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Home / Author Archives: M Arshad

Author Archives: M Arshad

FBR traces no incident of pilferage of Afghanistan bound Indian tea in Pakistan


ISLAMABAD: The Federal Board of Revenue (FBR) has not traced any pilferage of Indian tea in Pakistan which is meant for transit to Afghanistan, sources said. There has been a consistent import trend in terms of quantity as average quantity imported in a month during FY 2016-17 is around 41 MT/month, and for the first eight months (July-Feb) of FY ... Read More »

FBR to continue policy of different tax rates for filers, non-filers in next FY

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: In the wake of outstanding results in terms of enhancing the tune of revenue collection and number of fillers in last five years, the Federal Board of Revenue (FBR) will continue the policy of different tax rates from filers and non-filers in the coming fiscal year. Since the introduction of this policy during Tax Year 2013 the number of ... Read More »

FBR to achieve record revenue collection of Rs 4 trillion during current fiscal year: Dr Miftah


ISLAMABAD: Dr Miftah Ismail, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, has said that the Federal Board of Revenue (FBR) is going to achieve all times higher revenue collection target of Rs 4 trillion by the end of current fiscal year. Addressing the closing session of “Leaders in Islamabad Business Summit 2018”, Dr Miftah said that ... Read More »

FBR launches one-window facility for registration of company, NTN


ISLAMABAD: The Federal Board of Revenue (FBR), in collaboration with Securities and Exchange Commission of Pakistan (SECP), has launched a one-window facility for the registration of a company and the national tax number (NTN). This step has been taken as part of easing the doing of business process in the country as well as to reform the taxation system for ... Read More »

Ports & Shipping ministry plans to conduct study for potential sites for new ports


ISLAMABAD: In the wake of important role of maritime transportation in the national economy, the Ministry of Ports and Shipping (Maritime) has planned to carry out a study for potential sites for new ports in the country. The study will identify the sites and details. Presently, Pakistan has three sea ports namely Karachi Port, Muhammad Bin Qasim Port and Gwadar ... Read More »

FBR’s consistent soaring performance plays key role in fiscal consolidation

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: The soaring performance of Federal Board of Revenue (FBR) in last five years has played key role in fiscal consolidation of national economy. FBR demonstrated marvelous consistent performance in terms of revenue collection which hiked during every fiscal year in last five years. In fiscal year 2012-13 FBR’s revenue collection stood at Rs1,946 billion which gone up to Rs,361 ... Read More »

PNSC not willing to incorporate changes in contract with PSO on transportation of furnace oil


ISLAMABAD: The Pakistan National Shipping Corporation (PNSC) has refused to incorporate required changes in the Contract of Afreightment (COA) with Pakistan State Oil (PSO). The PSO had sent a comprehensive revised draft of contract to the PNSC, covering all the areas of concern. The Federal Minister for Ports and Shipping told Customs Today that the PSO signed an agreement with ... Read More »

IMF declares Pakistan’s near-term outlook for economic growth favourable


ISLAMABAD: The International Monetary Fund (IMF) has declared Pakistan’s near-term outlook for economic growth as broadly favorable with real GDP expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in the agriculture sector. Inflation has remained contained, it said. However, the ... Read More »

FBR to gradually reduce corporate tax rates, rationalize customs tariffs to expand tax base


ISLAMABAD: The Federal Board of Revenue (FBR) is following a policy of gradual reduction of corporate tax rates and rationalization of the tariff regime in customs for better trade and business activities. Through these measures, the  board wants to achieve  revenue targets without passing through the process of revising the revenue collection targets because the FBR authorities are of the ... Read More »

NA Finance committee seeks detailed briefing from govt on FATF decision towards Pakistan

Photo of Committee on Finance Revenue and Economic Affairs

ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue on Wednesday sought a detailed briefing on the issue of Financial Action Task Force (FATF) decision with regard to Pakistan. FATF Paris meeting held last week had given almost three months’ deadline to Pakistan to meet the given standards to avoid placement on the grey list. The Committee also decided ... Read More »

Federal budget: FBR to propose exemptions, reduction in duties and taxes on new industrial units


ISLAMABAD: In its budgetary proposals, the Federal Board of Revenue (FBR) is likely to recommend the government to grant exemptions and reduce the rates of duties and taxes on new industrial units. “Currently, the FBR is not holding any kind of discussion to reduce duties / taxes on setting up of new industries and businesses. Such proposals are often considered ... Read More »

FBR follows hectic & risk free mechanism in selection of cases for audit


ISLAMABAD: The Federal Board of Revenue (FBR) follows a hectic and risk free mechanism in the selection of cases of withholding taxes for audit. The selection of cases for audit is done by both the concerned commissioner and Federal Board of Revenue (FBR) on the basis of based on risk parameters approved by the FBR. The monthly withholding statements filed ... Read More »

Pak-Afghan trade up by 14.08pc in first half of fiscal year 2017-18


ISLAMABAD: Trade between Pakistan and Afghanistan had been declining for the last two fiscal years, but increased by 14.08 percent during the first six months of the current fiscal year, sources said. Pakistan’s exports to Afghanistan has increased by 10.95 percent and imports by 23 percent, they said. Afghanistan has imposed high tariffs on Pakistani products like juices, cement, pharmaceuticals ... Read More »

FBR sends seven officials to attend senior management course


ISLAMABAD: With the objectives to enhance the working capacity of senior officials along with sensitization about best international practices in the field of tax collection, the Federal Board of Revenue (FBR) has moved seven officers of grade 19 to senior management course. The course will teach officers how to become successful tax professionals, specialists in preparing individual and small business ... Read More »

FBR approaches FPSC to fill vacant posts of Customs inspectors in Quetta


ISLAMABAD: The Federal Board of Revenue (FBR) has forwarded a list of the vacant posts of customs inspectors in the Customs Collectorate, Quetta, and other formations to Federal Public Service Commission (FPSC) for direct recruitment. The vacant posts have been deeply affecting the performance of the department in terms of revenue collection over the years and undermining efforts of the ... Read More »

Internal, external factors reduce Pakistan’s exports


ISLAMABAD: Despite declining trend of competitiveness of a number of export items in the international markets since last five years, exports have increased in the first half of the current fiscal year as compared to the corresponding period of the previous fiscal year (July 2016-January 2017. “The stagnation in the major world economies led to low demand of Pakistani goods. ... Read More »

FBR to sign accord with NLC to upgrade terminals at Torkham, Chaman borders


ISLAMABAD:  The Federal Board of Revenue (FBR) is going to ink an agreement with National Logistics Cell (NLC) to up-grade the existing facilities at Torkham and Chaman Border Terminals under the Integrated Transit Trade Management System (ITTMS). In this regard, both the departments will conclude agreements by April and May this year for Torkham and Chaman border terminals, respectively. The ... Read More »

FBR takes measures to get access to money stashed in Swiss banks


ISLAMABAD: The Federal Board of Revenue (FBR) has started collecting information about the money stashed in foreign banks, including Switzerland. These measures have been taken in the light of directions of the Supreme Court which is conducting hearing of a similar case nowadays. Pakistan and Switzerland had signed Convention on Avoidance of Double Taxation in 2005 which was enforced in ... Read More »

FBR seeks enhancement of central excise duty on import of edible oil


ISLAMABAD: The Federal Board of Revenue (FBR) has sent a note to the Finance Ministry to move a summary to the federal cabinet to increase central excise duty on import of edible oil, vegetable ghee and cooking oil from 15 percent to 20 percent to the extent of the Federally Administrated Tribal Areas (FATA) and Provincially Administrated Tribal Areas (PATA). The ... Read More »

MoC prepares monitoring system to check performance of trade officers

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ISLAMABAD: The Ministry of Commerce (MoC) has prepared a monitoring system for trade officers by dividing the stations into three broad categories. The monitoring system comprises quantifiable performance evaluation standards, key performance indicators (KPIs) and station specific performance targets. The new monitoring system will be shared with the newly appointed trade officers, who are at present undergoing necessary training before ... Read More »