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Author Archives: Shahid Minhas

FBR declares filing of Currency Declaration Form mandatory for passengers

foreign-currency

ISLAMABAD: Federal Board of Revenue (FBR) has directed aviation department to make sure all airlines who are operating in the country are fully implementing the requirements of filling Currency Declaration Form (CDF) by the passengers. Official sources told Customs Today that Federal Board of Revenue has made it mandatory for every passenger travelling “in” “out” to Pakistan via air or road ... Read More »

FTO directs FBR to probe tax evasion of Rs933m at Faisalabad Dry Port

FTO Mushtaq Ahmed Sukhera

ISLAMABAD: Federal Tax Ombudsman (FTO) has taken notice of tax evasion of Rs933 million at Faisalabad Dry Port and directed Federal Board of Revenue (FBR) to investigate the matter and submit a detailed report, it is learnt here. According to official sources, Federal Tax Ombudsman (FTO) had received reports that during years 2011 to 2013, around 1,188 numbers of containers of ... Read More »

Leather & textile sectors not connected with FBR IT system will face 3pc extra ST

sales-tax

ISLAMABAD: Federal Board of Revenue (FBR) clarified that those leather and textile sectors will face 3pc extra sales tax which are not connected with FBR’s Information and Technology System and will have to pay 9pc of sales tax on local supply of its products. Sources told Customs Today that FBR has issued notification in this regard in which it clarified that ... Read More »

National One Window System will be operational from next year: Member Customs Zahid Khokhar

zahid-Khokar

ISLAMABAD: Federal Board of Revenue (FBR) Member Customs Zahid Khokhar has said that National One Window System will be operational from next year. Talking to Customs Today, FBR Member Customs Zahid Khokhar said that business related to trade and import or supply will be able to link with around 40 government departments with a single click to see their status ... Read More »

FBR starts probe against Customs official involved in releasing illegal foreign currency

foreign currency

ISLAMABAD:  Federal Board of Revenue (FBR) has started inquiry after seven years against the customs officers involved in violation of releasing the seized foreign currency without taking NOC from special judge of Customs and Taxation Court. Sources told Customs Today that FBR has constituted a four-member inquiry committee under the supervision of Customs House Post Clearance Audit (PCA) Director General ... Read More »

Principal Appraiser Tahir Khan suspended over corruption

suspended

ISLAMABAD:  Federal Board of Revenue (FBR) has suspended Principal Appraiser Tahir Khan for three months and ordered inquiry against him while FBR is still to nominate an authorized officer to supervise the inquiry. Sources told Customs Today that Principal Appraiser Tahir Khan, working in Air Fright Unit Islamabad, was suspended under the Government Servants (Efficiency and Discipline) Rules, 1973 section ... Read More »

No raid on any business premises without solid information: Member IR Policy Dr Iqbal

Member Dr Iqbal

ISLAMABAD: Federal Board of Revenue (FBR) didn’t try to get raid power and even has no intention to get such authority in order to raid the homes and business premises of non-filers, said Member Inland Revenue Policy. Talking to Customs Today Member IR Policy Dr Muhammad Iqbal said that the board has restricted authority to raid on the non-filers residents. He added that ... Read More »

Local, Chinese investors being treated equally under CPEC: FBR

CPEC

ISLAMABAD: Federal Board of Revenue (FBR) has clarified that Chinese investors have no exemption from customs duty under the China-Pakistan Economic Corridor (CPEC), it is learnt here. Sources told Customs Today that there is no exceptional facilities are given to Chinese investors (those who import goods under CPEC in Pakistan); however, in the free zone under free duties import, both the ... Read More »

FBR establishes special cells to curb money-laundering

money laundring

ISLAMABAD: Federal Board of Revenue (FBR) has established Special Cell in all Customs Collectorates to ensure effective implementation of the currency regulation regimes and curb smuggling of foreign currency on the border. The special cell will effectively monitor the area and report to FBR Headquarter regularly. The basic aim of the special cell is to accomplish the Financial Action Task ... Read More »

Refunds, adjustments & decrease in FED major factors behind revenue collection shortfall: FBR

tax revenue

ISLAMABAD: Federal Board of Revenue (FBR) reported that the basic reasons for the revenue shortfall of Rs184 billion during 2017-18 were excessive refund adjustments, government intervention in power production (IPPs),decrease in federal excise duty (FED) on natural gas, payments of sales tax refunds and declining revenue from banking sector. Official sources told Customs Today, that suspension of Intelligence and Investigation ... Read More »

FBR fully committed to make tax system simple, transparent: Rukhsana Yasmeen

fbr

ISLAMABAD: Chairperson Federal Board of Revenue (FBR) Rukhsana Yasmeen has said that the board is fully committed to make our tax system simple, fair and transparent. Official sources told Customs Today that the chairperson Rukhsana Yasmeen while talking to representatives of Pakistan and Lahore Tax Bar Associations said their suggestions for the improvement of tax system are highly appreciated by ... Read More »

FBR to take stern action against tax evaders, offshore companies for hiding assets

Tax Evasion

ISLAMABAD:  Federal Board of Revenue (FBR) started efforts to achieve the current fiscal revenue target and overcome the tax deficit of previous year. In this regard, the board has decided to take stern action against the tax evaders, offshore companies and persons who hide their assets. Official sources told Customs Today that the board has already expedited its efforts to ... Read More »

FBR seeks report regarding tax collection from offshore digital services

taxcollection

ISLAMABAD: Federal Board of Revenue (FBR) sought detail report from all field formations regarding tax collection from offshore digital services by a non-resident including Google and YouTube and from non-resident technical services providers during July 2018. Sources told Customs Today that the board has received credible information regarding the tax evasion on fee from offshore digital services by a nonresident ... Read More »

FBR collects Rs247b against assigned target of Rs224.2b during July

tax revenue

ISLAMABAD: Federal Board of Revenue (FBR) collected Rs247 billions of tax revenue during the first month (July) of current fiscal year 2018-19 against assigned target of Rs224.2 billion. Sources told Customs Today that the board has received Rs22.8 billion more than the target assigned during July while the revenue collected for July 2018 is 16% more than the collection of ... Read More »

FBR recovers Rs120m from Mian Anjum Nisar & his two brothers as super tax

tax revenue

ISLAMABAD: Federal Board of Revenue (FBR) recovered Rs120 million from caretaker Provincial Minister for Industry, Trade & Investment, Irrigation Mian Anjum Nisar and his two brothers namely Mian Sohail Nisar and Mian Nadeem Nisar. Official sources told Customs Today that the amount is recovered from his account under the head of super tax. Mian Anjum Nisar was defaulter of Rs15 ... Read More »

FBR receives Rs2.1tr under Tax Amnesty Scheme

tax-amnesty-scheme-1452626596-9201

ISLAMABAD: Chairperson Federal Board of Revenue (FBR) Rukhsana Yasmeen has said that the last date for declaring hidden assets under the tax amnesty scheme was July 31 and there is no possibility of any further extension in a brief statement issued by the board. According to FBR statement the tax amnesty scheme will not be extended beyond midnight on Tuesday 31 ... Read More »

FBR to establish two new research units to broaden tax net

tax net

ISLAMABAD: Federal Board of Revenue (FBR) will establish two new research units to broaden the tax net and trace the tax evaders. Sources told Customs Today that the research units will be established with collaboration of World Bank’s Trust Funds which basically aim to expedite the implementation of tax growth and reforms. Sources also said that the board has decided to ... Read More »

FBR appoints Ali Raza Hunjra as Project Director of ITTMS

fbr

ISLAMABAD: Federal Board of Revenue (FBR) has appointed Mohammad Ali Raza Hunjra, a grade 20 officer of Pakistan Customs, as Project Director of Integrated Transit Trade Management System (ITTMS), it is learnt here. Official sources told Customs Today that Ali Aza Hunjra will look after the project which is specifically designed for Wagha border, Chaman and Torkham borders to curb ... Read More »

ASO seizes Rs3b non-duty paid cloth during FY17-18

ban on used clothes

ISLAMABAD: Federal Board of Revenue (FBR) received report of anti-smuggling department and Pakistan Rangers in which they have claimed seizures of Rs3 billions of cloths, 6.2 million liter diesel, 1,000 vehicles, 13kg of gold and foreign currency during fiscal year 2017-18. Sources told Customs Today that these smuggled goods were seized on Pak-Afghan and Pak-Iran borders jointly by the anti-smuggling department and Pakistan ... Read More »

FBR’s ITTMS to enhance trade among Central Asian countries

trade

ISLAMABAD: Federal Board of Revenue’s (FBR) Integrated Transit Trade Management System (ITTMS) has started working for Central Asia Regional Economic Cooperation (CAREC) corridor for trade under the Central Asia Regional Economic Cooperation Regional Improving Border Services Project. According to official sources of FBR, One Window Information Communication Technology based system will be introduced for enhancement of trade among the Central ... Read More »