Thursday , April 26 2018
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 gets PSDP allocations of Rs2558.950m for 32 development projects for FY 2018-19

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

ISLAMABAD: The Federal Board of Revenue (FBR) managed to get all times record high allocation at Rs.2558.950 million for 32 development projects in Public Sector Development Program (PSDP) of the budget allocations for the fiscal year 2018-19. Some ten years back, for the fiscal year 2007-08, FBR’s PSDP allocations were the highest Rs 2526.774 million for 69 development projects. A ... Read More »

It is hard to inaugurate NIIA on May 3 due to incomplete shifting of infrastructure

IMG_8478

ISLAMABAD: Nisar Ahmad Phluarwal, Additional Deputy Collector, AFU, Islamabad said that an uncertainty is prevailing in the operation of the New Islamabad International Airport (NIIA) as it looks hard to open the NIIA on the next given inauguration date of May 03, 2018. He stated this while giving an exclusive interview to Customs Today. He said the current situation is ... Read More »

Preparatory meeting on final draft of Budget 2018-19 to be held at FBR today

budget

ISLAMABAD: The preparatory meeting on final draft of the budget for the upcoming fiscal year is going to be held today evening at Federal Board of Revenue (FBR) here. The meeting is meant to give the budget final shape for the presentation before the both the houses of the parliament. Entry of visitors will be restricted; however, guests/visitors of chairman, ... Read More »

Pakistan Economic Survey 2017-18 being launched today

Rana afzal1

ISLAMABAD: Pakistan Economic Survey 2017-18 is going to be launched today here at Finance Ministry. Most likely, Minister of State for Finance and Revenue Rana Muhammad Afzal Khan to launch the Economic Survey of Pakistan. In this regard, a launching ceremony of Pakistan Economic Survey (2017-18) will be held here as the document shall provide an overview of the national ... Read More »

IHC seeks record of cases filed against Customs Appellate Tribunal, ATIR

IHC

ISLAMABAD: Islamabad High Court on Wednesday directed parties to submit record of the cases while hearing four customs matters filed against Customs Appellate Tribunal and Appellate Tribunal Inland Revenue. A citizen, M Anwar Khan had filed four customs references against Customs Appellate Tribunal and Appellate Tribunal Inland Revenue. IHC Division Bench comprising Justice Aamer Farooq and Justice Mohsin Akhtar Kiyani ... Read More »

Overseas Pakistanis should bring back their assets under tax amnesty scheme: FBR Chairman Pasha

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: The tax amnesty scheme has been launched to provide an opportunity to the overseas Pakistanis to bring their assets back to Pakistan and come into the tax net, Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said. As per agreement with Organization for Economic Cooperation and Development (OECD), exchange of information about the financial bank transactions are going ... Read More »

Rs 80 billion relief offered to taxpayers through tax amnesty scheme: Rana Afzal

Rana afzal1

ISLAMABAD: Minister of State for Finance and Revenue Rana Muhammad Afzal Khan, has said that a relief of some 80 billion had been granted to the taxpayers of poor class of society through the tax amnesty scheme. This relief is meant for a taxpayers with monthly income up to Rs 100,000 per month and this relief will enable taxpayers belonging ... Read More »

IHC postpones hearings against Islamabad Customs Collectorate

court5

ISLAMABAD: The Islamabad High Court on Monday dated in office the hearings in customs cases involving Customs Appellate Tribunal and Model Customs Collectorate Islamabad. The IHC bench, comprising of Justice Athar Minallah and Justice Miangul Hassan Aurangzeb, adjourned the hearing of M/s Nayatel Private Limited filed against the Customs Appellate Tribunal. Other customs cases were relisted by Syed Waqas Ali ... Read More »

Judgment reserved in customs case filed by M/s TCS involving FBR’s field offices

judgment

ISLAMABAD: The Customs Appellate Tribunal reserved decision in a customs case filed by M/s TCS Private Limited involving field offices of the Federal Board of Revenue. Tribunal’s bench, comprising Ziauddin Wazir, heard the case and reserved the judgment. Earlier, the bench had dated in office the hearing in a customs case filed by M/s TCS Private Limited with the directives ... Read More »

No substantial change in tax/duties rates for FY 2018-19: Dr  Iqbal

Member Dr Iqbal

ISLAMABAD: Member Inland Revenue Federal Board of Revenue (FBR) Dr. Iqbal, said that there would be no substantial change in the rates of taxes and customs and regulatory duties for the upcoming fiscal year 2018-19. In this regard, internal discussions are underway at relevant wings and quarters of FBR and no final decision has yet been made. While briefing the National ... Read More »

Ayyan Ali’s money laundering case judgment reserved

Ayyan Ali 4

ISLAMABAD: In the recent week of April, the Customs Appellate Tribunal reserved a decision in Ayyan Ali money laundering case after completing the hearing of arguments in the case. Earlier, the bench had imposed a fine of Rs5000 more for not attending tribunal’s proceeding. The tribunal had imposed a fine of Rs 24000 for the same reasons in the multiple ... Read More »

Customs Tribunal gives directions in several cases involving FBR’s field offices

irelandcourt

ISLAMABAD: The Customs Appellate Tribunal issued directives in a number of cases during the month of April while hearing customs references involving field offices of the Federal Board of Revenue. Tribunal’s bench, comprising other Member Ziauddin Wazir, dated in office the hearing on a customs case filed by M/s TCS Private Limited with the directive to submit the related record. ... Read More »

Finance Ministry to set 13pc higher revenue collection target for FY 2018-19

Rana afzal1

ISLAMABAD: Minister of State for Finance and Revenue Rana Muhammad Afzal Khan has said that Finance Ministry is planning to fix at least 13 percent increase in the revenue collection target for the Federal Board of Revenue (FBR) for the upcoming fiscal year 2018-19. “As we have doubled the revenue collection from Rs 2,000 billion to Rs 4,000 billion in ... Read More »

FBR’s revenue growth lowers fiscal deficit

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

ISLAMABAD: The growth in revenue collection by the Federal Board of Revenue has lowered the fiscal deficit to 2.2 percent of the GDP as compared to 2.5 percent in the last year. Moreover, increased revenue collection has also outpaced the increase in expenditures and led to a broad-based improvement in fiscal indicators. Now if the external challenges are addressed, other ... Read More »

Judgment on M/s Lucky Enterprises reserved after submission of record

judgment

ISLAMABAD: The Customs Appellate Tribunal on Friday reserved decision on M/s Lucky Enterprises after the submission of record and dated in office the hearing on other customs references filed against the Model Collectorate of Customs and Directorate General of Investigation and Intelligence Islamabad. Customs Appellate Tribunal’s Single Bench, comprising of Member Syed Muhammad Anwar, heard the cases. M/s Lucky Enterprises, ... Read More »

Commerce Ministry finalises national tariff policy for FY 2018-23

National Tariff Commission

ISLAMABAD: Commerce Division is formulating the Strategic Trade Policy Framework (STPF) 2018-23 which will provide strategic direction for the export sector for the next five years. Tariffs play an important role in enhancing export competitiveness and productivity of the domestic industries. Although Pakistan has liberalized its tariff regime since 2005, the tariff structure remains complex and needs to be simplified. ... Read More »

FBR to defend tax amnesty scheme, budgetary proposals before NA body on Monday

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: The Federal Board of Revenue (FBR) is going to defend its stance on recently announced tax amnesty scheme, budgetary proposals for the financial year 2018-19 and other plans before the National Assembly Standing Committee on Finance and Revenue on Monday. Most likely, FBR Chairman Tariq Mahmood Pasha along with his core team, including Dr Muhammad Iqbal, Member Customs Muhammad ... Read More »

All stations of MCC Islamabad suffer deficit of Rs73.76m within two weeks

fiscal deficit

ISLAMABAD: All the Customs Stations of the MCC Islamabad faced a shortfall of Rs73.76million of Customs Duty (CD) during first two weeks of April FY17-18 against an earmarked proportional revenue collection target. According to details given by sources of the Model Customs Collectorate (MCC) Islamabad that, during above said period, all the stations, comprising IDP, AFU, Car Section, C.Bond, UAB, ... Read More »

Customs Islamabad allocated Rs4902m of revenue collection target for third quarter

fbr-sets-revenue-collection-target-for-appraisement-east-west-during-fy2016-17

ISLAMABAD: The Model Customs Collectorate (MCC) Islamabad has been assigned a revenue collection target of Rs4902million under all the heads for the 4th Quarter (April to June) FY2017-18. According to details explained by sources of the Model Customs Collectorate (MCC) Islamabad to Customs Today that the collectorate has been allocated a revenue target of Rs1281.83million under all the heads for ... Read More »

Negative exports growth & machinery import under CPEC widen current account deficit

Miftah Ismail

ISLAMABAD: The Finance Ministry holds the negative growth in exports coupled with failure to check a rise in machinery imports under China Pakistan Economic Corridor (CPEC) as the root cause of the widening trade account deficit, a major component of the current account deficit. Moreover, the reason for the rise in deficit is also partly attributed to the failure in ... Read More »