Customs duty collection surges by 22.5 percent in FY 15
KARACHI: The Customs duty collection by Pakistan Customs surged by 22.5 percent to Rs247.323 billion during the fiscal year ended June 30, 2015 as compared with the collection of Rs201.775 billion in...
View ArticlePakistan Customs, State Bank join hands to monitor export proceeds,...
KARACHI: In order to plug loss of precious foreign exchange because of non-realization of export proceeds and use of fake Form-E, the Pakistan Customs and State Bank of Pakistan are collaborating to...
View ArticleWithholding agents barred from adjusting input tax
KARACHI: The Federal Board of Revenue (FBR) has barred the withholding agents from adjusting input tax on purchases and advised the agents to deposit the sales tax withheld in the government exchequer...
View ArticleIncrease in FED on cigarettes vide SRO 481(I)/2015 rescinded
KARACHI: The Federal government has withdrawn the increase in federal excise duty on cigarettes, which was earlier notified vide SRO 481 (I)/2015. According to SRO 495(I)/2015 issued on July 01, the...
View ArticleFederal government eliminates FED exemptions
KARACHI: The Federal government has restored federal excise duty (FED) on air-travel, motor vehicle and viscose staple fiber import, banking services and advertisement in print publications. The...
View ArticleFederal government revises rate of sales tax as envisaged in SRO 1125(I)/2011
KARACHI: The Federal government through amendments in SRO 1125(I)/2011 has notified revised rate of sales tax on import and supply of goods usable as industrial inputs as well as finished goods....
View ArticleCustoms Valuation fixes import values of Coke
KARACHI: The Directorate General of Customs Valuation has fixed the customs values of Coke vide Valuation Ruling no. 753/2015. The Customs values of Coke (H.S Code 2704.0010) were determined under...
View ArticleDirectorate of Transit Trade authorized to make arrests without warrants
KARACHI: The Federal Board of Revenue (FBR) has granted special powers to the Directorate General of Transit Trade, which includes the authority to demand documents and provide information as well as...
View ArticleFBR makes scanning, examination of transit goods made mandatory at port of entry
KARACHI: The Federal Board of Revenue (FBR) has made it mandatory that after filing of Goods Declaration (GD), 20 percent consignment of transit goods will be weighed and scanned at the relevant office...
View ArticleFBR grants unlimited powers to Directorate General of IPR-Enforcement
KARACHI: The Federal Board of Revenue (FBR) has granted unlimited power to the Directorate General of Intellectual Property Rights Enforcement – FBR, which includes making arrests as well as...
View ArticleFPSC announces 227 BS-16 vacancies in Pakistan Customs
KARACHI: The Federal Public Service Commission (FPSC) has announced 227 vacancies in BS-16 in Pakistan Customs for the posts of appraising/valuation officers. Following seats are available in the...
View ArticlePilferage of US Army cargo; Directorate General Transit Trade submits ‘Final...
KARACHI: The Directorate General of Transit Trade has submitted the final challan before the Court of Special Judge (Customs & Taxation) in the case pertaining to the pilferage and illegal removal...
View ArticleFBR issues summary of sales tax measures
KARACHI: The Federal Board of Revenue (FBR) has issued brief summary of Sales Tax measures for guidance and ease of understanding along with actions required to be taken by the field formations. To...
View ArticleTax, Customs officials advised to ensure tax is charged at revised rates...
KARACHI: The Federal Board of Revenue (FBR) has advised all the Customs Collectorates as well as Large Taxpayers Units (LTUs) and Regional Tax Offices (RTOs) to ensure that sales tax is charged at...
View ArticleTax officers advised to properly implement revised FED regime
KARACHI: The Federal Board of Revenue has advised the field formations to ensure that the revised regime of Federal Excise Duty (FED) is properly implemented and the duty is charged on the revised...
View ArticleFBR notified transfers and postings in Inland Revenue
KARACHI: The Federal Board of Revenue (FBR) has notified transfers and postings of BS-18 and BS-17 officers of Inland Revenue (IR). According to details, BS-18 officers transferred include Ms. Misbah...
View ArticleWithholding tax on banking transactions reduced to 0.3 percent
KARACHI: The Federal Finance Minister Ishaq Dar has announced to reduce the withholding tax on all banking transactions exceeding Rs50,000 from 0.6 percent to 0.3 percent. The decision was taken at a...
View ArticleCustoms Adjudication serves Show Cause Notice to accused in the case of...
KARACHI: The Customs Adjudication has issued a Show Cause Notice of the focal person of US Consulate and their authorized agents, bonded carriers and others as to why evaded amount of duty/taxes...
View ArticleImports under ATT during FY15 increase significantly
KARACHI: There has been a drastic change in the import pattern on Afghan Transit Trade during the fiscal year ended June 30, 2015 as imports of several goods almost doubled in the outgoing fiscal year...
View ArticleDTRE facility: FBR relaxes conditions for vegetable ghee exporters
KARACHI: The Federal Board of Revenue (FBR) has extended the scope of Duty and Tax Remission for Exports (DTRE) facility for the manufacturers cum exporters of vegetable ghee. The FBR has amended the...
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