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New round of rupee depreciation

pak rupee

Pakistani rupee always remained vulnerable to depreciation. However, speculations created a new stir in the currency market, pushing panic buying to bring dollar value as high as Rs 119 in the open market. The officials at the State Bank, who were virtually or habitually sleeping over the slide, are now rushing to meet currency dealers to fill the widening gap ... Read More »

Overseas Pakistanis should bring back their assets under tax amnesty scheme: FBR Chairman Pasha

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: The tax amnesty scheme has been launched to provide an opportunity to the overseas Pakistanis to bring their assets back to Pakistan and come into the tax net, Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said. As per agreement with Organization for Economic Cooperation and Development (OECD), exchange of information about the financial bank transactions are going ... Read More »

SHC seeks remarks on petition challenging VR No 1264/2018


KARACHI: The Sindh High Court (SHC) has directed customs officials to make sure filing of their comments on a constitutional petition filed by M/s Care Plastic Industries against the valuation of imported canvas hosepipes under Valuation Ruling No 1264/2018 on March 8, 2018. A two-member bench, headed by Justice Munib Akhtar, was hearing the matter. During the proceedings, counsel for ... Read More »

Customs I&I to hold auction of non-customs paid vehicles on April 27


LAHORE: Directorate of Customs Investigation and Intelligence will hold auction of 19 non-customs paid luxury cars on April 27. The details of the cars along with their models and registration numbers included 2003 model Mercedes Benz S320, 1997 model Mercedes Benz E-240, 2000 model Mercedes Benz S500 car, 2003 model Mercedes Benz S500, 2004 model Mercedes Benz C180, 1999 model ... Read More »

Rs 80 billion relief offered to taxpayers through tax amnesty scheme: Rana Afzal

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ISLAMABAD: Minister of State for Finance and Revenue Rana Muhammad Afzal Khan, has said that a relief of some 80 billion had been granted to the taxpayers of poor class of society through the tax amnesty scheme. This relief is meant for a taxpayers with monthly income up to Rs 100,000 per month and this relief will enable taxpayers belonging ... Read More »

IHC postpones hearings against Islamabad Customs Collectorate


ISLAMABAD: The Islamabad High Court on Monday dated in office the hearings in customs cases involving Customs Appellate Tribunal and Model Customs Collectorate Islamabad. The IHC bench, comprising of Justice Athar Minallah and Justice Miangul Hassan Aurangzeb, adjourned the hearing of M/s Nayatel Private Limited filed against the Customs Appellate Tribunal. Other customs cases were relisted by Syed Waqas Ali ... Read More »

Faisalabad Customs impounds car loaded with 550kg of contraband cloth


FAISALABAD: The Customs Anti-Smuggling Organization (ASO) Faisalabad has seized 550kg of smuggled cloth worth Rs6.5millions involving duty and taxes amounting to Rs225000 besides impounding a Toyota Corolla car priced at Rs1million. Following secret information received through Collector Mirza Mubashir Baig regarding the smuggling of cloth, Superintendent Tanveer Raza Naqvi constituted a raiding team comprising Inspector Farhan, Sepoys Muhammad Khalid Dogar, ... Read More »

Non-Duty-Paid Hino truck impounded by Faisalabad Customs

hino truck

FAISALABAD: The Anti-Smuggling Organization (ASO) Faisalabad has taken into possession an imported used Hino truck. The market value of the vehicle is Rs4.5million involving customs duty and taxes of Rs1.6million. Sources told Customs Today that Collector Model Customs Faisalabad Mirza Mubashir Baig received a tip-off about the above said smuggled vehicle. Soon after receiving the secret info, he formed a ... Read More »

Quetta Customs impounds several items smuggled from three countries valued at Rs32m


QUETTA: The Model Customs Collectorate (MCC) Quetta has seized a huge quantity of foreign origin goods including betel nuts, Polypropylene plastic powder (Dana), Iran origin mixed coated fabric, ladies cloths, curtain cloths, black tea, blankets, welding rods, different brand of imported cigarettes, Indian origion toothpasts/brush garments, blades, razors and Malaysian origin laila vegetable oil. A tip-off was conveyed by Collector ... Read More »

Gwadar Customs confiscates radiators, vehicle-paints on actionable secret info

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KARACHI: The Customs Collectorate Gwadar has seized vehicle-radiators and vehicle-paints worth Rs5.20million on Tuesday. Sources told reporter that Deputy Collector Gwadar received secret information that some smugglers are trying to smuggle said items from Gwadar into Karachi. He constituted a raiding team of the Customs Anti-Smuggling Organization (ASO) under the supervision of Customs Preventive Inspector Yousuf Ali Khan and others. ... Read More »

LHC bars FBR from collection of double tax from steel mills


LAHORE: The Lahore High Court (LHC) has declared null and void the Sales Tax collection by the Federal Board of Revenue (FBR) through electricity bills. The LHC has issued a notice to the FBR for appearing before the court on May 3, 2018. Justice Shams Mehmood Mirza of the Lahore High Court (LHC) heard the appeal filed by the Waqas ... Read More »

Faisalabad Customs recovers expensive liquor from air passenger


FAISALABAD: A customs team deputed at the Faisalabad International Airport confiscated 10 bottles of liquor from a passenger travelling from Qatar to Faisalabad. Sources told Customs Today that the item was seized during the checking of passengers travelling by Qatar international flight No: QTR-624. The customs authorities took action under the supervision of Collector Mirza Mubashir Baig. Two bags carried ... Read More »

Customs Court seeks comments on bail petition filed by suspect in betel nuts smuggling case


KARACHI: Customs Court Judge Syed Faiz Rasool Rashdi has issued notices to the Customs Department and special prosecutor for customs on a bail petition filed by Muhammad Ibrahim, who was booked in a case of attempting to smuggle betel nuts in the garb of soap stock. During the hearing, the suspect appeared before the court along with his counsel who ... Read More »

Valuation Ruling No: 965/2016 due to be revised by Surriya Butt on May 29


KARACHI: The Directorate General, Customs Valuation, Director General Surriya Ahmed Butt has decided to revise the Valuation Ruling No: 965/2016 on May 29, 2018, it is learnt. Surriya Butt said the department is reviewing suggestions from various importers to set the new prices of sweet corn, canned pineapple and fruit cocktail. She said some valuations, which were issued in 2016, ... Read More »

Judgment reserved in customs case filed by M/s TCS involving FBR’s field offices


ISLAMABAD: The Customs Appellate Tribunal reserved decision in a customs case filed by M/s TCS Private Limited involving field offices of the Federal Board of Revenue. Tribunal’s bench, comprising Ziauddin Wazir, heard the case and reserved the judgment. Earlier, the bench had dated in office the hearing in a customs case filed by M/s TCS Private Limited with the directives ... Read More »

DG Valuation revises customs values of electric rechargeable shaver through VR No 1292/2018

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KARACHI: The Directorate General of Customs Valuation has revised the customs values electric rechargeable shaver through Valuation Ruling No: 1292/2018 under Section 25A of the Customs Act-1969. The customs values of electric rechargeable shaver were determined vide valuation ruling No.980/2016 dated 28.11.2016. A number of representations were received to determine the values of electric rechargeable shaver in accordance with the ... Read More »

FTO seeks reply from RTO Lahore in tax refund appeal


LAHORE: The Federal Tax Ombudsman (FTO) has heard a case filed by Contractor Muhammad Younis against the Regional Tax Office, (RTO-II) Lahore and adjourned it until the next date of hearing. The counsel for the appellant argued that the RTO had failed to release the sales tax refund to the appellant for the last two years. He said that RTO-II ... Read More »

Customs Court extends pre-arrest bail of suspect in sales tax evasion case

Tax Evasion

KARACHI: Customs Court Judge Syed Faiz Rasool Rashdi has extended pre-arrest bail of suspect, Muhammad Altaf Hussain, owner of M/s Tuba International, who was booked in a sales tax evasion case of Rs 15 million. During the hearing, investigation officer sought time to submit final charge sheet, therefore, the court adjourned the matter. Earlier, the suspect appeared before the court ... Read More »

Customs values of mixture of fatty acid revised

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KARACHI: The Directorate General of Customs Valuation has revised the customs values mixture of fatty acid through Valuation Ruling No: 1293/2018 under Section 25A of the Customs Act-1969. Earlier, customs values of mixture of fatty acids were determined vide Valuation Ruling No. 628/13 dated 24-12-2013. There were several representations from the importers, Pakistan Edible Oil Refiners Association and Pakistan Soap ... Read More »

ICCI recognizes good performance of ICT police


ISLAMABAD: The Islamabad Chamber of Commerce & Industry held a ceremony to recognize the good performance of police officers and Jawans of Islamabad Police who had traced and arrested the gang that was hitting Chinese nationals in the country. Dr. Sultan Azam Temuri IGP, Janeeb ur Rehman  Bugvi SSP Operations, Zubair Ahmed Sheikh SP Investigations and other police officers and ... Read More »