Government caps tax exempted import of raw material
KARACHI: The government has proposed to cap the tax exempted import of raw materials to 110 percent of the quantity imported and consumed in the last tax year. Presently, taxpayers are allowed to apply...
View ArticleFED on services withdrawn
KARACHI: The much awaited withdrawal of the federal excise duty (FED) on services, which are now subject to provincial sales tax, has been proposed in the Finance Bill 2016. In the Finance Bill 2016,...
View ArticleMCC Preventive Lahore comes hard on smuggling
LAHORE: The MCC Preventive Lahore is rigorously pursuing the anti-smuggling campaign and during the month of May 2016 large quantity of smuggled, non-duty paid goods were seized worth Rs28.7 million....
View ArticleMCC Appraisement East up for attaching properties, bank accounts of defaulters
KARACHI: Collector MCC Appraisement East, Ashad Jawwad has initiated a campaign to recover government revenue to the tune of Rs2.0 billion approximately outstanding against various importers. In order...
View ArticleNew fully automated sales tax return filing system from July 01
KARACHI: Secretary Policy FBR Raja Vishnu Qavi has said a new fully automated sales tax system is being implemented from July 01, 2016, which would reduce post-filing discrepancies. “We expect there...
View ArticleASO Lahore seizes smuggled auto parts
LAHORE: The staff of Anti Smuggling organization (ASO) Model Customs Collectorate (Preventive) Lahore raided a warehouses and recovered huge quantity of smuggled and non-duty-paid spare parts. Pursuant...
View ArticleFBR timings in Ramadan
KARACHI: The Federal Board of Revenue (FBR) has notified the office timings for all the formations of Inland Revenue Service (IRS) and Customs during Ramadan. Working hours on 5-day a week basis would...
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Customs values of automotive bulbs revised
KARACHI: Director Customs Valuation Karachi, Dr. Wasif Memon has revised the Customs values of automotive vehicle and motorcycle bulbs vide Valuation Ruling 865/2016. The customs values of automotive...
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Health scheme launched for IRS officials
KARACHI: Member-(IRS-Inland Revenue Service FBR) Dr.Muhammad Irshad inaugurated “Health Scheme for IRS Officers/officials “in Karachi. It is first initiative of its kind in govt public sector of...
View ArticleSales Tax for steel sector enhanced
ISLAMABAD: The federal government has proposed to enhance fixed rate basis on steel sector, ship breakers and steel melters. Sales tax on steel sector, including ship breaking sector in the budget for...
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Customs values of perfumes, colognes and deodorants revised
KARACHI: Director Customs Valuation Karachi Dr Wasif Memon has revised the customs values of perfumes, colognes and deodorants vide Valuation Ruling No.866/2016. Customs values of perfumes, eau de...
View ArticleSHC adjourns petition by textile importer
KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Hasan Azhar Rizvi and Justice Zafar Ahmed Rajput on Tuesday adjourned hearing of a petition filed by Kashif and Co, importers...
View ArticleFootwear importers approach Tribunal against Ruling No.859/2016
KARACHI: The Directorate General of Customs Valuation had dismissed the review petition of footwear importers against the Valuation Ruling No.859/2016. The revision petition noted that the department...
View ArticleCartel involved in pilferage of ISAF reverse cargo penalized
KARACHI: Collector Customs Adjudication Chaudry Muhammad Javaid has penalized the cartel involved in pilferage of ISAF reverse cargo including hazmat waste. The bonded carrier, clearing agent and...
View ArticleSHC rejects urgency application by Additional Commissioner IR (RTO) against...
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Faisal Kamal Alam on Wednesday rejected an application for urgent hearing filed by Additional...
View ArticleConstruction vehicles case: SHC seeks comments from Ministry of Communication
KARACHI: The comments from Ministry of Communication were called by a division bench of High Court of Sindh (SHC) comprising Chief Justice Sajjad Ali Shah and Justice Mahmood A Khan in a petition filed...
View ArticleSAPT project delayed as KPT fails to invest $800m in road construction and...
KARACHI: South Asia Pakistan Terminals Limited (SAPT), a joint public-private investment project worth $1.3 billion, has been delayed almost two years as the Karachi Port Trust (KPT) failed to invest...
View ArticleCCP tells SRB, PRA to withdraw sales tax exemptions
KARACHI: The Competition Commission of Pakistan (CCP) has advised Sindh Revenue Board (SRB) and Punjab Revenue Authority (PRA) to withdraw the exemptions granted to the informal, non-corporate...
View ArticleWeBOC module redesigned to streamline post clearance audit
KARACHI: Directorate of Reforms & Automation has prepared a modified module in the WeBOC system, which would automatically mark GDs to Post Clearance Audit (PCA) for audit on the basis of Risk...
View ArticleMinistry notifies guidelines for implementation of SOLAS amendments
KARACHI: The Ministry of Ports & Shipping has notified guidelines for the implementation of the mandatory amendments to the International Convention for the Safety of Life at Sea (SOLAS), which...
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