The Federal Board of Revenue (FBR) on Monday notified establishment of the Directorate General, Directorate of Intelligence and Investigation, Inland Revenue (I&I, IR) having powers of income tax assessment and audit of new taxpayers for detecting cases of fiscal frauds, non-reporting, under-reporting and concealment of income by persons evading direct taxes.

The Economic Co-ordination Committee (ECC) of the cabinet has reportedly raised eyebrows over the percentage of commission being given by the Trading Corporation of Pakistan (TCP) to six banks on opening of Letters of Credit (LCs), well-informed sources in Industries Ministry told Business Recorder.

Ministry of Petroleum (MoP) has decided to seek the cabinet's approval to set up 'Gas utility courts' under Utility Companies Act 2010 in an effort to tighten the noose on non-payers, sources told this scribe.