by Oil and Gas Regulatory Authority (Ogra). According to details, the FBR has issued Sales Tax Amendment Ordinance, 2014 to ... Read More »

Smuggled Iranian oil causing huge revenue loss

ISLAMABAD: Diesel and petrol smuggled all the way from Iran is causing substantial loss to the national exchequer in the range varying somewhere close to 100 million rupees daily in the province of Sindh and Balochistan besides compromising safety of human life and vehicles. Pakistan Petroleum Dealers Association (PPDA) Chairman Abdul Sami Khan has said that there are more than ... Read More »

Lutfullah Virk assumes charge as Director General I&I-Customs

ISLAMABAD: Lutfullah Virk has assumed the charge as Director General of the Directorate General of Intelligence and Investigation. Federal Board of Revenue has issued a notification in this regards. It reads Lutfullah Virk (BS-21) of Pakistan Customs Service has relinquished charge of the post of Chief Colllector, office of the Chief Collector Customs (Central), Lahore with effect from 15-03-2014 and assumed charge of the post of Director General, Directorate General of Intelligence and Investigation-Federal Board of Revenue, Islamabad with effect from ... Read More »

Budget proposals: PBC wants FBR to get tougher on unregistered sectors

ISLAMABAD: The Pakistan Business Council (PBC), its pre-budget proposals, has proposed cancellation of Computerised National Identity Cards (CNICs) and passports of the unregistered potential taxpayers who were served notices which returned as ‘unknown’ to ensure compliance. According to details, the PBC which represents 45 largest private sector business groups including multinationals, has submitted budget proposals to the Federal Board of ... Read More »

Sequel to MoU: FBR likely to notify ST cross-adjustment today

ISLAMABAD: Following the signing of an MoU, the Federal Board of Revenue is likely to issue a notification on Monday (today) to allow cross-adjustment of sales tax on goods and services levied by the federal and provincial governments, from July 1, 2014. As per details, the FBR will issue the notification on clearance from the Law and Justice Division. It ... Read More »

Stable Afghanistan vital to economic prosperity: Dar

ISLAMABAD: Federal Finance Ministry Ishaq Dar reiterated Pakistan’s resolve to a strong, stable and peaceful Afghanistan, saying that peace and stability in Afghanistan will lead to greater economic cooperation between the two countries and beyond. The Finance Minister made the remarks while talking to Afghan Ambassador in Pakistan Janan Mosazai who called on him. The ambassador briefed Dar on the ... Read More »

SC verdict: APCNGA seeks e-filing of ST at 17pc

ISLAMABAD: The All-Pakistan CNG Association (APCNGA) appealed to the federal government to provide necessary directives to the FBR to abide by the Supreme Court decision by allowing the CNG sector to electronically file sales tax under the existing sales tax structure in accordance with the apex court’s order. In this regard a meeting between an APCNGA delegation, comprising the association ... Read More »

19pc tax on foam products: FBR clarifies section 3(1A) of ST Act, SRO

ISLAMABAD: The Federal Board of Revenue will charge 19 percent sales tax (17 percent sales tax plus 2 percent extra-tax) on taxable supplies of ‘Proc Mattress Hard Foam,’ being a foam product. According an FBR release, it has issued a sales tax clarification regarding section 3(1A) of the Sales Tax Act 1990 and SRO 648(I)/2013 dated July 9, 2013 to ... Read More »

FBR embarks on drafting budget for 2015

ISLAMABAD: The Federal Board of Revenue has started the process for drafting budget for the next fiscal year (2014-15). In this regard, the board has issued an official communiqué to finalise all arrangements in this regard. According to the FBR, the following FBR officers have been appointed as Chief Coordinator/ Coordinator/Chief Security Officer and Deputy Chief Security Officer for the ... Read More »

Revenue grows by 16pc: FBR collects Rs1.45tr from July to March 21

ISLAMABAD: The Federal Board of Revenue provisionally collected Rs1,453.531 billion from July 1 to March 21 (2013-14) against Rs1,249.938 billion during the corresponding period last year, showing a growth of 16.3 percent. As per details, the FBR has to collect Rs1,022 billion to meet the budgetary target of Rs2,475 billion set for the current fiscal year. It has, however, collected ... Read More »

Govt to invoke tougher laws for taxation: Shahid Asad

KARACHI: Federal Board of Revenue Official Spokesman Shahid Hussain Asad has said that Prime Minister’s Tax Incentive Scheme has failed to produce desired effects as a result of which formation of tougher laws are under consideration. He said that the scheme announced on February 28, 2014 did not produce expected response though the government accommodated the private sector by introducing ... Read More »

Aminullah named as DG IST, KPR

PESHAWAR: Former Federal Board of Revenue (FBR) Sardar Aminullah Khan has been appointed as IST Director General of newly-established Khyber Pakhtunkhwa Revenue Authority. He has assumed charge of his office. Sardar Aminullah Khan, belonged to Inland Revenue Service, has been Economic Minister in Pakistani Embassy in Beijing, China. Prior to this assignment, he served as Member (Enforcement and Withholding Taxes), ... Read More »