Tuesday , October 15 2019
Breaking News
Home / Islamabad

Islamabad

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

FBR sets Rs1.29tr revenue collection target for 3Q of FY2019-20

469122_8418050_Shabbar-Zaidi-2_updates

ISLAMABAD: The Federal Board of Revenue (FBR) has set the revenue collection target for the second quarter (October to December) of the current fiscal year 2019-20 at Rs1,295.99 billion while the target for the current month of October has been set at Rs376.126 billion. According to media, the FBR in a bid to achieve the tax collection target for the ... Read More »

FBR collects Rs7b customs duty on mobile phones in six months

javedghani

ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs observed on Friday that the government has collected Rs7 billion additional taxes imposed as customs duty on mobile phones for overseas Pakistanis in the period of six months. The Federal Board of Revenue (FBR) Member Customs Policy while briefing the Senate committee said that other relevant government institutions noted ... Read More »

NAB arrests ex-PEPCO MD on corruption charges

NAB

ISLAMABAD: The National Accountability Bureau-Rawalpindi has arrested accused Rasool Khan Mahsood, former managing director of the Pakistan Electric Power Company (PEPCO), for alleged corruption and misuse of authority in the award of RPPS Contract to Karkey Karadeniz Elektrik Uretim. Former PEPCO MD Rasool Khan Mahsood, allegedly in connivance and collaboration with Karkay and others, gave undue favour and benefits to ... Read More »

FBR starts stocktaking drive in steel sector to detect tax evasion

fbr

ISLAMABAD: The Federal Board of Revenue (FBR) has started a stocktaking drive in the steel sector to verify the reports that re-rollers/melting furnaces are involved in tax evasion through underreporting of production. Sources told that FBR initiated scrutiny of production in steel sector in order to plug revenue leakages. The FBR launched the scrutiny process on the complaint of steel ... Read More »

FBR issues STGO No. 106/2019 defining rules for CNIC good faith for ST

FBR-Logo

ISLAMABAD:  Federal Board of Revenue (FBR) Secretary (ST&FE-Budget) issued Sales Tax General Order No. 106/2019 for defining rules for CNIC/good faith for sales tax. The Order stated that keeping in view the problems reported by the registered persons is ensuring proper identity of the buyers to fulfill the requirement of reporting NTN/NIC of the buyers in terms of Section 23 ... Read More »

Refunds of customs duties would be paid in one year: FBR

Customs-duty1

ISLAMABAD: Federal Board of Revenue (FBR) has said that the refunds against customs duties would be paid if claims have been made within one year. The FBR issued Customs Act, 1969 updated till June 30, 2019 incorporating changes brought through Finance Act, 2019. Sub-Section (1): No refund of any customs-duties or charges claimed to have been paid or over-paid through ... Read More »

Owners of Benami accounts have to face dire consequences: FBR

fbr

ISLAMABAD: The FBR has warned of having dire consequence for the beneficial owners of accounts and also for those maintaining such accounts under the Benami law. After refusal of Pakistan Banking Association (PBA) for updating Know Your Customer (KYC) requirements on account of beneficial owner in the light of Benami law, According to a letter written to the secretary PBA, ... Read More »

APM Hafeez Shaikh lauds WB assistance for socio-economic development

hafeezsheikhfinanceadvisor

ISLAMABAD: Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh has underscored the importance of technical and financial assistance from the World Bank to further strengthen its growth-oriented objective and developmental goals in different sectors of the Pakistan economy. He said this while talking to Patchamuthu Illangovan, Country Director for the World Bank in Pakistan, who ... Read More »

ADB to provide $2.7b in approved financing to Pakistan in 2019

ADB - Bangladesh

ISLAMABAD: Taking to the social networking website Twitter, the international development finance institution, Asian development bank (ADB) announced the provision of $2.7 billion in approved financing to Pakistan in 2019, according to media on Wednesday. Foreign investors’ confidence over the economy of the country was restored to a large extent after approval of a bailout package by the International Monetary ... Read More »

2nd phase of FTA with China to bring more trade, investment opportunities

Chinese Premier Li Keqiang receives Prime Minister Imran Khan at Great Hall of the people in Beijing on 8th October, 2019

ISLAMABAD: The leaders of Pakistan and China on Tuesday agreed that the implementation of the 2nd phase of China-Pakistan Free Trade Agreement (FTA) would lead to more trade, economic and investment opportunities between the two countries. Other areas of potential collaboration discussed between the two sides included railways, steel, oil and gas, industry and science & technology. Prime Minister Imran ... Read More »

FBR chairman appreciates services of Member Admin Shad Muhammad

thumbnail_IMG-20191008-WA0015

ISLAMABAD: Federal Board of Revenue appreciated the services of Member Administration Shad Muhammad. Sources told Customs Today that during the Board-in-Council meeting Federal Board of Revenue (FBR) has acknowledged and appreciated the services of retiring Member Administration Shad Muhammad . All the members of FBR attended the meeting and paid tributes to the services of retiring officer. Chairman FBR Syed Muhammad ... Read More »

Potential investors of China show keen interest to invest in Pakistan

513003_84536199 (1)

BEIJING: China Gezhouba Group Corporation Chairman Lyu Zexiang on Tuesday called on Prime Minister Imran Khan in Beijing and expressed keen interest for investment in the energy sector of Pakistan. Mr Zexiang also expressed interest in exploring new business avenues in Pakistan. China Gezhouba Group Corporation (CGGC) is one of the most competitive listed companies with very strong financing capabilities. ... Read More »

FBR issues notices to 134,848 high net-worth individuals

FBR1-e1432119314927

ISLAMABAD: The Federal Board of Revenue (FBR) has issued as many as 134,848 notices to high net-worth individuals across the country in order to persuade them to e-file income tax return for 2019. According to sources, these notices were issued to unregistered individuals by the respective dedicated zones of the Broadening of Tax Base (BTB) created at Regional Tax Office ... Read More »

Pakistan to establish ‘Real Estate Regulatory Authority’ for curbing black money

ML-FATF-PAK-696x435

ISLAMABAD: Pakistan has effectively complied with another strong condition put forward by the Asia Pacific Group (APG) – a regional affiliate of the Financial Action Task Force (FATF) – as the state has prepared to implement measures for curbing black money in the real estate sector, according to media on Tuesday. Sources familiar with the matter told the media that ... Read More »

Tax reforms bearing fruit: FBR Chairman Shabbar Zaidi

FBR-Logo

ISLAMABAD: The government’s reforms to mobilise tax revenue are bearing fruit, says Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi. Speaking to Pakistan Tehreek-i-Insaf (PTI) vice president Zahid Kazmi, he said the FBR succeeded in achieving 90 per cent of tax collection target for the first quarter of the ongoing fiscal year as Rs920 billion were collected in taxes ... Read More »

Flight of $6b annually is serious issue: FBR chairman

5d997017a5fb3

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi said inconsistency in economic policies was more serious issue than any external threat to investment environment. Addressing at a discussion forum titled Raabta on ‘Enterprising Peace – Regional Stability for Economic Prosperity’ Zaidi said: “The first thing we have to establish in Pakistan is consistency and stability in our system ... Read More »

FBR to handle businessmen tax-related cases: NAB chief Javed Iqbal

inp-06-09

ISLAMABAD: National Accountability Bureau (NAB) Chairman Justice (r) Javed Iqbal said that the business community’s income and sales tax-related cases would be referred to the Federal Bureau of Revenue (FBR). Speaking at the NAB Headquarters, he said that the accountability watchdog would not take suo motu action against bank defaulters; rather the same would be referred to the banking courts ... Read More »

PM Imran decides to hand over Pakistan Steel Mills to China

Imran Khan 4

ISLAMABAD: China and Russia have offered to revive multi billions Pakistan Steel Mills as its companies have expressed keen interest to make investments worth billions in Pakistan Steel Mills. *Prime Minister Imran Khan was apprised of the Chinese and Russian companies offer during a high-level session to discuss the steps for the revival of the state-owned Pakistan Steel Mills. The ... Read More »

Pakistan largely complied with 36 of 40 FATF parameters: APG report

FATF-MEANING

SYDNEY/PARIS: The Asia/Pacific Group on Money Laundering (APG) published its report on money-laundering and terror-financing in Pakistan, a week before its Paris-based G7 counterpart, the Financial Action Task Force (FATF), is set to announce its decision to remove or retain Islamabad in its grey list. The long-awaited 228-page report, titled “Mutual Evaluation Report 2019,” would provide a basis for the ... Read More »

Customs North Region showing outstanding performance to curb smuggling attempts, generate revenue: Dr. Asif Jah

IMG_9783

ISLAMABAD: Chief Collector North Dr. Asif Mehmood Jah has said that the Customs Region (North) performed exceptionally well regarding enforcement and anti-smuggling activities despite severe constraints of logistics and personnel to cover the vast jurisdiction comprising almost three provinces. Talking with Customs Today during an exclusive interview, Chief Collector North Asif Mehmood Jah has said that a comprehensive strategy has been ... Read More »