Exporters booked for exporting gold, jewelry on fake Form-E
KARACHI: The Model Customs Collectorate of Exports has booked three exporters of gold and jewelry and customs agents for depriving the national exchequer of valuable foreign exchange worth $52.428...
View ArticleDSB for promotion of ITOs in BS-19 rescheduled for June 15, 2015
KARACHI: The Department Selection Board (DSB) meeting for the promotion of Income Tax Officers (ITOs) in BS-19 has been rescheduled for June 15, 2015 instead of June 08 announced earlier. It may be...
View ArticleClearing agent’s news publication facing defamatory charges
KARACHI: A rather unknown weekly publication is facing legal proceedings, after it published a defamatory article against a reputed officer of Pakistan Customs Service (PCS). Deputy Collector of MCC...
View ArticleCustoms values of tissue paper jumbo roll determined
KARACHI: The Directorate General of Customs Valuation has determined the values of tissue paper jumbo roll vide Valuation Ruling No.738/2015. It was brought to the notice of the Directorate General...
View ArticleCustoms values of hot melt adhesives determined
KARACHI: The Directorate General of Customs Valuation has determined the values of hot melt adhesive glue stick, granules, chips, pellets under PCT 3506.9190 Â vide Valuation Ruling No.739/2015. A...
View ArticleCustoms values of tubular metal needle determined
KARACHI: The Directorate General of Customs Valuation has determined the values of tubularmetal needle under PCT 9018.3200 Â vide Valuation Ruling No.740/2015. a reference was received from the...
View ArticleAppraisement West forms team to assist M/s PRAL
KARACHI: The MCC Appraisement (West) has nominated several Principal Appraisers and Appraisers to assist M/s. PRAL with regard to budget related activities i.e. feeding of amendments immediately after...
View ArticleBS-18 Inland Revenue officers defend their promotion
KARACHI: The Income Tax Officers (ITOs) promoted to BS-18 earlier and whose promotion in BS-19 is going to be taken up at Department Selection Board (DSB) meeting on June 15, 2015, have defended their...
View ArticleCustoms Preventive recovers large quantity of smuggled tea
KARACHI: The Model Customs Collectorate of Preventive in separate raids has recovered 7.116 tons of black tea worth Rs3.7 million, which was smuggled into the country. Three FIRs have been lodged...
View ArticleMCC Port Qasim forms team to meet revenue collection targets
KARACHI: MCC Port Qasim has formed 10 different teams in order to mobilize efforts to meet revenue collection targets in the wake of closing of the financial year on June 30, 2015. Team comprising...
View ArticleFBR deprived of authority to issue concessionary SROs
KARACHI: Finance Minister Ishaq Dar has announced on Monday that the Federal Board of Revenue (FBR) is deprived of its authority of issuing concessionary statutory regulatory orders (SROs). Henceforth,...
View ArticleCapital gains tax increased on trade of shares
KARACHI: The Finance Minister Ishaq Dar has announced revised capital gains tax (CGT) slabs on trade of securities within two years while a new CGT slab has been introduced on securities held for more...
View ArticlePakistan Economic Review FY15: Macros in right direction
KARACHI: Pakistan macros continued to show improvement in FY15 as economic indicators including economic growth, inflation, fiscal deficit and external account showed improvement over the previous...
View ArticleIshaq Dar presents Federal Budget 2015-16 envisaging GDP growth of 5.5 percent
KARACHI: The federal cabinet on Friday approved the budget for the fiscal year 2015-16 (FY2015-16), with a total outlay of Rs4.313 trillion, which is 9.1 per cent higher than the revised 2014-15 outlay...
View ArticleIncome tax rates, slabs revised; minimum tax on salaried persons reduced to...
KARACHI: The Finance Bill 2015-16 has proposed revision in the income tax rates and slabs on salaried taxpayers as well as non-salaried taxpayers. The minimum income tax rate on the salaried persons...
View ArticleFBR to get access to the financial details of non-resident persons
KARACHI: The Finance Bill 2015-16 has accorded Federal Board of Revenue (FBR) with unlimited access to financials of any person, association of persons or company. The Bill has proposed to bind all...
View ArticleFinance Bill 2015-16 proposes certain amendments in Customs Act, 1969
KARACHI: The Finance Bill 2015-16 has proposed to bar Customs authorities from initiating recovery proceedings if in any case, any duty/tax is not/short levied or erroneously refunded if the...
View ArticleField Intelligence Unit Hyderabad seizes large quantity of smuggled goods
KARACHI: The Customs Intelligence & Investigation Hyderabad has seized large quantity of smuggled cigarettes, gutka and other miscellaneous goods and detained four persons for verification....
View ArticleBudget FY16: Pro-growth, but ambitious
KARACHI: The government unveiled its third budget with an outlay of Rs4,451billion (+3.5% YoY), aligned towards (1) growth and (2) containment of fiscal deficit. Encouragingly, government announced...
View ArticleMinimum rate of customs duty increased to 2.0 percent, overall duty structure...
KARACHI: The Ministry of Finance through the Federal Budget 2015-16 has increased the minimum rate of customs duty to 2.0 percent from 1.0 percent earlier, while duty structure has also been...
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