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Author Archives: M. Faizan

Shipping cos demurrage & detention issue echoes in Parliament after coverage by Customs Today

Razzak Dawood

ISLAMABAD: Issue of demurrage and detention and excessive charges echoed in the Parliament. Advisor to the PM on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood has urged importers and exporters to file their grievances related to shipping companies’ additional and unfair charges issue with the Ministry of Commerce. According to detail, Member National Assembly Faheem Khan raised ... Read More »

Peshawar Customs I&I nabs FIA inspector from Bacha Khan Airport involved in money laundering

Moneylaundering

PESHAWAR: Customs intelligence and investigation team deputed at Bacha Khan Airport foiled an attempt of money laundering and arrested an FIA Inspector who was trying to board a flight carrying along British currency worth 200,000 pounds. Customs sources told Customs Today that officials of Customs Intelligence & Investigation arrested the accused and his accomplice who was facilitated by FIA official ... Read More »

FBR’s 13 new BTBs to start functioning soon

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has planned to open 13 new broadening tax base (BTB) formations in four provinces. In the 1st phase of BTB restructuring plan, BTB Zones have already been operationalised at Lahore, Karachi and Islamabad. Now in the 2nd phase, 6 BTB Zones at Hyderabad, Multan, Faisalabad, Gujranwala, Rawalpindi & Peshawar and in the 3rd phase ... Read More »

Pak rupee will not depreciate further: Hammad Azhar

pak rupee 4

ISLAMABAD: Minister of State for Revenue Hammad Azhar said that the Pakistani rupee would not depreciate further. Responding a calling attention notice raised by Senator Sherry Rehman regarding the record devaluation of Pak rupee against US dollar, he said the prices of the dollar against rupee had been maintained artificially in the past through expenditure of $8 billion from foreign ... Read More »

Number of taxpayers doubled in last ten years: FBR

fbr

ISLAMABAD: Due to hard efforts and effective tax measures of Federal Board of Revenue, the total number of taxpayers has doubled in last ten years (2008 to 2018), but unfortunately, the number of real taxpayers is very disappointing. According to a report submitted by FBR in the parliament, there are only 1.074 million people who pay taxes out of 220 ... Read More »

Tax collection on prepaid, post paid consumers suspended on SC orders, Asad tells NA

Asad Umar

ISLAMABAD: Federal Finance Minister Asad Umar has said that Supreme Court has suspended the collection of tax through interim orders for both prepaid and post-paid consumers of cellular companies. In reply to a question of MNA Ch. Iftikhar Nazir at the National Assembly, whether it is a fact that tax exemptions extended to the consumers of cellular phone companies on the ... Read More »

Customs Today reports set off alarm bells at PM Office, Hammad Azhar takes notice of green channel mega scam

Hammad Azhar 2

ISLAMABAD: State Minister for Revenue Hammad Azhar, taking notice of the sheer misuse of Customs green channel facility extensively reported by Customs Today, has directed FBR Chairman Jahanzeb Khan to probe the issue and report back to him. According to details, Hammad Azhar asked the FBR to give him comprehensive presentation on working of Green Channel at Karachi ports and ... Read More »

FBR, SBP approve Rs36b to clear exporters’ refunds

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ISLAMABAD: Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) approved Rs36 billion to clear exporters’ refunds. Sources at Federal Board of Revenue told Customs Today that the remain stuck refunds of the exporters can be categorised into two broader categories i.e. sales tax refunds that comes under the purview of the FBR and refunds of PM package ... Read More »

Rs40.381m spent on PM Khan’s air travels abroad

Imran Khan 2

ISLAMABAD: A sum of over Rs40.381 million has been incurred on Prime Minister Imran Khan’s air travels abroad since holding the office on August 18. The information has been submitted by the Ministry of Foreign Affairs in the National Assembly. In the written reply, the ministry reveals that the prime minister undertook six trips from September 18 to November 20, 2018, ... Read More »

Ban on purchase of property & vehicles for non-filers will continue: Asad Umar

Asad Umar

ISLAMABAD: Minister for Finance and Revenue Asad Umar has said the ban on purchase of property and vehicle for non-filers will continue. In reply to a question asked by of MNA Shazia Sobia and Aslam Soomro in the National Assembly, the finance minister explained that through Finance Act, 2018, National Assembly introduced Section 227-C in the Income Tax Ordinance, 2001 whereby ... Read More »

All territories where Pakistani citizens stashed illegal money are in FBR focus

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has warned that all territories where Pakistani citizens have stashed their money are in its ‘radar’. A top FBR official, while talking to Customs Today, said that the FBR is taking all possible measures to obtain information about the Pakistani nationals’ assets in other countries and the money kept in Swiss banks. Upon receipt of actionable tax information about Pakistani ... Read More »

Govt working on reforms & institutional development of FBR: Hammad Azhar

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ISLAMABAD: State Minister for Revenue Hammad Azhar has said that government is committed to the reforms and institutional development of the Federal Board of Revenue (FBR). Taking to Customs Today at the Parliament House, he said that strong measures are being taken to enhance the capacity of Federal Board of Revenue to collect the revenue, and to make it an agency which ... Read More »

MoC finalising TRIPF to enhance exports

orgsize_301Abdul Razak Dawood

ISLAMABAD: Ministry of Commerce is formulating Trade Related Investment Policy Framework (TRIPF) 2018-23 that will be integrated in the Strategic Trade Policy Framework 2018-23 to channelise investment into export-oriented production and competitive import substitution. Sources at Ministry of Commerce told Customs Today that the five-year policy aims to provide a comprehensive package of incentives to attract investment in the export-oriented production ... Read More »

Govt decides to separate tax policy from revenue administration

Imran Khan3

ISLAMABAD: The Federal Cabinet on Thursday decided to separate tax policy from revenue administration in line with the manifesto of Pakistan Tahreek-i-Insaf. To this effect, a committee has been constituted to work out legal and technical modalities. The cabinet reiterated maintaining strict fiscal discipline in the country for the purpose of curtailing fiscal deficit and ensuring that the expenditures and ... Read More »

Exports post positive growth during 1Q of FY18-19: Razzaq Dawood

orgsize_301Abdul Razak Dawood

ISLAMABAD: Advisor to the Prime Minister on Commerce and Textile Abdul Razzaq Dawood said that the structural weaknesses of the export sector of Pakistan are high tariffs on the imported raw materials, high cost of doing business, low productivity, lack of market and product diversification. He informed Senate Committee that exports of the country has increased during first quarter of the current financial ... Read More »

FBR announces to exempt Malakand division from all kinds of taxes up to year 2023

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) has announced that Malakand division has been exempted by the government from all kinds of taxes up to the year 2023. No income tax is being withheld on electricity and telephone bills of individuals domiciled in aforesaid areas of Malakand division or company and association of persons residents of these areas but the sales ... Read More »

FBR striving hard to obtain details of Pakistanis having assets abroad: Asad Umar

Asad Umar Pic

ISLAMABAD: Federal Finance Minister Asad Umar has stated that FBR is taking all possible measures to obtain information about the Pakistani nationals’ assets in other countries for the application of tax laws while other government agencies are also working to recover assets. He assured the parliament that upon receipt of actionable tax information about Pakistani tax-resident persons, if the funds ... Read More »

FBR initiates administrative measures to curb money-laundering

money laundering

ISLAMABAD: Federal Board of Revenue has initiated administrative measures to further strengthen the enforcement of laws to address the smuggling of foreign currency. Pakistan Customs has deployed Currency Declaration System (CDS) at 24 entry and exit points including international airports, land borders, railway links as well as sea ports for monitoring of cash movement. All these stations are linked together ... Read More »

FBR recovers Rs6.2b from Pakistanis named in Panama Leaks

panama

ISLAMABAD: Federal Board of Revenue (FBR) has forwarded requests to the relevant jurisdictions under OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters to purify the information and render it actionable. Sources told Customs Today that according to FBR’s record, names of 444 Pakistanis have been identified in Panama Leaks. Federal Board of Revenue has clarified that they had ... Read More »

Govt taking all possible measures to make Gwadar Port operational: Ali Zaidi

SENATOR KAUDA BABAR, CONVENER SUB-COMMITTEE OF THE SENATE STANDING COMMITTEE ON MARITIME AFFAIRS PRESIDING OVER A MEETING OF THE COMMITTEE AT PAKISTAN INSTITUTE OF PARLIAMENTARY SERVICES (PIPS),  ISLAMABAD ON NOVEMBER 14, 2018.

ISLAMABAD: Federal Minister for Maritime Affairs Port & Shipping Ali Zaidi said that the government is committed to make Gwadar Port fully operational at the earliest with two ways traffic. The Sub-Committee of Senate Standing Committee on Maritime Affairs in its meeting on Wednesday discussed issues related to Gwadar Port, expressway to Gwadar, issues related to design and the concerns ... Read More »