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Author Archives: M. Faizan

Curbing menace of corruption: Integrated Management Unit may face resistance

Lutfullah Virk

ISLAMABAD: For the of eradication of corruption within the institution, Federal Board of Revenue has decided to form Integrity Management Unit (IMU) which will be headed by Director General of Intelligence and Investigations-Customs Lutfullah Virk. Formation of the unit is a policy decision which was approved during a meeting of Board in Council which was presided over by FBR Chairman ... Read More »

Naveed Ilahi assumes additional charge

FBR logo5

ISLAMABAD: Deputy Director Muhammad Asif of Directorate General of Intelligence and Investigations-Customs, (Headquarters), Islamabad, has relinquished charge of his post. He has left the country for a training course. Deputy Director of Customs Intelligence Enforcement Naveed Ilahi has assumed additional charge of the post of Deputy Director as relinquished by Deputy Director Muhammad Asif. Deputy Director of Customs Intelligence Enforcement ... Read More »

FBR to collect over Rs130b in two weeks

revenue

ISLAMABAD: Despite dynamic efforts to achieve reduced revenue target after two revisions, Federal Board of Revenue appears to lag behind the mark as in the first sixteen days of June 2014, FBR has collected only Rs 91.676 billion. To meet the tax collection target, FBR is yet to generate over Rs 130 billion in two weeks. However, taking into consideration ... Read More »

No date extension for officials to submit returns: FBR

time-out

ISLAMABAD: Federal Board of Revenue has announced that there will be no extension in the last date for filing returns by FBR officials. According to sources in FBR, officers and staff of the Board were warned to submit their returns and details of their assets by June 16. It was clarified that special allowance of the officials who fail to ... Read More »

FBR fine-tunes Finance Bill 2014-15 for NA approval

Budget 2014-15

ISLAMABAD: After compilation of proposals and recommendations provided by the members of both Upper and Lower houses and Senate’s Standing Committee on Finance as discussed during the different sessions of debate over the next budget, Federal Board of Revenue has finalised the Finance Bill 2014-15. Sources said that the proposals and recommendations of the Finance Bill have reached the Finance ... Read More »

Committee to sort out anomalies in budget from July: Tariq Bajwa

IMG_2293

ISLAMABAD: Federal Board of Revenue will form a committee to identify and eliminate anomalies in Budget 2014-15 which will start working in July 2014. The committee will analyse the proposals regarding customs duty tariffs and exemptions forwarded by Federation of Pakistan Chambers of Commerce, other Chambers and various trade organisations. Sources in FBR informed Customs Today that FPCCI President Zakria ... Read More »

Reforms in TDAP underway to boost exports: Khurram Dastgir

Dastgir

ISLAMABAD: Reforms in the Trade Development Authority of Pakistan are underway to enhance exports of the country. A working committee has been formed headed by Commerce Secretary to rectify all kinds of matters in TDAP. Federal Commerce Minister Khurram Dastgir said this during a meeting with Commerce Secretary Arbab Shahzad, TDAP Chief Executive Officer SM Muneer and TDAP Secretary Rabia ... Read More »

LPA, land ports in the making to boost trade: Dastgir

Dastgir Afridi

ISLAMABAD: A Land Port Authority (LPA) will be established to facilitate the promotion of trade through land routes with all regional countries including India while modern infrastructure will be developed at Chaman, Torkham and Wagah check-points to boost trade. Moreover, land ports will also be established at Taftan and Monabao-Khokhropar to channelize regional trade. This was declared by Federal Commerce ... Read More »

FBR reservations: Govt undertakes revision of FTAs, PTAs

FTA

ISLAMABAD: The Federal government has decided to reconsider the status of all standing Free Trade Agreements (FTA) and Preferential Trade Agreements (PTA) signed with different countries including China. Currently FTA-2 with China is also under consideration. As per details, the government has taken the decision following the Federal Board of Revenue reservations regarding all these agreements. The board has pinpointed ... Read More »

Pakistan pays due importance to Eastern Europe: Khurram Dastgir

lajcak

ISLAMABAD: Pakistan is pursuing a policy to enhance trade and investment by focusing on Eastern and Central Europe in addition to the traditional Western European markets, said the Commerce Minister Khurram Dastgir during his meeting with Miroslav Lajčák, Deputy Prime Minister and Minister of Foreign & European Affairs of the Slovak Republic. Dastgir appreciated Slovak support for Pakistan in obtaining ... Read More »

FBR tightening noose around tax evaders: Bajwa tells senate committee

Back-FBR1

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has said that FBR is tightening the noose around tax evaders including people who pay lesser amount of tax despite owing more to national exchequer. He said this while attending a meeting of Senate’s Standing Committee on Finance. Bajwa informed the committee that taxes will be levied on stock markets as well ... Read More »

Flouting rules: FTO rejects Transparency International plea against FBR officials

FTO1

ISLAMABAD: Federal Tax Ombudsman Abdur Rauf Chaudhry rejected the Transparency International Pakistan allegations levelled against FBR officials, alleging that these officials had bypassed rules and regulations of international supply tenders by granting GST zero rating to particular individuals, causing Rs 12 billion loss to national exchequer. However, FTO Chaudhry ruled that the Federal Board of Revenue had failed to explain ... Read More »

FBR Chairman seeks data of all cases, appeals from regional offices

Bajwaaa

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa has directed all the regional offices to forward data of all kinds of ongoing cases and appeals under consideration along with the details of funds involved. In a letter written from FBR headquarters, Islamabad to regional offices of Customs, Excise and Inland Revenue, all the offices have been directed to send a ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

Target chasing

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

ANF confiscates 4 kg charas from two persons

Charas

RAWALPINDI: ANF Rawalpindi has arrested two persons while recovering 4 kg charas from their possession. Muhammad Naeem and Javed Mushtaq, both residents of Jhelum were arrested after search during which drugs were revealed to be in their possession near Captain Market Stop, GT Road, Jehlum. They were travelling on a motor cycle, which has also been seized. Read More »

Tax evasion, seizures: Customs adds Rs4.89b to national kitty in May’14

rupee

ISLAMABAD: Pakistan Customs and Directorate General of Intelligence and Investigation-Customs has identified billions of rupees for recovery from tax evaders and confiscated vast amount of smuggled goods while preventing huge losses to the national exchequer. During May, 2014 Pakistan Customs authorities have acted upon various cases of tax evasion worth over Rs 2.467 billion. Whereas, Customs Intelligence has confiscated goods ... Read More »

FBR names 3-member committee to plan installation of nuclear radiation monitors

radioactive monitor

ISLAMABAD: A three member committee of Pakistan Customs has been formed to finalise and implement the plan to install nuclear radiations monitors at important entry points on Pakistan. The committee will be headed by Additional Director of Directorate General of Intelligence and Investigation-Customs, Imran Chaudhry. Federal Government has decided to install radioactive portal monitors at all the important entry points ... Read More »

Strong indications of 5-10pc reduction in customs duty on imported cars

car4

ISLAMABAD: Federal Government has decided to reduce customs duty on used and new imported cars in the next budget under regular scheme to introduce competition into local car manufacturing industry to end their monopoly in Pakistan’s market. Sources said that proposals in Budget 2014-15 suggest five to ten per cent cut in tariffs for the imported cars. The duty would ... Read More »

Raise in taxes on real estate, stock market sectors imminent

Tax-Time

ISLAMABAD: Federal Government has decided to increase taxes on real estate business and stock market transactions in the next budget. Meanwhile, Widening of tax net by increasing the number of taxpayers through law making is under consideration in addition to introducing new tax slabs for salaried class. Sources in the finance ministry have said that no decision has been made ... Read More »