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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

Duty free import surged by 17.1 percent in 2018/19: FBR report

ISLAMABAD: Despite elimination of exemptions and strengthening enforcement the duty free import surged by 17.1 percent during 2018/2019, according to official documents. The FBR in its report said that the duty free imports increased by 17.1 percent to Rs2,445 billion during fiscal year 2018/2019 as compared with Rs2,087 billion in the preceding fiscal year. The documents revealed that goods under ... Read More »

IMF gives major debt relief to Pakistan

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi on Thursday confirmed that the International Monetary Fund (IMF) has decided to give a one-year relief to Islamabad as the country grappled with coronavirus pandemic. “Developing nations have been hit the hardest with the pandemic,” Qureshi told media. The foreign minister’s remarks follow the announcement of the G20 nations on Wednesday to give one-year ... Read More »

IHC wraps up KPT chairman case as govt withdraws removal notice

ISLAMABAD: The Islamabad High Court (IHC) on Thursday wrapped up the case pertaining to Karachi Port Trust (KPT) Chairman Jameel Akhtar’s removal. According to details, the federal government withdrew its notification of Jameel Akhtar’s removal. The attorney general admitted that the notice which was issued earlier was not right. The Islamabad High Court wrapped up the case after the attorney ... Read More »

FBR issues procedure for clearance of transit cargo at Chaman, Torkham

ISLAMABAD: Federal Board of Revenue FBR has notified procedure required for operations at Chaman/Torkham border regrading clearance of transit cargo. FBR has advised 100 percent scanning of transit cargo at Karachi Seaports/Port Qasim. This condition also applies to the transit cargo, which is lying at seaports & awaiting to be cleared/gated-out. The Customs staff would conduct scanning at the terminals ... Read More »

FBR’s tax collection from salaries increases by 75 percent during first half

ISLAMABAD: Tax collection from salary has increased by 75 percent during first half (July – December) of current fiscal year 2019/2020 owing to changes brought in tax rates through Finance Act, 2019. According to official data, the Federal Board of Revenue (FBR) collected Rs57.5 billion from salary income during July – December 2019/2020 as compared with Rs32.8 billion in the ... Read More »

Investigation of customs scam at Torkham station takes new turn

ISLAMABAD: A major customs scandal at Torkham border station has taken new turn as Afghan authorities confirmed to Pakistani side that certificate of origin in case of 378 consignments of apple were found fake. Prime Minister Imran Khan had already assigned to probe alleged scandal of clearing vehicles without payment of duty and taxes at Torkham border station to Federal ... Read More »

SECP shuts registration offices, facilitation centers amid coronavirus outbreak

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday shut Companies Registration Offices (CROs) and facilitation centers till further instructions as preventive measures against coronavirus disease (COVID-19). The regulator in a circular No. 13/2020 dated April 14, 2020 said that the current outbreak of on Tuesday coronavirus disease (COVID-19) in a substantial number of countries and the evolving ... Read More »

Pakistan’s exports to decline by $3b owing to coronavirus: Razak Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Wednesday said that the State Bank of Pakistan (SBP) has called for deferring debt payments to one year, however, the commercial banks were not cooperating with the business community in this regard. “Commercial banks want more guarantees on the matter,” he said while briefing the National Assembly’s Standing Committee ... Read More »

FBR decides to shun paperwork over corona virus pandemic

ISLAMABAD: Federal Board of Revenue (FBR) has decided to shun use of paper-related work at its offices over fears of corona virus spread. In a series of messages posted on FBR’s official Twitter account, it said that in view of the prevailing corona virus outbreak, the FBR has taken necessary precautions to limit the spread of the virus. “For this ... Read More »

FBR issues refunds of Rs51.5b through FASTER

ISLAMABAD: The Federal Board of Revenue has Issues refunds of Rs51.5 billion through FASTER. According to press note, the FBR has released the latest information relating to the issuance of Refunds through FASTER (Fully Automated Sales Tax E-Refund System). As per record, since July 2019, a total of refunds amounting to Rs64.5 billion were claimed through FASTR System. Out of ... Read More »

Proposal to give WHT relief to cellular consumers in wake of Coronavirus discussed

ISLAMABAD: The Committee on Issues of Cellular Mobile Operators has agreed to prepare proposals for withdrawal of withholding tax as a relief for cellular consumers in the wake of coronavirus outbreak. First meeting of the Committee on Issues of Cellular Mobile Operators was held here on Monday. Federal Secretary Ministry of IT Shoaib Ahmad Siddiqui chaired the meeting. It was ... Read More »

Govt releases Rs4118.810m for power projects

ISLAMABAD: The government has released an amount of Rs 4,118.810 million for various power projects under annual Public Sector Development Programme (PSDP) for fiscal year 2019-20 so far. According to the data of Planning Commission, an amount of Rs 42,531.230 million was allocated for various power sector projects in the current fiscal year. A sum of Rs 3,000 million has ... Read More »

China will continue support to Pakistan in wake of corona virus panedemic: Envoy

ISLAMABAD: Ambassador of the People’s Republic of China, Yao Jing, called on the Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh here. The Adviser welcomed the Ambassador and thanked the Chinese government for all the assistance it has provided so far to Pakistan in dealing with the Corona Virus Pandemic. He then shared with the Ambassador ... Read More »

Customs Today wins national cause, ECC approves 5 to 15 free days for containers

ISLAMABAD: On the proposal moved by the Ministry of Maritime Affairs led by Syed Ali Haider Zaidi, the Economic Coordination Committee (ECC) approved the KPT Board Resolution for extension in existing free period from 5 working days to 15 working days for cargo/containers landing with effect from 25-3-2020 till 30-4-2020. Adviser to the Prime Minister on Finance and Revenue Dr. ... Read More »

Govt unlikely to meet tax collection target, Rs1500b shortfall expected

ISLAMABAD: The government is likely to miss the tax collection target by around Rs1500 billion during ongoing fiscal year mainly due to slowdown in economic activities amid coronavirus spread in the country. Federal Minister for Planning and Development Asad Umar said that tax collection could reduce by Rs1400-Rs1500 billion during ongoing financial year. The federal government had set ambitious tax ... Read More »

Economic affairs division becomes new ministry

ISLAMABAD: The Ministry of Finance, Revenue & Economic Affairs has been bifurcated into two ministries, namely the Ministry of Finance and the Ministry of Economic Affairs Division. Prime Minister Imran Khan on Monday approved these changes, thus declaring economic affairs division a ministry. As per the decision, the finance ministry will now deal with matters only related to revenue and ... Read More »

ECC directs to computerize record of USC & PASSCO to ensure transparency

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. During the meeting, ECC approved the allocation of additional 200,000 M.T of wheat for Utility Stores Corporation from PASSCO, the approved quantity will be released in tranches. The first tranche will be of ... Read More »

SECP relaxes licenses renewal requirement for two months

ISLAMABAD: Amid outbreak of COVID-19 in Pakistan, the Securities and Exchange Commission of Pakistan (SECP) realizing the difficulties face by insurance brokers, insurance surveyors, and authorized surveying officers (ASOs) in renewal of their licenses, has relaxed the requirements in renewal of licenses. A circular in this regard has been issued, said a press release here on Monday. To facilitate the ... Read More »

Rs 332.174m duty evasion: Customs Enforcement lodges FIR against 27 importers, clearing agents

PESHAWAR: At a time when the federal government is struggling to overcome the ongoing fiscal crisis that grips the country due to Coronavirus pandemic, it appears that the national exchequer lost an estimated Rs332.174 million in taxes on apple imports. An FIR has been registered against by Model Customs Collectorate Enforcement Peshawar against 27 importers and customs clearing agents for ... Read More »

Petroleum Division removes DGPC, decides repatriation of other companies’ officers

ISLAMABAD: Petroleum Division has swung into action and removed Director General Petroleum Concession (DGPC) Imran Ahmed besides ordering repatriation of the officers of the companies/attached departments to their parent department/organization within a period of three months. Interestingly, after NAB’s action against DGPC Imran Ahmed and other officers for causing around $ 50 million loss to national exchequer, the petroleum division ... Read More »