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ICCI hails separation of FBR’s tax collection and policy making functions

icci

ISLAMABAD: Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry has hailed the government’s decision to separate FBR’s tax collection and policymaking functions and termed it a positive move as it would infuse confidence in the taxpayers and help in enhancing the tax base of the country. He said that Prime Minister Imran Khan during election campaigns had promised ... Read More »

SRB suspends sales tax registration of corporate entities

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KARACHI: Sindh Revenue Board (SRB) has restrained another 21 taxpayers to render services within the jurisdiction of the province until payment of due liability and compliance with monthly return filing. Sindh Revenue Board suspended sales tax registration of 21 corporate entities on October 28, 2018. The SRB suspended sales tax registration of around 89 taxpaeyrs in last 4 days in ... Read More »

Govt must stop illegal raids of customs teams on truck stands: PGTA

Mideast Qatar FIFA Raids

LAHORE: Pakistan Goods Transporter Association  (PGTA) urged the provincial government to restrict customs officials for illegal raids on truck stands and imposed fines. On Saturday, Provincial Minster for Transport Jahanzaib Khichi while talking with representatives of Pakistan Goods Transporter Association assured to solve the issues of transporters. The meeting was in continuation in which the Pakistan Goods Transporter Association put ... Read More »

Indonesia asked to setup JVs for palm oil production in Pakistan

ISLAMABAD: Pakistan was a major importer of palm oil to meet its domestic needs while Indonesia was the world’s largest producer of palm oil and its investors should set up joint ventures in Pakistan for production and processing of palm oil that would help in reducing our import bill, this was observed by Ahmed Hassan Moughal, President, Islamabad Chamber of ... Read More »

Customs to auction 49 remaining luxury vehicles of PM House on 17th

sadia usman asst collector

ISLAMABAD: As per Prime Minister’s austerity drive, 49 remaining old luxury vehicles will be auctioned under the supervision of Customs department on October 17 at PM House. Deputy Collector Sadia Usman told Customs Today that according to directions of Prime Minister Imran Khan, a public auction will be held on Wednesday (October 17) at car parking of PM House near Gate ... Read More »

FBR registers 55pc increase in income tax returns till October 10

tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has registered a landmark 55 per cent increase in the number of income tax returns filed until 10th of October this year as compared to the corresponding period last year. Sources told Customs Today, that FBR has until 10.10.2018 received 482,275 income tax returns for the Tax Year 2018, which are 170,208 more than ... Read More »

Member Customs Zahid Khokhar inaugurates Sadiqabad export terminal

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MULTAN: Federal Board of Revenue’s (FBR) Member Customs Muhammad Zahid Khokhar has inaugurated the modern export terminal facility in Sadiqabad. The export terminal of the Multan Dry Port Trust (MDPT) has now been made operational to facilitate handling of import/export containers mostly via rail. The initiative would cut significantly the cost of importers and exporters on goods transportation. Multan Collector ... Read More »

Customs North Region earns Rs9178.77 million during 1Q

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ISLAMABAD: Customs North region faced massive shortfall of Rs937 million under all heads during first quarter of financial year 2018-19. Official sources told Customs Today that during first quarter (July to September) 2018-19, the Customs North Region comprising (Customs Islamabad, Peshawar, Sialkot and Gilgit-Baltistan) received Rs9463.53 million against assigned revenue collection target of Rs10400.80 million under all heads. Sources added ... Read More »

IHC directs counsels to conclude arguments on petition filed by M/s Huawei Technologies

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ISLAMABAD: A bench of Islamabad High Court (IHC) directed counsels to conclude arguments on coming Monday in a tax matters filed by M/s Huawei Technologies. On 8.10.2018, IHC bench comprising Justice Aamer Farooq was hearing the matter challenging Large Taxpayers Unit’s show cause notice issued in head of federal excise duty (FED). Earlier, another bench of IHC had reserved decision ... Read More »

Gwadar Customs seizes huge quantity of non-duty paid luxury vehicle’s tyres

Gwadar Customs seizes non-duty paid vehicles goods worth Rs 18m till October 15 copy

GWADAR: Collectorate  of Customs team seized huge quantity of non-duty paid luxury vehicle’s tyres & tubes and vehicle being used for smuggling worth Rs 8 million. Sources told Customs Today on 5.10.2018 that Deputy Collector Junaid Mehmood received secret information that some smugglers ware trying to smuggle non-duty paid luxury vehicles tyres and tubes from Gwadar to Karachi. After receiving ... Read More »

FTO asks FBR to amend relevant section of Customs Act, 1969

Chief Collector Sarwat Tahira

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed Federal Board of Revenue (FBR) to consider amending relevant section of Customs Act, 1969 for inclusion of a specific period for deciding refund applications, it is learnt here. According to sources, FTO has written to FBR that Section 19-A of Customs Act, 1969 does not prescribe certificate by chartered accountants. It is evident ... Read More »

IMF asks FBR to ensure measures to make non-filers accountable

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ISLAMABAD: International Monetary Fund (IMF) urged the government of Pakistan to bring non-filers into the tax net, it is learnt here. Sources told that an IMF delegation held the third round of talks with officials from the Ministry of Finance and the Federal Board of Revenue (FBR). Sources said that FBR officials briefed the IMF delegation on the country’s taxation ... Read More »

‘NAB wanted’ Zulfi Bukhari appointed as special assistant to PM on overseas Pakistanis

Zulfi Bukhari

ISLAMABAD: Prime Minister Imran Khan has appointed his close aide Zulfiqar Hussain Bukhari, aka Zulfi Bukhari, as his special assistant on overseas Pakistanis and human resource development, the Pakistan Tehreek-i-Insaf (PTI) announced. He will have the status of a minister of state in his role as special assistant. “The Prime Minister has been pleased to appoint, with effect from [Sept ... Read More »

PM appreciates private sector, pledges all our support

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Lahore, September 17 – Executive Committee of the Lahore Chamber of Commerce & Industry, headed by the LCCI President Malik Tahir Javaid, had meeting with Prime Minister Imran Khan and donated Rs.10 million to the PM Dam Fund.  The LCCI President Malik Tahir Javaid, along with Senior Vice President Khawaja Khawar Rasheed, Vice President Zeshan Khalil and Executive Committee Members, presented ... Read More »

Mini-Budget 2018-19: Govt to increase customs duty on 5000 items, RD on 900 items

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ISLAMABAD: The Govt has decided to increase customs duty on more than 5,000 items and regulatory duty on import of more than 900 items. According to details, the federal cabinet approved proposed amendments in the budget today in which it decided to raise the tax rate in the highest income tax slab from 15pc to 29pc. The ‘mini-budget’ will also ... Read More »

SHC directs Customs to release 6,690 bicycles on differential amounts

Faisalabad Customs Intelligence collects evaded tax, release consignments

KARACHI: The Sindh High Court (SHC) directed Customs officials to consider the request of petitioner to release its 6,690 pieces of bicycles on differential amounts on a petition filed by M/s Lucky Traders seeking release order of its consignments of bicycles. On September 14, 2018, a two-member bench, headed by Justice Aqeel Ahmed Abbasi, heard the matter. During the hearing, ... Read More »

FBR audit staff shortage causing losses thru Green Channel misuse, electronic clearance

Green channel

ISLAMABAD: The Federal Board of Revenue (FBR) is facing heavy losses due to staff shortage and unqualified workforce with audit functioning of the board negatively affected. According to a local media outlet report, misuse of Green Channel and electronic clearance of import products is the primary reason behind the problem. Among the consequences of poor audit functioning is that import ... Read More »

Govt to expand tax net by reducing taxes: FBR Chairman Jehanzeb Khan

FBR chairman Jahanzeb

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Mohammad Jehanzeb Khan has said that government wants to bring more people under the tax net following reduction in taxes. Action was being taken against those involved in the illegal sale of cigarettes, he said, adding that they were ready to review the taxes on the cigarette industry. According to official sources, federal ... Read More »

Shipping Alert! Evidence surfaces on ban of cargo delivery at Pakistan ports of shipping lines

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Evidence surfaces on Licenses of KMTC, United Marine, Evergreen, Greenpak to be cancelled KARACHI: Evidence has surfaced on ban of cargo delivery at Pakistani ports of specific shipping lines as Customs Preventive has started procedure to cancel their licenses under Section 14A of the Customs Act 1969 and under rules 603 (Q), 603 (R), 604 (Q) and 607 (E), others ... Read More »

Shipping Alert! Cargo delivery at Pakistan ports to be banned of specific shipping lines

port and shipping

Licenses of KMTC, United Marine, Evergreen, Greenpak to be cancelled KARACHI: Shipping lines and their agents allegedly involved in Rs 610 billion scandal would not be able to call their vessels on Karachi ports when their licenses are cancelled as several importers have applied for lodging FIRs against them and also taking penal action for violating SRO 1220 (I) 2015 ... Read More »