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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

Govt abolishes non-tax filers regime: Shabbar Zaidi

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that one new thing in this budget 2019-20 is very rare that government has abolished non-filer regime while pursuing income tax laws. Shabber Zadhi talking with the media here at Planning Commission said that FBR has purposed that non tax filers should be allowed to buy or sell anything ... Read More »

Asad Qaiser asks FBR not to pass on burden of FED to tobacco growers

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbir Zaidi has informed the speaker national assembly that the finance bill clearly states that the effect of Federal Excise Duty (FED) should not be passed on to growers and the burden should be entirely borne by the cigarette manufacturers. It was also highlighted that the FED was intended for tracking and tracing ... Read More »

FBR decides to tighten noose around offshore tax evaders

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ISLAMABAD: The PTI-government has proposed several amendments to the income tax laws to tighten the noose around offshore tax evaders. According to media, under the proposed amendments, tax evasion via offshore accounts will be deemed as a punishable crime and those found guilty will either have to pay hefty fines or face jail time of up to seven years. The ... Read More »

FBR eyes revenue of Rs2b through amendments in super tax

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ISLAMABAD: Federal Board of Revenue (FBR) has estimated additional revenue of Rs2 billion through proposed changes in law related to super tax. According to the details, the changes have been introduced to Section 4B of Income Tax Ordinance, 2001 through Finance Bill 2019. The FBR in explanation to the Finance Bill said that presently brought forward depreciation and business losses ... Read More »

Mushtaq Sukhera removed as Federal Tax Ombudsman

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ISLAMABAD: The federal government on Thursday removed Mushtaq Ahmed Sukhera from the post of federal tax ombudsman, withdrawing the official notification for his appointment. Former Inspector-General of Police (IGP) in Punjab, Mushtaq Sukhera was appointed the federal tax ombudsman in August 2017 by the Pakistan Muslim League-Nawaz (PML-N) government. The notification “regarding appointment of Muhstaq Ahmed Sukhera (Retd-PSP/BS-22) as the ... Read More »

Registration of Rs40,000 prize bonds soon: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday announced that the authorities have decided registration of Rs40,000 prize bonds and a circular to this effect will be issued by the State Bank of Pakistan within two days. According to media, the FBR also said that around 5,000 people have filed applications for the Assets Declaration Scheme. The FBR, in ... Read More »

Over 5000 applied for tax amnesty scheme: FBR

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ISLAMABAD: The number of people to apply for Tax Amnesty Scheme continues to rise as more than 5000 people have applied under the scheme, Federal Board of Revenue (FBR) said on Wednesday. On the other hand, the FBR has collected the data of those using expensive cars and travelling by air and banks will also provide complete required data by ... Read More »

Govt facing financial difficulties since assuming power: Hafeez Shaikh

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ISLAMABAD: Adviser to the Prime Minister on Finance Dr Hafeez Shaikh on Wednesday insisted that “rich people in other countries pay higher taxes” as compared to the upper class in Pakistan. Addressing a press conference a day after the government announced the budget, Shaikh said that the average tax rate of Pakistan is 11-12 per cent, which is “one of ... Read More »

No relief to tax non-filers on purchase of immovable property, vehicles in finance bill: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) issued an explanation on Wednesday regarding the non-filers of tax in the new Finance Bill. In its explanation, the FBR spokesman stated that in the bill it did not give any relief to non-filers of tax on buying immovable property and vehicles. The statement said that the legal value of tax non-filers has ... Read More »

PM Imran vows to go after ‘the thieves who put country badly in debt’

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ISLAMABAD: Prime Minister Imran Khan on Tuesday night addressed the nation and vowed to go after the “thieves who left the country badly in debt”. The address followed a noisy budget session in the National Assembly and two major arrests — Leader of the Opposition in the Punjab Assembly Hamza Shehbaz by the National Accountability Bureau (NAB) and MQM founder ... Read More »

Budget 2019-20: Defence budget to grow nominally next year

DCCI proposes pre-budget suggestions to NBR

ISLAMABAD: Defence budget is proposed to grow nominally in the next financial year by 4.74 per cent as compared to the outgoing year, but its share in the total outlay and the gross domestic product (GDP) is set to decline, according to the budget documents laid before the National Assembly on Tuesday. The government has proposed to allocate Rs1.15 trillion ... Read More »

Govt withdraws zero-rated status for major exporters

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ISLAMABAD: The PTI government has withdrawn the zero-rated facility, saying that the move will streamline revenue flow and prevent leakages. While announcing the federal budget for fiscal year 2019-20, the government withdrew the Statutory Regulatory Order (SRO) 1125(I)/2011, which offered zero-rated sales tax on inputs and products of five major export-oriented sectors ie textile, leather, carpets, sports goods and surgical ... Read More »

Govt unveils Rs7tn austerity budget with Rs1.12tn in additional taxes

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) led federal government on Tuesday unveiled a Rs7,022 billion austerity budget for the fiscal year 2019-20, setting ambitious tax collection targets to stabilise a faltering economy. The budget sets an ambitious Rs5,555 billion target for the Federal Board of Revenue—a 25% increase or Rs1.12 trillion in additional taxes from the previous year. The increased FBR ... Read More »

FBR’s capacity will be enhanced to achieve revenue targets: Shabbar Zaidi

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi said on Tuesday that the board’s capacity would be enhanced to meet tax targets. Talking to media, Shabbar Zaidi said that FBR could not achieve the tax targets by following the conventional process. He said, “First of all we have to identify the sectors that are still out of the tax ... Read More »

Federal Budget 2019-20: 3pc import tax on mobile phones abolished

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ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government unveiled its Federal Budget 2019-20 on Tuesday abolishing the 3 per cent tax on the import of mobile phones. Presenting the budget in the National Assembly, State Minister for Revenue Hammad Azhar said there was a 3 per cent value addition tax on business imports, due to which the burden of tax had increased ... Read More »

Salient features of Budget 2019-2020

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ISLAMABAD: Total budget outlay Rs7,022bn—30% greater than previous year Rs1,863 billion fixed for Public Sector Development Programme Budget deficit to be Rs3,560 billion Tax revenue target set at Rs5,822bn FBR tax revenue target set at Rs5,555bn Non-tax revenue target set at Rs894.5bn Current expenditure set at Rs6,192bn Development expenditure set at Rs843.4bn Rs701bn earmarked for Federal PSDP Rs1,152bn fixed for ... Read More »

Hammad Azhar presents Budget 2019-20

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ISLAMABAD: Minister of State for Revenue Hammad Azhar announced that the budget recommends a federal excise duty of Rs5,200 on every 10,000 cigarettes be imposed. The minister for revenue says that the budget recommends that cars of upto 1000 CC see a federal excise duty of 2.5 per cent. It is further recommended that cars which are more than 2000 ... Read More »

Govt allocates over Rs13b for health sector in Budget 2019

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ISLAMABAD: The federal government has allocated an amount of Rs13376.558 million for completion of 32 new and 13 ongoing health sector projects under Public Sector Development Programme (PSDP). According to budgetary document, an amount of Rs6809.445 million has been allocated for on-going schemes while Rs6567.113 million have been allocated for new health schemes. An amount of Rs3000.000 million has been ... Read More »

Minister of State for Revenue Hammad Azhar to present Federal Budget 2019-20 today

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ISLAMABAD: The first federal budget of the Pakistan Tehreek-e-Insaf (PTI) government will be presented by Minister of State for Revenue Hammad Azhar, sources informed media. According to sources, a debate would be sparked in Parliament if the budget was presented by Advisor to the Prime Minister Imran Khan on Finance Abdul Hafeez Shaikh. The Federal Cabinet meeting chaired by Prime ... Read More »

Islamabad Customs surpasses revenue collection target for May: Collector Seema Raza Bokhari

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ISLAMABAD: Collectorate of Customs Collector Seema Raza Bokhari has said that the Collectorate has achieved targets of customs duty and other taxes assigned by the FBR for month of May 2019 and Islamabad Collectorate’s both stations Air Freight Unit AFU and Islamabad dry port (IDP) contributed immensely in realization of this success by attaining the targets. In an exclusive interview with Customs ... Read More »