Nov 23

Duty exempted on import of medical equipments for prevention, treatment of COVID

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic. The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of […]

by Anjum Shah

ECC approves $150 million for COVID vaccine purchase

Nov 20

National

ECC approves $150 million for COVID vaccine purchase

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Friday approved an amount of $150 million for the purchase of the COVID-19 vaccine. Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee of the Cabinet here at Islamabad. Minister for Industries and […]

by Anjum Shah

LTO Karachi takes measures to contain resurgence of coronavirus

Oct 14

Taxation

LTO Karachi takes measures to contain resurgence of coronavirus

KARACHI: Large Taxpayers Office (LTO) Karachi has taken measures to contain the resurgence of coronavirus. In this regard, an advisory has been issued for the staff of LTO Karachi with directives of strict implementation. Badaruddin Ahmed Qureshi, Chief Commissioner, LTO Karachi directed all divisions including audit, enforcement and legal of the tax office in order […]

by Anjum Shah

FBR extends utilization period of input goods under export schemes

Sep 23

Pakistan Customs

FBR extends utilization period of input goods under export schemes

ISLAMABAD: Federal Board of Revenue (FBR) has extended the utilization period of input goods under export facilitation schemes up to February 28, 2021 for all three schemes that are Manufacturing Bond, Export Oriented Units and Export Processing Zones, a statement said on Wednesday. A FBR spokesman said that this measure would ensure that the feared […]

by Anjum Shah

Revenue collection plunges by 16 percent during March-June COVID lockdown

Sep 22

Taxation

Revenue collection plunges by 16 percent during March-June COVID lockdown

ISLAMABAD: Federal Board of Revenue (FBR) has witnessed a sharp decline of 16 percent in revenue collection during four-month period (March – June 2020) as compared with same months of the last year due to halt of commercial and business activities due to lockdown imposed to prevent coronavirus pandemic. The FBR collected Rs1,258 billion during […]

by Anjum Shah

Banks approve financing of Rs126bn for employees’ wages of 2,068 businesses

Jul 28

Money & Banking

Banks approve financing of Rs126bn for employees’ wages of 2,068 businesses

KARACHI: Banks have approved around Rs126 billion under soft loan scheme to 2,068 businesses in meeting financing requirement for salaries and wages in the wake of difficulties faced due to coronavirus pandemic, State Bank of Pakistan (SBP) said on Monday. The SBP said that Under the Scheme, on overall basis, up till July 1, 2020, […]

by Anjum Shah

World Bank approves $500 million to help Pakistan strengthening fiscal management

Jun 30

Finance

World Bank approves $500 million to help Pakistan strengthening fiscal management

KARACHI: The World Bank on Tuesday approved $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan strengthen fiscal management. A statement issued by The World Bank’s Board of Executive Directors approved today $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan […]

by Anjum Shah

FBR exempts duty, taxes on import of Remdesivir

Jun 22

Taxation

FBR exempts duty, taxes on import of Remdesivir

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempt duty and taxes on import of antiviral drugs for prevention of coronavirus. The FBR issued SRO 557(I)/2020 to exempt income tax on import of finished drug Remdesivir 100mg injection and injectable solution 100 mg vital. A new section 12D has been inserted to Section 148 of […]

by Anjum Shah

So far 30 FBR officials die of coronavirus

Jun 19

Taxation

So far 30 FBR officials die of coronavirus

ISLAMABAD: So far 30 officials of Federal Board of Revenue (FBR) have died of coronavirus, including a BS-22 officer of customs service. This was disclosed by FBR in a statement issued on Friday. It said that the FBR arranged a eulogy in remembrance of martyred officers and staff due to coronavirus / Covid-19. On this […]

by Anjum Shah

FBR exempts sales tax on import of 61 medical equipments

Jun 19

Taxation

FBR exempts sales tax on import of 61 medical equipments

ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced sales tax exemption on import of 61 medical equipments, which are important to fight against COVID-19. The FBR issued SRO 555(I)/2020 to grant exemption on the medical equipments for a period of three months. Previously, the FBR granted exemption on various medical equipments through SRO 237(I)/2020 […]

by Anjum Shah