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Customs Appellate Tribunal Peshawar practically finished

ISLAMABAD: With the retirement of Gulab Shah, the judicial member seat of the Customs Appellate Tribunal Peshawar is practically finished. The tribunal consists of two members – the judicial member and a technical member. No one has been appointed as the technical member in the Peshawar tribunal, so with the retirement of the judicial member, the tribunal is practically finished. ... Read More »

Customs court orders one-week imprisonment, Rs 20,000 fine for driver of smuggled vehicle

ISLAMABAD: Customs, Anti-Smuggling and Taxation Special Judge Chaudhry Mumtaz Hussain has ordered one-week imprisonment and a fine of Rs 20,000 for Khayal Zaman, the driver of a non-duty paid vehicle Hilux Surf. According to details, the Model of Customs Collectorate Islamabad Investigation and Prosecution impounded a non-duty paid 1999 model Toyota Hilux Surf with registration number JAF-455 from Peshawer-Talagang Motorway. ... Read More »

Judge Irum Niazi sentences heroin smuggler to two years imprisonment, fine

ISLAMABAD: Special District and Sessions Judge CNS Irum Niazi has sentenced Ismael Muhammad s/o Sikander Khan, to two years imprisonment and a fine off Rs 200,000 in heroin smuggling case. The convict is a resident of Nawshera and an FIR Number 37/14 was registered against him. In case of non-payment of fine the accused will have to serve another eight ... Read More »

Dastgir, Olson along with ABC members to launch Pak-US Business Conference today

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir Khan, members American Business Council (ABC) as well as the US ambassador Richard Olson will attend the said ceremony will hold launch the Soft inauguration of two-day conference titled Pak-US Business Opportunities today (Friday) in Karachi.  In this connection as splendor ceremony will be held in Karachi” a well placed source privy to ... Read More »

FBR deliberates on long & short term capacity building programs of Customs & IRIS officials

ISLAMABAD: The Federal Board of Revenue (FBR) has devised a huge program for the capacity building of officers and staff members of Customs and Integrated Risk Information System (IRIS).  The basic objective of this huge program is to impart quality training and tax education in fiscal and economic management, to enhance professionalism, responsiveness, creativity, analytical capabilities, and intellectual integrity of ... Read More »

Tax evasion: FBR DG seeks report from Intelligence Wing on Ellite Traders raid

ISLAMABAD: The R&I director general has asked the FBR Intelligence Wing Lahore to submit a detailed report on the raid at a shampoo manufacturing company, Elite Traders, and seizure of its record. Million of rupees are expected to be recovered as a result of investigation into this raid. DG Haroon Tareen ordered to solve this matter as soon as possible. ... Read More »

MoC finalizes arrangements for upcoming Pak-US Business Opportunity Conference

ISLAMABAD: The Ministry of Commerce (MoC) has almost given the final shape to the arrangements for the upcoming the two-day Pak-U.S Business Opportunity Conference.  The Pak-U.S Business Opportunity Conference is scheduled to be held here in the Federal Capital on March 10-11 and a large number of U.S businessmen representing agriculture, textiles, apparel, footwear, energy, surgical instruments, healthcare, pharmaceutical, infrastructure ... Read More »

FBR to establish Directorate of Law to recover Rs 30 billion sub-judice money

ISLAMABAD: Taking a strong notice of a large number of stuck up taxation and revenue cases, the Federal Board of Revenue (FBR) has decided to establish a Directorate of Law. According to a careful estimate, a huge amount of Rs 30 billion is being stuck up due to the sub judice taxation and revenue with the courts and non recovery ... Read More »

Finance Ministry to fulfill requirements of Fiscal Responsibility and Debt Limitation Act 2005

ISLAMABAD: The Finance Ministry has taken numerous measures to comply with all the requirements stipulated in the Fiscal Responsibility and Debt Limitation Act 2005. The term fiscal responsibility in financial dictionary is defined as “A balanced budget”. That is a budget wherein expenditures during a given period of time are equal to revenues. The fiscal responsibility also includes a budget ... Read More »

Finance Ministry links slowdown in credit to private sector, demand & supply

ISLAMABAD: The Finance Ministry has linked the slowdown in credit to private sector to the demand and supply as well as weak profitability of major industries till second half of the current fiscal year.  Private sector credit includes loan and advances by financial intermediaries plus total bank bills outstanding. Lending and credit to the private non-finance sector (including public trading ... Read More »

MoC intends to include services, investment & customs cooperation in PSFTA

ISLAMABAD: Under the expansion of Pakistan and Sri Lanka Free Trade Agreement (PSFTA), Ministry of Commerce (MoC) intends to incorporate few new chapters in the agreement. “The said chapters are called Comprehensive Economic Partnership Agreement (CEPA) and subjects of services, investment and customs cooperation will be included in PSFTA as future roadmap for making it more effective and result oriented” ... Read More »

Govt to face Rs68b revenue shortfall if GST on petrol not increased: FBR

ISLAMABAD: Federal Board of Revenue (FBR) Spokesman Shahid Hussain Asad has said that massive cut in petroleum prices has also decreased revenue by Rs400 billion and the government will have to face further Rs68 billion shortfall in annual revenue collection target, if GST on petroleum products is not increased. While talking to Customs Today, Shahid Hussain, who is also Member ... Read More »

Ahmad Shuja assumes charge as Commissioner-IR

ISLAMABAD: Ahmad Shuja Khan, an Inland Revenue Service (IRS) officer of BS-20, has assumed the charge of the post Commissioner Inland Revenue (Special Zone), Regional Tax Office, Multan. The officer relinquished the charge of the post of Commissioner Inland Revenue (WHT), Regional Tax Office, Bahawalpur. Meanwhile, Abdul Hafeez Nizamani, (IRS/BS-19), has assumed the charge of the post of Additional Commissioner ... Read More »

Najeeb ur Rehman made Director General (OPS)

ISLAMABAD: Najeeb ur Rehman Abbassi, a Pakistan Customs Service officer of BS-20, has assumed the charge of the post of Director General (OPS), Directorate of Reforms and Automation (Customs), Islamabad. The officer relinquished the charge of the post of Collector, Model Customs Collectorate of Appraisement (East), Karachi. Meanwhile, the Competent Authority has extended suspension period of Honnak Baloch, Deputy Collector, ... Read More »

FBR serves notices to companies for not paying taxes in due rates 

ISLAMABAD: The Federal Board of Revenue (FBR) has served notices to tax evaders on a large scale with an objective to dig out potential tax evaders.  “With the strenuous efforts carried out by Member Inland Operations Muhammad Ashraf Khan, two major companies have been traced out which have not paid tax as per due rate of tax” a well placed ... Read More »

Commerce Ministry pursues diversification of markets policy vigorously

ISLAMABAD: The Ministry of Commerce (MoC) is pursuing agenda of diversification of new markets for Pakistani products especially in Europe. “In this connection, an important meeting between the Minister for Commerce Engineer Khuram Dastgir and Spanish ambassador Javier Carbajosa Sanchez is being held today (Tuesday) here” a well placed source at MoC told this scribe here on Monday. Matters pertaining ... Read More »

NA committee to take up Port Qasim issues with authorities today

ISLAMABAD: The National Assembly Standing Committee on Ports and Shipping will take up the issues confronted by exporters and importers at Port Qasim with authorities today. The committee will also discuss PQA’s development plan as well as issues faced by the administration in running the day to day operation of the port. A well placed source at Ministry of Ports ... Read More »

Pak-US Business Opportunities Conference on Feb 27

ISLAMABAD: The Pak-US Business Opportunities Conference will be held on February 27 . The Minister for Commerce, members American Business Council and US Ambassador Richard Olson will attend the conference. Media persons will be briefed about the objectives, goals, agenda and sequences of events of the conference through the ‘soft’ inauguration. A list of possible participants of the conference will ... Read More »

Issue of Rs 1 billion capital value tax collection awaits decision to be resolved

ISLAMABAD: Recovery and submission of Rs 1 billion arrears of capital value tax to the national kitty has become a rolling stone and a lingering issued among three major institutions. The Federal Board of Revenue (FBR), Law Division and Auditor General of Pakistan (AGP) are carrying on a hectic correspondence as well as consultation for the resolution of the said ... Read More »

Tax collection increases by 27pc during first 20 days of Feb: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs 1471 billion in seven months and 20 days of current financial year (from July 1st, 2014 to February 20, 2015). This amount exceeds by Rs 168 billion from Rs 1303 billion collected during the previous financial year in same period. FBR witnesses 13 percent increase in tax collection due to fruitful ... Read More »