Customs Appellate Tribunal orders Appraisement to seek Kahota Research...
KARACHI: The Customs Appellate Tribunal has advised the Customs Appraisement to forward representative samples of the consignment – imported by M/s Bismillah Industry – to Kahota Research Laboratory to...
View ArticleTribunal reduces penalty imposed on Bonded Carrier
KARACHI: The Customs Appellate Tribunal has reduced the penalty of Rs3.0 million imposed on M/s Limsa Agencies Bonded Carrier to Rs1.0 million as it was involved in aiding and abetting pilferage of...
View ArticleLarge-scale transfers and postings in Pakistan Customs Service after Eid
KARACHI: Federal Board of Revenue (FBR) is all set to notify large-scale transfers and postings of senior officers of Pakistan Customs Service (PCS). The reshuffling is being done in consultation with...
View ArticleStocks brokers demand penal action against RTO Zone-1
KARACHI: The KSE Brokers Association has demanded penal action against Regional Tax Office (RTO) Zone-1 for demanding illegal duty from tax complaint stocks brokers. Yasin Lakhani, president of the...
View ArticleTransfers and postings in IRS
KARACHI: Federal Board of Revenue (FBR) on Thursday notified transfers of BS-18 officers of Inland Revenue Service (IRS). According to details, Mian Muhammad Majid Hayat has been transferred to the...
View ArticleFBR proposes amendments in Rules
KARACHI: The Federal Board of Revenue (FBR) desires that the advance tax collected by banks on all transactions should be deposited into the government treasury by July 31, 2015. According to a...
View ArticleDespite all efforts, FBR fails to deliver as per expectations: SBP
KARACHI: Despite the imposition of additional tax measures, including increase in sales tax rate on petroleum products, imposition of regulatory duties, and sending notices to prospective taxpayers,...
View ArticleSECP revokes license of Rawalpindi-Islamabad Customs Agents Association
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has revoked the license of Rawalpindi-Islamabad Customs Agents Association for not complying with the rules of law. The Commission has...
View ArticleImport of old/used truck; MCC Port Qasim challenges order-in-appeal before...
KARACHI: MCC Port Qasim has approached Customs Appellate Tribunal challenging the order of Collector Appeals Dr. Zulfiqar Malik in the case of import of old and used trucks by M/s Quick Contractors in...
View ArticleChemical importer seeks correct classification of Titanium dioxide cotiox KA-100
KARACHI: M/s Khurram Gulzar & Co has approached Customs Appellate Tribunal for the second time seeking withdrawal of penalties imposed by Customs Adjudication and requesting classification of...
View ArticlePilferage of ISAF cargo; DG I&I submits seizure report for adjudication...
KARACHI: The Directorate General of Intelligence & Investigation (I&I) Customs has submitted the seizure report for adjudication proceedings, nominating several persons as accused in the...
View ArticleDirector of International Transit of Afghanistan to visit transit activities...
KARACHI: Dr. Sayed Yahya Akhlaqi, Director of International Transit of Afghanistan is coming to Karachi on an official trip from July 27 to July 31, 2015 and visit the transit activities in the related...
View ArticleBail hearing of accused involved in US Army cargo pilferage deferred for July...
KARACHI: The accused arrested for their involvement in the pilferage of US Army cargo could not secure bail as the Customs Court has extended the date of bail hearing. The hearing in this regard was...
View ArticleFBR develops code of conduct to discourage corruption
KARACHI: The Federal Board of Revenue (FBR) as part of the mission to eliminate corruption in the revenue body has developed a code of conduct. This would discourage officers avoiding management...
View ArticleFBR launches mobile service for taxpayer status verification
KARACHI: The Federal Board of Revenue (FBR) has introduced mobile SMS service ‘9966’ for verification of status on active taxpayers list to facilitate taxpayers and withholding agents. FBR has recently...
View ArticleFBR explains new withholding tax provisions applicable to banking companies
KARACHI: The Federal Board of Revenue (FBR) has issued explanation regarding new withholding tax provisions applicable to banking companies. Banking instruments and channels are used to acquire assets...
View ArticleFBR introduces progressive tax regime for non-corporate taxpayers
KARACHI: The Federal Board of Revenue (FBR) has introduced progressive tax regime for profit on debt in case of non-corporate taxpayers. The rationale for introducing progressive tax rates is that...
View ArticleFBR implements automatic selection of cases for audit
KARACHI: The Federal Board of Revenue (FBR) has been equipped with automatic selection of cases for audit that do not fulfill certain conditions. Under the provisions 8 of Section 214D, if Return is...
View ArticleExporters given option to opt out of final tax regime
KARACHI: The Federal Board of Revenue (FBR) has provided the exporters with an option from tax year 2015 and onwards to opt out of the final tax regime and file their returns of income under normal tax...
View ArticleFBR limits scope of exemptions under Section 148 of Income Tax Ordinance
KARACHI: The Federal government has limited the exemption from collection of tax at import stage under section 148 of Income Tax Ordinance, 2001 to specified entities and on import of specified items....
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