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LTUs, RTOs chiefs’ moot: Dar, babus likely to brainstorm revenue target, next budget

ISLAMABAD: Finance Minister Ishaq Dar is likely to prod heads of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) into achieving the revenue collection target of Rs 2,475 billion during Chief Commissioners Conference of the Federal Board of Revenue (FBR) scheduled to be on Thursday. As per details, FBR Chairman Tariq Bajwa has directed the FBR Members and Chief ... Read More »

MCC-Appraisement (East) surpasses revenue target in Feb

KARACHI: Model Customs Collectorate of Appraisement-East under the dynamic leadership of Chief Collector-Appraisement (South) Nasir Masroor Ahmed and the Collector MCC-Appraisement (East) Najeeb-ur-Rehman Abbasi has surpassed the target by Rs 2,214.5 million set by the Federal Board of Revenue (FBR) for the month of February. According to details, MCC-Appraisement (East) has collected a revenue of Rs 13, 944.91 million all ... Read More »

KCCI members advised to renew membership by March 31

KARACHI: Karachi Chamber of Commerce and Industry has advised all its members to renew their membership of the chamber by March 31, 2014 in order to avoid any inconvenience. The process of membership renewal is currently underway at the KCCI for the year 2014-15 as per Trade Organizations Act 2013. The last date for renewal of membership is 31st March ... Read More »

Rescheduled for 3rd time: FBR to brief PM on March 17

ISLAMABAD: The Federal Board of Revenue once again rescheduled its briefing to Prime Minister Nawaz Sharif and now it will be held on March 17. It has been learnt that the FBR’s briefing scheduled for Tuesday was postponed due to hectic schedule of the Prime Minister. The PM Secretariat has set March 17 as new date for the FBR presentation. ... Read More »

ECC lifts ban on gem export, ban on gold import extended

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved to lift restrictions on the export of Gem Stones. However the body extended the ban on the import of gold under SRO 760 up to 31st March. The meeting of the Economic Coordination Committee (ECC) of the Cabinet took place under the chairmanship of the Federal Minister for Finance ... Read More »

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here. The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( ... Read More »

Cross adjustment of ST: Draft MoU between FBR, SRB ready

ISLAMABAD: The Federal Board of Revenue (FBR) and Sindh Revenue Board (SRB) have agreed that any person making supplies of taxable goods under the Sales Tax Act, 1990 will be allowed to adjust sales tax paid on taxable services received by him during business from a person working under Sindh Sales Tax on Services Act, 2011. According to draft of ... Read More »

10 pc customs duties on import of Indian yarn demanded

LAHORE: Pakistan Cotton Ginners Association (PCGA) Vice Chairman Asim Saeed Sheikh has expressed concerns over Indian yarn’s import and urged the government to impose 10 per cent duty on it to keep local yarn competitive. He was talking to newsmen in Multan. He said that total import of Indian yarn last year was calculated at 1,149,903 kilogram, however, this year ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »

Operation launched against property tax defaulters

RAWALPINDI: Excise and taxation Department has launched an operation against 5000 property tax defaulters in Rawalpindi. To this effect, the city has been divided into 25 circles and on everyday basis 30 to 35 commercial and residential properties are being sealed. The ratio of recovery ranges from Rs 0.3 to 0.4 million. An official of the department concerned said that ... Read More »

Exports up $0.984m in 8 month of FY 2013-14

LAHORE: Exports from the country during July-February (2013-14) were recorded at $ 16.866 billion against the exports of $ 15.882 billion recorded during July-February in FY 2012-13. While the imports into the country during the period under review were recorded at $ 29.408 billion against the imports of $ 29.069 billion during the corresponding period of last fiscal year. Pakistan’s ... Read More »

Significant modules of Transit Trade not yet rolled out in WeBOC

KARACHI: Directorate of Reforms and Automation (R&A) is striving hard to roll-out the most significant modules of transit trade in Web Based One Customs (WeBOC), computerised system, it is learnt here. The FBR sources informed Customs Today that the Directorate of Reforms and Automation has asked for completing the upgradation of transit trade remaining modules in WeBOC, computerised system by ... Read More »

No customs clearance for harmless chemicals in China

BEIJING: China has stopped the inspection of non-hazardous chemicals during both import and export stages in order to strengthen random spot check. This has allowed Chinese customs immediate clearance reducing the speed of customs clearance procedures. Hazardous chemicals are routine wise regarded as goods mandated for inspection, giving each a code number. But earlier these did not match with the ... Read More »

Dastgir reiterates principal of reciprocity in trade with India

ISLAMABAD: Federal Minister for Commerce Khurram Dastgir has once again emphasised that Pakistan is not going to grant non-discriminatory market access to India nor will Pakistan sign any new trade agreement with New Delhi unless it accommodates Pakistan’s main export items on the principal of reciprocity. “Pakistan is not going to grant non-discriminatory market access (NDMA) status to India until ... Read More »

Tax exemption for KP-Fata/Pata: ATIR interprets applicability of Clause 126F

ISLAMABAD: The Appellate Tribunal Inland Revenue (ATIR) has ruled that a three-year tax exemption declared for KP-Fata/Pata areas under clause 126F of Second Schedule of Income Tax Ordinance, 2001 is not applicable to cases which are subjected to final taxation. As per details, the ATIR has issued a judgment on the tax exemption availed under clause 126F of Second Schedule ... Read More »

Trade deficit narrows: Exports up by 18pc in February

ISLAMABAD: Pakistani exports witnessed a tangible increase to the figure of 18 percent in February against the corresponding month of the last year, declared Pakistan Bureau of Statistics (PBS). The growth in imports was recorded at 6.4 percent in February against the corresponding period of the previous year. Due to exceptional growth in exports, the trade deficit contracted in February ... Read More »

Rupee continues to gain weight in its value

LAHORE: Pakistani rupee is continuing to gain weight against the US dollar that has depreciated by around Rs 4 in a single week while its value is fluctuating at around Rs 100 mark. US dollar value in international foreign exchange rates stood at Rs 100.69. Pakistan open market rates for US dollar are Rs 100.25 whereas interbank rates for dollar ... Read More »

Paapam cheers decision: Dar agrees to settle 2pc extra-ST issue

ISLAMABAD: The government agreed with auto part vendors to consider sales tax on car assemblers as input instead of value-addition, paving the way for withdrawal of 2 percent additional sales tax being charged from vendors. The consensus was reached between Finance Minister Ishaq Dar and representatives of Pakistan Association of Automotive Parts Accessories Manufacturers (Paapam) during a meeting held here. ... Read More »

Others opposed: APTMA advocates 5pc duty on yarn import

KARACHI: All Pakistan Textile Mills Association (APTMA) Chairman Yasin Siddik vehemently demanded the imposition of a 5 percent import duty on cotton yarn, saying that huge imports of cotton yarn, especially from India, have been adversely affecting local industry. He claimed that the APTMA had already approached the government to tackle the issue and, adding that as soon as Pakistan ... Read More »

MCC Preventive special committee’s meeting delayed

LAHORE: Meeting of Special Committee on smuggling, under-invoicing and refunds at the office of Collector of Customs (Preventive) has been postponed. The meeting was scheduled to discuss under invoicing and smuggling related issues to overcome the issues with the local businessmen. However, due to some unknown reason it has been called off till March 17. Read More »