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Author Archives: M Hayat

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 »

Customs DGTT, FC, terminal operators directed to monitor cross-border movement of vehicles

LAHORE: Pakistan Customs Directorate-General of Transit Trade,  Frontier Constabulary (FC), and the terminal operators have been directed to monitor cross-border movement of vehicles carrying goods, specifically Afghan Transit Trade items through Border Customs Stations. The FBR has issued an SRO267(I)/2021 to introduce a new procedure for the said officials for monitoring the goods through Border Customs Stations. Earlier, the draft ... Read More »

Customs I&I impounds container loaded with smuggled goods Rs45.6m

LAHORE: Directorate of Customs Investigation and Intelligence (i&i) seized a container loaded with smuggled goods worth millions 45.6 million. Sources told Customs Today that on the directions of Director Asad Raza, Additional Director Hassan Farid with his team intercepted a container at the outskirts of Lahore City containing huge quantity of snuggled goods including cigarettes 18 cartoons valuing 2.5 million ... Read More »

Pakistan Customs lauded for linking steel scrap value with London Metal Bulletin

  LAHORE: Pakistan Association of Large Steel Producers has lauded the Pakistan customs’ decision to link the value of steel scrap with London Metal Bullet (LMB) in a bid to avoid confusion at the time of goods clearance at ports. The Directorate General of Customs Valuation-Karachi had recently revised custom values on the import of iron and steel scrap. The ... Read More »

Regulatory duty on LPG imports removed

LAHORE: The Federal Board of Revenue (FBR) has removed regulatory duty on LPG imports. Earlier, the government imposed regulatory duty on LPG imports, which was later withdrawn. The current distortion in liquefied petroleum gas (LPG) prices may continue as the proposed regulatory duty on LPG imports has been withdrawn at the last moment from the new LPG policy draft. At ... Read More »

FPCCI signs partnership accord with Greater Manchester Chamber of Commerce

LAHORE: The Pak-UK Business Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) had signed a partnership agreement with Greater Manchester Chambers of Commerce, which has over 5,000 registered British businesses based in the Greater Manchester region of UK. Speaking at the virtual meeting, Pak-UK Business Council Chairman Imran Khalil Naseer briefed the participants on the benefits ... Read More »

FBR going to miss its annual tax collection target

LAHORE: The Federal Board of Revenue (FBR) is also going to miss its annual tax collection target by a wide margin and the International Monetary Fund (IMF) has agreed to reduce the target by about Rs263 billion, said the sources. In an alarming development, the number of active taxpayers has declined by 30% or 935,000 to just under 2.2 million, ... Read More »