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SBP foreign reserves rise $2.6b to $16.1b

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by US$2,579 million and were recorded at $16,106 million during the week ending on April 9. According to the data released by the central bank, net reserves held by the SBP stood at $16,106.4 million. Net reserves held by commercial banks amounted to $7,113 million. Overall liquid foreign reserves ... Read More »

FBR reinstates 6 officials of Customs E&C Peshawar after suspension

ISLAMABAD: Federal Board of Revenue (FBR) reinstated six customs officials into services, who were suspended for violating government service rules. The following BS-16 officers of Collectorate of Customs Enforcement and Compliance, Peshawar, who were placed under suspension dated August 11, 2020 have been reinstated into services with immediate effect and until further orders: Mazhar Elahi, Superintendent, MCC, (E&C), Peshawar Syed ... Read More »

SECP automates Ultimate Beneficial Ownership Form for companies

ISLAMABAD; The Securities and Exchange Commission of Pakistan (SECP) has launched a facility on its eService portal for online submission of statutory Form-45, required to submit the declaration of ultimate beneficial ownership (UBO), under Section 123A of the Companies Act, 2017. “This is another forward step to promote the beneficial ownership transparency,” the SECP said in a press release on ... Read More »

FTO directs Multan Customs to take action against persons involved in smuggling & selling NDP goods

MULTAN: The Federal Tax Ombudsman (FTO) has directed Multan Customs that they should initiate criminal prosecutions against persons involved in smuggling or selling non-duty paid goods. In its proposals for budget 2021/2022, the FTO recommended measures on the issues of smuggling, mis-declarations, under-invoicing and non-transparent auctions. In order to effectively check the smuggling, it was recommended that criminal prosecution should ... Read More »

PYMA lauds ECC decision to withdraw customs duty on cotton yarns

KARACHI: Hanif Lakhany, Vice President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) & Senior Vice Chairman Pakistan Yarn Merchants Association(PYMA) and Vice Chairman Farhan Ashrafi & convener FPCCI’s Central Standing Committee on Yarn Trading, have lauded ECC decision to withdraw customs duty on cotton yarns, and said that ECC of the Cabinet withdrew customs duty on import of ... Read More »

RCCI demands extension in business hours amid Ramazan and Covid-19

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has demanded extension in business hours amid Ramzan and Covid-19 and urged the Government to review its notification to close normal businesses by 6:00 pm during the month of Ramadan. Mohammad Nasir Mirza, President RCCI, in a statement said that Ramadan is the month that increased the volume of business due ... Read More »

Auto revolution depends on success of EV Policy 2020-2025: Mian Tariq Misbah

LAHORE: An auto revolution is knocking the door as government has already approved “Electric Vehicles Policy 2020-2025 but to achieve the desired goals, its implementation in true sense of words is a must. “Electric Vehicles Policy 2020-2025 alone would resolve the issues of high import bill, cost of transportation, drastically rising pollution and various others”, the LCCI President Mian Tariq ... Read More »

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 »

Tax evasion: Customs court grants bail to Muhammad Zubair Gheewala & others

KARACHI: The Customs Court granted bail to suspects namely Muhammad Zubair Gheewala son of Muhammad Ismail and Muhammad Roz Khan son of Dost Muhammad son of Noroz Khan against the surety of Rs100,000 each who were arrested in a case of mega tax evasion case. On 13 April 2021, Zain Jatoi Advocate, a senior counsel appeared behalf of the above ... Read More »

SHC dismisses reference applications filed by Appraisement East & Customs PMBQ against M/s New World Impex & others

KARACHI: A two-member bench, headed by Justice Muhammad Junaid Ghaffar has dismissed special customs reference applications filed by Collector of Customs Appraisement East and Collector of Customs Port Muhammad Bin Qasim against M/s Hi-Tech Impex, M/s New World Impex, M/s Faisal International, M/s Ali Enterprises, M/s Sana Enterprises, Ashfaq Ahmed & others. Through these reference applications, the applicant has impugned ... Read More »

FBR plans to decrease income tax slabs from 11 to five during upcoming budget 2021-22

ISLAMABAD: The Federal Board of Revenue is considering ways to decrease the number of slabs for personal income tax from 11 to five in line with the UK model during the upcoming budget 2021-22. The government plans to introduce reforms in personal income tax in line with the IMF programme, top official sources as saying. These reforms aim to decrease ... Read More »

Govt slashes petrol price by Rs1.79 per liter

ISLAMABAD:  The government on Thursday slashed prices of petroleum products by up to Rs2.32 per litre effective from April 15, 2021. It reduced the price of high-speed diesel (HSD) by Rs2.32 per litre and the price of petrol by Rs1.79 per litre. the prices of kerosene and light diesel oil have also been slashed by Rs 2.06 and Rs 2.21 ... Read More »

Pakistan wants to strengthen trade, investment ties with Japan: Hammad Azhar

ISLAMABAD: Ambassador of Japan to Pakistan Kuninori Matsuda on Thursday called on Federal Minister for Finance, Revenue, Industries and Production Muhammad Hammad Azhar at the Finance Division. Commercial Counsellor Ishii Kensuke and Second Secretary Soma Mayuko also accompanied the Ambassador on the occasion. While extending a warm welcome to Kuninori Matsuda, the Finance Minister stated that Pakistan and Japan have ... Read More »

Multan Customs to start Covid-19 vaccination drive after Eid: Collector Muneeza Majeed

MULTAN: Collectorate of Customs Enforcement and Compliance (E&C) Collector Muneeza Majeed has said that Multan Customs will start COVID-19 vaccination drive, which includes its permanent and contractual employees after Eid-ul-Fitr. Keeping in view the limited availability of vaccines in the country, FBR will be administrating the vaccination in phases, starting first with the front-line commercial and technical employees, as well ... Read More »

MTBA demands FBR chairman to solve issues being faced by taxpayers on disallowance of input adjustment against entry of provincial invoices

MULTAN: Multan Tax Bar Association (MTBA) has written a letter to chairman of the Federal Board of Revenue (FBR) highlighting issues faced by taxpayers on disallowance of input adjustment against entry of provincial invoices. Multan Tax Bar Association said in its letter that “Manual entry of provincial invoices for input tax credit of services in Annex A is disallowed from ... Read More »

Elite privilege eats up $17.4b of Pakistan’s economy, UN report finds

ISLAMABAD: Pakistan’s elite groups enjoy an estimated Rs17.4 billion in economic privileges, which is 6% of the economy, according to a recent United Nations report. Elite groups include the corporate sector, feudal landlords, political class and the country’s powerful military. The UN Development Programme’s (UNDP) National Human Development Report (NHDR) for Pakistan was released last week. It focuses on issues ... Read More »

ECC approves withdrawal of customs duty on import of cotton yarn till June 30

ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved to withdraw the Customs Duty on import of cotton yarns till June 30, 2021. Federal Secretary Commerce presented a summary before the ECC for withdrawal of Customs Duty on import of cotton yarns under PCT 5205, 5206 and 5207 till June 30, 2021. The Committee took this ... Read More »

Speakers at RCCI VITF (Europe) urge diversification in exports products

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) organized the Virtual International Trade Forum (VITF) chapter Europe. The purpose of the trade forum was to acquaint the business community in European countries with trade and export opportunities. The forum was well attended by large number of participants via video link, this includes, Daniel Clauss, Head of the Political, Trade ... Read More »

SHC dismisses 14 SCRAs filed by Collector of Customs against M/s Victory Pipe Industries & others

KARACHI: A two-member bench, comprising Justice Muhammad Junaid Ghaffar and Justice Agha Faisal has dismissed 14 special customs reference applications filed by the Collector of Customs against M/s Victory Pipe Industries (Pvt) Ltd and others challenging impugned order passed by customs appellate tribunal. On 12 April 2021, court released detailed judgment and observed that “through these reference applications, the applicant ... Read More »

FBR collects Rs1.8b as advance tax on capital gains from sale of securities

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs1.8 billion as advance tax on capital gains from sale of securities during first nine months of the current fiscal year. According to statistics, the Large Taxpayers Office (LTO) Karachi collected Rs1.8 billion during July – March 2020/2021 as compared with Rs1.63 billion in the corresponding period of the last fiscal year, ... Read More »