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Author Archives: M Hayat

FBR decides to bring down rate of withholding tax at 0.25pc for dealers of fertilisers

LAHORE: The Federal Board of Revenue (FBR) has allowed reduced rate of withholding tax at 0.25 percent for dealers of fertilisers who have sales tax registration, sources said on Thursday. The reduced rate may help in bringing down prices of urea by Rs8/bag and diammonium phosphate (DAP) by Rs21/bag, they said. Sources in the FBR said this is a major ... Read More »

Duties & taxes on raw material for pharmaceutical industry should be brought down

LAHORE: Mian Tariq Misbah Lahore Chamber of Commerce and Industry (LCCI) has said that duties and taxes on the raw material for pharmaceutical industry should be brought down to reduce the input cost. Tariff rationalization is need of the hour, Mian Tariq Misbah said and added that LCCI has given comprehensive proposals regarding the Tariff Rationalization. He said that all ... Read More »

Pakistan Customs clears 1,000 Indian Sikh pilgrims reach Pakistan via Wagah border

LAHORE: Pakistan Customs has cleared around 1000 Indian Sikh pilgrims who arrived in Lahore via Wagah border on Monday to attend the festival of Baisakhi Mela at Hassan Abdal. Pakistan Evacuee Trust Property Board (ETPB) officials welcomed the pilgrims. Indian pilgrims had already undergone a coronavirus test prior to their departure from India. Sikh pilgrims across the globe are participating ... Read More »

Customs ASO impounds Rs3186.8m smuggled goods, vehicles

LAHORE: Collectorate of Customs Enforcement and Compliance (E&C) Anti- Smuggling Organisation (ASO) has seized huge quantity of smuggled / non-duty paid goods and vehicles worth Rs3186.8 million during July, 2020 to March, 2021. Sources told Customs Today that Collector Enforcement and Compliance Basit Maqsood Abbasi anti-smuggling squad headed by Additional Collector Muteen Alam, Deputy Collector Syed Kareem Adil, Assistant Collector ... Read More »

UBG sends 40 budget proposals to federal govt

LAHORE: United Business Group (UBG) sent a set of 40 growth oriented proposals for the upcoming federal budget 2021-22 which would help the government for accelerating the pace of economic activities in wake of pandemic of coronavirus. Chairman UBG and President SAARC Chamber Iftikhar Ali  Malik briefing the  media here today after chairing core committee meeting of the group said ... Read More »

Tax reforms will significantly improve revenue collection

LAHORE: Expert have voiced a unanimous opinion that tax reforms, coupled with increased fiscal powers for provinces will significantly improve revenue collection by the country. Sharing their views at a public-private dialogue held to discuss pre-budget proposals and business regulations, they stressed that sales tax should be collected by the provinces instead of federal agencies. Former Sindh finance minister Asad ... Read More »

SAARC Chamber hails Pak-Afghan Transit Trade Accord extension

LAHORE: SAARC Chamber of Commerce and Industry while hailing the Pak-Afghan Transit Trade Accord (APTTA) extension said it will help uninterrupted flow of trade activities between two Muslim neighbouring countries. Talking to delegation of traders here, President SAARC chamber Iftikhar Ali Malik said that the decision to extend the agreement is mainly aimed at preventing any disruption in trade and ... Read More »

Motorcycle spare parts importers demand removal of MRP at import stage

LAHORE: Chairman Khalid Waheed, All Pakistan Motorcycle Spare Parts Importer and Dealer Association (APMSPIDA) said that Motorcycle spare parts not a consumer item it should be removed from 3rd Schedule list. He said to put Maximum Retail Price (MRP) on motorcycle spare parts at import stage means to put MRP on the individual packaging on motorcycle parts at the exporting ... Read More »

Call to bring down duty, taxes on poultry sector raw materials

LAHORE: Pakistan’s poultry sector has huge unexplored potential which can earn important foreign exchange reserves if the duty and taxes on the raw material are brought down significantly, especially on feed related ingredients. Presently exports are haphazard and negligible with biggest challenge is being not competitive in comparison to Brazil. ‘We are 20-25 per cent more expensive than Brazilian products,’ ... Read More »

Customs I&I foils bid to smuggle goods worth Rs45m via train

LAHORE: Directorate of Customs Intelligence and Investigation (I&I) seized a train-bogie loaded with smuggled goods worth Rs45 million which had been transported from Karachi to Lahore. Sources told Customs Today that Director Asad Raza received credible information that huge quantity of smuggled goods will be transported to Lahore via Karachi. He immediately directed Additional Director Hasan Farid to take all ... Read More »

Customs I&I foils bid to smuggle goods worth Rs75m from Quetta to Lahore

LAHORE: Directorate of Customs Intelligence and Investigation impounded three trailers which were loaded with smuggled iron pipes and were coming from Quetta. Sources told that the seized goods belong to notorious smuggler Haji Nabi Bakhash. Haji Nabi Bakhash is a notorious smugglers. However, Director Customs Intelligence and Investigation Asad Raza Rizvi and Collector Preventive Lahore Basit Maqood Abbasi did not ... Read More »

PRA posts 31.1pc growth in revenue collection during March

LAHORE: The Punjab Revenue Authority (PRA) has collected Rs10.6 billion in the month of March 2021, compared to Rs8.1 billion collected in March 2020 showing a growth of 30.1 percent. According to the provisional collection figures, the Punjab Revenue Authority has collected Rs 10.6 billion in the month of March 2021, compared to Rs.8.1 billion collected in March 2020 showing ... Read More »

FBR collects nearly Rs3.4 trillion in taxes in nine months of FY21

LAHORE: The Federal Board of Revenue (FBR) has collected nearly Rs3.4 trillion in taxes in nine months, exceeding its revised target on back of higher collection of indirect taxes that accounted over 63% of the total revenues pooled by the tax machinery. The FBR has managed to exceed the sales tax and customs duties collection targets but missed the targets ... Read More »

REAP shows serious concern over the sudden decrease in freight rates

LAHORE: Rice Exporters Association of Pakistan (REAP) has shown serious concern over the sudden decrease in $ rate and increase in freight rates by shipping companies, the export of rice has been hit badly. One of the main issues in substantial increase of freight rates from previous rates of 600 to 3500 to Europe, and China from $100 to $750. ... Read More »

REAP shows serious concern over sudden increase in freight rates

LAHORE: Rice Exporters Association of Pakistan (REAP) has shown serious concern over the sudden increase in freight rates by shipping companies, the export of rice has been hit badly. One of the main issues in substantial increase of freight rates from previous rates of 600 to 3500 to Europe, and China from $100 to $750. Please note, the Freight hike ... Read More »

LCCI releases Budget Proposals 2021-22

LAHORE: The Lahore Chamber of Commerce & Industry on Wednesday released its proposals for Federal Budget 2021-22 and hoped that these would be made part of the policies for the upcoming financial year. The proposals have been forwarded to the Finance Minister Hammad Azher, Minister for Industries, PM Advisor to Commerce Abdul Razak Dawood, Chairman FBR and other concerned departments. ... Read More »

FBR detects Faisalabad labourer, gatekeeper owning 12 luxury vehicles

LAHORE: The Federal Board of Revenue’s anti-benami zone has traced more than 12 expensive vehicles in Karachi that are registered in the name of a daily-wage worker from Faisalabad and a gatekeeper. FBR benami (prohibition) zone revealed that a Faisalabad labourer Zahid Iqbal, who works as a daily-wage employee, owned two luxury vehicles including a Land Rover and BMW. Moreover, ... Read More »

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 »