Wednesday , August 15 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

President SCCI Shinwari bashes Evergreen Line, Greenpak, United Marine Agencies, KMTC, PICT for looting importers

Zahidullah Shinwari

PESHAWAR: The shocking revelation of corruption by shipping companies, terminal operators and customs officials at Karachi ports has discouraged genuine importers. The Customs high-ups must take strict action against the gambling of Customs staff by blocking way of imported consignments and demanding extra charges other than mentioned the Customs Act of 1969 and SRO 1220. This was stated by Zahid ... Read More »

FTO directs FBR to probe tax evasion of Rs933m at Faisalabad Dry Port

FTO Mushtaq Ahmed Sukhera

ISLAMABAD: Federal Tax Ombudsman (FTO) has taken notice of tax evasion of Rs933 million at Faisalabad Dry Port and directed Federal Board of Revenue (FBR) to investigate the matter and submit a detailed report, it is learnt here. According to official sources, Federal Tax Ombudsman (FTO) had received reports that during years 2011 to 2013, around 1,188 numbers of containers of ... Read More »

IHC issues directives to parties to submit record of case filed by M/s Haj Enterprises

ihc

ISLAMABAD: Islamabad High Court on Monday issued directives to submit record and get preparation for arguments to Collectorate of Customs in a case filed against M/s Al Haj Enterprises. IHC bench comprising Justice Shaukat Aziz and Justice Mohsin Akhtar had issued notices in the case to respondents for taking part in the proceedings. Meanwhile, the bench dated in office hearing ... Read More »

Leather & textile sectors not connected with FBR IT system will face 3pc extra ST

sales-tax

ISLAMABAD: Federal Board of Revenue (FBR) clarified that those leather and textile sectors will face 3pc extra sales tax which are not connected with FBR’s Information and Technology System and will have to pay 9pc of sales tax on local supply of its products. Sources told Customs Today that FBR has issued notification in this regard in which it clarified that ... Read More »

Customs Valuation Assistant Director Beenish dismissed for ‘miscunduct’

FBR1

ISLAMABAD: Beenish Iftikhar, a Pakistan Customs Service officer of BS-17, has been removed from the government services for unauthorised absence from duty. As per details, disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973, were initiated against the above-said officer, last posted as Assistant Director, Directorate of Customs Valuation, Lahore, vide show-cause notice No. 2(3)/2007-M-II(Cus-II) dated 03.10.2017 on account ... Read More »

FBR issues notification for 10% sales tax exemption on import of textile machinery

TEXTILE MACHINERY

ISLAMABAD: The Federal Board of Revenue (FBR) has finally issued the notification to exempt 10% sales tax on import of textile machinery after holding it for over two months. The machinery, not manufactured locally and imported by textile industrial units registered with the Textile Division, will be exempted from sales tax, according to the notification FBR. The FBR issued the ... Read More »

Nation loses Rs. 610 billion due to malpractices of PICT, KMTC, United Marine, Evergreen, Greenpak

Haleem-Siddiqui

ISLAMABAD: Due to strong nexus of customs with shipping companies, their agents and terminal operator including Evergreen Line, Greenpak Shipping, United Marine Agencies, KMTC and PICT, the revenue collection slows down drastically and losses to the national exchequer touch Rs 610 billion per year. Sources said Customs staff made a strong nexus with Deputy MD of Greenpak Abdul Rauf, CEO ... Read More »

FBR collects Rs169b under two heads on electricity bills in FY2017-18

Rukhsana Yasmeen

ISLAMABAD: Showing glaring performance, the Federal Board of Revenue (FBR) earned some Rs169 billion under two heads on electricity bills in the fiscal year 2017-18. A revenue of Rs77 billion was collected from a surcharge levied on electricity bills while another amount of Rs99 billion was also collected from non-provision of fuel adjustment to the consumers using below the 300 units ... Read More »

National One Window System will be operational from next year: Member Customs Zahid Khokhar

zahid-Khokar

ISLAMABAD: Federal Board of Revenue (FBR) Member Customs Zahid Khokhar has said that National One Window System will be operational from next year. Talking to Customs Today, FBR Member Customs Zahid Khokhar said that business related to trade and import or supply will be able to link with around 40 government departments with a single click to see their status ... Read More »

FBR starts probe against Customs official involved in releasing illegal foreign currency

foreign currency

ISLAMABAD:  Federal Board of Revenue (FBR) has started inquiry after seven years against the customs officers involved in violation of releasing the seized foreign currency without taking NOC from special judge of Customs and Taxation Court. Sources told Customs Today that FBR has constituted a four-member inquiry committee under the supervision of Customs House Post Clearance Audit (PCA) Director General ... Read More »

FBR collects Rs1.047 trillion WHT in FY17-18

withholding tax (WHT)

ISLAMABAD: The Federal Board of Revenue (FBR) reliance on withholding taxes has increased to nearly 72% of total direct tax collection from 56%. At the end of fiscal year 2017-18, the collection of withholding taxes stood at Rs1.047 trillion, which was equal to 71.8% of total direct tax collection last year, showed official documents. In fiscal year 2016-17, the share ... Read More »

Customs officials Dost, Noor, Hameed, Khurram, Aziz take illegal protection of ‘illiterate’ person

cartoon copy

ISLAMABAD: Various customs officials took illegal protection of an ‘illiterate’ person to save themselves from higher FBR and customs authorities against their corrupt practices. Customs officials including Dost Muhammad, Noor Akbar, Qaisar Nadeem Chatha, Akram Basra, Mohammad Bilal, Khurram Rafique, Abdul Hameed, Aziz Sarwar and others give Rs 2000-3000 bribe to this ‘illiterate’ person to write in their favour. Sources ... Read More »

FBR takes notice of unlawful refunds of Rs2097.22m to taxpayers

tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) field formations are involved in issuance of unlawful refunds of Rs 2,097.22 million without fulfilling of required formalities, disclosed FBR report. According to report, 12 twelve field formations of Federal Board of Revenue have issued refunds to one hundred sixty five (165) taxpayers without adjustment of outstanding liabilities, credit of tax payments given without ... Read More »

Principal Appraiser Tahir Khan suspended over corruption

suspended

ISLAMABAD:  Federal Board of Revenue (FBR) has suspended Principal Appraiser Tahir Khan for three months and ordered inquiry against him while FBR is still to nominate an authorized officer to supervise the inquiry. Sources told Customs Today that Principal Appraiser Tahir Khan, working in Air Fright Unit Islamabad, was suspended under the Government Servants (Efficiency and Discipline) Rules, 1973 section ... Read More »

Ministry directs KPT to recover royalty of $50m from M/s Hutchison Port Holdings Ltd

recovery

ISLAMABAD: Ministry of Maritime and Fisheries (Port & Shipping) directed Karachi Port Trust to recover royalty of $50 million from M/s Hutchison Port Holdings Limited. According to the details, management of Karachi Port Trust awarded the contract of terminal operations of Pakistan Deep Water Container Port to M/s Hutchison Port Holdings Limited vide concession agreement but due to certain reservations, ... Read More »

Caretaker govt prepares proposals for tax reform

fbr-house

ISLAMABAD: With the aim to broaden tax base, the caretaker government has prepared a set of proposals for the upcoming regime for overhauling the Federal Board of Revenue (FBR). The FBR has also started an internal preparation for devising five-year strategy (2018-2023) for revamping tax structure. The strategy will be presented before the incoming regime following the installation of new ... Read More »

Customs Appellate Tribunal reserves verdict of case filed by M/s Indus Laboratory against FBR

court2

ISLAMABAD: A single bench of Customs Appellate Tribunal on Thursday reserved decision on a customs matter submitted by M/s Indus Laboratory against filed office of Federal Board of Revenue (FBR). Muhammad Nasir Khan, Member Technical of Customs Appellate Tribunal reserved the decision. The bench during last hearing had directed parties to submit cases record before the bench by next date ... Read More »

Commerce Division, Customs Dept working to curb rising import bill

import

ISLAMABAD: The Commerce Division and Customs Department are working on different proposals to curb the rising import bill of the country. The division is doing the exercise as part of the 100-day plan for the newly elected government. Under the proposed plan, the ministry – headed by Secretary Younus Dagha – is also suggesting to either restrict imports of certain ... Read More »

Asad says PTI decides to constitute task force for repatriating $200b

Asad Umar Pic - Copy

ISLAMABAD: Pakistan Tehreek-i-Insaf (PTI) leader and expected finance minister Asad Umar has said that PTI leadership has decided in principle to constitute a formal task force to finalise recommendations for repatriation of $200 billion owned by Pakistanis stashed in Swiss and other foreign bank accounts. Asad Umar has said that the task force would be comprised of all the stakeholders ... Read More »

Enhanced facilities for FBR sole way for bridging current account deficit

Rukhsana Yasmeen

ISLAMABAD: Despite cramming for the retrieval of Pakistani’s assets from abroad, the new government is required to focus on the improvement of tax collection system along with enhancing the level of availability of facilities and allowances for the Federal Board of Revenue (FBR). As per hypothetical media reports and pinpointed by former finance minister and finance minister in waiting, Pakistanis ... Read More »