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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

GSP demands Rs519m to execute four projects in next PSDP

ISLAMABAD: The Geological Survey of Pakistan (GSP) has demanded Rs519.057 million to execute four projects under the Public Sector Development Programme (PSDP 2020-2021). “Out of these projects, three are related to mineral sector and one project is meant for fuel sector, for which Rs 512.533 million and Rs 6.524 million have been demanded respectively in the next fiscal year,” a ... Read More »

Govt to allocate Rs270b as subsidies for FY21 budget

ISLAMABAD: The federal government is likely to earmark Rs270 billion under the head of ‘subsidies’ for the next fiscal year (FY2020-21). According to sources, the Ministry of Finance, in its budget strategy paper for the next fiscal year, has proposed to keep Rs250 to Rs270 billion for subsidies in FY21. The figure is slightly less than the amount allocated for ... Read More »

Govt allows 10 industries to continue operations to maintain supply of essential items

ISLAMABAD: The federal and provincial governments agreed to allow 10 major industries to continue operations to maintain supply of essential items in the domestic market amid the lock down. The government’s economic team led by Adviser to Prime Minister on Commerce and Industries Abdul Razak Dawood held a virtual meeting with stakeholders to agree on a minimum agenda. “We have ... Read More »

PM Imran directs ministry not to increase gas tariff

ISLAMABAD: Prime Minister Imran Khan in a video message after chairing a high-level meeting on the energy sector has said that no additional burden would be shifted to the gas consumers, rather steps would be taken to facilitate them under the recently announced economic relief package. Special Assistant to the PM on Information Dr. Firdous Ashiq Awan said the meeting ... Read More »

FBR to extend deadline for big retailers to integrate transactions with POS system

ISLAMABAD: Federal Board of Revenue (FBR) is likely to further extend the deadline for big retailers to digitally integrate their trade transactions with real-time point of sale system of the tax authority. The sources said the FBR might extend the last date for integration of point of sales (POS) by big retailers due to ongoing shutdowns related to coronavirus outbreak. ... Read More »

POL products prices to remain unchanged in April

ISLAMABAD: The Spokesperson for the petroleum division in an official statement said that there will be no change in petrol, diesel and other petroleum products price for the month of April 2020. “The prices shall remain constant as they were announced on March 25, 2020. Any speculation regarding prices contrary to this statement ought to be strongly discouraged,” read the ... Read More »

Working ‘expeditiously’ to respond to Pakistan’s emergency coronavirus loan request: IMF

ISLAMABAD: International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Friday said the Fund’s team is working expeditiously to respond to Pakistan’s request for disbursement of an emergency loan to help it fight coronavirus. She said the Government of Pakistan requested financial assistance under the Fund’s Rapid Financing Instrument (RFI) to contain the spread of the virus and provide financial ... Read More »

Imports, exports declining in country due to coronavirus : Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said that the government is in contact with the world financial institutions including World Bank, International Monetary Fund, Asian Development Bank, and other conventional banks for seeking assistance regarding writ off facility of debt for underdeveloped nations. Talking to media, he said, “We will have to approach to international banks, ADB ... Read More »

FBR imposes penalty on two Customs I&I superintendents

ISLAMABAD: Federal Board of Revenue (FBR) has decided to impose penalty on two customs intelligence officers and directed recovery from these officials of such government revenue lost due to their negligence. The FBR imposed penalty of stopping performance allowance for six months. The penalty has been imposed on Saifullah, Superintendent, Directorate of Intelligence & Investigation (Customs), Lahore and Ch. Muhammad ... Read More »

Weekly inflation goes down 1.25pc

ISLAMABAD : The Sensitive Price Indicator (SPI) based weekly inflation report ended on March 26, for the combined consumption group, witnessed a decrease by 1.25 percent as compared to the previous week. According to the latest data released by the Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI) for the week under review in the above mentioned group ... Read More »

Govt won’t allow businesses to go bankrupt amid corona crisis: Razak Dawood

ISLAMABAD: The government will not allow businesses to go bankrupt due to cash flow crisis, the Adviser to Prime Minister of Pakistan for Commerce, Industry and Investment Abdul Razzak Dawood assured Pakistanis. In a video message addressing his countrymen on social media, the advisor said that he is informed of the difficulties being faced by Pakistanis after provinces have imposed ... Read More »

Appearance of parties not essential during hearing in appellate tribunal, ATIR

ISLAMABAD: Ministry of Law and Justice issued office order granting exemption to parties during court hearing due to corona virus situation. The office order read as “in view of the prevailing circumstances in the wake of corona virus spread, no adverse orders may be passed due to non-appearance of any party, lawyer or authorized representatives  as the case may be, ... Read More »

FBR may extend date for POS integration for Tier-1 retailers up to March 31

ISLAMABAD: Federal Board of Revenue (FBR) is likely to extend the last date for big retailers to integrate their point of sales (POSs) with the online system of the tax system owing to ongoing lockdown to prevent spread of coronavirus. The sources told that the last date was extended up to March 31, 2020 for Tier 1 retailers to integrate ... Read More »

FBR promotes Saifuddin Junejo, Samina Tasleem Zehra to BS-21

ISLAMABAD: The Federal Board of Revenue (FBR) has notified promotion of two BS-20 officers of Pakistan Customs Service (PCS) into BS-21 with immediate effect and until further orders. According to notification the promoted officers include Dr. Saifuddin Junejo and Dr. Samina Taslim Zehra. Read More »

FBR receives 60,000 more income tax returns after new ATL

ISLAMABAD: Number of tax returns filing for the tax year 2019 reached the 2.59 million mark up to March 23, the official data showed. The Federal Board of Revenue (FBR) received 60,000 more income tax returns since the launch of new active taxpayers list (ATL) for tax year 2019 on March 1, 2020. The FBR updates ATL every week and on ... Read More »

ECNEC gives go ahead to Toiwar/Batozai Storage Dam project

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting the Executive Committee of the National Economic Council (ECNEC) here. ECNEC approved the “Toiwar/ Batozai Storage Dam Project District Killa Saifullah, Balochistan at the 2nd revised cost of Rs 4905.667 million. Irrigation Department Government of Balochistan will execute the project. The project will ... Read More »

Pakistan in talks with IMF for additional Rs1.4bn amid coronavirus crisis: Hafeez Shaikh

ISLAMABAD: Pakistan is in talks with the International Monetary Fund (IMF) for an additional sum of Rs1.4 billion owing to the ongoing coronavirus crisis, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh announced on Wednesday. “This sum [of additional money] is separate from the current programme”, Dr Shaikh said, referring to the ongoing three-year IMF Extended Fund ... Read More »

Medicinal imports dip over 8pc in 8 months of FY 2019-20

ISLAMABAD: The imports of medicinal products into the country during the first eight months of current financial year (2019-20) dipped by 8.82 percent as compared to the corresponding period of last year. Pakistan imported medicinal products of worth US $ 677.803 million during July-February (2019-20) compared to the imports of US $ 743.353 million during July- February (2018-19), showing negative ... Read More »

Govt’s Rs1.2tn relief package ‘to provide relief to vulnerable’ people: Hammad Azhar

ISLAMABAD: The government has announced an economic relief and stimulus package worth Rs1.2 trillion to help the local industry and offer “support to poor”, Economic Affairs Minister Hammad Azhar said as employees and businesses across Pakistan bear the brunt of the coronavirus lockdown. In a Twitter post, Azhar said the package “seeks to provide relief to vulnerable, support to poor, ... Read More »

Sales tax, FED return filing date extended

ISLAMABAD: The Fede­ral Board of Revenue (FBR) on Tuesday extended last date for submission of sales tax and federal excise duty (FED) returns for the period of January and February. In a statement, the FBR said it will also accept payment of duty and taxes online to facilitate taxpayers amid the ongoing coronavirus situation in the country. According to a ... Read More »