Wednesday , July 18 2018
Breaking News
Home / Breaking News

Breaking News

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

Pak rupee may tumble to 153 vs USD due to $9b bleeding in customs green channel

graph

ISLAMABAD: The Pak rupee could touch the lowest value of 153 against dollar in the medium term due to illegal transfers up to $9 billion to other countries against payments for millions of containers which cleared misusing the customs green channel. Sources claimed that the rupee will keep plunging till end of August 2018. Some minor reversal adjustments may happen ... Read More »

Tax concession to salary class may be withdrawn due to Rs 1000b green channel losses to FBR

fbr

KARACHI: Tax concession concessions given to salary persons in the recent budget may be withdrawn by the elected government owing to extreme fiscal conditions due to Rs 1000b green channel losses to FBR. Through Finance Act, 2018 the previous government provided relief to salary class driving income Rs1,200,000 by imposing nominal amount of tax of Rs2,000 per year and up ... Read More »

SBP imposes 100% commission margin on over 131 imported items

sbp

KARACHI: State Bank of Pakistan (SBP) has imposed 100% commission margin on more than 131 imported items. The list of items includes rubber, wood, cigarettes paper, motorcycle and vehicle spare parts, SIM cards, paper and paper boards, chemical, data processing instruments, mosquito killer chemical, coils, cylinders, portable computers, almonds, rice, horses, and others. Read More »

Member FATE Lubna briefs Sialkot business community on tax amnesty scheme

FATE Member Lubna Farrukh Mirza

SIALKOT: Member Facilitation and Taxpayer Education (FATE) Lubna Farrukh Mirza has briefed Sialkot business community on the salient features of the Tax Amnesty Scheme 2018 the other day. The FATE Member visited Sialkot to hold a meeting with the office-bearers and representatives of Sialkot Chamber of Commerce & Industry and members of Tax Bar Associations from Sialkot and Gujrat. Addressing ... Read More »

Tax amnesty scheme not yielding positive results in Punjab: FBR chairperson Rukhsana Yasmin

2 (1)

LAHORE: Federal Board Revenue (FBR) Chairperson Rukhsana Yasmin lamented on Monday that tax amnesty scheme is not producing appreciable results in Punjab. All the people who belong from Lahore, Faisalabad, Gujranwala, Multan, Bahawalpur and Sargodha must avail the tax amnesty scheme to legalize hidden assets within or outside the country. This was stated by Chairperson Federal Board of Revenue Rukhsana Yasmeen ... Read More »

The real story behind Pak rupee crash: FBR Rs1000b green channel losses

Pak rupee

LAHORE: The rupee has plunged to a record low of Rs129.4 against the dollar in the inter-bank market on Monday morning, due to Rs 1000 billion losses of green channel illegal clearances at Karachi ports which caused burgeoning trade and current account deficit alongside deteriorating foreign currency reserves as capital flight continued through illegal channels for smuggling banned goods into ... Read More »

FBR obtains info about Pakistanis’ immovable properties in UK

page20_property

ISLAMABAD: The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in United Kingdom (UK). The information has been obtained with the assistance of Organization for Economic Cooperation and Development (OECD) and UK tax authorities, said FBR in a brief statement. According to the statement, the information was being analyzed by the board for taking ... Read More »

Govt mulling over to hike duty on over 1,000 imported items

Customs-duty1

ISLAMABAD: The federal government is planning to levy additional regulatory duty on more than a thousand imported items to generate $1.12 billion, which will assist in reining in the trade deficit Sources said that the new proposal is being finalized by the State Bank of Pakistan, Finance Division, Ministry of Commerce and Textile and the Federal Board of Revenue (FBR). As ... Read More »

Customs, ASF foil bid to smuggle 610g ice heroin

ice

RAWALPINDI: The Customs and Airport Security Force (ASF) have foiled a bid to smuggle narcotics abroad by seizing 610 grams ice heroin from a passenger travelling from the Islamabad International Airport. According to ASF official, a passenger hailing from Nowshera identified as Said Wali was going to Saudi Arabia through flight XY 316. During the search, officials recovered 610 gram ... Read More »

NAB takes Nawaz, Maryam into custody

Maryam Nawaz

LAHORE: Former premier Nawaz Sharif and his daughter Maryam Nawaz were taken into custody by National Accountability Bureau (NAB) officials shortly after arriving at Lahore’s Allama Iqbal International Airport on Friday night. They were subsequently boarded onto a small chartered plane bound for Islamabad International Airport (IIA). The flight has left Lahore. Upon landing at IIA, Nawaz and Maryam will ... Read More »

CJP, Chairman NAB notice of green channel: customs audit — a fraud within a fraud

NAB Chairman CJP

KARACHI: Customs Today covered the green channel scam since past many years. The Chief Justice of Pakistan Mian Saqib Nisar took notice of the scam and the court associate sent a letter to the Chairman NAB for necessary action. A customs high official was denying his role in the mega scam saying that it is the issue of software automation ... Read More »

Corrupt elements are still misusing green channel facility: Advocate Zain Jatoe  

Green channel

KARACHI: Renowned lawyer Zain Jatoe has said it is a fact that green channel was purely introduced for legal importers, but some fraudsters are still misusing this facility. Talking with Customs Today, Jatoe said it is very clear that smuggling is going on through green channel but it cannot happen without the help of customs officials. He said an importer does ... Read More »

Second warrant issued for Customs officials in Czech model smuggling case

model Tereza Hluskova

LAHORE: A local court on Wednesday issued arrest warrants against the customs officials for the second time after they failed to before the court as the witnesses in a drug smuggling case against a Czech model. Tereza Hluskova, who was arrested by the Federal Investigation Agency (FIA) for trying to smuggle 9kg heroin from Lahore airport, was produced before an ... Read More »

Peshawar Customs posts shortfall of 23.79pc in revenue collection of June

Collector Saeed Jadoon Quetta

PESHAWAR: The Custom Collectorate failed to achieve its target like the previous year June 2017 and collected Rs1790 million against Rs2348 million of the June 2017, showing a shortfall of 23.79 percent. According to the statistical section of the of the Customs Collectorate, the house under head of custom duty collected Rs861.52 million against Rs1182.32 million having difference of minus ... Read More »

Customs Preventive recovers non-customs paid species from M/s Mian Farooq Cold Storage

????????????????????????????????????

LAHORE: Collectorate of Customs Preventive team recovered huge quantity of non-duty paid/smuggled dry fruit i.e dry apricot, groundnut, tamarind almonds, red chillies, coconut worth Rs250 million. Sources told Customs Today that Collector Preventive Faiz Ahmad received credible information that huge quantity of species was dumped in Mian Farooq Cold Storage Salamatpura Daroghawala. He immediately constituted a team under the supervision ... Read More »

CM Punjab Askari, Chairman PEMRA call on Asad Kharal; inquire after health, progress of case

LAHORE: Caretaker Chief Minister Punjab Prof. Hassan Askari held a one-on-one meeting with senior investigative journalist Asad Kharal who was assaulted in Lahore, possibly for pursuing billions of rupees corruption and green channel smuggling cases. The meeting continued for more than one hour at the Chief Minister’s House. As per details, Askari enquired about his health and expressed sorrow and ... Read More »

Nawaz sentenced to 10 years, Maryam 7 in Avenfield reference

Maryam Nawaz

ISLAMABAD: An accountability court handed a 10 year sentence to Pakistan’s former prime minister in a corruption reference pertaining to Sharif family’s Avenfield apartment in London, UK. In the 100-page decision, Accountability Judge Mohammad Bashir also sentenced Sharif’s daughter, Maryam Nawaz, to seven year in jail for forgery and making assets through illegal sources in the landmark decision. Moreover, the ... Read More »

PSX goes bearish till midday

KSE 1

KARACHI: The Pakistan Stock Exchange (PSX) became bearish after shedding early gains and shed 129 points to drop to 40110 points level till midday on Friday. The stocks opened on positive note and added 101 points to reach 40340 level in early trading. On Thursday, the stocks closed negative as the benchmark KSE-100 index lost 107 points to close at ... Read More »

FBR issues revised seniority list of Customs Inspectors

pakistan-customs

ISLAMABAD: The Federal Board of Revenue has issued revised seniority list of Customs Inspectors (BS-16) who were appointed/promoted up to December 31, 1990. Previously the FBR issued the same list vide letter No. 24(8)2000-ACE.II-(Cus.III) dated 28.04.2014. Since then a number of Inspectors have retired from service and are no more on the sanctioned strength/ seniority list. Moreover, some Inspectors had ... Read More »

FBR rescinds SRO 48(I)/2018 ending CD exemption on cotton import

RAW COTTON

ISLAMABAD: The Federal Board of Revenue has rescinded SRO 48(I)/2018 issued earlier this year, ending exemption of customs duty on cotton imposed through the SRO. The FBR, exercising the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), rescinded the said SRO with effect from July 15, 2018. The Board issued SRO 48(I)/2018 on January 23 ... Read More »