MCC Appraisement East asks banks to provide 3-month statement of several bank...
KARACHI: Pakistan Customs has warned several banks for suspected contravening the provisions of law. An official said they had information that several banks even after receiving the attachment notices...
View ArticleICAP holds post-budget seminar
KARACHI: Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan has said that country lacked culture of tax compliance and there was an urgent need to reform the taxation system by engaging...
View ArticleFBR notifies nominations for 20th SMC
KARACHI: The Federal Board of Revenue (FBR) has notified nominations of BS-19 or equivalent officers for 20th senior management course (SMC) at National Management College Lahore and National Institute...
View ArticleCCP issues policy note to FBR
KARACHI: The Competition Commission of Pakistan (CCP) has issued a Policy Note to the Federal Board of Revenue (FBR) to eliminate discrimination meted out to some market players of the steel industry...
View ArticleCJ’s son still untraced, police inability proved
KARACHI: Police and law enforcing agencies have failed to recover Syed Owais Ali Shah son of Syed Sajjad Ali Shah, Chief Justice of High Court of Sindh who was abducted on Monday from Agha Super...
View ArticleLicense of clearing agent M/s Basathia Impex suspended
KARACHI: Collector Appraisement West Dr. Fareed Iqbal Qureshi has suspended the license of M/s Basathia Impex and their user ID in the WeBOC system has also been blocked. According to details available...
View ArticlePPL announces discovery at Hadi X-1A, Gambat South Block
KARACHI: Pakistan Petroleum Limited the operator of Gambat South Block with 65 percent working interest (WI) along with its joint venture partners, Government Holdings Private Limited and Asia...
View ArticleWorkers’ remittances rise 6.38 percent to $19.9 billion in FY16
KARACHI: Overseas Pakistani workers remitted $19.9 billion in FY16, showing a growth of 6.38 percent compared with $18.719 billion received during FY15. During June 2016, the inflow of workers’...
View ArticleFBR extends deadline
KARACHI: The Federal Board of Revenue (FBR) has notified extension in the date for submission of sales tax returns and federal excise returns for the tax period of June 2016. The Board has granted...
View ArticleValuation of property; ABAD, realtors reject amendment to Income Tax Ordinance
KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the real estate sector have outrightly rejected amendment in the Income Tax Ordinance 2001 (ITO) and addition of a new...
View ArticleGovernment withdraws RD exemption on cocoa powder, cotton yarn, iron & steel
KARACHI: The Federal Government has withdrawn regulatory duty (RD) exemption available on the import of cotton yarn, iron and alloy steel, which would now be subject to statutory rate of regulatory...
View ArticleTotal exports slides by 12.11% in 2015-16, imports 2.32%
KARACHI: Despite an effort of the government to enhance exports in 2015-16, the country’s goods export declined by 12.11 per cent to $20.802 billion in (July-June) 2015-16 from $23.667 billion in the...
View ArticleFace Power, Face, Skin Cream, Lotions, Tooth Paste import Valuation Ruling:...
KARACHI: The hearing of a constitutional petition challenging assessment of Tooth Paste, Face Powder, Face and Skin Creams, Lotions etc under new Valuation ruling (VR) 848 of 2016 dated 6-5-2016 was...
View ArticleVehicle auction case: SHC fix Aug 18 as date of hearing
KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Iraf Saadat Khan and Justice Arshad Hussain on Friday fixed Aug 18 to hear a petition against alleged illegal auction of a...
View ArticleDate extended
KARACHI: The Federal Board of Revenue (FBR) has notified 7-day extension in the date of filing withholding tax (WHT) statements for the tax year 2016 till July 22, 2016. “FBR has extended the date of...
View ArticleMCC Islamabad seizes 20kg heroin
KARACHI: Customs staff of MCC Islamabad at Islamabad Airport seized a huge consignment of 20Kg refined heroin worth Rs200 million artfully concealed in 136 embroidered Ladies stitched suits from a UK...
View ArticlePakistan can save $2.5bn by encouraging edible oil sector
KARACHI: Pakistan is wasting millions of dollar in the import of Edible oil and its seeds by ignoring this sector in the budget 2016-17. The consumptions of Edible oil are growing three per cent...
View ArticleADB forecasts economic boost in Pakistan in 2016-17
ISLAMABAD: The Asian Development Bank (ADB) has forecast further boost in Pakistan’s economic growth during 2016 and 2017 due to high investment in infrastructure, improved security environment and...
View ArticleFPCCI demands for improving ports to reduce cost of exports and imports
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) called for increasing focus on development of ports to ensure success of China Pakistan Economic Corridor. Better...
View ArticleColgate Palmolive penalized for mis-declaration
KARACHI: Collector Customs Adjudication Shafique Ahmed Latki has penalized M/s Colgate Palmolive Pakistan Ltd and clearing agent M/s Tanzil Traders for mis-declaring the value of imported goods sodium...
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