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Author Archives: M Hayat

FBR begins probe into sugar dealers over sustained shortage

LAHORE: Sugar dealers have come on the radar of the Federal Board of Revenue (FBR). An investigation has been launched against the sugar dealers to get to the bottom of the shortage. According to details, consumers in Lahore are finding it difficult to procure sugar and flour. Babar Center remained closed even on the 9th day and sugar trading could ... Read More »

FBR asked to activate valuation department of customs at Lahore

LAHORE: Standing Committee on Fast Moving Consumer Goods (FMCG) Sector of the Lahore Chamber of Commerce & Industry (LCCI) has demanded for activating the valuation department of customs at Lahore besides increasing the customs valuation time frame of 90 days to at least one year. In its proposals for the budget, Standing Committee on FMCG Sector that a meeting may ... Read More »

Withdrawal of tax exemptions lamented

LAHORE: The Lahore Chamber of Commerce & Industry has said that it was not the right time for withdrawal of tax exemptions from various sectors and an addition to the discretionary powers of tax machinery. Talking to media, the LCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan and Vice President Tahir Manzoor Chaudhry said that the ... Read More »

FBR special audit team creates demand of Rs469b tax against 81 sugar mills

LAHORE: Special audit team of the Federal Board of Revenue (FBR) has created a demand of estimated Rs469 billion tax against 81 sugar mills, some of them directly owned or co-owned by politicians. The FBR started a probe against the country’s 89 sugar mills’ alleged irregularities pointed out by the Sugar Inquiry Commission (SIC) in 2020. “We have imposed a ... Read More »

Tax exemption of Rs10m on import of 10 vehicles opposed

LAHORE: The Law Division has opposed tax exemption worth Rs10 million for import of 10 vehicles by the Ministry of National Food Security and Research. Officials said that the issue was taken up in a recent meeting of the Economic Coordination Committee (ECC) of the cabinet. During discussion, the Ministry of National Food Security and Research secretary highlighted that exemption ... Read More »

90pc collection of FBR is from ports: Ali Haider Zaidi

LAHORE: Federal Minister for Maritime Affairs Ali Haider Zaidi has said that 90 per cent collection of the Federal Board of Revenue is from ports. He was speaking at a meeting at the Lahore Chamber of Commerce & Industry. LCCI President Mian Tariq Misbah, Senior Vice President Nasir Hameed Khan, Vice President Tahir Manzoor Chaudhry, former LCCI President Mian Misbah-ur-Rehman, ... Read More »

Renowned singer Atif Aslam latest celebrity to come under FBR radar

LAHORE: Renowned singer Atif Aslam is the latest celebrity to come on the radar of Federal Board of Revenue (FBR). Atif has been issued a notice by FBR for non-payment of advance tax. Following FBR’s move against classical singer Rahat Fateh Ali Khan, sources say that FBR has issued advance tax notice to Atif Aslam for non-payment of Rs 0.60 ... Read More »

FBR Chairman Javed Ghani issues strict instructions to all field offices to resolve all issues of taxpayers

LAHORE: Chairman Federal Board of Revenue Muhammad Javed Ghani has issued strict instructions to all field offices to resolve all the issues of taxpayers immediately. On the instructions of the Prime Minister, in a monthly e-court at the FBR Headquarters Chairman FBR Muhammad Javed Ghani welcomed the suggestions to listen to the online complaints of the taxpayers through e-court. Taxpayers ... Read More »

Collector Mohsin Rafique lauded for helping release containers of electric switches

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Vice President Tahir Manzoor Chaudhry has lauded Collector Mohsin Rafique for helping release containers of electric switches and sockets stranded at Lahore Dry Port for three months, saving from major damage. Tahir Manzoor Chaudhry said that as a result of a letter written by the Pakistan Standards and Quality Control Authority in ... Read More »

FBR imposes no tax on IT sector under Income Tax Second Amendment Bill 202

LAHORE: The Federal Board of Revenue (FBR) has conveyed to the IT services or IT-enabled services that no tax has been imposed on the IT sector under the Income Tax Second Amendment Bill 2021. Senior FBR officials were responding to the queries and concerns of the IT sector regarding the replacement of the income tax exemption with the tax credit ... Read More »

Business community fully supporting govt by paying taxes: Mian Tariq Misbah

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) urged the government to broaden the tax net by supporting and encouraging the existing taxpayers who are backbone of the economy. While commenting on the Prime Minister’s remarks while chairing the Federal Cabinet meeting, the LCCI President Mian Tariq Misbah said that this impression is not right that business community is ... Read More »

SNGPL, SSGC detect Rs8.855b gas theft in last five years

LAHORE: The two-state owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), have collectively detected around 430,194 gas theft cases causing pilferage of 13,266 MMCF (Million Cubic Feet) gas worth Rs 8.855 billion during the last five years. According to the details, during a period from 2016-17 to 2019-20, the companies have also registered as ... Read More »

FEBR rejects new taxes, duties in upcoming budget

LAHORE: The Friends of Economic & Business Reforms (FEBR) rejected the government’s plan of imposing additional taxes of billions of rupees in the upcoming federal budget 2021-22, besides ending duties and tax exemption, leading to a new wave of inflation in the country. The FEBR President Kashif Anwar said that the new taxation measures include increasing income tax burden of ... Read More »

FBR directs all manufacturers to affix tax stamps or UIM on all products from July 1

LAHORE: The Federal Board of Revenue (FBR)  made it mandatory for all manufacturers to affix tax stamps or Unique Identification Marking (UIM) on all products effective from July 1, 2021. The order was notified through late-night Sales Tax General Orders (STGO). After awarding the licence for Track and Trace System to the successful bidder, the FBR has also issued four ... Read More »

Pakistan and China are not only neighbors but also brothers:  Envoy Nong Rong

LAHORE: Nong Rong, Chinese Ambassador to Pakistan has said Pakistan and China are not only neighbors but also brothers who after the initiation of China-Pakistan Economic Corridor, Pakistan has gained historical significance and Chine companies investment in Pakistan is likely to create thousands of jobs. He expressed these views during his visit to the $60 million Challenge Textile Factory on ... Read More »

FBR Chairman Javed Ghani assures LCCI of resolution of used laptops, computers valuation hike issue

LAHORE: Federal Board of Revenue (FBR) Chairman M Javed Ghani has assured Lahore Chamber of Commerce and Industry of amicable resolution of situation after the hike of valuation of used computers and laptop up to 70 to 700 percent. The FBR chairman was talking to Lahore Chamber of Commerce and Industry president Mian Tariq Misbah on telephone on Friday over ... Read More »

Customs E&C seizes huge quantity of smuggled goods worth Rs2965.29m

LAHORE: Collectorate of Customs Compliance and Enforcement (E&C) seized huge quantity of smuggled/ non-duty paid goods worth Rs2965.29 million during  financial year July, 2020 to February, 2021. The Anti-Smuggling Organization of Model Customs Collectorate (Enforcement & Compliance), Lahore on the directions of Basit Maqsood Abbasi, Collector of Customs (E&C), headed by Muteen Alam, Additional Collector Ali Taugir, Assistant Collector and ... Read More »

LCCI & Chaman Chamber of Commerce & Industry ink MoU to make joint efforts for trade, industry and economy

LAHORE: The Lahore Chamber of Commerce & Industry and Chaman Chamber of Commerce & Industry have inked a Memorandum of Understanding (MoU) with the aim to make joint efforts for the cause of trade, industry and economy and to ensure a business-friendly atmosphere in the country. President of the Lahore Chamber of Commerce & Industry Mian Tariq Misbah and President ... Read More »

Minister for Maritime Affairs Ali Zaidi forms Advisory Committee to resolve issues

LAHORE: Federal Minister for Maritime Affairs Ali Haider Zaidi has announced formation of an Advisory Committee, consisting representatives from the Chambers, Ministry and other relevant departments, to resolve demurrage and other related issues. The Minister further stated that he would be visiting LCCI again soon along with Chairmen of Karachi Port Trust and Port Qasim Authority to the resolve the ... Read More »

Customs I&I confiscates Rs3776.095m smuggled goods & items

LAHORE: The Directorate of Customs Intelligence and Investigation has confiscated Rs3776.095 million smuggled goods and items to date making seizures valuing Rs762.910 million during the month of February 2021. The performance comprises both range office Lahore and Gujranwala. The ASO of l&1-Customs, Lahore, so far during the current fiscal year, has made seizures worth of Rs3776.095 million by framing 181 ... Read More »