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Chief Collectors, Collectors to meet Bajwa on April 11

ISLAMABAD: Meeting of Chief Collectors and Collectors of Customs would be held on Friday April 11 to check revenue leakage regarding tax collection at the import stage including for improving collection through clearance of imported consignments. The meeting will be chaired by FBR Chairman Tariq Bajwa. Chief Collectors and Collectors of Pakistan Customs from all over the country are being ... Read More »

Amid reluctance treasury agrees to MPs’ tax probe

ISLAMABAD: Despite reluctance to a perceived attempt to ‘belittle’ parliament, the treasury benches joined the Opposition in adoption of a unanimous motion in the National Assembly, asking the speaker to constitute a committee to investigate allegations of tax non-payment by the parliamentarians. Speaker Sardar Ayaz Sadiq had earlier agreed to take up, out of turn, the motion tabled by Asad ... Read More »

MCC Appraisement-West issues 1,600 notices to recover Rs320m

KARACHI: Following the order passed by the Federal Tax Ombudsman, Model Customs Collectorate of Appraisement-West has issued 1,600 notices to car importers due to a short levy of duty and taxes demanding recovery of Rs 320 million. The irregularity was detected after scrutiny was conducted on the order FTO regarding interpretation of clearing the age limit of old/used cars. The ... Read More »

Ban on gold import to be lifted in two weeks

LAHORE: Federal Commerce Minister Khurram Dastgir has said that ban on import of gold would be lifted in two weeks with an ultimate goal to facilitate the value added exports of the commodity. “The government has devised a comprehensive plan to allow import of gold and the ban will be lifted in two weeks,” the minister said while addressing a ... Read More »

Zeba Hai assumes charge as Collector, MCC Islamabad

ISLAMABAD: Zeba Hai Azhar has relinquished charge of the post of Director, of Training and Research (Customs) with effect from 31-03-2014. She has assumed charge of the post of Collector, Model Customs Collectorate, Islamabad. Federal Board of Revenue has issued a notification in this regard. FBR has also issued notifications for the charge relinquishment and charge assumption of other senior ... Read More »

Vietnam launches electronic customs clearance system

HANOI: Vietnam in cooperation with Japan has launched an electronic customs clearance system. The country hopes to reduce costs and improve the business environment by making trade procedures more efficient. By shifting to a paperless system, the issue of opaque commission fees for businesses is also expected to be solved. Trade has surged for Vietnam since it joined the World Trade Organization ... Read More »

KCCI President rejects valuation guidelines

KARACHI: Karachi Chamber of Commerce and Industry President Abdullah Zaki, while expressing deep concerns over valuation guidelines on imported goods, has said that the trade and industry rejects these guidelines. KCCI President requested Federal Finance Minister, Ishaq Dar to take notice and stop the authorities from issuing such unfair valuation guidelines. Speaking at the 2nd meeting of KCCI’s Sub-Committee on Customs ... Read More »

Details of 0.85m taxpayers: FBR all set to publish Tax Directory on 15th

ISLAMABAD: The Federal Board of Revenue will make public details about annual income and tax paid by all 0.85 million taxpayers in the Tax Directory likely to be published by April 15, 2014. As per details, the FBR has finalised the tax directory of all return filers which has been lying with Finance Minister Ishaq Dar for a final approval ... Read More »

Lack of data sharing by FBR delaying policy pattern

ISLAMABAD: Ministry of Textile and Industry has written a comprehensive letter to the Federal Finance Minister Ishaq Dar in which it has put forward a complaint against Federal Board of Revenue. The ministry clarifies in the letter that FBR is not providing data regarding figures of exports and imports during fiscal year 2013-14 to the Ministry of Textile and Industry. ... Read More »

FBR to gather budget proposals by April 15

ISLAMABAD: Federal Board of Revenue has demanded the proposals for upcoming budget from all the stake holders till 15th of this month. Budget for the fiscal year 2014-15 is relatively more important as compared to the previous budgets as the Government has to fulfil a lot of commitments which it has made to the International Monetary Fund and the World ... Read More »

Afghans doing businesses sans FBR registration

ISLAMABAD: State Minister for Frontiers Lt-Gen (r) Abdul Qadir Baloch said that Afghan refugees were running their businesses in the country without the Federal Board of Revenue (FBR) or any other department’s registration at provincial level. Replying to a question in the National Assembly, he said that according to a survey, conducted by the United Nations High Commissioner for Refugees ... Read More »

Accounts audit likely to be made mandatory for e-filing of IT returns

ISLAMABAD: The Federal Board of Revenue (FBR) is planning binding taxpayers to get their accounts audited by professional accountant firms for e-filing of income tax returns. According to reports, the board intends to insert a new provision – (177-A) – into the Income Tax Ordinance, 2001 in the budget for 2014-15 to make the audit of financial accounts by professional ... Read More »

ANF recovers charas, heroin, methamphetamine

LAHORE: Anti-Narcotics Force has recovered 15.775 kg heroin, 16.609 kg charas and 980 grams of methamphetamine, after arresting nine persons and seizing two vehicles from Lahore, Rawalpindi and Karachi. ANF Lahore arrested three men including a resident of Bajaur Agency, a resident of Lahore and a resident of Landhi Kotal recovering 10.8 kg of charas. They were travelling on a car and a motorcycle. ANF ... Read More »

Cross-adjustment of ST: Govt yet to implement LHC verdict

LAHORE: The Federal government has failed to comply with a verdict pronounced by the Lahore High Court (LHC) against the interpretation of section 2 (22A) of Sales Tax Act 1990 by the FBR and the Ministry of Finance, Economic Affairs, Statistics and Revenue failed to include Khyber Pakhtunkhwa (KP) in its notification issued on March 27, through which the government ... Read More »

Indicators point to healthy Pak economic growth: Ishaq Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the impressive macro-economic indicators, as monitored and assessed by international financial institutions, present a picture of sustainable growth and economic stability in Pakistan. International Monetary Fund gave a clean chit to the Pakistan’s economic health, which led to the engagement with major financial institutions, he added. The minister was addressing a ... Read More »

Tax evasion: I&I-IR digs deeper amid arrest of two executives

ISLAMABAD: In what is being described as the landmark achievement to unearth tax evasion by an international IT giant, the Directorate General Intelligence and Investigation Inland Revenue (IR) has made the entire supply chain of the company as part of the investigation. As per details, both the arrested high-profile executives of the global IT giant were produced in the Rawalpindi ... Read More »

Customs society leaves for relief work in Tharparkar

LAHORE: A team of Customs Health Care Society has left for Tharparkar to overcome epidemic diseases in the drought-affected areas. The President of Customs Health Care Society, Additional Collector Dr Asif Jah has said that a relief convoy had also been sent to drought hit areas of Tharparkar along with this team. The team will visit the affected areas and ... Read More »

Customs three main collectorates generate Rs144b in 3rd quarter

KARACHI: The three main collectorates of Pakistan Customs, i.e. Model Customs Collectorate of Appraisement-East, Model Customs Collectorate of Appraisement-West and Model Customs Collectorate of Port Muhammad Bin Qasim have collected a total revenue of Rs 144,558.99 millions all together during the third quarter of the current fiscal year i.e. January to March, 2014. MCC-Port Qasim stayed on top among all ... Read More »

Illegal excisable goods trade: Swiss firm offers help to combat menace

ISLAMABAD: A Swiss company has offered to help the tax authorities illegal trade through introduction security marking, tax stamps and security ink/labels on different goods, especially those subjected to excise duty. The company claims that it can assist Pakistani tax authorities in combating illegal trade of all excisable commodities through its smart and secure technology which will have secure codes ... Read More »

Japan to provide drug scanners: Majid Yousufani

KARACHI: Customs Reforms and Automation Director Abdul Majid Yousufani has said that the Government of Japan had given assurances for providing three drug scanners, which were expected to be installed at Port Qasim and, East and West Wharf at Karachi Port by 2016. After availability of the scanners, Pakistan would be able to scan 100 per cent cargoes of Afghan ... Read More »