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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

Debt, credit card machines mandatory for POS retailors: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to tighten its grip on the retailers and warned that those integrated with the Point of Sale (POS) system must have credit and debit machines at their outlets. According to a notification, as defined in section 2(43A) of the Sales Tax Act, 1990, all Tier-I Retailers are expected to maintain the ... Read More »

Moody’s assigns ‘B3’ rating to sukuk bonds

ISLAMABAD: Moody’s Investor Service has given a “B3 backed senior unsecured rating” to Pakistan’s suggested sale of Sukuk trust certificates. In a statement, the global credit rating agency said that Pakistan’s rating is supported by its large economy and strong long-term growth potential. It added that the rating can improve if the country expands its revenue base and raises debt ... Read More »

Imam for making easy credit facility for growers

ISLAMABAD: Minister for National Food Security and Research Syed Fakhar Imam stressed the need for ensuring easy access to credit facility for growers in order to promote and develop agricultural sector in the country. The Minister chaired a meeting of the National Coordination Committee of Agriculture Transformation Plan to discuss the progress so far made under transformation programme. The meeting ... Read More »

SAPM Aon Abbas asks FBR to provide facilitation for startups, e-Commerce

ISLAMABAD: Special Assistant to the Prime Minister on E-Commerce, Senator Aon Abbas Buppi asked the Federal Board of Revenue (FBR) to offer facilitation for startups and e-Commerce cross border exporters in the country. The SAPM also stated that startups is a growing economy and this segment needs all the facilitation by the government to promote digital economy and promoting e- ... Read More »

IMF Board to consider Pakistan’s case on January 28

ISLAMABAD: The International Monetary Fund (IMF) Board is scheduled to meet on January 28, to consider Pakistan’s sixth review under the ongoing Extended Fund Facility (EFF). Pakistan is already in the market to raise $1 billion through USD denominated sukuk bonds. The proposed bonds have been assigned a B3 backed senior unsecured rating by Moody’s. The IMF mentioned on its ... Read More »

Withholding tax on mobile recharge increased to 15pc

ISLAMABAD: Cellular Mobile Operators (CMOs) announced the implementation of revised withholding tax rates on mobile balance recharge. According to text messages sent by the CMOs to customers, withholding tax has been revised upward to 15 per cent or Rs13.04, from its earlier level of 10 per cent or Rs9.1 on every Rs100 worth of mobile balance recharge. Estimates suggest that ... Read More »

FBR to notify new property rates again on February 1

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday held in abeyance the new property valuation rates notified through SROs No. 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021, up to January 31, 2022. The new valuation tables of the immovable properties would be re-notified on February 1, 2022. In this connection, the FBR has issued an Office Memorandum on the ... Read More »

Indonesian coal exports support CPEC energy projects in Pakistan: Envoy

ISLAMABAD: The Ambassador of Indonesia to Pakistan, Adam M. Tugio said since Indonesia is refined in the coal industry, it could provide coal for the power projects under the CPEC and to Large Scale Manufacturing Industries (LSMI) in Pakistan. Indonesia currently exports 8.51 million tons of coal to the world market, accounting for 26 percent of the total global coal ... Read More »

FBR to close down retailers not depositing sales tax in national kitty: Chairman Dr. Ashfaq

ISLAMABAD: Chairman Federal Board of Revenue Dr Mohammad Ashfaq said it is a financial crime to collect the tax by retailers from customers but not to deposit in the national kitty. He said the FBR would close down those retailers who were collecting Sales Tax from the customers but not depositing it in the national kitty. Talking to the media ... Read More »

Petroleum Ministry asks OMCs to submit data of petrol import from China

ISLAMABAD:  The ministry of petroleum has asked all oil marketing companies (OMCs) to submit data on the import of petrol from China. According to details, the ministry has sent a letter to Oil Companies Advisory Council (OCAC) asking it to provide details about the name of cargo, port origin, quantities in litre, offloading port along with the date of decanting ... Read More »

President Alvi apologises to senior citizen over FBR’s administrative injustice

ISLAMABAD: President Arif Alvi has apologised to a senior taxpaying citizen over administrative injustice by the Federal Board of Revenue (FBR) and directed the FBR chairman to take punitive action against the entire chain of decision makers involved in the case. Expressing dismay over the treatment meted out to 82-year-old Abdul Hamid Khan, the president said that “their heads should ... Read More »

FBR distributes Rs53m among 1,007 winners of POS Sale Prize Scheme

ISLAMABAD: The Federal Board of Revenue (FBR) distributed Rs53 million among 1,007 winners under its Point of Sale Prize Scheme. The names of winners were announced through computerized draw and in this regard FBR organized a ceremony to announce the names of lucky winners, which was also attended by the Chairman FBR Muhammad Ashfaq Ahmad and other senior officials of ... Read More »

FBR fixes new valuations of immovable properties in Islamabad

ISLAMABAD: The Federal Board of Revenue (FBR) has lowered the fair market value of immovable properties in Islamabad after consultation with stakeholders, including the Federation of Realtors Pakistan (FRP). According to the details, the value of up to five year old residential and commercial superstructures in the federal capital shall be Rs2,000 per square foot and Rs1,000 per square foot ... Read More »

Govt imposes taxes, duties of Rs31 on petrol

ISLAMABAD: The taxes, duties, margin and levies of Rs31.57 have been imposed on the per liter prices of petroleum products. The burden of taxes, duties and levies on the prices of petroleum products has started bothering the people. Taxes, duties, margins and levies are being collected at Rs 31.50 per liter on diesel while the ex-refinery price of petrol is ... Read More »

FBR terminates IRS Assistant Director Masud Humayun on charges of misconduct

ISLAMABAD: The Federal Board of Revenue (FBR) has terminated the job of BS-17 official of Inland Revenue Service (IRS) on the charges of misconduct. The FBR issued an office order to notify the major penalty of ‘dismissal from service’ upon the officer. The FBR said that disciplinary proceedings were initiated against Masud Humayun (IRS/BS-17/Prob), posted as Assistant Director, Additional Directorate ... Read More »

Remittances grow by 11.3pc to $15.8b in 1HFY22

ISLAMABAD: The workers remittances grew by 11.3 percent during the first half of the current fiscal year as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported Friday. The workers remittances during July-December 2021-22 were recorded at $15.8 billion, according to figures released by SBP. Meanwhile, with $2.5 billion of inflows during December 2021, workers’ ... Read More »

Pakistan to repay foreign loans worth $8.638b till June

ISLAMABAD: Pakistan has to repay foreign loans worth $8.638 billion during the second half (December-June) of the fiscal year 2021-22. According to the data, in rupee terms that amount for repayment of foreign loans has gone up by 399% during the last four years. It stood at Rs286.6 billion in 2017-18 and now it is estimated around Rs1,427.5 billion. Meanwhile, ... Read More »

Finance bill aimed at documenting economy, capture tax chain. Muzammil Aslam

ISLAMABAD: Spokesperson to Minister of Finance, Muzammil Aslam has said that supplementary finance bill was aimed at documenting the national economy, capturing the tax value chain and enhancing taxpayers penetration through simplification of revenue system for broadening of the tax base. Addressing a press conference along with Adviser to Prime Minister on Parliamentary Affairs Dr Babar Awan, Muzammil said that ... Read More »

BOI implements 100 reforms to facilitate businesses

ISLAMABAD: The Board of Investment (BOI) has completed 100 reforms out of the 168 proposed reforms under Regulatory Reforms and Guillotine Initiatives (PRMI) that aim to identify, simplify, modernize or eliminate the regulatory bottlenecks for facilitation of businesses, particularly Small and Medium Enterprises (SMEs). The data on the progress of these reforms was presented on Thursday during the sixth steering ... Read More »

FBR has not yet received tax profiles from NADRA

ISLAMABAD: The Federal Board of Revenue (FBR) is waiting for tax profiling of millions of citizens being done by the National Database and Registration Authority (NADRA) to launch the biggest documentation drive at the national level. Sources said that the FBR has yet not received tax profiles finalised by NADRA. The authority has reportedly finalised the profiles of non-filers, but ... Read More »