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Economic situation improved through concrete measures: PM

PM2

ISLAMABAD: Prime Minister Nawaz Sharif has said that the country’s economic situation had improved as compared to last year. Concrete measures have been taken to bring back the economy on strong footing. He said this while talking to a group of parliamentarians from Gujranwala Division who called on him here. Minister for Commerce Khurram Dastgir, Minister for Defence Khawaja Muhammad ... Read More »

No ST on forex transactions in a bid to strengthen rupee

rupees1

ISLAMABAD: Federal government has withdrawn sales tax levied by the provincial governments on foreign exchange transactions of exchange companies so that it can aide in governments efforts to strengthen the country’s currency. The decision is in line with the decision taken by the Council of Common Interests (CCI). Sources said that the CCI decision further strengthens the viewpoint of the ... Read More »

Valuation Ruling for food supplement issued

powder drinks

KARACHI: Directorate General of Customs Valuation has determined the customs values of food supplements (drinking powder Milo, Nesquick, Bournevita, Ovaltine, Complan and Horlicks, first time ever, through a Valuation Ruling No. 640/2014 under section 25-A of the Custom Act, 1969. Customs values of drinking powders including Milo, Nesquick, Bournevita, Ovaltine and Complan from all origins having Pakistan Customs Tariff code ... Read More »

Economy spurring: Dar sees end to woes in tax culture promotion

Dar Gujranwala

GUJRANWALA: Finance Minister Ishaq Dar has said that energy supply and public sector development programme could only flourish if all citizens pay their due taxes voluntarily. The minister claimed that all major economic indicators were pointing to the fact that economy had started showing signs of revival and that it was moving on the right track. Talking to a delegation ... Read More »

2pc extra-tax: Paapam seeks FBR chief attention

paapam

LAHORE: The Pakistan Association of Automotive Parts Accessories Manufacturers (Paapam) has called upon the Federal Board of Revenue to honour its assurance to withdraw two percent extra sales tax on non-retail sales of auto parts. In a statement issued here, Paapam Chairman Usman Malik said that FBR had not resolved the tax issue despite a lapse of five months since ... Read More »

Ministry seeks Rs10b: NA body told China to spend Rs26b on Gwadar uplift in FY15

Michael

ISLAMABAD: Federal Minister for Port and Shipping Kamran Michael has informed the National Assembly Standing Committee on Port and Shipping that the Chinese firm will spend Rs26 billion to further develop Gwadar Port during the next fiscal year (2014-15). The minister was briefing the NA Standing Committee on Ports and Shipping which met with Syed Ghulam Mustafa Shah in the ... Read More »

Czech customs seizes country’s biggest ever drug shipment

heroin bricks1

PRAGUE: Czech customs officials have seized 182 kilograms of heroin with a street value of nearly $ 37 million over the weekend in the country’s largest-ever drugs bust, marking a significant win in Europe’s fight against drug trafficking. The shipment contained 477 separate bricks of the opiate hidden in hollowed-out risers in 53 pallets on a truck carrying kitchen equipment. ... Read More »

Indirect tax collection up: Rs95b collected in first half

Collection up

ISLAMABAD: The collection of indirect tax has increased by 95 billion in the first half of the current fiscal year against Rs50 billion in the corresponding period last year. As per reports of the Finance Ministry, there has been a drastic surge in revenue collection through taxes on goods and services during the first half of the current fiscal year ... Read More »

Returns filing: Wealth statement likely to be mandatory from FY15

wealth statement for web

ISLAMABAD: The Federal Board of Revenue is likely to make mandatory submission of wealth statement for all taxpayers, irrespective of the existing limit of income exceeding Rs1 million, from next budget for 2014-15. According to details, through Finance Act 2013, it was made mandatory for all taxpayers to submit wealth statement irrespective of amount of their income declared in tax ... Read More »

GSP status: Dastgir to visit Washington DC

Capitol

ISLAMABAD: Pakistan and the United States of America (USA) are holding Trade and Investment Framework Agreement Council meeting from March 11-13 in Washington DC to resolve bilateral trade and investment issues. Minister for Commerce Khurram Dastgir will represent Pakistan in the meetings. Pakistan maintains that the US should compensate it in lieu of Reconstruction Opportunity Zones (ROZs) which were shelved. ... Read More »

Dar launches 2nd round of FICF today

Dar5

KARACHI: Federal Finance Minister Senator Muhammad Ishaq Dar will launch 2nd round of Financial Innovation Challenge Fund (FICF) here in Islamabad here on Thursday (today). The FICF is a component of the larger Financial Inclusion Programme being implemented by State Bank of Pakistan (SBP) with the financial assistance from the United Kingdom Aid. According to an SBP press communiqué, the ... Read More »

Govt considering revision of revenue target

Tax target missed

ISLAMABAD: Government is considering a downward revision of the annual tax collection target by Rs 130 billion for the current fiscal year after facing revenue shortfall of over Rs 100 billion in the period of eight months. The set target for the fiscal year 2013-14 is Rs 2475 billion. If revised downward by the proposed limit it shall be brought ... Read More »

MCC-Port Qasim collects revenue of Rs957m in January

port qasim

KARACHI: Model Customs Collectorate (MCC) of Port Muhammad Bin Qasim under the vibrant leadership of Chief Collector (South) Nasir Masroor and Collector MCC-Port Muhammad Bin Qasim, Dr Owais Agha Jawwad has collected revenue of over Rs 957 million in the month of January. Total revenue includes Rs 355,431,135 in share of bulk cargo; revenue of Rs 46,055,020 by Qasim International ... Read More »

Govt doing its best to tackle prevailing crises: Dastgir

Dastgir1

GUJRANWALA: Federal Minister for Commerce Khurram Dastgir has said that the government is doing its best and taking result-oriented steps to eliminate energy crisis, extremism, terrorism, poverty and unemployment from the country. Addressing a ceremony in Gujranwala, he said the Punjab government has accorded approval to establish a new hospital consisting of one thousand one hundred beds to ensure healthcare. The minister said that the government is committed ... Read More »

Customs officers and staff at MCC Quetta showered with praise

Chaman1

QUETTA: Collector of Model Customs Collectorate Quetta, Zahoor Akhtar Raja has said that customs officials at MCC Quetta are working day and night to get rid of the menace of smuggling. Officers and staff have performed tremendously in executing their responsibilities. He shared these views while hosting a farewell party given to Assistant Collector Amanullah Tareen and Assistant Collector Mumtaz ... Read More »

Imported auto parts: AIDC advocates charging additional duty

Autoparts

ISLAMABAD: The Auto Industry Development Committee (AIDC) of Engineering Development Board (EDB) has recommended additional duty on auto parts imported by M/s Al Haj FAW which are to be localised. As per details, the AIDC made the recommendation in its 18th meeting. The EDB is scheduled to evaluate the Federal Board of Revenue’s (FBR) reply which it expects within 10 ... Read More »

Collectorate of Adjudication faces shortage of staff

Customs House

KARACHI: The Collectorate of Adjudication is facing acute shortage of the office staff which badly hampers its daily affairs, it is learnt here. One of the senior officers in Adjudication Collectorate informed Customs Today that the collectorate is facing shortage of lower staff including appraisers, lower divisional clerks (LDCs), upper divisional clerk (UDCs) and superintendents, which is affecting the working ... Read More »

MFN status: APTMA demands India to grant NDMA

Yaseen-Siddik

KARACHI: The All Pakistan Textiles Mills (APTMA) has urged India to grant non-discriminatory market access (NDMA) before seeking MFN status from Pakistan, stressing that without level playing field there will be no trade liberalisation between the two neighbouring countries. In statement issued here, APTMA Chairman Muhammad Yasin Siddik said that currently trade balance heavily tilted in favour of India due ... Read More »

SRB modernisation to help raise revenue

Sindh-Board-of-Revenue

KARACHI: The Sindh Board of Revenue (SRB) is being transformed into a modern and vibrant entity, having the capacity for facilitating all taxpayers, protect their rights and raise the government revenue. Sindh Chief Minister Syed Qaim Ali Shah stated this while presiding over a meeting held to review the SRB performance, especially the tax collection and pace of implementation of ... Read More »

Manually filed tax returns: LTUs, RTOs told to comply with courts orders

Return

ISLAMABAD: The Large Tax Units (LTUs) and Regional Tax Offices (RTOs) will accept Sales Tax and Federal Excise Duty returns filed manually following orders of the High Courts whereby certain petitioners have been granted claim adjustment of provincial sales tax on services under the provincial laws. According to the FBR instructions, the board has decided that manually filed sales tax/federal ... Read More »