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Pakistan imports Rs 955 million items from India via Wagha

LAHORE: Pakistan imported items worth Rs 955 million from India via Wagha border during October 23-31, according to documents available with Customs Today. Pakistan imported tomatoes, garlic and polyethylene, polypropylene and condensers for steam. Pakistan imported 14,685,404 kg tomatoes worth Rs 693 million while Rs 41 million was generated by getting income tax on tomatoes. On the other hand, garlic ... Read More »

Exporters demand increase in duty draw back rates

KARACHI: The exporters and trade bodies have demanded Federal Board of Revenue (FBR) to increase the rate of Duty Draw Back (DDB) on exports due to significant increase in US dollar exchange rate since 2009, it is learnt here. The sources informed Customs Today that the authorities concerned of FBR have given the task to the Input Output Co-efficient Organization ... Read More »

FBR Q1 revenue up 12 percent

  ISLAMABAD: The FBR has collected Rs 89 billion revenue in the Q1 of the current fiscal year in addition to the revenue generated in the same period of previous fiscal year. The FBR collected Rs 188 billion in October. During the Q1 of the previous fiscal year it had gathered Rs 160 billion. The FBR has collected Rs 750 ... Read More »

Commerce Ministry cautious in signing more pacts after trade balance suffers

  ISLAMABAD: Due to the adverse impacts on Pakistan’s trade balance with other countries, the Commerce Ministry is cautious in signing further Preferential Trade Agreements (PTAs) and Free Trade Agreements (FTAs) with other countries. Pakistan signed FTAs with SAARC on January 2004, Sri Lanka on June 12, 2005, China on November 2006, and with Malaysia on November 2007. Pakistan signed PTA ... Read More »

Appraisement-East collects Rs 18.35 billion revenue in October

The Model Customs Collectorate of Appraisement-East has collected over Rs 18.35 billion revenue during October. The collectorate has achieved 97.57 percent of Rs 18.84 billion target fixed for the month. The collectorate collected Rs 5.08 billion customs duty (CD), Rs 9.97 billion sales tax (ST), Rs 3.22 billion withholding tax (WT) and Rs 74.82 million federal excise duty (FED). The ... Read More »

RTO-I chief bars officials from hanging banners

FBR Employees Union President Abdul Qayoom says CC and his aides are trying to corner union and deprive FBR employees of rights   LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-1 has warned officials from hanging banners, posters and affixing stickers in and around the building where the FBR Revenue Alliance office is also operating. According to a ... Read More »

Accountant General speeds up annual audit of collectorates

KARACHI: The Central Revenue Receipt Audit (CRA), a wing of the Accountant General of Pakistan Revenue (AGPR), has expedited working for early completion of the annual audit of field formation Collectorates for the fiscal year 2013-14, it is learnt here. Sources informed Customs Today that the authorities have issued clear directives to the CRA to complete the audit of the ... Read More »

Commerce Ministry gears up efforts reduce trade deficit

ISLAMABAD: The Ministry of Commerce (MoC) has taken numerous measures to reduce trade deficit and to have positive trade balance with every trading partner. Following the MoC’s initiatives, the Trade Development Authority of Pakistan (TDAP) has arranged trade fairs and exhibition to promote Pakistani exports and TDAP took Pakistani exporters to 10 exhibitions in USA alone during 2013-14. An official ... Read More »

Recruitment process in FBR after Muharram

ISLAMABAD: Recruitments in the Federal Board of Revenue from grade 1 to 15 will be made directly while recruitments from grade 16 to above will be made through the Federal Public Service Commission. The final approval for new hiring would be given by FBR Chairman Tariq Bajwa who holds portfolio of Secretary Revenue Division. The sources in FBR said that ... Read More »

Collector Saleem seeks manual to judge employees’ performance

KARACHI: The Model Customs Collectorate (MCC) of Appraisement-West Collector Muhammad Saleem has directed the Collectorate to prepare an “Appraisers’ Manual” in order to evaluate the performance of the officials and to ease streamlining their assignments. Sources informed Customs Today that the Collector Muhammad Saleem has assigned the task to all five additional collectors (ADCs) of the Collectorate to provide their ... Read More »

Customs intelligence and ASO seize Iranian ceramic tiles

MULTAN: The Multan Customs Intelligence and Investigation and Anti-Smuggling Organisation (ASO) have jointly seized imported tiles worth Rs 5 million during a raid. The intelligence and investigation has received information that a truck (PKJ-127) loaded with imported goods had crossed Dera Ghazi Khan. Both the departments searched the truck near Ghazi Ghaat Bridge in DG Khan. The truck was loaded ... Read More »

FBR likely to carry on tax-exempt status of FWO

FBR thinks FWO is not entitled to income tax exemption, but PML-N government is pressing board to keep FWO out of taxes     ISLAMABAD: Toeing the government’s line, the Federal Board of Revenue (FBR) is expected to carry on the tax-exempt status of the Frontier Works Organisation (FWO). “In the prevailing political scenario, the government is desirous of the ... Read More »

PTI collects Rs 16.42 million Azadi Fund

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has announced that party has collected Rs 16.42 million through Azadi Fund till October 31. He said that people’s commitment and passion for Naya Pakistan is astounding. It is important to mention here that the PTI chairman has asked party workers to donate for Naya Pakistan fund to continue the sit-ins in Islamabad. Read More »

Used cars import leaps to record 9,569 despite illegality of commercial import

KARACHI: Despite the illegality of used cars import, about 9,569 used vehicles were imported in the first three months of fiscal year 2014-15 as compared to 5,863 units in the same period last year, showing a huge growth of 63 per cent. Also despite decrease in duty and taxes rates on used cars import, the dealers have failed to bring ... Read More »

FBR collects Rs750b revenue, records 17% growth

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During the month of October this year, ... Read More »

MoU envisaging olive production promotion signed

ISLAMABAD: With the aim to promote olive products, the Pakistan Agricultural Research Council (PARC) entered into partnership with two private companies through a memorandum of understanding (MoU) signed here. The council has been working to strengthen and promote olive cultivation and use of olive products in the country through olive promotional project. The companies are M/s Eastern Marketing Services (Olive-Pakistan) ... Read More »

Used cars import up by 63pc so as prices

KARACHI: Despite decease in duty and taxes rates on used cars import, the dealers have failed to bring down prices although used cars import has witnessed a drastic surge. As per reports, about 9,569 used vehicles were imported in the first three months of fiscal year 2014-15 as compared to 5,863 units in the same period last year, showing a ... Read More »

Rs84m tax evasion: Collector Mujtaba imposes Rs2m penalty on Coca Cola

KARACHI: The Collector of Customs Adjudication-II Ahmed Mujtaba Memon has issued Order-in-Original (ONO) against M/s Coca Cola Export Corporation (Pvt) Limited in its alleged involvement in a huge tax evasion to the tune of Rs 84,754,838 in terms of Federal Excise Duty (FED) of Rs 66,379,784; Sales Tax of Rs 8,889,975 and Income Tax amounting to Rs 9,485,079 by declaring ... Read More »

Inflation falls 0.53% during outgoing week

ISLAMABAD: The Sensitive Price Indicator (SPI) for the week ended on October 30 witnessed a 0.53% decrease for the lowest income group as compare to the previous week. According to provisional figures released by the Pakistan Bureau of Statistics, the SPI for the lowest income group stood at 207.28 points against 208.38 in the previous week,. The SPI for the ... Read More »

In a decade time: Up to Rs14.68 per litre POL price cut takes effect

ISLAMABAD: Pakistanis finally received good news among the piles of bad reports especially of increasing inflation as Prime Minister Nawaz Sharif Friday announced reduction in the prices of petroleum products up to Rs14.68 per litre. Customs Today has another feather in its cap as this leading community newspaper was first to break this news of reduction in petroleum, oil & ... Read More »