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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

7pc tax will curb growth of nascent e-commerce platforms

LAHORE: Experts have urged the government to withdraw the proposed general sales tax (GST) on e-commerce marketplaces, saying it would dwarf the growth of the nascent market. Speaking to media persons, Daraz Group Global CFO Kiran Faruqi said, “In the federal finance bill 2021, we as an online marketplace have seen several constructive developments, however, there have been certain changes ... Read More »

Carpet exporters demand restoration of Zero Rated Regime

LAHORE: Carpet Training Institute (CTI) Chairperson and former president Lahore Chamber of Commerce and Industry Pervez Hanif while expressing deep concern over the decision not to restore the zero rated regime for five export sectors, said that countries of the world are proving facilitating to their exporters while we are facing obstacles in Pakistan. In a statement, he said the ... Read More »

Flat tariff extension for Industry to accelerate economic activities: Iftikhar Malik

LAHORE: President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik has said that Prime Minister Imran Khan’s prudent decision of flat tariff extension package for Industry till June next will accelerate economic activities and boost industrial production besides bolstering export. Talking to a delegation of industrialists led by Mian Aftab Zia Arain he said that Industry under this package ... Read More »

Fertiliser industry will be forced to increase prices if budget 2021-22 failed to address sales tax & other issues

LAHORE: Stakeholders of the fertiliser industry have said that they will be forced to increase prices if the budget for 2021-22 failed to address the longstanding issues pertaining to the sales tax regime, non-payment of subsidy and delay in release of sales tax refund. In a letter sent to Finance Minister Shaukat Tarin, Fertiliser Manufacturers of Pakistan Advisory Council (FMPAC) ... Read More »

Punjab realtors association calls on govt to withdraw capital gains amendment

LAHORE: The Punjab Federation of Realtors (FOR) has demanded the government withdraw an amendment in the budget relating to taxable gain on disposal of immovable property Thursday. As per the amendment in Section 37 of the Finance Bill 2021, if taxable gain on disposal of immovable property exceeds five million rupees, it shall be chargeable to tax under the normal ... Read More »

LCCI demands withdrawal of Section 203 (A)

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has urged the government to withdraw recently added Section 203 (A) of the Income Tax Ordinance. “The Section 203 (A) will grant power to an officer of Inland Revenue, not below the rank of an Assistant Commissioner of Inland Revenue or any other officer of equal rank authorized by the Board, ... Read More »

Govt slashing 75pc tax on electric vehicles to promote cleaner environment

LAHORE: Punjab moved to check vehicular pollution, withdrawing proposed tax relief on old vehicles (major polluters) and slashing 75pc tax on electric vehicles to promote cleaner environment. However, it brought tractors’ trade under the tax net by replacing the word ‘motor car’ with ‘motor vehicle’ in its finance bill and triggered fears that this essential machine for agriculture will become ... Read More »

NAB chief distributes Rs900m among 660 affectees of Toyota Motors scandal

LAHORE: National Accountability Bureau (NAB) Chairman Javed Iqbal Tuesday said that the National Accountability Bureau (NAB) and corruption could not go together as the anti-corruption department had been set up to serve the poor and not the rich. Addressing a ceremony held to distribute cheques worth Rs 900 million among 660 affectees of Toyota Gujranwala Motors scandal at NAB Regional ... Read More »

Punjab to spend Rs560b on development in FY2021-22

LAHORE: Provincial Finance Minister Makhdoom Hashim Jawan Bakhat said that a total of Rs 560 billion would be spent on developmental schemes/projects of various sectors during the next financial year (2021-2022). During his budget speech in the assembly session here, he said that despite huge economic challenges and repercussions of corona pandemic, the government managed to increase its ADP by ... Read More »

FBR will be able to penalise those retailers who will sell smuggled goods

LAHORE The Federal Board of Revenue (FBR) will be able to penalise those retailers who will sell smuggled goods in the markets of the country. According to the details, now the retailers are required to show receipts to taxmen that they bought goods from the formal sector. It is a major step towards effective enforcement as the FBR is eyeing ... Read More »

Budget 2021-22 termed as tax free

LAHORE: South Asian Association for Regional Cooperation- Chamber of Commerce and Industry  (SAARC-CCI) and United Business Group (UBG) in the federation of Pakistan Chamber of Commerce and Industry (FPCCI) termed the federal budget 2021-22  as tax free, balanced, growth and export oriented with a basket of excellent package of incentives to accelerate the economic activities across the country  in prevailing ... Read More »

Dry Ports will be activated while cargo center will be established at Kot Lakhpat Industrial Area: Azam Swati

LAHORE: Federal Minister Azam Khan Swati has said that Dry Ports will be activated while a cargo center will be established at Kot Lakhpat Industrial area . He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry also spoke on the occasion. ... Read More »

Reduction in custom duty on raw materials bring down prices of medicines

LAHORE: The Lahore Chamber of Commerce & Industry termed the Federal Budget 2021-22 as balanced saying that most of the LCCI proposals have been accepted. While addressing a Press Conference after Federal Budget Speech 2021-22, the LCCI President Mian Tariq Misbah, flanked by the Senior Vice President Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry, said that reduction in ... Read More »

MoU between Higher Education Department & FBR signed

LAHORE: In line with the vision of Prime Minister of Pakistan for promoting Taxation culture in the country, a special signing ceremony of Memorandum of Understanding (MoU) between Higher Education Department, Government of Punjab and Federal Board of Revenue (FBR) was held on Friday at Higher Education Department, Civil Secretariat, Lahore. The Ceremony was observed by Punjab Provincial Minister Higher ... Read More »

More tax reliefs for business community in budget: Makhdoom Hashim Jawan Bakht

LAHORE: Provincial Finance Minister Mahkhdoon Hashim Jawan Bakht has said that Federal and Punjab Budgets for the financial year 2021-22 will be pro-business. Tax reliefs were given in the Punjab Budget 2020-21 and same approach will be adopted in the upcoming budget. The Minister was speaking at the Lahore Chamber of Commerce & Industry along with Chairman Punjab Revenue Authority ... Read More »

Assistant Collector Isfandyar Ikram Khan transfers sepoys, drivers

LAHORE: Collectorate of Customs Enforcement and Compliance (E&C) Assistant Director Isfandyar Ikram Khan has issued notification for transfer and postings of following officials with immediate effect and until further orders:- Fakhar Zaman son of Zamn Baloch, sepoy attached with Collector to ASO in additionto his own duties Maqbool Ahmad son of Ghulam Hussain driver is transferred from headquarters to ASO ... Read More »

Govt to cut 600 tariff lines to boost import substitutions of consumer industries

LAHORE: The government has approved hefty cuts including exemptions on raw materials under 600 tariff lines to boost import substitutions of consumer industries and promote exports from traditional and non-traditional sectors. The decision will be announced in the budget 2021-22. There are also several other tariff lines that will be considered for lower duty reduction. In the budget 2020-21, the ... Read More »

Easy loans being provided under Punjab Rozgar Scheme: Mian Aslam

LAHORE: Punjab Minister for Industry and Commerce Mian Aslam Iqbal has said that easy loans are being provided under Punjab Rozgar Scheme to enable the aspiring people start new businesses or promote existing ones. Talking to newsmen, Mian Aslam Iqbal said loans of more than Rs200 million have been given to 412 people while 615 cases of easy loans of ... Read More »

Govt should announce relief in duty and taxes for small & medium industries

LAHORE: Business fraternity of Pakistan, especially small and medium industries, need special relief measures by the Government to offset the losses the trade and business sector has suffered during the last one and half year because of pandemic COVID-19. The Government should setup an ‘authority’ or a platform which in consultation with the business community could ascertain the losses and ... Read More »

Minimization of import duties on raw material urged

LAHORE: Elimination or at least minimization of import duties on raw material through Tkorkham border in upcoming budget besides others are hoped to be met allowing carpet industry to heave a sigh of relief. In this regard PCMEA meeting which was presided over by  Chairman Pervaiz Sajid. The meeting was attended  office-bearers of South and North Circles through video links, ... Read More »