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Islamabad

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

Govt releases Rs 429.17b for development projects

ISLAMABAD: The Federal government has so far authorized release of Rs 429.17 billion for various ongoing and new social sector uplift projects under its Public Sector Development Programme (PSDP) 2019-20, as against the total allocation of Rs 701 billion. Under its development programme, the government has released an amount of Rs190.87 billion for federal ministries, Rs136.68 billion for corporations and ... Read More »

Govt tables tax laws amendment bill in Senate

ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government presented draft regulations of money bill and Tax Laws Amendment Bill, 2020, in the Senate session on Tuesday. Federal Minister for Parliamentary Affairs Azam Swati presented the bills in the session, drawing criticism from the opposition benches. Raja Zafarul Haq objected over the procedure for presenting bills in the upper house and said that ... Read More »

Pakistan’s economy strengthening & improving: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar on Tuesday took to Twitter to hit back at criticism of the PTI government’s economic policies. Responding to a tweet by a journalist who slammed the country’s low GDP growth rate of 2.8, he questioned: “If it was so simple than why Moody’s downgraded Pak economy when it was growing at 5% ... Read More »

FBR conducts audit & scrutiny of all refund cases

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday said that FBR conducts audit of all refund cases. The FBR said that “it is baseless to assume that FBR does not conduct the scrutiny. The processing of the case may take time but it is certain that all refund cases are audited.” Earlier, the FBR issued a clarification on the news ... Read More »

ECC approves amendment extending exemption from RD to export oriented units

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of Economic Coordination Committee (ECC) of the Cabinet here. ECC also approved the amendment in SRO 192(1)/ 2019 dated 11-02-2019 extending exemption from regulatory duty to export oriented units. ECC considered and approved the grant of amount Rs153.25 million from the budget of ... Read More »

Reduction in tax collection target by Rs350b to be sought from IMF

ISLAMABAD: Following the new round of talks with the International Monetary Fund (IMF) for the release of third tranche of about $450 million under the $6 billion Extended Fund Facility (EFF), Pakistan may consider bringing a mini budget to overcome the shortfall in tax collection by slapping more taxes or cut down expenditures in order to keep the budget deficit ... Read More »

Govt has taken several initiatives to bring down prices: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said the federal government has taken several initiatives to bring down the prices of various commodities. “The inflation rate in the country would start receding soon which would gradually come down to comfortable level,” the finance adviser said. “The nation will see that soon the prices start ... Read More »

FBR to impose penalty of Rs5000 for each invoice for not obtaining CNIC

ISLAMABAD: Federal Board of Revenue (FBR) has decided to impose penalty of Rs5000 on registered persons over their failure to obtain CNIC information of buyers. Sources in the FBR said that as per updated Sales Tax Act, 1990 up to December 31, 2019 any person who fails to issue an invoice when required under this Act, then such person shall ... Read More »

Govt borrowed Rs4.11 trillion to finance budget deficit in 15 months

ISLAMABAD: A press release issued by the Ministry of Finance stated that the government borrowed only Rs 4.11 trillion to finance its budget deficit. The press release further stated that  the finance division lays before the National Assembly the debt policy statement and fiscal policy statement every year to fulfill the requirements laid out under Section 6 and 7 of ... Read More »

FBR obtains information regarding buyers & sellers of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) obtained information of buyers and sellers of immovable properties during the period July – December 2019. According to media, the bulk of information was provided by provincial property registrar offices and housing societies along with complete details of buyers and purchasers. The information would be used for detecting concealment of tax money and quantum ... Read More »

FBR clarifies news about fake tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) issued a clarification on the news aired on electronic media about the issuance of fake refunds. FBR has explained that two processes are being used to deal with refund cases. The first is the processing of refunds through automated system for the exporters. In this process, the audit of the refund is conducted after ... Read More »

Govt’s rigorous monitoring help ease higher inflation

ISLAMABAD: Ministry of Finance has said that the outcome of stabilization policies, agriculture sector interventions, rigorous monitoring at federal/provincial levels and favourable weather will bring in better results in easing out inflation and sustain the economy towards growth and productivity in the coming days. Adverse effects of pre-monsoon rains on wheat crop, disruption of supply chain of essential items due ... Read More »

Total tax collection increased by 17pc: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Saturday released the tax revenue collection figures for the month of January, 2020 and the number of returns filed in the Tax Year 2019 as both increased by 17 percent and 40 percent respectively. According to the official data, the provisional collection figure for January 2020 is 320 billion which is 17 perent ... Read More »

FBR assigns look after charge of chairman to Nausheen Javaid Amjad

ISLAMABAD: Federal Board of Revenue (FBR) assigned look after charge of chairman Federal Board of Revenue to Ms. Nausheen Javaid Amjad BS-22 officer of Inland Revenue Service. A notification issued by FBR read as “Ms. Nausheen Javaid Amjad, BS-22 officer of Inland Revenue Service presently posted as Member (Admin), Federal Board of Revenue (HQ), Islamabad is assigned the look after ... Read More »

‘Inevitable’ currency devaluation led to highest external deficit: Hammad Azhar

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar says the country’s debt to GDP ratio is projected to decline in coming years. In a series of tweets on Saturday, he said Pakistan’s public debt increased from “72% to 84% of GDP” during the fiscal year 2018-19 as close to half this increase came from devaluation. “The devaluation became inevitable due ... Read More »

CNIC condition for transactions above Rs50,000 to be enforced from Feb 1

ISLAMABAD: The relaxation offered by the government on the condition of presenting CNIC copies for transactions over Rs50,000 has ended with the month of January. The mandatory condition will come into force from February 1 on Saturday (today). Back in July 2019, the FBR notified provisions making it mandatory for ordinary citizens to show Computer National Identity Card in case ... Read More »

Foreign investment in govt debt touches $2.9b

ISLAMABAD: Foreign investment in government securities has reached $2.915 billion in the current fiscal year of 2019/20, according to the central bank data. The country received a net $2.879 billion foreign investment in short term treasury bills from July 1, 2019 to January 30, 2020. Pakistan Investment Bonds attracted $36 million foreign investment in the period under review. In the ... Read More »

FBR transfers Jawwad Agha, Javed Ghani & 11 PCS officials of BS-20

ISLAMABAD: Federal Board of Revenue issued orders for transfer and posting of 13 Pakistan Customs Service (PCS) officers with immediate effect and until further orders:- Details are as under: Member (Customs Policy) FBR HQ Javed Ghani (BS-22) is transferred and assigned additional charge of Member Customs (Operations), FBR HQ, Islamabad. Member (Customs Operations) FBR, Jawwad Uwais Agha (BS-21) is transferred ... Read More »

FBR extends date of filing of income tax returns till Feb 10

ISLAMABAD: Federal Board of Revenue (FBR) extended date of filing of income tax returns/statement for tax year 2019. A circular issued by FBR read as “in exercise of the powers conferred under Section 214-A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to extend the date of filing of income tax returns/statements for the Tax ... Read More »

FBR detects big money laundering scam in Peshawar

ISLAMABAD: The Federal Board of Revenue unearthed one of the largest alleged money laundering and terror financing operations based out of Pakistan in which one of the accused possessed over Rs6 billion in different bank accounts but barely paid any taxes. According to media, FBR Directorate of Intelligence and Investigation in Peshawar moved the application seeking information against multiple bank ... Read More »