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Tag Archives: FTO

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 »

FTO suggests initiating criminal prosecution against smugglers

ISLAMABAD: Federal Tax Ombudsman (FTO) has recommended that tax authorities 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, misdeclarations, under-invoicing and non-transparent auctions. In order to effectively check the smuggling, it was recommended that criminal prosecution should be initiated ... Read More »

FTO seeks simplification of income tax return forms

ISLAMABAD: Federal Tax Ombudsman (FTO) has advised the Federal Board of Revenue (FBR) to simplify income tax return forms in consultation with stakeholders to facilitate the taxpayers. In its proposals for the budget 2021/2022, the FTO recommended simplification of returns forms in consultations with small taxpayers along with availability of option of filing the returns in Urdu. Similarly, an option ... Read More »

FTO assures to resolve tax complaints of business community on priority basis

KARACHI: The Federal Tax Ombudsman (FTO) has assured to the industrialists of Karachi for resolving the taxes related issues on priority basis, has said that the industrialists should not be bothered by the show cause notices issued by the Federal Board of Revenue. Instead of harassment, the FTO should be informed about unnecessary notices so that complaints can be resolved ... Read More »

FTO directs to take action against sugar mills owners for declaring fake benamidars

MULTAN: Federal Tax Ombudsman (FTO) has strongly recommended Federal Board of Revenue (FBR) to implement the ‘Sugar Commission Report’ to take action against sugar mills owners, who declare fake and ‘benamidars’ buyers of sugar worth billions of rupees in their monthly sales tax returns. The FTO office has made this recommendation in its budget proposals (2021-22) for consideration of the ... Read More »

FBR Member Sarwat Tahira Habib transferred and posted as FTO

ISLAMABAD: Federal Board of Revenue (FBR) Member Legal & Accounting-Customs Sarwat Tahira Habib has been transferred and posted as Federal Tax Ombudsman. Sources told Customs Today that former chairperson FBR Rukhsana Yasmin had recommended Sarwat Tahira Habib for the post of Member Customs but Election Commission of Pakistan rejected transfers and postings in Pakistan Customs due to general elections 2018. ... Read More »

Federal Tax Ombudsman sets new record of deciding cases in 52 days

ISLAMABAD: The Federal Tax Ombudsman (FTO) has set a new record in the country’s history by disposing of tax petitions in average of 52 days. FTO Abdur Rauf Chaudhary told Customs Today here on Wednesday that a total of 1931 complaints were filed with FTO regional offices across the country during last year of which 1548 were disposed of while ... Read More »

Appraisment-West issues show-cause notices to 37 clearing agents for manipulating BoL

KARACHI: The Model Customs Collectorate MCC of Appraisement-West has finally issued show-cause notices (SCNs) against 37 clearing agents in their alleged involvement in infringement of age limit for importation of cars prescribed vide SRO 1441(I)/2012 and violated the provision of Section 208 and 209 of Customs Act, 1969, read with Rule 101 and 102 of the Customs Rules, 2001. The ... Read More »

Appellate Tribunal allows Mohtasibs to take notice of maladministration in FBR

ISLAMABAD: Appellate Tribunal Inland Revenue ruled in a judgment that Wafaqi Tax Mohtasibs can take notice of any maladministration in any wing of Federal Board of Revenue and suggest suitable, strong measures to curtail maladministration. Sources told Customs Today that Appellate in its verdict said that the appellant may file a complaint before the Mohtasib’s Federal Tax Ombudsman. The forum has several ... Read More »

Weekly review: Rupee sheds 25 paisas against dollar after Eid holidays

LAHORE: The Pakistani rupee weakened in the following two-trading-day week started after the weekend and Eidul Adha holidays as the US dollar gained 20 paisas in inter-bank and 25 paisas in open market against Pakistani rupee from Thursday to Friday. As per detail, the value of dollar in inter-bank market was 102.4 on Thursday and 102.6 on Friday against rupee, ... Read More »

Weekly review: Rupee steadier, weighs 20 paisas in interbank

LAHORE: The US dollar lost 20 paisas in inter-bank and 15 paisas in open market against Pakistani rupee during the week-long trading from Monday to Friday. As per detail, the value of dollar in inter-bank market was 102.6 on Monday and 102.4 on Friday against rupee, while, in open market its value was 102.75 on Monday and 102.6 on Friday, ... Read More »

FBR to defend non-implementation on FTO recommendations

ISLAMABAD: The Federal Board of Revenue (FBR) will defend its stance on non-implementation of recommendations of Federal Tax Ombudsman (FTO) tomorrow (Thursday) October 2 regarding solution of different cases. FBR Member Legal Ahmad Dildar and Member Planning Nisar Muhammad Khan would appear before the FTO on the issue. The FTO is a critical component of welfare states with adequate focus ... Read More »

Weekly review: Rupee steadier trend persists

LAHORE: The US dollar lost 10 paisas in inter-bank and 5 paisas in open market against Pakistani rupee during the weeklong trading from Monday to Friday. As per detail, the value of dollar in inter-bank market was 102.7 on Monday and 102.6 on Friday against rupee, while, in open market its value was 102.9 on Monday and 102.85 on Friday, ... Read More »

Australian dollar weakens, pound joins the rally

LONDON: The British pound, to take advantage of weak Australian dollar, has joined other low-yielding major currencies like the US dollar and euro, as the broader Australian dollar exchange rate complex suffers fresh weakness. Sources said that independent foreign exchange providers will be able to deliver up to 5 percent more exchange rate when compared to bank in many instances. ... Read More »

Importers wary of smuggling via ATT, discriminatory valuation guidelines

  KARACHI: Importers have once again expressed deep concerns over significant decline in trade activities due to alleged discriminatory implementation of valuation guidelines. The importers of Karachi, while sharing their views with Customs Today, said that the shifting of trade from Karachi port to dry ports in other cities is continued due to a significant difference in the customs values of ... Read More »

Weekly review: Rupee firms in inter-bank, weakens in open market

LAHORE: The US dollar lost 20 paisa in inter-bank and gained 5 paisa in open market against Pakistani rupee during the weeklong trading from Monday to Friday. As per detail, the value of dollar in inter-bank market was 102.6 on Monday and 102.4 on Friday against rupee, while, in open market its value was 102.85 on Monday and 102.9 on ... Read More »

Chief Collector Nasir Masroor terms under-invoicing dilemma

KARACHI: Customs Chief Collector Appraisement-South Nasir Masroor Ahmed has said that the customs authorities issued valuation guidelines because principal appraisers and appraisers of the Pakistan Customs Services were not applying the customs values of commodities in proper way. He visited Karachi Chamber of Commerce and Industry (KCCI) on Wednesday. Collector MCC Appraisement-West Muhammad Saleem, Collector, MCC Appraisement-East Najeeb-ur-Rehman Abbasi, Collector ... Read More »

Dwindling Pak rupee

Pakistani rupee is under pressure again, losing value against US dollar in inter-bank and open markets day by day. Once upon a time, rupee was attached with UK pound and all the payments used to be made in pound sterling, but was shifted to dollar in early 70s. Rupee had never been valueless even during the united Pakistan despite a ... Read More »

Rupee strengthens in inter-bank, weakens in open market

KARACHI: The Pakistani rupee strengthened in inter-bank against US dollar on Wednesday, after many days downtrend in market due to floods and political chaos in the federal capital. As per details, the US dollar weakened 20 paisa to reach 102.5 in inter-bank and strengthened 5 paisa to 102.9 in open market against Pakistani rupee on Wednesday. On Tuesday, the US ... Read More »

Dollar up 30 paisa in inter-bank due to increased demand

KARACHI: The Pakistani rupee weakened in inter-bank and strengthens in open market against US dollar on Tuesday. As per details, US dollar strengthened 30 paisa to reach Rs 102.7 in inter-bank and weakened 5 paisa to reach Rs 102.85 from earlier Rs 102.9 in open market. On Monday, the US dollar strengthened against Pakistani rupee in inter-bank and open market ... Read More »