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Hungary PMI falls to 51.3 in July

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FBR issues notices to 30 hospitals in Karachi

ISLAMABAD: Federal Board of Revenue (FBR) has sent notices to several hospitals of Karachi, claiming that many registered doctors and physicians don’t pay tax on income. According to the notice, a large number of doctors and surgeons found involved in tax evasion despite having registered with Pakistan Medical and Dental Council (PMDC). The revenue authority stated that it has sent ... Read More »

Pakistan Customs currency seizure posts 208pc growth to reach Rs485m in FY2018-19

Pakistan Customs

ISLAMABAD: Pakistan Customs seizure of currency as part of compliance to Financial Action Task Force’s (FATF) recommendations posted a growth of 208 per cent in Fiscal Year 2018-19, the highest ever in the recent past, to reach Rs485 million against Rs157million in the corresponding period last year. The Pakistan Customs has already introduced a string of policy measures to counter ... Read More »

Govt has not imposed any new taxes: FBR Chairman Shabbar Zaidi

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FAISALABAD: Federal Bureau of Revenue Chairman Shabbar Zaidi said on Monday that the government has not imposed any new taxes. The chairman FBR was addressing a ceremony in Faisalabad, where he said that there the issue of corruption in sales tax and the officials are automating it. Shabbar Zaidi said that the system will be improved in consultation with the ... Read More »

FBR to take stern action against under-invoicing & mis-declaration

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ISLAMABAD: Federal Board of Revenue (FBR) has decided  to take punitive action against under-invoicing or mis-declaration of imported goods. Chairman FBR Syed ShabbarZaidi has conveyed a message to the business community that besides refraining from business in smuggled goods, they should not indulge in under-invoicing or other mis-declarations when getting their imported goods cleared at the ports. Any importers, their ... Read More »

No extension in amnesty scheme: Shabbar Zaidi

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ISLAMABAD: There would be no extension in the amnesty scheme — alternatively the Assets Declaration Scheme 2019 — as opposed to speculation rife in social and mainstream media, according to the Federal Board of Revenue (FBR) chairperson Shabbar Zaidi. “No extension is being provided in the Asset Declaration Scheme,” read a statement from the FBR. The FBR chief rubbished rumours ... Read More »

FBR decides to reduce duration, percentage of property tax

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ISLAMABAD: The Federal Board of Revenue (FBR) has decided to reduce the duration and the percentage of withholding tax on the purchase of a property. The duration and the rate of property tax will be announced by the government on Sunday. At present, there is no tax if the property is held for more than three years. However, if the ... Read More »

Customs Court seeks final challan of smuggled cigarettes & gutkha case

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  KARACHI: The Customs court directed investigation officer of customs preventive to complete investigation and submit charge sheet in a case of attempting to smuggling of foreign origin cigarettes, gutkha etc. On June, 2019, investigation officer of Customs Preventive appeared before the court and argued that on a credible information, a team of customs department raided near Ferozpur Wala Builing, ... Read More »

Customs Today wishing its readers a happy Eid al-Fitr

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Customs Today wishing its readers a happy Eid al-Fitr Read More »

Qatar to invest $9b in form of trade & direct investment in Pakistan

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DOHA: Qatar is making $3 billion dollars worth of new investments in Pakistan, in the form of deposits and direct investments, the state news agency said on Monday. Following this investment, the economic partnership between Qatar and Pakistan will reach $9 billion, Qatar News Agency reported, quoting Qatar’s foreign minister Sheikh Mohammed bin Abdulrahman Al Thani. “The Qatari-Pakistani economic partnership ... Read More »

Hike in petroleum prices challenged in LHC

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LAHORE: Increase in petroleum prices is challenged in the Lahore High Court (LHC). The government has raised the price of petroleum products by Rs9.35 per liter. The petition stated that the international crude oil prices remained stagnant, but the government has increased the prices which would severely affect the masses. The petition contended that the increase in prices of petroleum ... Read More »

IDB to support Pakistan in economic growth and social uplift: Dr. Bander Hajjar

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ISLAMABAD: H.E. Dr. Bander M.H. Hajjar, President, Islamic Development Bank said that IDB Group’s relationship with Pakistan spanned over 40 years during which the Group has supported the sustainable and inclusive development in the country and it would continue to support Pakistan in economic growth and social uplift. He was interacting with local business community at a dinner hosted by ... Read More »

Pak-US trade relations need to be improved: RCCI

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RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) in collaboration with Pakistan American business Forum (PBAF organized a Pak-America Business conference in Dallas, Texas. Vice President RCCI Fayyaz Qureshi who was leading RCCI delegation in his address said that the major purpose of the conference was to provide an opportunity to exchange the views and identify the hurdles in ... Read More »

Customs values of polyester filament yarn revised

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KARACHI: Directorate of Customs Valuation Karachi has revised the Customs values of Polyester Filament Yarn vide Valuation Ruling No. 1362/2019. Earlier the customs values of the polyester filament yarn were determined vide Valuation Ruling No. 1355/2019. Aggrieved with the valuation ruling several review petitions were filed before the Director General of Customs Valuation Karachi by the importers/members of Pakistan Yarn ... Read More »

DG Valuation revises customs values of chocolate spread vide VR No 1361/2019

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  KARACHI: Directorate-General of Customs Valuation has determined the customs values of chocolate spread through Valuation Ruling No. 1361-2019. It was brought to the notice of the Directorate that the values of various brands of Chocolate Spread are being declared to Customs at much lower prices than their current international values. Verification by the department affirmed this stance. Keeping in ... Read More »

Customs I&I blocks consignments of embassies, recovers 1080 bottles of whiskey

Karachi Port

KARACHI: Directorate of Customs Intelligence and Investigation (I&I), Karachi blocked a number of consignments on suspicion of having smuggled liquor in the garb of diplomatic goods or food stuff. According to Director I&I Irfan Javed, on credible information, the Directorate blocked a number of consignments of different embassies including Indonesia, Syria, Algeria and Lebanon after their clearance by relevant customs ... Read More »

PM Imran sacks Petroleum Minister Ghulam Sarwar Khan in cabinet reshuffle

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ISLAMABAD: Prime Minister Imran Khan on Thursday dismissed Petroleum Minister Ghulam Sarwar Khan over unsatisfactory performance hours after Finance Minister Asad Umar announced to step down from his post, according to media reports. The sources have said that the premier is expected to appoint a federal minister, and there will also be changes in the minister of revenue and commerce. ... Read More »

I&I lodges FIR against suspects in boostin/somatotropin injections smuggling case

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KARACHI: Directorate of Customs Intelligence & Investigation lodged first information report against suspects namely Sadruddin son of Babu Din, Ms. Sayed Aziza, Ms. Sadick Fathima Bibi, Hammad and others, who were involved in a case of attempting to smuggle contraband 11,140 boostin/somatotropin injections (foreign origin). On April 15, 2019, investigation officer submitted FIR before the court and informed that on ... Read More »

Appraisement East lodges FIR against M/s Zulfiqar Traders in mis-declaration case

Tax Evasion

KARACHI: The Customs Court directed investigation officer to complete investigation against suspect namely Zulfiqar, proprietor of M/s Zulfiqar Traders, who was involved in mis-declaration of description, quantity and import of banned items in the garb of new and used miscellaneous items, besides evasion of duties and taxes to the tune of Rs3,775,631. On April 15, 2019, investigation officer informed that ... Read More »

Punjab govt slaps Rs21b tax on Orange Line project

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LAHORE: The Punjab Revenue Authority has imposed taxes amounting to Rs21 billion on the Orange Line Metro Train project, according to media reports. According to details, the Punjab Mass Transit Authority has issued a show cause notice for payment of Rs12.9 billion sales tax on the metro project, while the Lahore Development Authority has also issued a show cause notice ... Read More »