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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

FTO directs FBR, FIA to start probe in misuse of gold & jewellery import

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ISLAMABAD: Federal Tax Ombudsman (FTO) in a suo moto case directed Federal Board of Revenue (FBR) and Federal Investigation Agency (FIA) to launch inquiry against officials, department and traders involved in misuse of gold import and other precious metals. The FTO asked the FBR and FIA to initiate inquiry against all the officers, departments and importer/exporters involved in misuse of ... Read More »

Phishing scam in guise of FBR runs rampant

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ISLAMABAD: The Federal Board of Revenue (FBR) has warned against a phishing scam currently sweeping the nation’s email inboxes, trying to extort money from unassuming persons in the name of the FBR. According to media reports, the scam is being used to steal large amounts of money from the bank accounts of victims that follow the instructions in the emails ... Read More »

Govt issues clarification on SROs 927(I)2019 & 928(I)/2019

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ISLAMABAD: In response to business community, Ministry of Commerce and Textile Director-General (Trade Policy) Muhammad Ashraf has issued office memorandum about clarification on SROS 927 (I)/2019 and 928/(I)/2019 dated August, 9, 2019.   Read More »

FBR forms team to eliminate money laundering & terror financing

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ISLAMABAD: The Federal Board of Revenue (FBR) has constituted a team including other Law Enforcement Agencies (LEAs) under operation wing of FBR to eliminate cash smuggling and terror financing through all seven border entrances. The office order issued in this regard stated that teams comprising officials from the relevant preventive Collectorates and the regional Directorates of Customs Intelligence and Investigation ... Read More »

Power sector witnesses Rs121b increase in revenues

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ISLAMABAD: The power sector revenues have witnessed a significant increase of Rs121 billion while curtailing line losses worth Rs16 billion. According to media, the government’s in October last year launched an anti-power theft campaign under which smart meters were introduced and a record 23,049MW electricity was distributed through improved transmission network. A sum of Rs1.3 billion was recovered from 5,318 ... Read More »

30pc vehicles to go electric by 2030: Amin Aslam

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ISLAMABAD: Pakistan has formulated a new transport policy under which at least 30 per cent of vehicles will go electric by 2030, said PM’s Adviser on Climate Change Malik Amin Aslam. Addressing a press conference in Islamabad on Friday, he said the policy will be presented before the next cabinet meeting for approval. He said the government will set up ... Read More »

Govt trying to expand tax to GDP ratio: Hammad Azhar

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ISLAMABAD: Minister for Economic Affairs Hamad Azhar has asserted that the present government has been striving to increase tax to GDP ratio from three to four percent by the end of the current fiscal year. Talking to a private news channel, he said all out efforts were being made to reduce the current account deficit and fiscal deficit. Hammad Azhar ... Read More »

FBR issues WHT rate on purchase of air tickets for FY2019-20

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KARACHI: Federal Board of Revenue (FBR) has issued adjustable withholding tax rate on purchase of international air ticket effective for Tax Year 2019/2020. The FBR said that airlines issuing the air tickets shall collect withholding tax under Section 236L of Income Tax Ordinance, 2001 from the purchasers of international air travel ticket at the time of realization of sale proceeds. ... Read More »

Economy heading in right direction: SBP Governor Reza Baqir

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KARACHI: The economy is facing with a number of problems and uncertainty but the situation is changing, said State Bank of Pakistan (SBP) Governor Reza Baqir while addressing the flag hoisting ceremony held at the State Bank Building to celebrate the country’s 73rd Independence Day. Baqir admitted that the economy is weak, unemployment is rising and inflation is moving upwards ... Read More »

Tethyan Copper Company seeks early payment of $4b fine

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ISLAMABAD: Tethyan Copper Company asked a D.C. federal court to confirm a damages award of more than $4 billion issued against Pakistan in a dispute over the denial of a mining lease in the country. Tethyan Copper Company, which is jointly owned by Canada’s Barrick Gold Corporation and Chile’s Antofagasta PLC, said the $4.09 billion award was issued by an ... Read More »

Govt to table law in NA to protect ownership rights of indigenous goods in foreign markets

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ISLAMABAD: After a delay of more than 18 years, the government has finally decided to table Geographical Indication (GI) Bill in the National Assembly to protect ownership rights of goods produced in the country. Due to the absence of GI legislation, international brands continue selling Pakistan-origin goods such as Paul Smith’s Peshawari Chappal, Morrocan Ajrak and California Basmati, depriving the ... Read More »

FBR receives record 2.5m tax returns for tax year 2018

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ISLAMABAD: The Federal Board of Revenue (FBR) announced that nearly 67 per cent more income tax returns were received for the tax year 2018 compared to the preceding year. The board received 2.51 million tax returns for the first time in its history as against 1.49m returns filed tax year 2017. Last date for filing of income tax returns for ... Read More »

Electricity bill collection goes up Rs121b  from October 2018 to June 2019

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ISLAMABAD: The collection of bills by power distribution companies has gone up by Rs121 billion during the present Pakistan Tehreek-e-Insaf (PTI) government’s tenure from October 2018 to June 2019. According to a performance report prepared by the Power Division, the transmission and distribution losses (T&D) dropped 1.4%, having a positive financial impact of Rs160 billion during the nine-month period. During ... Read More »

No gas connections for unregistered consumers: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi has sent letters to the managing directors of Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited wherein he has requested that consumers not present on active taxpayers list under Section 181A of Income Tax Ordinance-2001, may not be provided with commercial and industrial gas connections. As per ... Read More »

FBR warns public against unregistered traders charging sales tax

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ISLAMABAD: The Federal Board of Revenue (FBR) has revealed that the general public has reported complaints against the businessmen who are charging sales tax from consumers without being registered with FBR under the Sales Tax Act-1990. An FBR circular stated, “A 13-digit sales tax registration number (STRN) is issued to every person who is registered for sales tax purpose and ... Read More »

FBR waives CNIC condition for traders by two months

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ISLAMABAD: The Federal Board of Revenue (FBR) delayed enforcement of Computerized National Identity Card (CNIC) condition on purchase of over Rs50,000 for nearly two months for traders, thwarting a nationwide strike that they were set to observe against the government. According to media, the interim understanding was reached during a meeting between the FBR and various associations of traders with ... Read More »

Govt removes shipping firm, two ports from privatisation list

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ISLAMABAD: The federal government removed three more state-owned companies from the privatisation list and put the plan of selling a power company on the back burner which it had included in the active privatisation list 10 months ago. According to media, the Cabinet Committee on Privatisation (CCOP) erased Pakistan National Shipping Corporation, Port Qasim Authority and Karachi Port Trust from ... Read More »

Customs I&I seizes huge quantity of NDP goods, vehicles during July: Moeed Kanju

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ISLAMABAD: Directorate General Intelligence and Investigation Customs showed outstanding performance against smugglers and tax evaders during month of July 2019. Talking with Customs Today, Abdul Mueed Kanju, Deputy Director Headquarters Directorate General Customs I&I (Intelligence and Investigation) Islamabad, said that under direction of Muhammad Zahid Kokhar, Director General I&I, the anti smuggling activities throughout the country were geared up which ... Read More »

Govt’s move for documentation of economy paying off

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ISLAMABAD: The federal government’s move for documentation of economy is paying off. According to report, investors sold Rs 40,000 bonds during June 2019. The selling step up in Rs 40,000 bonds amounted to Rs65 billion in June 2019, and investment in 40,000 bonds now stands around Rs194 billion from Rs259 billion. Rs25,000 bonds saw small dip of Rs1 billion to ... Read More »

FBR extends date for filing sales tax, FED & federal excise return

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ISLAMABAD: Federal Board of Revenue (FBR) on Friday extended the date for filing sales tax and federal excise return for the month of July 2019. A notification issued by the FBR said that the annexures of sales and purchases, which are due on August 10, 2019 can be submitted up to August 16, 2019. The FBR further said that payment ... Read More »