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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

Appraisement West lodges FIR against suspects for submission of fake PRCs for import of used vehicles

KARACHI: Keeping in line with the directions of Member-Customs Operations, Federal Board of Revenue and the Chief Collector of Customs Appraisement South, Karachi to curb the menace of misdeclarations and submission of fake documents for the clearance of old & used vehicles under Personal Baggage (PB) scheme, the Collectorate of Customs, Appraisement (West), Karachi tightened the controls and kept extra ... Read More »

No new taxes but exemptions to be withdrawn: Shoukat Tarin

KARACHI: Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has said that present government will not impose any new taxes in the upcoming ‘mini budget’, but it will withdraw a few tax exemptions given to various sectors in an effort to increase revenue. It is pertinent to mention here that the government will table the supplementary budget ... Read More »

70 enterprises get active status in SEZs: SBP

KARACHI: The Special Economic Zone Management Information System (SEZMIS) has facilitated the grant of the active zone status to 70 enterprises by the Board of Approvals (BOA) compared to 200 in the last eight years, according to the State Bank’s report on SEZs in Pakistan. Potential zone enterprises have to submit an online application to purchase land from the developer ... Read More »

Pakistan’s forex reserves fall by $776m during one week: SBP

KARACHI: Pakistan’s foreign exchange reserves have declined by $776 million during a week owing to external debt repayment, the State Bank of Pakistan (SBP) said on Thursday. The country’s foreign exchange reserves fell to $22.774 billion by the week ended November 19, 2021 as compared with $23.55 billion a week ago. The reserves held by the SBP fell by $691 ... Read More »

Central govt debt up 4pc in 1Q of FY22: SBP

KARACHI: The country’s central government debt increased by four per cent in the first quarter (July-September) of the current fiscal year while external debt also went up by almost the same percentage, according to a report issued by the State Bank of Pakistan (SBP). The report shows that the central government’s total debt was Rs40.259 trillion by the end of ... Read More »

JS Bank Forum office inaugurated

KARACHI: JS Bank, one of the fastest-growing banks in Pakistan, has announced the opening of its new agile office at the Forum, Karachi. This office is designed in line with the “Beyond Banking” motto that JS Bank has integrated into its culture and experience. The architecture and design reflects the shift in culture that the bank has brought about in ... Read More »

Pakistan’s economy rebounded during FY21: SBP

KARACHI: The country’s economy rebounded during the fiscal year 2021-21 with real GDP growth rising to 3.9%, reported the State Bank of Pakistan (SBP). In its annual report titled ‘State of Pakistan’s Economy’ — which reviewed FY21 — the central bank stated that the expansion in economic activity was accompanied by a 10-year low current account balance that contributed to ... Read More »

Sindh govt appoints Dr. Wasif Memon as SRB chairman

KARACHI: The Sindh government has issued a notification dated November 23, 2021, to appoint Dr. Wasif Ali Memon as the chairman of the SRB. Dr. Wasif Ali Memon, a former senior officer of the Federal Board of Revenue (FBR), has been appointed as the Chairman of the Sindh Revenue Board (SRB) by the provincial government. Dr. Wasif was already working ... Read More »

SHC seeks compliance report from customs officials on petitions filed by M/s Junaid Enterprises

KARACHI: A two-member bench granted urgent application and called compliance report from customs department on constitutional petitions filed by Khalid Mehmood for M/s Junaid Enterprises and other. On 23 November 2021, a two-member bench, comprising Justice Shafi Muhammad Siddiqui and Justice Agha Faisal heard the matter. During the hearing, Rana Sakhawat Ali advocate for petitioner, Muhammad Rashid advocate for customs ... Read More »

Customs Court frames charge against M/s A.H International & others in Rs17. 79m tax evasion case

KARACHI: The Customs Court framed charge against Basharat Ali, owner of M/s A.H International and others and issued summons to prosecution witnesses for recording their statements on next date of hearing in first information report (FIR) for illegal removal of into-bond goods by evading legitimate government revenue amounting to Rs17. 79 million. On 23 November 2021, during the hearing, accused ... Read More »

Customs I&I seizes smuggled goods & vehicles worth Rs78.3m during last week

KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has seized smuggled foreign origin goods worth Rs78.3 million during different operations during last week. Sources said that Director Khalil Yousafani has the directed the Anti-Smuggling Organization (ASO) to curb the smuggling of foreign origin goods. The seized goods include one Toyota Corolla, one Toyota Mark-X, cloth, dried milk, betel nut and ... Read More »

SHC disposes of petition filed by M/s Black Gold Industries

KARACHI: A two-member bench of the Sindh High Court (SHC) comprising Justice Shafi Muhammad Siddiqui and Justice Agha Faisal disposed of a constitutional petition filed by M/s Black Gold Industries seeking release order for its imported consignment of mixed iron steel scrap. On 22 November 2021, during the hearing, Kafeel Ahmed Abbasi deputy attorney general, Hussain Bohra assistant attorney general ... Read More »

Customs Court frames charge against owner of M/s Arsalan Company in mis-declaration scam

KARACHI: The Customs Court framed charged against suspect namely Arsalan Akram son of Akram Rasheed owner of M/s Arsalan Company and summons prosecution witnesses for recording their statements, who are nominated in first information report (FIR) for mis-declaration and concealment of actual description, specifications and constituent material to deceive application of correct assessable value. On 22 November 2021, the above-mentioned ... Read More »

SBP tightens regulatory, consolidates authority over financial institutions

KARACHI: The State Bank of Pakistan (SBP) has revised the Corporate Governance Regulatory Framework which means strengthened the regulatory for Banks and Development finance institutions (DFIs) to meet international standards. The objective of this revision is to “further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices”, the statement ... Read More »

SBP, FIA join hands to curb money laundering, digital fraud

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir emphasised the need for closer cooperation amongst banks, the central bank and the Federal Investigation Agency (FIA) so that “white-collar crimes are expeditiously investigated and fraudsters are apprehended and prosecuted.” According to a statement issued by the central bank, a meeting was held under the chairmanship of Baqir to strengthen ... Read More »

SHC dismisses petitions filed by M/s Ghandhara Industries Private Limited challenging imposition of additional customs duty

KARACHI: A two-member bench of the Sindh High Court (SHC) dismissed the constitutional petitions as not press along with pending applications filed by M/s Ghandhara Industries Private Limited challenged imposition of additional customs duty through SRO 845(I)/2021 & 904(I)/2021. On 19 November 2021, a two-member bench, comprising Justice Shafi Muhammad Siddiqui and Justice Agha Faisal heard the matter. During the ... Read More »

Customs Court approves charge sheet against owner of M/s Transcom Tech in tax evasion scam

KARACHI: The Customs Court approved charge sheet and supplied copy of the case to counsel for suspect namely Rahim Zaada, owner of M/s Transcom Tech for framing charge on next date of hearing, who was allegedly involved for committing tax fraud by obtaining sales tax refund on the strength of fake and flying invoices and false zero-rated supplies without having ... Read More »

Sustainable growth is our goal: SBP Governor Reza Baqir

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir said on Friday that with the news of Saudi aid, our exchange rate has come down from Rs 175 to Rs 170 while the exporters have started devaluing the dollar after the exchange rate has come down. Speaking exclusively in Dunya News program “Dunya with Kamran Khan Kay Sath” after ... Read More »

Customs Court frames charge against suspect in bogus refund of sales tax scam

KARACHI: The Customs Court framed charged against Muhammad Jawaid of M/s Friends Enterprises and summons to prosecution witnesses for recording their statements for next date of hearing, in first information report (FIR) for fake/ bogus input and refund of sales tax amounting to Rs681,275 and Rs962,030. On 19 November 2021, during the hearing, above-mentioned accused appeared before the court along ... Read More »

Monetary policy: SBP jacks up interest rate by 150 bps to 8.75pc

KARACHI: In line with market expectations, the State Bank of Pakistan (SBP) on Friday announced an increase of 150 basis points in its benchmark policy rate in a bid to contain runaway inflation, which threatens to destabilise the economy. The central bank had earlier brought forward its monetary policy review meeting in light of “recent unforeseen developments that have affected ... Read More »