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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

Sales tax refunds: FBR prepares cheques for export sector

FBR 11

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared cheques of sales tax refunds up to August 31 for the export sector, as ordered by the finance minister. At the same time, the tax officials working in all Regional Tax Offices (RTOs) have reportedly deleted data of some refunds cases, due to which the exporters are facing difficulties in getting ... Read More »

Rs1.172 trillion or Rs1.165 trillion: Dar’s figures contradict FBR revenue collection claim for 1H of FY15  

revenue figures

ISLAMABAD: The Rs1.165 trillion revenue collection figure reported by Finance Minister Ishaq Dar during his press contradicted the Rs1.172 trillion figure reported by the Federal Board of Revenue (FBR) for the first half of the current fiscal year, showing a Rs7 billion gap between the figure reported by both the minister and the FBR. It is to be noted that ... Read More »

Finance Ministry releases Rs 7.083 billion out of Rs8.900b allocated budget for FATA

Budget proposal

ISLAMABAD: The Finance Ministry has released Rs 7.083 billion out of Rs 8.900 billion allocated budget as development budget for Federally Administrated Tribal Areas (FATA) in the first half of current fiscal year (2014-15).  “It is a comparatively good percentage of released amount out of allocated budget in last four years” statistics related to Finance Ministry and available with this ... Read More »

Finance Ministry to explain policy on privatization of Roosevelt Hotel, New York, in National Assembly today

roosvelt PIA

ISLAMABAD: Finance Ministry is likely to explain government’s policy regarding privatization of Roosevelt Hotel of Pakistan International Airlines (PIA), New York, United States of America today (Wednesday) before the National Assembly. In the absence of Finance Minister Ishaq Dar, Parliamentary Secretary Finance Rana Afzal Khan will respond to supplementary questions asked by the members of the Lower House of the ... Read More »

Govt wants tax-to-GDP at 15pc, deficit down to 4.7pc: Dar

Dar

ISLAMABAD: Pakistani Constitution guarantees fundamental human rights and the present government attaches great importance to implementation of all relevant laws and regulations which safeguards these rights. Finance Minister Senator Mohammad Ishaq Dar stated this while talking to European Union Special Representative on Human Rights Stavros Lambrinidis and EU Ambassador Lanrs-Gunnar Wigemark who called on him here. On the occasion, the ... Read More »

Dar, Bajwa select 77,500 returns for audit through balloting

Dar, Bajwa balloting

ISLAMABAD: Random computer ballot was conducted on Thursday at Federal Board of Revenue, Islamabad for selection of cases for audit for Tax Year 2013 and Tax Period 1st July 2012 to 30th June, 2013 in respect of Income Tax, Sales Tax and FED. The Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Muhammad Ishaq Dar was the chief ... Read More »

FBR to publish biweekly list of active taxpayers

FBR

ISLAMABAD: The Federal Board of Revenue (FBR) will publish a list of active taxpayers on a fortnightly basis to promote the culture of documentation. In the budget 2014-15, the government had introduced higher tax rates for non-filers and the FBR published a directory in April this year to reveal the names of tax defaulters. The board will publish the list ... Read More »

Dar Okays Rs 400m for evacuation of Pakistanis from Libya

Dar

ISLAMABAD: Finance Minister Muhammad Ishaq Dar has said that the government is duty-bound to evacuate stranded Pakistanis from Libya. Chairing a meeting for the provision of funds for immediate evacuation of stranded Pakistanis from Libya, Dar said that a local airline had agreed to evacuate each individual for $1,000. “This seems to be the only available option under the present ... Read More »

Dar likely to speak on state of economy in Senate today

Dar7

ISLAMABAD: Finance Minister Ishaq Dar is likely to present two important economic reports to the Upper House of Parliament here on Friday (today). Sources privy to the development, told Customs Today that the finance minister was likely to submit the third quarterly report for year 2013- 2014 of the Central Board of Directors of State Bank of Pakistan on the ... Read More »

FBR asked to simplify e-filing of sales tax returns

KTBA

KARACHI: The Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to remove certain flaws from the amended tax laws to make e-filing of sales tax returns hassle-free. Taxpayers failed to e-file their returns for July through FBR’s web-portal because of amendments in the Finance Act 2014. The tax bar pointed that it was because some ... Read More »

Imran Khan gets flak over ‘don’t pay taxes’ call

Imran

ISLAMABAD: PTI Chairman Imran Khan’s call for civil disobedience and non-payment of taxes drew stiff opposition from business community, industrialists and chambers of commerce. They described Imran’s political approach as negative and questioned the logic behind his call for non-payment of taxes and utility bills. As per details, the Lahore Chamber of Commerce and Industry (LCCI) rejected the call for ... Read More »

Dar terms Imran’s civil disobedience call unlawful

ishaq-dar

ISLAMABAD: Finance Minister Ishaq Dar has termed Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan’s call of civil disobedience movement unlawful and unconstitutional. Talking to a private TV channel, he urged the PTI chief to review his decision in the interest of the country. He said that for the past one week the stock exchange had suffered a loss of Rs 350 ... Read More »

IMF tranche likely next month as 4th review concludes

IMF

ISLAMABAD: With two more waivers for non-compliance, the government and the International Monetary Fund (IMF) are reported to have completed 4th review of $6.8 billion bailout package, paving the way for disbursement of a $550 million tranche to Pakistan likely early next month. Finance Minister Ishaq Dar reached Dubai on Sunday where concluded talks with the IMF mission to Pakistan ... Read More »

$200b: Finance secy, FBR chief reaching Switzerland on 26th

$200b

ISLAMABAD: The delegation to negotiate return of $200 billion of Pakistan stashed away in Swiss Banks will reach Switzerland on August 26, 2014. The delegation will consist of the Federal Finance secretary, the FBR chairman and other officials. According to reports, the Pakistani delegation will stay in Swiss capital for three to four days. It has been expected that it ... Read More »

Dar to present report on SECP statement of accounts to NA

secp

ISLAMABAD: The Finance Ministry has received the annual report on statement of accounts of the Securities and Exchange Commission of Pakistan SECP) for fiscal year 2012-13. “The annual report on SECP statement of accounts is certified by the auditors” a Finance Ministry official told Customs Today while seeking anonymity here. The official informed that Finance Minister Ishaq Dar would present ... Read More »

MQM resolution: Senate may prod govt into broadening tax net

Senate

ISLAMABAD: The Upper House of the Parliament, which is scheduled to meet on Monday, may press the government to take immediate steps to broaden tax base. Well placed sources revealed to Customs Today that MQM Senator Col (r) Tahir Hussain Mashhadi has submitted a resolution to the Senate Secretariat in this regard and the Senate is likely to adopt the ... Read More »

Stagnant inflow, debt servicing shrink forex reserves

Forex

KARACHI: Foreign exchange reserves of the State Bank of Pakistan declined due to external debt servicing and no fresh inflow over the past two months. According to a State Bank report, the reserves held by the bank declined by $89 million to $9.188 billion during the week ended on Aug 8 as against $ 9.277bn in the previous week. Total ... Read More »

No guarantee to retrieve billions from Swiss banks: Dar

dar

ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar said that there is no guarantee to bring back Pakistani billions of dollars from Swiss banks. He was chairing a meeting on annual review of economic performance of government. “We had put economy of country on track” Federal Minister claimed. He revealed that circular debt of Pakistan was more than Rs 263 ... Read More »

Parleys for $200b stashed in Swiss banks in the offing

Dar

ISLAMABAD: Finance Minister Ishaq Dar said talks to bring back $200 billion “what he said” belonging to Pakistan and stashed in banks in Switzerland will begin in the current month. In a statement issued here, the federal minister pointed out that the talks would be held in several phases and it could take three to four years to bring the ... Read More »

Dar keen to bring down potato prices

potatoes1

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that the government has taken all-out steps including allowed duty free import of potatoes to reduce its price in the country. During a briefing the Ministry of National Food Security, the finance minister was informed that the hoarders, speculators and middlemen were involved in artificially manipulation of prices of potato. It was ... Read More »